The Unassuming Economist

On cross-country:

• Is a Global Housing Bubble About to Burst? It’s unlikely, according to a report by the Swiss bank UBS, but some markets are more vulnerable than others. – New York Times
• New website section puts housing in focus – Eurostat
• Renters bear brunt of housing cost struggles across Europe. Our latest consumer survey highlights rent and mortgage payers’ difficulties in making their monthly payments and reveals how they view overall housing affordability and first-time buyers’ problems – ING
• The solution to Europe’s housing affordability crisis must include building decarbonization. The EU can help tackle Europe’s housing crisis by reducing energy costs, decarbonising buildings and adhering to climate goals – Bruegel 
• Global House Price Index: 1, 5 & 10 Year Changes by Country – Global Property Guide

Working papers and conferences:

• The Impact of Monetary Policy Shocks on Residential Investment and House Prices in Small Euro Area Economies – The Journal of Real Estate Finance and Economics
• Decay, Abandonment, and . . . Profits? An Unlikely Combination in Real Estate Markets – Philadelphia Fed
• Do Lower Mortgage Rates Benefit First-Time Homebuyers? – SSRN
• Sea Level Rise and Effects on House Prices – Richmond Fed

On China:

• How Chinese China investment falls by most since the pandemic. Weak housing prices and slowing industrial output point to flagging economic momentum – FT
• China’s October new home prices fall at fastest pace in a year – Reuters
• Metals Climb as China Weighs New Stimulus for Property Sector – Bloomberg
• Beijing Eyes New Property Stimulus as Housing Slump Deepens – Bloomberg

On Australia and New Zealand:

• [Australia] The 5% first home buyers scheme is a miserable policy failure – and the latest chapter in Australia’s housing disgrace. The government is juicing demand to make houses more expensive for Australians while providing good public housing for … Americans – The Guardian

On other countries:  

• [Canada] Canadian Housing Market Resumes Gains as Lower Rates Spur Demand – Bloomberg
• [Canada] Canadian home sales regain positive momentum in October – Reuters
• [Canada] Canadian Housing Market Resumes Gains as Lower Rates Spur Demand – Bloomberg 
• [Canada] Momentum Continues as Canadian Home Sales Rise in October – The Globe and Mail
• [Canada] In-House Podcast: Fall Residential Mortgage Industry Report Insights – CMHC
• [France] Paris Apartment Prices Jump Most in Almost Five Years – Bloomberg
• [Italy] Italy’s Residential Property Market Analysis 2025 – Global Property Guide 
• [Korea] Seoul Apartment Prices Regain Momentum Ahead of BOK Meeting – Bloomberg
• [Netherlands] The Netherlands’ Residential Property Market Analysis 2025 – Global Property Guide
• [Spain] Escasez de vivienda: cuando la oferta no acompaña a la demanda – BBVA
• [Spain] No faltan compradores, faltan casas: el gran bloqueo del mercado inmobiliario – BBVA
• [Spain] Spain’s Residential Property Market Analysis 2025 – Global Property Guide
• [United Arab Emirates] Dubai Residential Real Estate October 2025 Market Overview – REIDIN
• [United Kingdom] Average U.K. House Asking Prices Fall in November as Pre-Budget Blues Continue. Budget jitters and a decade-high number of homes for sale are weighing on the market – Wall Street Journal
• [United Kingdom] Asking prices fall as UK housing market hit by budget speculation, Rightmove says. November drop of 1.8% is biggest for this time of year since 2012, with chancellor’s plans looming – The Guardian
• [United Kingdom] Multimillion-Pound Home Sales Drop Sharply Before UK Budget – Bloomberg

On prices, rent, and mortgage:    

• What happens when housing supply is driven by markets not Main Street. Home prices in America won’t come down without systemic reform – FT
• Donald Trump’s 50-year mortgages are poor deal for homebuyers. Without supply increasing, even allowing Americans to pay for their homes over a century would not make housing affordable – FT
• How can we make the housing crisis even worse? Donald Trump has a plan. A proposal touting 50-year mortgages could double interest payments and worsen inequality – The Guardian
• 50-Year Mortgages: What Bill Pulte Does When He Isn’t Reviewing Mortgages of Trump’s Enemies – CEPR
• Trump Can Make Starter Homes Great Again. Ed Pinto and Tobias Peter propose a better way to satisfy housing needs than the 50-year mortgage. – Wall Street Journal
• MBA: Mortgage Delinquencies Increased in Q3 2025 – Calculated Risk
• Mapping Home Price Changes – New York Fed
• Average US long-term mortgage rate rises again, inching up to 6.24% – AP
• Price Control Apologia – John Cochrane
• What Home Features Add the Most Value? – NAHB
• Why Portable Mortgages Won’t Work in the U.S.—and How They Could Make Housing Even Less Affordable – Realtor.com
• The Politics of Price Controls – Cato
• Location, Location, Location: How Place and Neighborhood Shape Home Values – NAHB
• U.S. Mortgage Originations Dip 2 Percent in Q3 2025 – ATTOM

On sales, permits, starts, and supply:    

• California Housing Supply and Land Use Legislative Round-Up – Terner Center for Housing Innovation
• Build, Baby, Build: A Plan To Lower Housing Costs for All. CAP’s plan would focus federal efforts on building homes and lower housing costs. – Center for American Progress
• How to Shrink Housing Supply in Los Angeles. The city tightens its rent control law. Good luck finding an apartment. – Wall Street Journal
• 3rd Look at Local Housing Markets in October – Calculated Risk
• August Private Residential Construction Spending Edges Higer – NAHB
• Credit Conditions for Builders Continue to Be Tight – NAHB
• Builder Sentiment Relatively Flat in November as Market Headwinds Persist – NAHB
• California October Home Sales “Highest Level Since February”; 4th Look at Local Markets. California Median Price per Square Foot Down 2.5% Year-over-year – Calculated Risk
• The U.S. Housing Market Is Stuck, With Sales and Listings Barely Budging – Redfin
• Lawler: Early Read on Existing Home Sales in October. What is the “Market’s” Estimate of R*? – Calculated Risk
• The Housing Strategy That Has California NIMBYs in a Corner. For years, the state has been nudging its cities to build housing to address a severe shortage. Maybe what they needed was a shove. – New York Times

On other developments:    

• Housing is at the heart of America’s economic problems. We’re propping up prices to boost old people’s wealth. But that’s shutting young people out of the capitalist system. – Noahpinion
• Trump administration issues policy change making deep cuts to homeless housing program. More than half of the 2026 funding for the program will be shifted from permanent housing to transitional housing with work and service requirements. – Politico
• The Hidden Costs of Homeownership Top $16,000 a Year. A new Zillow and Thumbtack analysis reveals how rising maintenance, insurance and tax costs are reshaping affordability nationwide. – Zillow
• From U-turns to Making America Affordable Again. Both Trump and Britain’s Labour government need a word with the ghost of Margaret Thatcher.  – Bloomberg
• Democrats eye housing affordability as next weapon against Trump. The Center for American Progress wants candidates to boost new home construction, send checks to renters and punish localities that don’t reform zoning codes. – Washington Post
• Economists Hate This Idea. It Could Be a Way Out of the Affordability Crisis. – New York Times  
• Housing Affordability: CAPs New “Build, Baby, Build” Proposal. We propose a bold plan to knock us off of the bad equilibrium in which we’ve been stuck for far too long. – Jared Berstein
• America’s Home Insurance Affordability Crunch: See What’s Happening Near You. – New York Times
• The Federal Government Shutdown Highlighted America’s Affordability Crisis – Time
• New Mexico is Struggling in Affordability and Homebuilding: Can Gov. Lujan Grisham Build Enough Homes? – Realtor.com
• North Dakota Is Holding Steady in Affordability and Homebuilding: Can Gov. Armstrong Keep It Growing? – Realtor.com
• It’s the Strongest Buyer’s Market in Records Dating Back Over a Decade – Redfin
• New York Is Failing in Affordability and Homebuilding: Can Gov. Hochul Fix the Crisis? – Realtor.com
• Pennsylvania Is Struggling in Affordability and Homebuilding: Can Gov. Shapiro Bridge the Gap? – Realtor.com
•  Montana is Failing in Affordability and Homebuilding: Can Governor Gianforte Close the Gap? – Realtor.com
• A Major Metro Is the Most Affordable City in America—and the Median Home Price Is Below $250K – Realtor.com
• Using Off-Site Construction to Close the Affordable Housing Gap – Harvard Joint Center for Housing Studies
• Grampa Simpson on Whining Whiners about House Affordability – Econbrowser
• How Building Affordable Housing Became Hottest Game in L.A. City streamlines approval process for developers to ease housing shortages – Wall Street Journal
• We Need a Marshall Plan to Tackle America’s Housing Crisis – AEI
• Illegal Immigrants Didn’t Break the Housing Market; Bad Policy Did – Marginal Revolution
• Home Depot earnings show what’s really going on in the housing market. Even as the data points in different directions, it nevertheless suggests the sector is undergoing a correction rather than a boom-bust cycle – Quartz
• Rejoinder to Comments on House Price Affordability – Econbrowser

On cross-country:

• The European ski resorts cracking down on second homes. A blizzard of regulations aims to avoid soulless low seasons and help year-round residents – FT

Working papers and conferences:

• The financialization of rental housing 3.0 – Sage Journals
• Housing costs and fertility – Marginal Revolution
• The Mortgage Debt Channel of Monetary Policy when Mortgages are Liquid – NBER
• Affordable Housing During Childhood Improves Long-term Outcomes of Women and their Children – NBER
• The Great Reshuffle: Remote Work and Residential Sorting – Philadelphia Fed
• Misestimating House Values: Consequences for Household Finance – Boston Fed
• Local Discretion in Low-Income Housing Policy: Evidence from France – New York University
• Single-Family REITs and Local Housing Markets – Philadelphia Fed
• The keys to house price growth – Bank of England
• The Fed, Mortgage Rates, and Home Prices – Boston College

On China:

• How Chinese Real Estate Became the Biggest Bubble in History. The ultimate property boom. – Bloomberg

On Australia and New Zealand:

• [Australia] Australian Home Loans Soar to Record, Reinforcing RBA Pause – Bloomberg
• [Australia] The longest city is short on homes. Perth is the longest city in the world, yet painfully short of homes where people most want to live. And the biggest culprit? Restrictive planning rules that ban building more homes in Perth’s inner and middle suburbs. – Grattan Institute
• [Australia] The Sydney suburbs where home sellers want $2m more than buyer budgets – The Syndey Morning Herald 
• [Australia] Property investors make up two in every five Australian home loans amid record borrowing. Investor home borrowing surges nearly 18% in the September quarter compared with previous three months, prompting calls to ‘urgently rein in overheated credit market’ – The Guardian
• [Australia] What’s behind the relentless rise in house prices. John Kehoe and Michael Bleby on the RBA’s inflation dilemma, why the next interest rate move might be up and how that will affect the property market. – AFR
• [Australia] The 5% first home buyers scheme is a miserable policy failure – and the latest chapter in Australia’s housing disgrace. The government is juicing demand to make houses more expensive for Australians while providing good public housing for … Americans – The Guardian  
• [New Zealand] First-Time Home Buyers Finally Find Relief in New Zealand’s Market – Bloomberg

On other countries:  

• [Canada] Sluggish homebuilding will have far-reaching effects on Canada’s economy – Fraser Institute
• [Ireland] Delivering Homes, Building Communities 2025-2030 – Government of Ireland
• [Kenya] World Bank Plans $1.35 Billion Funding to Boost Kenya’s Housing – Bloomberg
• [United Arab Emirates] UAE Residential Property Price Report October 2025 – REIDIN
• [United Kingdom] ‘Poor doors’: affordable housing tenants have to use back entrance to access Barangaroo apartments – The Guardian
• [United Kingdom] UK house prices rise at fastest rate since January 2025. Halifax says October increase pushes average cost of home to £300k despite uncertainty over possible budget tax changes – The Guardian
• [United Kingdom] UK house prices hit record high as October growth outstrips forecasts. Rise comes despite nervousness ahead of November Budget – FT
•  [United Kingdom] ‘We cannot survive — there is no new land.’ Why Scotland is not building enough homes. Housebuilders want government to ease regulations and do more to help councils deal with acute shortage of planners – FT
• [United Kingdom] UK housing market slows as confidence falls ahead of budget, RICS survey shows – Reuters

On prices, rent, and mortgage:    

• Trump calls 50-year mortgages no ‘big deal’ as right-wing conservatives balk – Reuters
• Will a 50-Year Mortgage Make Homes More Affordable? Here’s How It Would Work. A mortgage this long would reduce a home buyer’s monthly payments, but the interest owed would be much higher – Wall Street Journal
• Why Lower Mortgage Rates Aren’t Enough to Make Homes Affordable, in Charts. Many hopeful buyers need more than lower rates to afford a house – Wall Street Journal
• The Housing Industry’s Take on the 50-Year Mortgage. The hint of a 50-year mortgage by President Donald Trump has spawned differing opinions and new insight into what’s possible for housing affordability. – Builder
• 3 questions about Trump’s 50-year mortgage plan – NPR
• Trump’s 50-Year Mortgage Loses Steam as Industry Questions Costs – Bloomberg
• Builders’ Cheap Mortgages Are a Bad Deal for Home Buyers. People who borrow from a builder are more likely to overpay for their property and be underwater after they move in – Wall Street Journal
• Adjustable-Rate Mortgage Applications Rise – NAHB
• Unchanged Lending Conditions for Residential Mortgages in Third Quarter – NAHB
• Monitoring Employment for Home Price Cues – Home Economics
• Home Prices Keep Rising: 10 Markets Seeing the Sharpest Increases – National Association of Realtor
• The Most Rent-Burdened States in America – Visual Capitalist
• What Mamdani Can Learn From Cairo About Rent Control – Bloomberg
• November ICE Mortgage Monitor: Home Prices “Firmed” in October, Up 0.9% Year-over-year – Calculated Risk
• The decade of regulation: How New York City’s housing policies fueled rental inflation. Understanding how regulatory layering has driven rental inflation in New York City is critical to forging solutions that restore the rental market. – Reason

On sales, permits, starts, and supply:    

• Which Local Markets Track National Trends the Most: 2024 Multifamily MAI – NAHB
• Remodelers on the Rise: How Renovation is Reshaping Residential Construction – NAHB
• 2nd Look at Local Housing Markets in October – Calculated Risk
• Part 1: Current State of the Housing Market; Overview for mid-November 2025 – Calculated Risk
• Part 2: Current State of the Housing Market; Overview for mid-November 2025 – Calculated Risk

On other developments:    

• The staircase rule that’s limiting housing growth. Revisiting the two-stair requirement in building code could improve spatial efficiency and expand housing options. – Reason
• Why Is the Cost of Owning a Home So High Now? It’s getting tougher than ever to become a homeowner, especially for first-time buyers. A Tufts economist explains why – Tufts Now
• Virginia Is Struggling in Affordability and Homebuilding: Can Spanberger Get the State Building Again? – Realtor.com
• Mississippi Is Struggling in Affordability and Homebuilding: Can Gov. Reeves Build Momentum? – Realtor.com
• Record Shutdown Clouds Economic Data, and Housing Is Caught in the Middle – Realtor.com
• Why More Housing Is Key to a Thriving Economy. ‘A strong community is really dependent on a strong economy and also a strong workforce. And in order to have those things you need an affordable home so that employees can easily get to their job.’ – US Chamber of Commerce
• More Cities Are Turning Into Buyer’s Markets—Where Homebuyers Now Have the Upper Hand – Realtor.com
• Dream Home Sooner: How a 0% Down VA Loan Cuts 4.4 Years Off the Wait – Realtor.com
• The Difference Between Affordable Housing and Housing that’s Affordable – Politico
• ATTOM Reveals Best Day to Buy a Home Based on Lowest Premium Above AVM – ATTOM
• AI Layoffs Are Spiking—Could They Be the Housing Market’s Next Shock Wave? – Realtor.com
• U.S. Cross-Sector Housing Monitor: 2H25 – FitchRatings
• Washington, DC, Is Failing in Affordability and Homebuilding: Can Mayor Bowser Reverse the Trend? – Realtor.com  
• U.S. Foreclosure Activity Posts Eighth Straight Month of Year-Over-Year Increases – ATTOM
• Trump Administration Expected to Drastically Cut Housing Grants. In a major shift, HUD’s plan would direct most of the $3.5 billion in homelessness funds away from Housing First to programs that prioritize work and drug treatment. – New York Times
• How this major city became one of America’s most affordable for home buyers. While there are many yardsticks for calculating housing affordability, Pittsburgh stands out as uniquely livable – Washington Post  
• U.S. Housing Economy Cools Further with Higher Costs, Weaker Demand – Fitch Ratings

On cross-country:

• What is driving European cities’ housing affordability challenge? Housing affordability has emerged as a central challenge across Europe, particularly in major cities and tourist hotspots. – Oxford Economics
• Has Airbnb reached its peak? Brian Chesky, its boss, wants to offer more than just a bed to sleep on – The Economist
• Tourism, Short-Term Rentals and Housing Affordability – European Parliament
• Housing Challenges for Young Europeans – European Parliament
• La especulación inmobiliaria sacude Europa. Las dificultades para los ciudadanos se han agravado a medida que han retrocedido las políticas sociales – El Pais

Working papers and conferences:

• Monetary Policy and Housing Overvaluation – NBER
• Planes Overhead: How Airplane Noise Impacts Home Values – NBER
• Building Segregation: The Long-Run Neighborhood Effects of American Public Housing – UC Davis
• Global Tides on Local Shores: how do international capital flows affect house prices? – University of Zurich
• Aging and Housing Returns – Philadelphia Fed
• The Role of Single-Family Rentals in the U.S. Housing Market – St. Louis Fed
• Multifamily housing operators describe a “precarious position”. Apartment owners and managers report more financial stability now than last year, but say there’s lots more uncertainty ahead – Minneapolis Fed

On Australia and New Zealand:

• [Australia] There’s a catch in the plan to build more affordable housing in Sydney – and tenants are feeling the brunt. As the NSW developer bonus leads to older buildings being knocked down to make way for new, low-cost renters fear being priced out of their neighbourhood – The Guardian
• [Australia] Australia’s home prices surge by most in over two years in October – Reuters
• [Australia] RBA holds official interest rate at 3.6% while warning of rising house prices and rents. Reserve Bank’s decision to leave cash rate on hold was widely expected and major banks predict no interest rates cut until 2026 – The Guardian
• [Australia] More homes, better cities: Letting more people live where they want – Grattan Institute

On other countries:  

• [Canada] Canadian Snowbirds Are Ducking Out of the U.S. Housing Market Over Trump Tariffs—but These Sun-Soaked Spots Still Shine – Realtor.com
• [Canada] Toronto Home Sales Dip as Tariff Fears Keep Buyers Sidelined – Bloomberg
• [Korea] South Korea’s Housing Market Is a ‘Ticking Bomb,’ President Says – Bloomberg
• [Netherlands] As the Dutch Vote, One Issue Carries the Day: Affordable Housing. The small European nation of 18 million people is in the middle of its worst housing crunch in decades. But there is no quick political solution. – New York Times
• [United Kingdom] How new renters’ rights could drive landlords out of the market – The Conversation
• [United Kingdom] Britain’s housing chief is channeling Trump. Labour MPs are getting queasy. Steve Reed’s donning the red hat and bringing the energy — but is he risking Labour seats? – Politico
• [United Kingdom] What will Labour sacrifice for its housing targets? A standoff in south London is putting it to the test – The Guardian
• [United Kingdom] New homes: even if you build them, there’s no one to buy them. We’re often told housing demand exceeds supply — so why are new homes struggling to be built and bought? – FT
• [United Kingdom] UK net mortgage approvals hit 9-month high despite Budget tax fears. BoE figures show activity in housing market remains resilient – FT
• [United Kingdom] UK House Prices Increase Again in October, Nationwide Says – Bloomberg
• [United Kingdom] UK house prices rise in October, defying pre-budget nerves – Reuters
• [United Kingdom] Rachel Reeves plans Budget tax raid on expensive homes. UK chancellor predicted to plump for ‘least worst option’ of creating higher council tax bands in England – FT
• [United Kingdom] UK house price growth slows as buyers ‘sit on sidelines’ before budget. Amid talk of property taxes, average price of home rose by 0.3% in October to £272,226, Nationwide says – The Guardian
• [United Kingdom] ‘Out of reach’: stalled newbuilds leave Labour’s social housing targets in tatters. As some families face a 200-year wait for an affordable home, what exactly has gone wrong? – The Guardian
• [United Kingdom] Average house prices to increase by 22.2% over the next five years – Savills