The Unassuming Economist

From a paper by Roubyou Said and Ouakil Hicham:

“In this study, we aimed to assess the effectiveness of monetary policy in influencing housing prices in Morocco. Bayesian estimation over the period 2007Q2–2017Q2 of a dynamic stochastic general equilibrium model allowed us to reveal a significant impact of the increase in policy interest rates on the prices of residential goods. Indeed, the implementation of a restrictive monetary policy in Morocco will drive the prices of this type of asset downward. Despite this empirical finding, the historical decomposition of shocks impacting the inflation of residential property prices shows that interest rates explain only a small portion of the variations in housing prices in this country. Our results also indicate that an increase in the share of borrowers extends the time required for economic and financial variables to return to their equilibrium state. This is a sign of the potential dangers of fueling housing bubbles through credit booms.”

On cross-country:

• House prices in Europe reactivate with the shift in monetary policy – CaixaBank

Working papers and conferences:

• Homeownership and Attention to Inflation: Evidence from Information Treatments – NBER
• Growth and Fluctuations Economies with Land Speculation – NBER
• Sewers and Urbanization in the Developing World – NBER
• Forecasting House Price Growth Using Months Supply of Housing – Richmond Fed

On the US—developments on house prices, rent, permits and mortgage:    

• National Home Price Appreciation (HPA) Index—February 2025 – AEI
• Case-Shiller: National House Price Index Up 4.1% year-over-year in January – Calculated Risk
• U.S. Home-Price Accelerated in January, but Mortgage Rates Still Weighed. The S&P CoreLogic Case-Shiller National Home Price Index rose 4.1% on year in January, higher than the 4.0% rise in December – Wall Street Journal
• Case-Shiller Index: Home Prices Climb 4.1% in January – Realtor.com
• Buyer’s or seller’s market: Zillow’s analysis for over 250 housing markets. Here are the top metro areas where sellers—and buyers—have the most power right now, according to Zillow’s most recent analysis. – Fast Company
• New Construction Is Changing American Cities. The median year that homes were built has risen, largely due to population growth and the need to house a migrating population. – New York Times
• Volume of Residential Construction Loans Falls in Q4 2024 – NAHB
• ‘Challenging’ Housing Market Is Squeezing Homebuilder Profit Margins, Top Construction Company Warns – Realtor.com
• Why the Supply of Homes for Sale is Increasing – Arizona Real Estate Notebook
• Spec Homes Sitting on the Market Pose Potential Economic Drag. Builders might pull back on new housing construction as they try to clear their backlog. – Bloomberg
• Blue states don’t build. Red states do. A timely repost, with some updates. – Noahpinion
• Slight Decline in Rates Helps New Home Sales to Edge Higher in February – NAHB
• New Home Sales Increase to 676,000 Annual Rate in February. Average New Home Price is Down 10% from the Peak due to Change in Mix – Calculated Risk 
• New-Home Sales Picked Up in February, Driven by Affordable Inventory – Realtor.com
• This 4-Bedroom Ranch in N.J. Tells You Everything About the Lopsided Housing Market. The Northeast has tons of demand and low supply, but parts of the Sunbelt are seeing a flood of houses for sale – Wall Street Journal
• Lennar: “Didn’t see typical seasonal pickup after February” – Calculated Risk
• Final Look at Local Housing Markets in February and a Look Ahead to March Sales – Calculated Risk
• Trump’s Housing Chief Embarks on Shake-Up at Mortgage Giants Fannie Mae and Freddie Mac. Administration has discussed privatizing the two firms – Wall Street Journal

On the US—other developments:    

• Fifty Shades of Growth. Birth and death rates are quietly determining tomorrow’s real estate hotspots – Home Economics
• Homeownership Has Always Impacted American Democracy – Time
• Home-Ownership Remains Financial Stretch Around U.S. as Prices Remain Near Record High – ATTOM
• Understanding office-to-residential conversion – Brookings
• America’s housing affordability crisis and the decline of housing supply – Brookings
• Trump Moves Forward With Plans To Use Federal Land To Build Affordable Housing – Realtor.com
• Housing Roadblocks: Paving a New Way to Address Affordability – AEI
• Lower Mortgage Rates, Better Affordability – NAHB
• Gen Z and Millennial Homeownership Rates Flatlined in 2024 As Housing Costs Soared – Realtor.com
• Why Gen Z buyers are looking beyond Seattle – Axios
• Homesteading 2.0: A Proposal to Make Housing Affordable Again – AEI
• They Bought and Sold Homes During Covid. Was It Worth It? For many, the pandemic gave them the push they needed to make a major life change – Wall Street Journal
• Lawsuit Challenges Use of Eminent Domain as NIMBY Tool to Block Housing Project. A Rhode Island town seeks to use eminent domain to block construction of a large-scale affordable housing project. – Reason
• Policy and 2025 Housing Outlook – Calculated Risk
• Dos and Don’ts – March Edition. Good and bad moves on zoning, ADUs, public space, taxes and more – The New Urban Order
• Why the economy isn’t working, revisited – Erdman Housing Tracker
• How the pandemic transformed Nashville’s housing market – Axios
• Five Ways Residential Mobility Has Changed in the Pandemic Era – Harvard Joint Center for Housing Studies
• Americans Are Losing Faith in Trump’s Ability To Fix the Housing Market—With 70% Fearing an Impending Crash – Realtor.com

On China:

• Chinese developer Sunac unveils unprecedented 2nd restructuring. Move by mainland property giant highlights continuing debt problems in depressed sector – FT

On Australia and New Zealand:

• [Australia] Trade war not good for interest rates or home buyers: Cotality – Financial Review
• [Australia] Where coastal property prices are hot – Financial Review

On other countries:  

• [Germany] GREIX annual analysis 2024: Slight price decline in all housing segments – KIEL
• [Germany] German home prices halt decline in fourth quarter but outlook uncertain – Reuters
• [Germany] Germany’s latest fiscal reform poses obstacles for the housing market’s recovery. By the end of 2024, German house prices were around 11% below their peak in the second quarter of 2022. Looking ahead, the recent increase in bond yields is expected to slow the housing market’s recovery – ING
• [Kuwait] Kuwait Is Set to Allow Banks to Offer Mortgages for the First Time – Bloomberg
• [India] India Home Sales Drop 23% as High Prices, Buyer Caution Weigh – Bloomberg
• [Ireland] Property inflation hits eight-year high as typical asking price for home hits €346,000. Median asking price in Dublin is now €460,726. Chronically short supply is hampering buyers and pushing up prices – Irish Independent
• [Nigeria] Nigeria Set to Create $654 Million Fund to Provide Home Loans – Bloomberg
• [Spain] The real estate boom spreads across Spain – CaixaBank
• [Spain] The expansive cycle takes hold. The shortage of housing supply in a context of strong demand will remain one of the main challenges of Spain’s real estate market in 2025, although it is not among the most overvalued markets in the European Union. – CaixaBank 
• [United Kingdom] Cambridge yimbies. The home of Harvard and MIT embraces yimby-ism – The Economist
• [United Kingdom] House affordability in England and Wales returns to pre-pandemic levels. Wage growth has outstripped property price rises, official figures show – FT
• [United Kingdom] London House Prices Become Cheaper But Are Still Unaffordable – Bloomberg
• [United Kingdom] Reeves to put £2bn into affordable housing to ‘sweeten the pill’ of cuts. Chancellor will announce plans to fund 18,000 social homes before fraught spring statement on Wednesday – The Guardian
• [United Kingdom] UK house prices jump by most in two years, ONS says – Reuters

On cross-country:

• Housing affordability lowest in Greek, Danish, and German cities – Oxford Economics
• Why rents are out of control. Rich-world tenants are angry, and have reason to be – The Economist
• If you can’t find a place to rent, blame the government. Foolish crusades against landlords have made housing shortages worse – The Economist
• Los precios de la vivienda en Europa se reactivan por el giro en la política monetaria – CaixaBank

Working papers and conferences:

• Institutional ownership of single-family housing – Marginal Revolution
• New Data and Insights in Regional and Urban Economics – NBER
• Supply Constraints do not Explain House Price and Quantity Growth Across U.S. Cities – NBER 
• Mortgage-Backed Securities – Philadelphia Fed
• Does Income Inequality Affect Housing Affordability? Evidence From OECD Countries – HAL
• The Impact of Opportunity Zones on Housing Supply – Economic Innovation Group 
• From Housing Gains to Pension Losses: New Methods to Reveal Wealth Inequality Dynamics in Chile – SSRN
• Jue Insight: When the Neighbors are Watching: Immigrant Integration Policy and Housing Wealth – SSRN
• Demographics and Housing Demand: Evidence from China – SSRN

On the US—developments on house prices, rent, permits and mortgage:    

• The Case-Shiller Home Price Index Hits Another New Record High, Thank the Fed – Mish Talk
• Housing market map: Zillow once again downgrades its 2025 home price forecast. Zillow projects that U.S. home prices will rise just 0.8% between February 2025 and February 2026. – Fast Company
• Mortgage Rates Hold Steady, Land at 6.65% – Realtor.com
• Mortgage Rates Rise Today as Trump’s Tariff Threats Drive Economic Uncertainty – Realtor.com
• Mortgage Applications Decrease in Latest MBA Weekly Survey – Mortgage Bankers Association
• Trump team shakes up mortgage giants as it weighs their futures. This week, the Federal Housing Finance Agency took the unexpected step of overhauling the boards of Fannie Mae and Freddie Mac. – Washington Post
• A Secret Mortgage Blacklist Is Leaving Homeowners Stuck With Unsellable Condos. Fewer homes can get Fannie Mae-backed mortgages, a response to Surfside condo collapse and insurance crunch – Wall Street Journal
• How Trump is providing an unexpected boost to the housing market. Any revival of the market would be a welcome development for Trump as consumer confidence falters in the early days of his administration. – Politico
• 3rd Look at Local Housing Markets in February – Calculated Risk
• Lawler: Early Read on Existing Home Sales in February. Recent Rent Trends at Two Large Publicly Traded Companies in the Single-Family Rental Business – Calculated Risk
• Regional differences in building permits – FRED
• Softwood Lumber Prices Continue to Lead Price Growth for Building Materials – NAHB
• Single-Family Housing Starts Hit 12-Month High in February – NAHB
• Housing Starts Increased to 1.501 million Annual Rate in February. Length of Time from Start to Completion Declined in 2024 – Calculated Risk
• California Home Sales Up 2.6% YoY in February; 4th Look at Local Housing Markets – Calculated Risk
• NAR: Existing-Home Sales Increased to 4.26 million SAAR in February; Down 1.2% YoY. Median House Prices Increased 3.8% Year-over-Year – Calculated Risk
• Existing Home Sales Increased in February – NAHB
• US homebuilding, manufacturing surge; tariffs cast pall over recovery – Reuters
• Builder Confidence Falls on Cost Uncertainty – NAHB
• Remodeling Soars to New Heights, but Industry Faces Numerous Challenges – Harvard Joint Center for Housing Studies
• Is the UK Housing Plan a Model for the US? What combining YIMBYism and government-led housing looks like – The New Urban Order
• Chinese towers and American blocks. China builds towers in a park, while America, and nearly everyone else, builds squat mid-rise blocks. The difference comes down to regulation, not culture. – Works in Progress
• Real Estate Asset Value Falls Again – NAHB
• Q4 Update: Delinquencies, Foreclosures and REO. REO: lender Real Estate Owned – Calculated Risk
• Good News for Homebuyers—It’s a Friendlier Market as Sellers Get Ready for Spring – Realtor.com
• The Challenge of Selling High-End Homes in America’s Disaster Zones. Marketing real-estate in areas ravaged by hurricanes, fires, floods and landslides can be tricky—especially when it comes to striking a balance between promotion and reality – Wall Street Journal
• Houston’s housing success: A model for cities. Evidence from Houston suggests that a decentralized regulatory climate has fostered a housing market capable of effectively adjusting to price pressure. – Reason Foundation

On the US—other developments:    

• Book review: “Abundance”. In which Ezra Klein and Derek Thompson offer a whole new way of thinking about political economy. – Noahpinion
• Ezra Klein on the Abundance Agenda (Ep. 236). Politics Got Weird—Can Abundance Make It Normal Again? – Conversation with Tyler
• Global Influx, Local Exodus: The New Geography of American Growth. What the latest Census Bureau population data tells us about people and cities – Home Economics
• The “Home ATM” Mostly Closed in Q4. Total Mortgage Equity Withdrawal (MEW) was Slightly Positive in Q4 – Calculated Risk
• Federal Agency Pauses Program for Energy-Efficient Upgrades in Affordable Housing. The Department of Housing and Urban Development said it was reviewing all aspects of the Biden-era program to ensure it was carried out consistent with the agency’s core mission. – New York Times
• Metro Monitor 2025: Growth and affordability trends in US metro areas over the past decade – Brookings
• Housing market squeeze: Income needed to buy typical U.S. home up 79% in 5 years. The problem is that incomes haven’t kept up with housing costs. – Fast Company
• Federal Land Can Be Home Sweet Home. Our departments will work together to solve the housing crisis. – Wall Street Journal
• Land-Use Regulations Make Housing Less Affordable – Cato
• Solving the Housing Crisis: A Symposium – The University of Texas at Austin
• Home Sellers and Buyers Accuse Realtors of Blocking Lower Fees. A year after a landmark settlement called for a disruption in how real estate agents are paid, people say they still feel forced to pay them excessive commissions. – New York Times
• Rising Fears of a Recession and Stagflation: Should Homeowners Be Concerned? – Realtor.com
• Black Homeownership Sees Largest Annual Surge but Lags Behind Other Groups – Realtor.com
• Mortgage Giants Fannie Mae and Freddie Mac Brace for Job Cuts. William Pulte, the new director of the Federal Housing Finance Agency, is consolidating control over Fannie Mae and Freddie Mac and questioning employees’ productivity. – New York Times

On China:

• China’s Shenzhen Further Eases Loan Policy to Spur Housing Sales – Bloomberg

On Australia and New Zealand:

• [Australia] The Sydney suburbs where house values are falling fastest right now – The Sydney Morning Herald
• [Australia] We DON’T KNOW if housing construction productivity is RISING or FALLING (Part I). What we got from Australia’s Productivity Commission recently were silly methods without sound economic logic – Fresh Economic Thinking
• [New Zealand] Interest rate cuts don’t mean house prices are taking off, sellers told – RNZ
• [New Zealand] NZ house prices rise in February on improved buyer interest, REINZ says – Reuters

On other countries:  

• [Canada] Canadian home sales post biggest decline in nearly three years – Reuters
• [Germany] Berlin debt splurge turns screws on flagging German property – Reuters
• [Hong Kong] Hong Kong anti-corruption agency arrests 22 people over HK$2 million mortgage fee fraud. Eighteen bank staff among those accused of taking bribes from intermediary to defraud institution of referral fees in mortgage loan applications – South China Morning Post
• [Hungary] No stability risk from investor-fuelled Hungarian house price surge, central bank says – Reuters
• [Ireland] Tánaiste says projections on housing completions ‘not exact science’ as Central Bank cuts forecast for housing supply. Officials expect Government to miss key targets on new homes for the next three years – Irish Independent
• [Spain] Spain’s top court backs Barcelona’s plan to ban holiday apartments – Reuters
• [Spain] Se afianza la tendencia alcista en el mercado inmobiliario español – CaixaBank
• [Spain] El ciclo expansivo del mercado inmobiliario se extiende por la geografía Española – CaixaBank
• [United Kingdom] London’s Luxury Housing Shortage Pushes Posh Buyers Into Fixer Uppers. A lack of supply at the top of the market means wealthy buyers are willing to commit to costly construction projects for the first time in years. – Bloomberg
• [United Kingdom] Britain Needs a Housing Boom. Here’s How. New policies to simplify and speed planning permissions will help. But they don’t go far enough. – Bloomberg
• [United Kingdom] U.K. House Prices Rise in March as Buyers Benefit From Ample Choice. New sellers were 8% higher than last year, Rightmove said – Wall Street Journal
• [United Kingdom] Buyers’ property market looms in UK amid record numbers of homes for sale. Decade-high level despite rush to beat stamp duty deadline will push sellers to restrict price rises, says Rightmove – The Guardian
• [United Kingdom] London Homebuyers in Last Ditch Effort to Dodge Stamp Duty Hike. Many first-time buyers are rushing to get on the property ladder before the new levy comes into effect on April 1. – Bloomberg
• [United Kingdom] Why is top-tier renting on the rise in London? Despite paying upwards of £5,000 per week, many of the capital’s most affluent residents are choosing not to buy, but to rent – FT

Working papers and conferences:

• Affordable housing, unaffordable credit? Concentration and high-cost lending for manufactured homes – CEPR
• Housing and fertility – VoxEU
• Coverage Neglect in Homeowner’s Insurance – Philadelphia Fed
• What Drives the Capitalization of Energy Efficiency into House Prices?  Evidence from Italy – SSRN

On the US—developments on house prices, rent, permits and mortgage:    

• National Housing Survey. Consumer Housing Sentiment Down Year over Year for First Time Since 2023 – Fannie Mae
• 1st Look at Local Housing Markets in February – Calculated Risk
• 2nd Look at Local Housing Markets in February – Calculated Risk
• Part 1: Current State of the Housing Market; Overview for mid-March 2025 – Calculated Risk
• Part 2: Current State of the Housing Market; Overview for mid-March 2025 – Calculated Risk
• 50 tightest housing markets where sellers will have the most power this spring. Among the nation’s 200 largest housing markets, 50 markets at the end of February 2025 still had at least 46% less-active inventory than in February 2019. – Fast Company
• These Unpopular Mortgages May Be the Key to Affordable Housing. Adjustable rate mortgages, which fell out of favor during the financial crisis, may well be ready for a comeback. – Bloomberg
• Refinancing Drives Mortgage Activity Higher in February – NAHB
• Pending Home Sales Are Down 6%, But Falling Mortgage Rates Are Starting to Attract Buyers – Redfin
• Buyers Have More Homes To Choose From as Mortgage Rates Drop—While Jobs Report Shows Unemployment Ticking Higher – Realtor.com
• Government Mortgage Relief Is No ‘Cash Cow’. The Mortgage Bankers Association replies to Allysia Finley. – Wall Street Journal
• Asking Rents Mostly Unchanged Year-over-year – Calculated Risk
• How Chicago plans to help its most rent-burdened residents – Axios
• 44 housing markets where inventory has spiked, and homebuyers have gained power. Among the nation’s 200 largest housing markets, these 44 metro areas now have active inventory at or above 2019 pre-pandemic levels. – Fast Company
• Housing Supply Gap Reaches Nearly 4 Million in 2024 – Realtor.com
• It Will Take 7 Years To Fix the Housing Shortage at Current Construction Pace, Economists Say – Realtor.com
• The Impact of Opportunity Zones on Housing Supply – Economic Innovation Group
• Year-over-Year Declines for Construction Job Openings – NAHB
• Builders’ Profit Margins Improved in 2023 – NAHB
• ATTOM Ranks Best Counties for Buying Single-Family Rentals in 2025 – ATTOM

On the US—other developments:    

• Deporting Undocumented Workers Will Make Housing More Expensive. The effect will be most pronounced in Texas and California – Home Economics
• US Homebuyers Confront a New Wild Card This Year: Trump. High rates, high prices and the uncertainty of the White House’s policies are looming over the housing market during the most competitive time of year. – Bloomberg
• J.D. Vance Blames Zoning, Immigrants for High Housing Costs. Plus: Texas and Minnesota consider an aggressive suite of housing supply bills, while San Diego tries to ratchet up regulations on ADUs. – Reason
• Trump administration throws hundreds of affordable housing projects into limbo after contract cuts – AP
• How Rising Costs Affect Home Affordability – NAHB
• Why housing affordability keeps getting worse – Axios
• How federal lands can be used to ease the housing crisis – The Hill
• Abundant Housing Is the Texas Miracle Worker. The State Senate’s Plan to Tackle Affordability – City of Yes
• Buying a Home? Without the Consumer Bureau, You Need to Be Your Own Watchdog. The C.F.P.B. had kept a close eye on mortgage lenders. But with the bureau hobbled, consumers should take several steps, starting with shopping for the best mortgage rates. – New York Times
• What’s Driving the Increasing Importance Consumers Place on Their Homes – Fannie Mae
• What Do We Buy Into When We Buy a Home? Homeownership, long a cherished American ideal, has become the subject of black comedies, midlife-crisis novels, and unintentionally dystopic reality TV. – New Yorker
• How the pandemic transformed the housing market in 5 years – Axios  
• Homes with Extreme Climate Risk Face Slower Sales, Bigger Discounts. Zillow research shows homes with extreme risk of flood and fire have a lower probability of being sold and a lower sales price compared to initial list price. – Zillow
• Urbanism with Chinese characteristics. Plus: Reducing the motherhood penalty by extending fertility, the steam networks of New York City, and the rise and fall of the Hanseatic league. – Work in Progress

On China:

• China’s property sector is showing positive changes, minister says – Reuters

On Australia and New Zealand:

• [New Zealand] New Zealand Home Building Declines For Ninth Straight Quarter – Bloomberg
• [New Zealand] What will happen to house prices this year? Major bank changes its mind – RNZ
• [New Zealand] What will happen to house prices this year? Major bank changes its mind – RNZ

On other countries:  

• [Canada] Builders blindsided by CMHC move to block popular mortgage scheme –The Globe and Mail
• [Canada] Mortgage broker sees Ontario home prices ‘grinding down’ amid trade war – Bloomberg
• [Hong Kong] Hong Kong to press on with selling residential plots amid warnings of oversupply. Development minister Bernadette Linn also says government will not give up on project to build artificial islands in waters off Lantau – South China Morning Post
• [Hong Kong] Hong Kong urged to review public housing income threshold due to new minimum wage. If Housing Authority proposal on income levels is adopted, two-person household working 10 hours a day for 26 days per month at minimum wage will fail to qualify – South China Morning Post
• [Saudi Arabia] Saudi residential real estate to attract $1.22 billion this year, consultancy says – Reuters
• [Spain] Vivienda escasa, precios de burbuja. El coste de las casas subió el año pasado a un ritmo que no se veía desde 2007, algo inasumible para miles de ciudadanos – El Pais
• [United Arab Emirates] Dubai’s property market is thriving — and its neighbours are taking notes. Price rises of 147 per cent in five years, soaring skylines and a rush of new residents are an inspiration to some, a cautionary tale to others – FT
• [United Kingdom] Stamp duty deadline and economic gloom dampen UK housing market. Buyer demand fell to lowest level since November 2023 in February, Royal Institution of Chartered Surveyors says – The Guardian
• [United Kingdom] UK housing market has weakest month since late 2023, RICS survey shows – Reuters

On cross-country:

• Global real house prices decline. Global house prices declined by 1.6% year on year in real terms during the third quarter of 2024. – BIS
• Global Residential Market Report Q3 2024 – Global Property Guide
• Africa’s Urbanisation Dynamics 2025. Planning for Urban Expansion – OECD
• Event: Knowledge Partner Session – Tackling Opacity in Real Estate Ownership: New Evidence and Solutions. Presented by Transparency International on March 26 – OECD
• What makes a housing boom? My 7 indicators that could help you pick a winner – Matusik Missive

Working papers and conferences:

• Not all Housing Cycles are Created Equal: Macroeconomic Consequences of Housing Booms – IMF
• How tightening mortgage credit raises rents and increases inequality in the housing market – VoxEU
• Some further thoughts on housing – Econlib
• Low-Tier Housing is a good investment, especially for homeowners. – Erdmann Housing Tracker
• Impact of Institutional Owners on Housing Markets – SSRN
• Financial Technology and the 1990s Housing Boom – SSRN
• Knocking it Down and Mixing it Up: The Impact of Public Housing Regenerations – SSRN

On the US—developments on house prices, rent, permits and mortgage:    

• Housing market map: How much home insurance is expected to rise by 2055. Home insurance premiums are projected to rise by 634% in Orleans Parish and 590% in Miami-Dade County between 2025 and 2055. – Fast Company
• Are Homes Values About to Fall? It Depends on the Location. The supply of houses for sale is recovering much faster in some parts of the country than in others – Wall Street Journal
• Inflation Adjusted House Prices 1.0% Below 2022 Peak. Price-to-rent index is 7.7% below 2022 peak – Calculated Risk
• Freddie Mac House Price Index Increased in January; Up 3.9% Year-over-year. 6 of the 10 cities with largest price declines are in Florida! – Calculated Risk
• US Home Price Insights –  March 2025 – CoreLogic
• House Price Appreciation by State and Metro Area: Fourth Quarter 2024 – NAHB
• Mortgage Rates Ease Slightly in February Amid Economic Uncertainty – NAHB
• US pending home sales tumble to record low in January – Reuters
• January 2025 Regional New Home Sales and Inventory – Erdmann Housing Tracker
• Final Look at Local Housing Markets in January and a Look Ahead to February Sales – Calculated Risk
• Americans delay home improvements in latest blow to US housing market. High interest rates and uncertainty over immigration policy discourage homeowners from selling or renovating properties – FT
• Multifamily Completions Rise Again Pushing Absorption Rates Lower – NAHB
• January Private Residential Construction Spending Dips – NAHB
• Housing market watch: States where housing inventory just spiked. ResiClub analyzed the February 2025 housing inventory data just released from Realtor.com. Here’s what it shows. – Fast Company
• HBGI Q4 2024: Single-Family Construction Ends Year with Growth – NAHB
• Are ICE raids impacting the housing market? Here’s what homebuilders say. Just 11% of homebuilders surveyed say that recent deportations and changes in immigration policy have impacted their labor force so far. – Fast Company
• 42% More Supply than Last Year! – Arizona Real Estate Notebook
• Fannie and Freddie: Single Family Serious Delinquency Rates Increased in January. Fannie Mae Multi-Family Delinquency Rate Highest Since 2011 (ex-Pandemic) – Calculated Risk
• California, Illinois, Florida and New York City Area Lead Housing Markets Facing Greater Risk of Downturns – ATTOM
• Revealed: America’s Hottest Housing Markets—and Why Some Buyers Are Happily Paying Over Asking in These Popular Spots – Realtor.com 

On the US—other developments:    

• During The Pandemic, Relatively Fewer Land-Use Restrictions In Some Markets Created Pockets of Housing Affordability – Zillow
• Learning from the first (and only) manufactured housing boom. Economist James Schmitz Jr. sees factory-made homes as the only substantial way to supply more affordable housing – Minneapolis Fed
• Cracking the Code. One man’s quest to fix the way we build. – Slate
• The War on HUD Will Make Housing Even Less Affordable. Americans are irate about high rents as well as sprawling homeless encampments. Slashing the housing agency won’t help any of it. – Bloomberg
• Homebuilders Warn of Rising Building Costs as Trump’s Tariffs on Canada and Mexico Take Effect – Realtor.com
• How Trump’s Policies Could Make the Housing Market Even More Unaffordable. Tariffs and worker deportations threaten to make home prices more expensive, pushing homeownership out of reach for millions. – Barron’s
• US housing to get a bit more affordable this year, but mainly due to lower rates: Reuters Poll – Reuters  
• Event: Exploring Challenges and Opportunities in the Secondary Market for Multifamily Affordable Housing Loans Originated by CDFIs on May 2 – New York Fed
• Trump’s tariffs could be another hit to Seattle-area housing affordability – The Seattle Times
• How Much is the U.S. Housing Market Worth? – Wealth of Common Sense
• Federal Workers Fired by Elon Musk’s DOGE Live in These Cities: Here’s How the Housing Market Is Responding – Realtor.com
• Trump’s ‘Gold Card’ Set Off Panic in an Unexpected Place: Real Estate. The president initially said his $5 million green card alternative would replace a visa for foreign investors that has become a favorite financing tool of major developers. – New York Times
• Housing market map: How much home insurance is expected to rise by 2055. Home insurance premiums are projected to rise by 634% in Orleans Parish and 590% in Miami-Dade County between 2025 and 2055. – Fast Company
• Rising property insurance costs stress multifamily housing. Minneapolis Fed survey finds that owners of multifamily rental housing are struggling to make ends meet as property insurance premiums increase and insurance coverage shrinks – Minneapolis Fed
• Inadequate Shelter: Millions of U.S. Homes Fail to Meet Standards – NAHB

On China:

• Will China’s economy follow the same path as Japan’s? Since the 2021 bursting of its real-estate bubble, worries have grown that China’s future economic trajectory will mirror that of Japan in the 1990s – Bruegel
• China’s New-Home Sales Steady on Continued Policy Support – Bloomberg

On Australia and New Zealand:

• [Australia] Australian’s housing market ends downturn as rate cut lifts sentiment, CoreLogic data shows – Reuters
• [Australia] Australian House Prices Rebound in February, Spurred by Rate Cut – Bloomberg
• [Australia] Housing woes are hurting our living standards. Australia’s big housing problem is contributing to our stagnating living standards and sluggish real incomes. – Financial Review

On other countries:  

• [Austria] Austria’s Residential Property Market Analysis 2025 – Global Property Guide
• [Canada] Solving the housing crisis is a marathon not a sprint. Solving the crisis can go faster, but will require that we change the way we build housing. – CMHC
• [Canada] Developers find new opening to bet on Canada’s housing shortage – Bloomberg
• [Canada] Toronto Home Sales Slump 29% as Economic Uncertainty Ramps Up. Prices in Canada’s biggest city fell for a third month. Some buyers are using a ‘wait-and-see’ approach, analyst says – Bloomberg
• [Finland] Finland’s Residential Property Market Analysis 2025 – Global Property Guide
• [France] France’s Residential Property Market Analysis 2025 – Global Property Guide
• [Germany] Germany’s PBB warns of slow recovery in property market as profit drops – Reuters
• [Hong Kong] Hong Kong lived-in home prices fall to lowest point in 8 years in January. Some analysts express optimism that prices would bottom out in the first half of the year – South China Morning Post
• [Hong Kong] Hong Kong home prices soften for a second month in January – Reuters
• [Italy] Italian Housing Market Survey. Short-term Outlook – 2024 Q4 – Central Bank of Italy
• [Ireland] Is the answer to Ireland’s housing crisis more apartments? The country is full of half-empty three and four-bed detached homes, chief executive of Cairn Homes Michael Stanley says – The Irish Times
• [Ireland] Ireland’s Residential Property Market Analysis 2025 – Global Property Guide
• [Mexico] Mexico’s Residential Property Market Analysis 2025 – Global Property Guide
• [Saudi Arabia] High property prices squeeze Saudis out of homeownership – Semafor
• [Singapore] Singapore’s World Famous Public Housing System Is Strained by an Overheated Market – Bloomberg
• [Switzerland] Swiss Face Rent Cuts as Mortgage Benchmark Drops to 2023 Level – Bloomberg  
• [Thailand] Thailand’s Residential Property Market Analysis 2025 – Global Property Guide  
• [United Kingdom] UK house prices rise by more than expected, Nationwide says – Reuters
• [United Kingdom] UK house prices rise more than expected in February. Average cost of £270,493 is 3.9% higher year on year as buyers try to get ahead of stamp duty changes in April – FT
• [United Kingdom] UK House Price Growth Picks Up in February, Nationwide Says. Average price of a home rises 0.4% to more than £270,000. Property market is defying wider economic slump and tax hikes – Bloomberg 
• [United Kingdom] UK Mortgage Approvals Hold Steady in Race to Beat Tax Hike. Buyers are trying to tie up deals before stamp duty increases. Consumer credit surges but households still inclined to save – Bloomberg
• [United Kingdom] UK Housing Market Set for 2025 Recovery, Building Suppliers Say – Bloomberg