The Unassuming Economist

On cross-country:

• World’s Frothiest Housing Market Cools in Global Warning Signal. New Zealand’s home sales and prices are tumbling, providing a glimpse of what may unfold elsewhere. – Bloomberg
• Higher interest rates to test buoyant housing markets. Markets where property prices surged during the pandemic are now among the most exposed to a crash – FT
• Housing Boom Fades World-Wide as Interest Rates Climb. Prices are falling in some places, raising the risk of market routs and adding to central banks’ challenges – Wall Street Journal
• Economy Week Ahead: Housing Market and Central Bank Policy in Focus. Expected economic news includes decisions by the European Central Bank and the Bank of Japan – Wall Street Journal
• How to overcome challenges the housing world is facing now – Washington Post

On the US:    

• Housing Starts in US Decline to Lowest Level Since September. Groundbreaking dropped 2% to 1.56 million pace in June. Single-family construction, permits fell to two-year lows – Bloomberg
• U.S. Home Sales Fell Again in June, Economists Estimate. The housing market and construction have cooled as higher interest rates start to bite – Wall Street Journal
• Home Building Slipped in June for Second Straight Month. Housing starts fall 2% as buyer demand softens under weight of higher interest rates – Wall Street Journal
• The Housing Market Is Correcting—So Why Are Home Prices Still Soaring? – Realtor
• Housing’s Contribution to Economic Development – Reframing the Narrative – USC Lusk Center for Real Estate With – The Way Forward Housing Coalition
• Housing Demand and Remote Work – San Francisco Fed
• Foreign Buyers Return to US Housing Market After Three-Year Drought. After three straight years of declining sales, buyers from other countries purchased $59 billion worth of US homes – Bloomberg
• Single-Family Starts Fall to Two-Year Low on Higher Construction Costs and Interest Rates – NAHB 
• Slowdown in Single-Family Permits in May 2022 – NAHB
• Dynastic Home Equity – San Francisco Fed
• Federal Housing Policies Make It Easier to Get a Loan but Not Be a Homeowner – Cato Institute
• Remodeling Gains to Slide Lower Through Mid-Year 2023 – Harvard Joint Center for Housing Studies
• Dreams adrift: pandemic relocations deepen Hawaii’s housing crisis. As key workers abandon hopes of home ownership and desert the archipelago, its economy and laid-back lifestyle are under threat – FT
• The Housing Shortage Isn’t Just a Coastal Crisis Anymore. An increasingly national problem has consequences for the quality of American family life, the economy and the future of housing politics. – New York Times
• Home Prices Grew at Near-Record High in Second Quarter. FNM-HPI Measured Home Price Growth at Annualized Rate of 19.4 Percent in Q2 2022 – Fannie Mae 

On China

• Chinese city Zhengzhou sets up bailout fund as mortgage boycott spreads. The homebuyer revolt over stalled projects is aggravating a property sector crisis – FT
• People Are Refusing to Pay Their Mortgages in China. The Protest Could Spill Into the Wider Economy – Time 
• China’s Mortgage Boycott Capital Plans Property Bailout Fund. Henan’s capital Zhengzhou faces the most mortgage protests. The bailout fund will help stressed projects in Zhengzhou – Bloomberg
• China’s mortgage boycott spurs shakeout among strapped developers – Reuters 
• China property: refusing to pay mortgages is a powerful political weapon. Unrest could mark a bad start to president Xi Jinping’s third term – FT
• China banks told to bail out property developers as mortgage boycotts threaten economy. Intervention comes as thousands of homebuyers refuse to make mortgage repayments in deepening property sector crisis – The Guardian
• China Seeks to Quell Mortgage Revolt Among Frustrated Home Buyers. Analysts estimate home buyers could walk away from as much as $150 billion to $370 billion in home loans – Wall Street Journal
• China Weighs Mortgage Grace Period to Appease Angry Homebuyers. Officials consider temporary waivers after payment boycott. Property crisis has fueled concerns about social stability – Bloomberg
• China urges banks to extend loans for real estate projects amid mortgage boycott – Reuters
• Chinese regulators rush to tame investor panic over mortgage boycotts. Homebuyers stop paying loans on more than 200 unfinished property projects – FT
• More Chinese Homebuyers Refuse to Pay Mortgage Loans Amid Contagion Fears. Bank stocks fell on concern property crisis is spreading. Projects facing mortgage snubs more than tripled since Monday – Bloomberg
• China Convenes Banks on Mortgage Boycott Roiling Markets. Officials asked for information on impact of housing loan snub. More buyers refuse to pay loans on unfinished home projects – Bloomberg 
• Homebuyers in Multiple Cities Go on Mortgage Strike Over Delayed Projects – Caixin Global
• Is China stumbling into its own mortgage crisis? – Washington Post 
• China Home Prices Fall for 10th Month as Crisis Deepens. Market facing new stress with homebuyer mortgage boycott. Government relief efforts have yet to revive property sector – Bloomberg

On other countries:  

• [Canada] Canada Home Prices Slide Most Since at Least 2005 on Rates. Price decline accelerates to 1.9% in June; Toronto suburbs hit. Bank of Canada has increased borrowing costs aggressively – Bloomberg
• [Canada] Canadian home prices continue to plunge in June as higher rates pinch – Reuters
• [Canada] Homeowner Politics and Housing Supply – University of British Columbia
• [Canada] The housing market trend no one’s talking about is improving affordability for young buyers – The Globe and Mail
• [Canada] Toronto Offers Glimpse of Housing Pain as Renovations Slow Down. As rates rise, homeowners are cutting back on improvements. Housing market, with renos, made up 8.5% of GDP in pandemic – Bloomberg
• [Egypt] Egypt’s erratic house price movements – Global Property Guide
• [Mexico] Mexico’s housing market cooling – Global Property Guide
• [Romania] Sharp turnaround for Romania’s housing market – Global Property Guide
• [Singapore] Singapore Home Sales Fall to Lowest Since May 2020 on Costs. Purchases fell to 488 new units in June, versus 1,355 in May. Central banks are hiking up interest rate to curb inflation – Bloomberg
• [Singapore] Singapore Central Bank Sees Stable Residential Property Market – Bloomberg
• [United Kingdom] The Bank of England’s bizarre mortgage decision. With interest rates rising, now is not the time to scrap the test of affordability for home loans – FT
• [United Kingdom] UK house prices rising, despite slowing demand – Global Property Guide
• [Vietnam] Vietnam’s housing market gaining momentum – Global Property Guide