The Unassuming Economist

On cross-country:

• Global house prices rebound as economists predict turning point. Across the 37 industrialised OECD countries, nominal house prices grew 2.1% in the third quarter of 2023 – FT

Working papers and conferences:

• Call for papers: The Journal of Housing Economics seeks contributions to a special issue on the general subject of upzoning. – ScienceDirect
• Conference: 8th Urbanization and Poverty Reduction Research Conference on March 7-8 – World Bank
• Reexamining the ‘Role of the Community Reinvestment Act in Mortgage Supply and the U.S. Housing Boom’ – SSRN
• Land Development and Frictions to Housing Supply Over the Business Cycle – SSRN
• Volatility Connectedness and Spillover of the U.S. Median Home Sale Prices – SSRN
• The Interest Rate Sensitivity of House Prices: International Evidence on its State Dependence – SSRN

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

• Comparing Two House-Price Booms – Cleveland Fed
• A New ‘Holy Grail’ in the Housing Crisis: Statewide Rent Caps. As housing costs soar, Washington State wants to limit annual rent increases to 7 percent. Oregon and California have passed similar measures. – New York Times
• Home Sales Rebounded in January After Last Year’s Sharp Decline. Drop in mortgage rates since October has made home purchasing slightly more affordable – Wall Street Journal
• New Home Sales at 661,000 Annual Rate in January. Median New Home Price is Down 15% from the Peak – Calculated Risk
• Mapped: The Median Down Payment for a House, by U.S. State – Visual Capitalist
• U.S. Median House Prices vs. Income – Visual Capitalist
• Do Early Birds Buy the House? 9 Cities Where the Spring Housing Rush Starts Sooner Than You Think – Realtor.com 
• Case-Shiller: National House Price Index Up 5.5% year-over-year in December. FHFA: House Prices Up 6.5% Q4 over Q4 – Calculated Risk
• US CoreLogic S&P Case-Shiller Index Continues to Strengthen, With Annual Gain of 5.5% in December – CoreLogic
• Real U.S. House Prices UP 4% in 2023 – Real Estate Decoded
• Why US housing inflation relief may be short-lived – Reuters
• Lawler: Update on American Homes for Rent – Calculated Risk
• US Housing Supply Gap Grows in 2023; Growth Outpaces Permits in Fast-Growing Sunbelt Metros – Realtor.com
• US annual home prices rising despite fourth-quarter slowdown, FHFA says – Reuters

On the US—other developments:    

• What Texas can teach San Francisco and London about building houses. It’s not a housing crisis — it’s a planning crisis – FT
• Housing Costs Are Running Hot, but Is the Data Missing a Cooling Trend? Pandemic disruptions may have muddled the measurement of home prices in inflation data. That could complicate the Fed’s course on interest rates. – New York Times
• U.S. Commercial Foreclosures Increase in January 2024 – ATTOM
• Home buyers can sue brokerages over real estate commissions, US judge rules – Reuters
• ‘Build, baby, build!’: Governors take a walk on housing’s supply side. – Washington Post
• A housing shortage is testing Oregon’s pioneering land use law. Lawmakers are set to tweak it – AP
• Final Look at Local Housing Markets in January – Calculated Risk
• What Has Zoning Reform Accomplished in Cambridge, Massachusetts? – Harvard Joint Center for Housing Studies
• U.S. Economic, Housing and Mortgage Market Outlook – February 2024 – Freddie Mac
• Affordable Housing: Tax Credits vs Deregulation – Cato Institute
• Aspiring homeowners say they face two major obstacles to buying. Here’s why 20% say it’ll ‘never’ happen – CNBC
• The Workforce/Middle-Income Housing Tax Credit – AEI
• Freddie Reports Surge in Multifamily Serious Delinquencies – Calculated Risk   
• The American Southwest Is Finally Starting to Embrace Vertical Living. New building codes and zoning laws are paving the way for development in the desert, which has long been an oasis of single-family homes – Wall Street Journal
• Buying a Home Near Nvidia’s Headquarters Is Nearly Impossible Right Now. Blame Santa Clara’s inventory and relative affordability—not the company’s stock run-up—for creating such a competitive market – Wall Street Journal
• FACT SHEET: Biden-⁠Harris Administration Announces New Actions to Boost Housing Supply and Lower Housing Costs – White House
• The U.S. Housing Market Gained $2 Trillion in Value Over the Last Year. The total value of U.S. homes jumped 5%, the biggest gain in nearly a year, as a shortage of houses for sale propped up values. Affordable East Coast and Midwest metros saw gains of over 10%, while pricey metros and pandemic boomtowns saw declines. – Redfin

On China:

• China Home Prices Slide, Increasing Pressure on Beijing. The country’s real estate slump has dealt a major blow to confidence – Wall Street Journal
• Shenzhen offers glimpse of China’s housing future – Reuters

On other countries:  

• [Australia] Amid Australia’s housing crisis, why are taxpayers propping up the price of empty holiday homes? The sheer number of Airbnb and Stayz short-stay rentals is a symptom of a system that’s unfair at its core – The Guardian
• [Australia] Regional housing markets outpace the capitals as rates rise – Financial Review
• [Australia] Australia home prices likely to rise 5.0% this year and next – Reuters
• [Canada] Canada’s extension of ban on foreign real estate buyers labelled political, not practical – Reuters
• [Germany] Germany home prices to slip modestly this year as supply stays tight – Reuters
• [Hong Kong] Hong Kong Takes Drastic Action to Avert Property Slump. The city’s real-estate market has been hurt by high interest rates and mainland China’s economic slowdown – Wall Street Journal
• [New Zealand] Trudeau’s New Zealand May Allow Foreigners to Buy Build-to-Rent Homes. Finance Minister says government wants to boost housing supply. ‘Our overseas investment regime has been quite restrictive’ – Bloomberg
• [Philippines] Global rich keep luxury property prices rising as Manila, Dubai soar – Knight Frank – Reuters
• [United Kingdom] Seniors Sit on the Answer to the UK Housing Shortage. If more over-65s step off the housing ladder, more young people can step on. – Bloomberg
• [United Kingdom] UK builders and government need to fix housing shortage, regulator says – Reuters
• [United Kingdom] Britain’s interwar apartment boom. A decade of Art Deco densification – The Works in Progress
• [United Kingdom] Spending on UK social housing will ‘save taxpayers money’ in long term, study finds. Upfront cost of building 90,000 new homes would be returned within 11 years, say Shelter and NHF – FT
• [United Kingdom] UK Mortgage Approvals Hit 15-Month High as Borrowing Jumps. Bank of England data suggest housing market gaining momentum. Mortgage interest rates have been creeping higher again – Bloomberg

On cross-country:

• Global house prices close to bottoming out, BIS stats show – Central Banking
• BIS residential property price statistics, Q3 2023 – BIS
• Where are Europe’s most expensive cities for renters? – The Economist

Working papers and conferences:

• Why we need a green land value tax and how to design it – VoxEU
• Mortgage Borrowing Limits and House Prices: Evidence from a Policy Change in Ireland – SSRN
• Fifty Shades of the US States: News Media Coverage and Predictability of House Prices – SSRN
• Does Affordability Status Matter in Who Wants Multifamily Housing in their Backyard? – SSRN
• The Redistribution of Housing Wealth Caused by Rent Control – SSRN

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

• The Housing Market Still Has Hot Spots. 10 Places Where Prices Are Soaring. – Barron’s
• 3rd Look at Local Housing Markets in January; California Home Sales Up 5.9% YoY in January – Calculated Risk
• New Construction Activity Falls in January, Led by Multi-family – Realtor.com
• Single Family Built-for-Rent Almost Doubled Since 2020. Quarterly Housing Starts and Completions by Purpose and Design – Calculated Risk
• Rents Are Cooling, but Not Everywhere – Harvard Joint Center for Housing Studies
• Mortgage Lender Sentiment Survey – Fannie Mae

On the US—other developments:    

• Opportunity Zone Housing Markets Still Tracking Along with Broader U.S. Housing Market – Los Angeles Times
• The hottest trend in U.S. cities? Changing zoning rules to allow more housing – NPR
• US unions target the housing affordability crisis as their ‘biggest issue’. Organized labor across the country is now setting its sights on housing costs as rents and mortgages continue to soar – The Guardian  
• Realtors Are in Crisis—and Home Buyers Could Be the Winners. A wave of lawsuits over fees paid to agents has put the giant trade association on the defense; ‘it got arrogant’ – Wall Street Journal
• Berkeley’s Upzoning Would Be Among Nation’s Largest. A proposal to end exclusionary zoning would allow for 100,000 more homes in Berkeley’s neighborhoods. – The Discourse Lounge
• Investor home purchases halved since the height of the pandemic housing boom. Investors purchased 50% fewer homes in Q4 2023 compared to Q4 2021, according to the latest Redfin data. – Fast Company
• Did Wall Street kill the American Dream of homeownership? It depends on where you live – Fortune 
• The Great Compression. Thanks to soaring housing prices, the era of the 400-square-foot subdivision house is upon us. – New York Times
• The high cost of promoting homeownership. It’s individually rational, but collectively dysfunctional – Slow Boring
• New Single-Family Home Size Moves Lower – NAHB
• Good Times, Bad Times: Eviction Edition. Plus: Voters in Massachusetts reject state-mandated upzonings, Florida localities rebel against a surprisingly effective YIMBY reform, and lawsuits target missing middle housing in Virginia. – Reason

On China:

• China seen cutting mortgage reference rate for first time since June – Reuters
• China cuts mortgage-linked lending rate by record amount to aid property market. Five-year loan prime rate reduction unlikely to offer imminent relief to flagging home sales, analysts say – FT
• China’s Property Crisis: Inside a Ghost Town of Abandoned Mansions – Wall Street Journal

On other countries:  

• [Canada] Trudeau’s welcome mat for immigrants wears thin amid Canada housing crunch – Reuters
• [France] Macron has a big housing headache. Olympics are making it worse. The French government has made tackling the housing crisis a priority in an attempt to improve living conditions for the middle class. – Politico
• [Germany] German house prices are in freefall – Global Property Guide
• [Israel] How Israel turned homeowners into YIMBYs. Homeowners are often the biggest opponents of building new homes. An Israeli reform reversed this by making homeowners the main beneficiaries of development. – Work in Progress
• [Italy] Italy’s sluggish housing market – Global Property Guide
• [Ireland] Mortgage holders paying up to €7,292 in extra charges per year by not switching. Online broker doddl.ie has urged mortgage holders to shop around for better rates – The Irish Times
• [Ireland] Ireland’s Biggest Private Residential Landlord Avoids Investor Takeover. Irish Residential key to country resolving its housing crisis. Vision Capital Corp. had tried to overthrow the board – Bloomberg
• [Ireland] Governments used to boast about higher house prices – not anymore. Increasing property values were once seen as reflective of a strong economy and therefore trumpeted by incumbent administrations – The Irish Times
• [Germany] Berlin’s Housing Slump Is Over as Shortage Lures Investors. The prospect of higher rents in the German capital is countering the downward pull of financing costs – Bloomberg
• [United Kingdom] How likely is a recovery in the UK housing market? Falling mortgage rates and an uptick in agreed sales offer encouragement. But economic risks remain – FT
• [United Kingdom] UK to Toughen Rules on Short-Term Lets to Tackle ‘Hollowing Out’ – Bloomberg
• [United Kingdom] Government to outline new curbs on short-term lets in England. Local residents being pushed out of tourist hotspots prompts response – FT
• [United Kingdom] UK Home Asking Prices Rise as Mortgage Relief Spurs Activity. Rightmove says price of new listings now higher than year ago. Findings are further evidence of market recovering momentum – Bloomberg
• [United Kingdom] Mortgage lending to older UK borrowers slumps. Higher interest rates hit the market for the over-55s – FT
• [United Kingdom] UK Homeowners Are Proving More Resilient Than Once Feared. Affordability tests help ensure mortgage market’s resilience. Those re-mortgaging benefit from falling borrowing costs – Bloomberg
• [United Kingdom] Jeremy Hunt draws up plans for 99% mortgage scheme. UK chancellor’s move aims to reassure voters that Conservatives represent the interests of homeowners – FT
• [United Kingdom] Everything about Cambridge is booming — except housing supply. The population has been rising as jobs in biotech and pharma proliferate but the city struggles to build enough homes – FT

On cross-country:

• ‘Rent is too damn high!’ Europe’s growing housing crisis – Politico

Working papers and conferences:

• 4th Workshop on Rent Control on June 20 and 21 – DIW Berlin
• The effect of new housing supply in structural models: a forecasting performance evaluation – European Central Bank
• Direct Rental Assistance: Returning to the Roots of Housing Allowances – SSRN
• Behavioral Lock-In: Aggregate Implications of Reference Dependence in the Housing Market – SSRN
• Decomposing Fire Sale Discounts in Housing Markets – SSRN
• The Effect of New Housing Supply in Structural Models: A Forecasting Performance Evaluation – SSRN
• House of Cards? Perspectives on European Housing – SSRN
• Intertemporal Risk-Return Relationship in Housing Markets: International Evidence – SSRN
• Does Political Partisanship Affect Housing Supply? Evidence from Us Cities – SSRN
• Monetary Policy Shocks And Local Housing Markets – SSRN
• Income Inequality, Mortgage Debt and House Prices – SSRN

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

• Warren Urges Powell to Cut Rates to Help Alleviate Housing Costs. Democratic senators write letter to Fed Chair Jerome Powell. High interest rates crimp housing supply, drive up rents – Bloomberg
• Mortgage Rates in US to Snap Three-Year Streak of Gains, Survey Shows. Rate on a 30-year, fixed mortgage is expected to fall to 5.5%. For offices, some expect demand to start reaching a bottom. – Bloomberg
• US Home-Price Growth Slows as High Rates Squeeze Demand. Gains in November eased after borrowing costs hit a high. Buyers are facing prices that are 69% above a 2006 peak – Bloomberg
• Case-Shiller: National House Price Index Up 5.1% year-over-year in November. FHFA: House Prices “Up 6.6 Percent from Last Year” – Calculated Risk
• New Home Sales Bounce Back in December on Lower Mortgage Rates – NAHB
• Housing is now unaffordable for a record half of all U.S. renters, study finds – NPR
• All-Cash Share of New Home Sales Remains Elevated in 2023 – NAHB
• Freddie Mac House Price Index Increased in December; Up 6.6% Year-over-year. Austin Prices Down 12.4% from Peak Seasonally Adjusted – Calculated Risk

On the US—other developments:    

• Brutal Winter Across America Is Keeping the Housing Market on Ice. Even as mortgage rates drop, storms and subzero temperatures have kept a lot of potential buyers on the sideline – Wall Street Journal
• The One Part of the Housing Market That’s Growing. As owners remain reluctant to put their properties on the market, developers are rushing to build new homes to meet demand. – New York Times
• Home Selling Profits Drop in 2023 for First Time in Over a Decade Amid Modest Price Gains – ATTOM
• Where Can Gen Z Buy a Home? Older members of the generation are early in their careers, and they face increases in inflation, home prices and interest rates. – New York Times and Point2
• Amid a Housing Crunch, Religious Groups Unlock Land to Build Homes. Faith-based organizations are unlocking their real estate to develop affordable housing, but they face challenges from reluctant local residents, wary lenders and strict zoning laws. – New York Times
• Is Now a Good Time to Buy? – Freddie Mac
• Fannie and Freddie: Single Family Serious Delinquency Rate Increased Slightly, Multi-family Unchanged in December. CoreLogic: “Home Loan Performance Remains Strong” – Calculated Risk
• Can You Afford a Home in America’s Top Emerging Housing Market? – Realtor.com
• ‘We’re at a Turning Point’: Is the Housing Market Finally Thawing—or Is Another Deep Freeze To Come? – Realtor.com

On China:

• China’s Guangzhou first to completely ease purchase limit on large homes – Reuters
• Evergrande Set for Liquidation as China Property Crisis Drags On. Developer will end up in new management, judge says in order. Trading in the stock halted after 21% tumble on Monday – Bloomberg
• Chinese developer Evergrande ordered to be wound up by Hong Kong court. Indebted property group fails to agree restructuring plan with creditors – FT 
• Evergrande is the teetering domino that can topple its real estate peers. Property prices in China could take yet another hit from deconstruction of the indebted developer – FT
• China’s Deflation Pressures Seen Persisting Through Mid-2024. Economists also expect home prices will fall m/m until 3Q. 2024 GDP growth expected at 4.6% y/y, up from earlier estimate – Bloomberg
• Evergrande’s liquidation is a new low in China’s property crisis. A judge in Hong Kong surprises the mainland – The Economist
• China’s Economy Czar Presses Cities on Funding for Real Estate. Property sector has been a major drag on China’s economy. He Lifeng calls on cities to make timely moves on financing – Bloomberg
• China Home Sales Slump Persists After Evergrande Liquidation. China Jan new homes sales record low in recent years. Local gov ramped up support by drafting white list projects – Bloomberg

On other countries:  

• [Canada] How will the Bank of Canada’s rate hold impact the housing market? – Bloomberg
• [Georgia] Gross rental yields in Georgia: Tbilisi and Batumi – Global Property Guide
• [Germany] Gross rental yields in Germany: Berlin and 7 other cities – Global Property Guide
• [Japan] Gross rental yields in Japan: Tokyo and 7 other cities – Global Property Guide
• [Netherlands] Gross rental yields in Netherlands: Amsterdam and 3 other cities – Global Property Guide
• [New Zealand] Upzoning New Zealand. How a small country started building a lot of homes – Work in Progress
• [New Zealand] New Zealand House Prices Rise at Slower Pace, CoreLogic Says – Bloomberg
• [United Kingdom] Reliable UK Mortgage Payers Deliver Juiciest Debt Returns Since 2009. Mortgage delinquincies seen at less than 1.3% in 2023. Residential mortgage-backed notes delivered over 6% last year – Bloomberg
• [United Kingdom] Five of the best books about the UK housing crisis. From costs to quality, housing can make you despair. Our best five books explain the politics behind the problems – and the solutions – The Guardian
• [United Kingdom] London’s Sky-High Home Prices Are Most Affordable in Decade. Zoopla data shows property in the capital underperforming UK. London homes are still the most expensive in Britain – Bloomberg
• [United Kingdom] UK house prices rise more than expected in January, says Nationwide. Month-on-month increase of 0.7% is fastest pace since October as mortgage rates ease – FT

On cross-country:

• Chinese property developers shrivel up in Australia, New Zealand but are they ‘hibernating’ for better times? Many Chinese developers in Australia and New Zealand have closed or scaled back, amid a property crisis in China, weak demand and higher construction costs. Chinese property development in Australasia soared around 2013 at the height of China’s ‘go out policy’ that prompted Chinese firms and citizens to seek overseas investments – South China Morning Post

Working papers and conferences:

• Racial and ethnic differences in the financial returns to home purchases – Real Estate Economics
• Gender, Stress, and Job Performance: Agents in the Resale Housing Market – SSRN
• Investors in Housing Markets: Comparing Two Booms – SSRN
• Report on the Potential Impacts of Property Tax Abatement on Rental Housing Construction in Boston – SSRN
• The Impact of COVID-19 on Real Estate Markets in Germany – SSRN
• Mortgages, House Prices, and Business Cycle Dynamic: A Medium-Run Exploration Using the Continuous Wavelet Transform – SSRN

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

• US home prices forecast to climb as mortgage rates fall to 6.3% in 2024 – Goldman Sachs
• 2023 was slowest year for US home sales in nearly 30 years as high mortgage rates frustrated buyers – Quartz
• Mortgage Rates Expected to Dip Below 6 Percent in 2024, Boosting Home Sales – Fannie Mae
• December Existing Home Sales: Higher Mortgage Rates Pulled Supply And Sales Lower in 2023. Existing home sales dropped again in December, ending the year at 4.09 million, the lowest level in nearly 30 years – Zillow
• Is This Really ‘the Worst Time to Buy a Home’? Maybe — but it’s not a terrible time to rent. – New York Times
• Redfin Reports Pending Home Sales Rose 4% in December—Biggest Jump in Over Two Years – Redfin
• For Property Investors, the Price of Homes Is Still Not Right. Higher interest rates, record home prices are cited for pullback in buying – Wall Street Journal
• Economic, Housing and Mortgage Market Outlook – Freddie Mac
• 1.54 million Total Housing Completions in 2023 including Manufactured Homes; Most Since 2007
• Completions Will Likely Increase Further in 2024 – Calculated Risk
• Finally, America’s Home Inventory Is Rising: Here’s Where It’s Grown the Most – Realtor.com
• Redfin Home Price Index: Prices Rose 0.4% in December—the Smallest Increase in Six Months – Redfin

On the US—other developments:    

• America’s Housing Rebound. Despite years of the highest real mortgage interest rates in almost two decades, construction and renovation spending have been holding steady, if not accelerating outright. – The Overshoot
• The Economy Is Starting to Look Normal—Housing Isn’t. Cooling inflation, a moderating job market and steady growth are making the economy look more familiar. But housing is a complete mess. – Wall Street Journal
• 4th Look at Local Housing Markets in December; California Home Sales Down 7.1% YoY in December – Calculated Risk
• Boomers won’t part with their homes, and that’s a problem for young families – CNN 
• More than 43 million US households were cost burdened in 2022 – Harvard Joint Center for Housing Studies
• Biden’s New Gift to the Housing Lobby. Fannie Mae and Freddie Mac raise their loan-guarantee limits to new heights. – Wall Street Journal
• Record Number of Office-to-Apartment Conversions Planned in 2024. Washington, New York and Dallas lead the trend among US cities. Housing demand, office vacancies drive conversions: RentCafe – Bloomberg
• Home Price-to-Income Ratio Reaches Record High – Joint Center for Housing Studies
• Affordable Housing Gets Boost in Congressional Tax Reform Proposal. The bipartisan tax deal would raise allocations for the Low Income Housing Tax Credit, a critical tool for encouraging new home construction. – Bloomberg
• To meet today’s critical housing challenges, HUD needs a broader, bolder vision – Brookings
• Builders’ Top Challenges for 2024 – NAHB
• Final Look at Local Housing Markets in December – Calculated Risk 

On China:

• Desperate Chinese Property Developers Resort to Bizarre Marketing Tactics. The country’s real-estate slump is getting worse—and looks set to drag on for years – Wall Street Journal

On other countries:  

• [Australia] Australian houses are less affordable than they have been in decades. In spite of rising borrowing costs, prices have stayed stubbornly resilient – The Economist
• [Brazil] How to Buy Property in Brazil as a Foreigner – Global Property Guide
• [Canada] Home price declines in big cities drag down Teranet-National Bank index – Bloomberg
• [Canada] Canada Caps Foreign Student Visas Amid Housing Shortage. Immigration Minister Marc Miller unveils new limits on permits. Number of foreign students tripled to 1 million over 10 years – Bloomberg
• [Egypt] How to Buy Property in Egypt as a Foreigner – Global Property Guide
• [Egypt] Gross rental yields in Egypt: Cairo and Alexandria – Global Property Guide
• [Ireland] Irish house prices close to or at peak, estate agents say. An SCSI report predicts house prices will rise by just 1 per cent this year – The Irish Times
• [Netherlands] The Netherlands’ housing market downturn continues – Global Property Guide
• [New Zealand] RBNZ Proposes Looser Low-Deposit Home Loan Rules With New Tool – Bloomberg
• [Spain] How to Buy Property in Spain as a Foreigner – Global Property Guide
• [Spain] Deteriorating affordability will dampen Spanish house price growth –ING
• [Turkey] Turkey’s strong house price growth is just an illusion – Global Property Guide 
• [United Kingdom] Global investors could spark UK housebuilding boom. Institutional backers attracted by high rental demand and low volatility of residential property market – FT
• [United Kingdom] UK Home Sellers Made £100,000 Profit Per Deal Even In Tough Year. Average seller made about 9% less profit than in 2022. Declining mortgage rates could help turn the tide this year – Bloomberg
• [United Kingdom] Ministers’ 99% mortgage idea could overheat UK housing market, say experts. Scheme to support first-time buyers that would appeal to young voters reportedly being considered by No 10 – The Guardian
• [United Kingdom] Housing ombudsman in England calls to re-establish link between housing and health – The Guardian

On cross-country:

• The housing crisis is still being underplayed. Young adults are being robbed of the milestones that marked the lives of previous generations – FT

Working papers and conferences:

• Why Has Construction Productivity Stagnated? The Role of Land-Use Regulation – SSRN
• The economic effects of real estate investors – Real Estate Economics
• Monetary policy and housing market cycles – Macroeconomic Dynamics
• Regional House Price Cohesion in the UK: Recent Trends and Covid – SSRN
• Roof or Real Estate? An Agent-Based Model Of Housing Affordability in the Netherlands – SSRN
• Housing Costs, College Enrollment, and Student Mobility – SSRN
• Discrimination in the Austrian Rental Housing Market: The Effect of Information Concerning First and Second Generation Immigrant Status – SSRN
• Housing Unaffordability in Italy: Recognising the Housing Problem Dispelling Myths – SSRN

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

• U.S. 30-year mortgage predominance doesn’t seem to delay impact of Fed rate hikes – Dallas Fed
• Update: The Housing Bubble and Mortgage Debt as a Percent of GDP – Calculated Risk
• Inside a Plan to Save Homeowners Hundreds of Dollars Closing Their Mortgages. Little-known alternative to title insurance gains support from Fannie Mae – Wall Street Journal
• Lawler: Early Read on Existing Home Sales in December. The Lowest Annual Sales Rates since 1995 – Calculated Risk
• Hoping To Buy a Home in 2024? Here’s Where Prices Have Been Rising—and Falling—the Most – Realtor.com
• Single Family Starts Up Year-over-year in December; Near Record Number of Multi-Family Housing Units Under Construction – Calculated Risk

On the US—other developments:    

• Housing reform should actually add housing. Affordable-only upzonings are a big political struggle for minimal gain – Slow Boring
• Part 2: Current State of the Housing Market; Overview for mid-January 2024 – Calculated Risk
• 2nd Look at Local Housing Markets in December. It appears annual sales for 2023 will be at the lowest level since 1995 – Calculated Risk
• 3rd Look at Local Housing Markets in December. Annual sales for 2023 will be at the lowest level since 1995 – Calculated Risk
• To Ease Housing Crunch, Theme Parks Are Becoming Homebuilders. Orlando, Florida, is on the front line of an industry trend as major employers like Universal and Disney look to close the area’s workforce housing gap. – Bloomberg
• Housing Vouchers Won’t Solve America’s Homelessness Crisis – Jacobin
• Not Even Molten Lava Can Cool This Hot Housing Market. The eastern section of Hawaii’s Big Island continues to attract home buyers searching for a cheap piece of paradise – Wall Street Journal

On China:

• China Housing Slump to Continue Into 2025, Says Ex-PBOC Official. Home sales will fall further this year and next, Sheng says. Green shoots emerged in November and December, he adds – Bloomberg
• China’s Property Market May Keep Struggling Despite Stimulus. Property prices have extended their decline in the wake of property stimulus measures – Wall Street Journal

On other countries:  

• [Australia] Neither a pandemic nor interest rate rises: can anything dent the Australian housing market? The entire political focus over the past 40 years has been to keep house prices from falling, or even abating – The Guardian
• [Canada] Canada, facing housing shortage, to consider cap on international students – Reuters
• [Canada] Canadian home sales jumped 9% in December, but prices continued to fall – The Globe and Mail
• [Ireland] ‘The Social Contract Has Been Completely Ruptured’: Ireland’s Housing Crisis. Soaring rents have left many struggling to afford homes in Dublin and have created a generational divide. Two-thirds of younger adults in the city live with their parents. – New York Times
• [New Zealand] New Zealand House Prices Rise for Third Month, CoreLogic Says. Property value gains in 2024 may undershoot expectations. Outlook hinges on whether mortgage interest rates move lower – Bloomberg
• [New Zealand] New Zealand Houses Are Selling Faster as Buyers Return to the Market. Median time to sell in December was lowest since March 2022. House prices post first annual gain in 18 months, REINZ says – Bloomberg
• [New Zealand] New Zealand house prices unchanged, activity improving -REINZ – Reuters
• [United Arab Emirates] Dubai Sales of $25 Million Homes Double as Global Elite Move In. Wealthy buyers spent $2.27 billion on luxury homes last year. Most expensive transaction was for a $136 million apartment – Bloomberg
• [United Kingdom] Why is it still so hard to build new homes in England? Politicians agree that shaking up the planning system is vital to the British economy, but Nimby-ism is stubbornly resilient – FT
• [United Kingdom] Britain’s Biggest Mortgage Lender Is Watching for the Return of Global Inflation Pressures – Bloomberg
• [United Kingdom] UK house prices fall at fastest pace in more than a decade. ONS data shows biggest drop in London and reflects impact of high interest rates on property market – FT
• [United Kingdom] UK Housing Market Enters 2024 With Momentum Building, Agents Say. RICS survey finds sales picking up, pressure on prices easing. Buyer demand being boosted by decline in mortgage costs – Bloomberg