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And while the local government says Berlin has sufficient space to build over 100,000 apartments, there is no sign the housing crisis gripping the city will ease. But as Europe's largest economy teeters near recession, economists warn that high rents will feed inflation and reduce household consumption. In Berlin, local opposition has frustrated plans to build, while regulation creates a two-tier rental market that is cheap for some long-term tenants and expensive for new renters. Rising property demand saw private companies develop luxury apartments that offered a higher yield - in part, Buch said, because government permissioning for more affordable housing projects was so slow. OPPOSITIONSome building projects have since faced local opposition while a recent attempt to curb rent increases backfired.

Persons: Lisi Niesner, Rolf Buch, Buch, you've, Konstantin Kholodilin, Marwa, Monika Neugebauer, Goldman Sachs, Neugebauer, Gesa Crockford, Martin Pallgen, Anna Hohnrath, Hohnrath, Matthias Inverardi, Matthias Williams, Catherine Evans Organizations: Berlin, REUTERS, Rights, Vonovia, Reuters, DIVISION, International Union of Tenants, European, West, Foreigners, Thomson Locations: Berlin, Germany, San Francisco, California, City, Tempelhof, Valencia, Spain

☆ How Real-Estate Brokers Are Reacting to the Historic Commission Verdict
▼ + stars: | 2023-11-15 | by ( Nicole Friedman | ) www.wsj.com time to read: 1 min

The recent verdict against the National Association of Realtors and large residential brokerages is likely to change the amount of commissions paid by home buyers and sellers, as well as how they are paid out. WSJ’s Laura Kusisto joins J.R. Whalen to discuss. Photo: Tamir Kalifa For The Wall Street JournalResidential real-estate brokerages are seeking to reassure investors after last month’s $1.8 billion verdict against the National Association of Realtors, another potential blow to an industry already reeling from a severe housing-market slowdown. Industry analysts say the historic verdict could prompt changes in how real-estate agents are paid and eventually push commissions down. A federal jury on Oct. 31 found NAR and two large brokerages conspired to keep costs artificially high.

Persons: WSJ’s Laura Kusisto, Whalen, Tamir Kalifa, brokerages Organizations: National Association of Realtors, Industry

☆ The Federal Reserve Has Frozen Our Housing Market - The New York Times
▼ + stars: | 2023-11-14 | by ( Daniel Alpert | ) www.nytimes.com time to read: +1 min

The Federal Reserve’s relentless attack on inflation is jeopardizing our housing market. The Fed should immediately reverse course and buy mortgage securities to help moderate consumer mortgage rates. This will allow the Fed to raise non-housing interest rates, if necessary, while also allowing the housing market to resume functioning normally again. The central bank raised its key federal funds policy interest rate to a level about 22 times what it was previously in less than 18 months. In normal times, higher Treasury rates, which make mortgages more expensive, divert household income to mortgage payments and away from other purchases, dampen home buyer demand and, ultimately, lower home prices.

Persons: Paul Volcker Organizations: Fed

☆ You can thank China and record US oil output for lower gas prices
▼ + stars: | 2023-11-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But the cost of crude oil has been largely declining since the middle of October. The average for a gallon of gas in the United States, meanwhile, dropped to $3.37, according to AAA. This “steady, if slow” decline in gas prices, said an AAA spokesperson, may soon gain speed if oil prices continue their descent. They’re more concerned with economic weakness in China and an increase in oil production in the United States. In the first week of November, US crude oil production reached a new record of 13.2 million barrels per day.

Persons: ” David Kelly, ”, ” David Morrison, refiners, ” Craig Erlam, Brent, Chris Isidore, “, Ted Decker, Refinitiv, Read, Homebuyers Organizations: CNN Business, Bell, New York CNN, AAA, Asset Management, Federal Reserve, Trade, China’s National Bureau of Statistics, . West Texas Intermediate, International Energy Agency, Revenue, National Association of Realtors, Census Locations: New York, Europe, Saudi Arabia, Russia, United States, China, Iran, America, United

The strength in iron ore is being driven by renewed optimism that China's vast property sector is emerging from the gloom of recent months. However, there are some fundamental reasons supporting iron ore, chief among them the low port inventories. Stockpiles at China's ports rose to 108.8 million metric tons in the week to Nov. 10, according to data from consultants SteelHome. This was up a modest 3.9 million metric tons from the previous week's 104.9 million, which was the lowest since October 2016. Stockpiles were 136 million metric tons in the same week in 2022 and 147.6 million in 2021, according to SteelHome data.

Persons: Ping, SteelHome, haven't, Miral Organizations: Dalian, Ping An Insurance, HK, Reuters, Thomson Locations: LAUNCESTON, Australia, China, Singapore, Beijing

☆ Here’s how much you need to make to afford a home in America
▼ + stars: | 2023-11-13 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

“First-time buyers tiptoed back into the market this year with less competition and fewer multiple-offer scenarios,” said Lautz. The age of the typical repeat buyer also dropped slightly to 58 from an all-time high of 59 last year. In comparison, the typical downpayment for repeat buyers was 19%, which is the highest share since 2005, when the typical downpayment was 21%. First-time buyers increased their reliance on financial assets this year, which grew to 24% from 20% last year. Of recent homebuyers, 7% were Latino, 7% were Black, 6% were Asian or Pacific Islander and 6% identified as some other race.

Persons: ”, Jessica Lautz, today’s, homebuyers, downpayment, Homebuyers, “ Organizations: DC CNN, National Association of Realtors, Census Locations: Washington, United, United States

☆ Home prices are falling fastest in these 25 cities, helping buyers escape the least affordable housing market since 1985
▼ + stars: | 2023-11-12 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Would-be buyers remain out of luck as property prices steadily climb. The median US home cost $406,900 in Q3, which was 2.2% higher than last year, according to the NAR's Q3 US housing market report released on November 9. 25 cities where home prices receded in Q3Contrary to some pundits' predictions , property prices didn't crater due to lofty mortgage rates. Even more striking is that 11% of metropolitan areas saw prices grow by double digits, which was more than double the prior quarter's 5% rate. Thirty-eight metro areas saw prices fall from 2022 in Q3, and 25 of those saw significant drops of over 1%.

Persons: Lawrence Yun, Yun Organizations: National Association of Realtors, NAR, Homeowners Locations: Northeast, Midwest, West

☆ Buying a House Isn’t Happening, So They’re Spending and Saving Differently
▼ + stars: | 2023-11-10 | by ( Rachel Wolfe | ) www.wsj.com time to read: 1 min

Would-be home buyers are giving up on the housing market and finding other ways to use the money they had been saving. With mortgage rates near 8% and average home prices hitting record highs, sales of existing homes were down 15.4% year-over-year in September, according to the National Association of Realtors.

Organizations: National Association of Realtors

☆ When You Give Up on Buying a House, What Do You Do With the Down Payment?
▼ + stars: | 2023-11-10 | by ( Rachel Wolfe | ) www.wsj.com time to read: 1 min

Organizations: National Association of Realtors

☆ Home Buyers and Sellers Rarely Meet. What Happens When They Hit It Off?
▼ + stars: | 2023-11-09 | by ( Alina Dizik | ) www.wsj.com time to read: 1 min

After purchasing a home in Omaha, Neb., Nikki Klugh spent nine months and $450,000 making major upgrades to the home, which the previous owners had loved. She painted over the oak wood, tore out carpet so little worn that she sent it to the previous owners for possible reuse, and renovated the kitchen to include sleek built-ins.

Persons: Nikki Klugh Locations: Omaha, Neb

☆ Long before rescue talks, Country Garden struggled to build homes, pay bills
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +6 min

[1/3] The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. "Nobody believed that Country Garden would fail. Country Garden declined to comment. In July, only weeks before it skipped debt payments, Country Garden launched a campaign on its WeChat channel titled “Beautiful Delivery”, showcasing newly built apartments and happy homeowners. Country Garden did not respond to questions about the payment or delivery disputes.

Persons: Aly, Ping, COVID, Economist Intelligence Unit's Xu Tianchen, EIU’s Xu, it’s, ”, Qiao Jingjing, Qiao, Clare Jim, Liangping Gao, Amy Lv, Laurie Chen, Antoni Slodkowski Organizations: Shanghai Country Garden, REUTERS, Rights, China's, Garden, Ping An, Economist Intelligence, Reuters, Observers, Jujiang, Thomson Locations: Shanghai, China, Rights BEIJING, HONG KONG, Beijing, Chongqing, Xinzheng, Henan Province, Lincoln

☆ China property rescue? Who are Ping An Insurance Group and Country Garden?
▼ + stars: | 2023-11-08 | by ( Julie Zhu | ) www.reuters.com time to read: +5 min

Ping An, based in the southern tech hub of Shenzhen, vies with China Life (601628.SS) for the title of the country's biggest insurance group by market value. Country Garden has said repeatedly that "home delivery" is its top priority. WHY HAS BEIJING PICKED PING AN TO RESCUE COUNTRY GARDEN? Ping An was a natural choice because it is based in Guangdong and has been a major Country Garden shareholder, said the sources. Ping An said after the Reuters report that it no longer holds Country Garden shares.

Persons: Ping, Ma Mingzhe, Morgan Stanley, Goldman Sachs, Yang Huiyan, Alex Ren, Julie Zhu, Kim Coghill Organizations: Ping An Insurance Group, HK, Reuters, WHO, China, Lufax, Ping An Healthcare, Technology, HSBC, Shenzhen Investment Holdings Co, Central Huijin Investment, Charoen Pokphand, CP, China Evergrande, Evergrande, Regulators, BEIJING, Authorities, Garden, Thomson Locations: HONG KONG, China, Shenzhen, vies, New York, Hong Kong, Shanghai, Guangdong

☆ Reaction to Reuters report on potential Ping An rescue of Country Garden
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +4 min

EUGENE LAW, DIRECTOR OF CHINA GALAXY INTERNATIONAL:"If the central government steps in to help Country Garden, it's for easing the debt crisis and preventing a spillover to financial institutions. But it will not help the China property market, which depends on factors, including employment and consumer confidence. Homebuyers would not rush to buy property just because Country Garden gets out of trouble. For the broader property market, the key is still home sales." Country Garden may have reached a tipping point where it will need more liquidity to fulfill such a policy goal.

Persons: Tyrone Siu, Ping, EUGENE LAW, Homebuyers, MICHAEL WONG, XU TIANCHEN, YAO, homebuyers, GARY NG, Clare Jim, Anne Marie Roantree, Edwina Gibbs, Kim Coghill Organizations: Ping An Insurance, REUTERS, Ping An Insurance Group, HK, Reuters, LU, OF CHINA GALAXY, Garden, Central Financial Work Conference, Thomson Locations: Shenzhen, China, HONG KONG

☆ Real-estate agents may be forced to charge home buyers less, thanks to a new $1.8 billion verdict
▼ + stars: | 2023-11-05 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

On Tuesday afternoon at a courthouse in Kansas City, Missouri, the collective nightmare of the real-estate industry became reality. For decades, the basic structure of how real-estate agents get paid when they help someone buy or sell their home has remained roughly the same. Here's how it works: When you list your home for sale on an MLS, you're required to offer a commission to the buyer's agent. The good buyer's agents who can prove their value will be fine, Brobeck predicted. Buyers might also start making offers on the condition that the seller agrees to pay both agents' commissions — otherwise, no deal.

Persons: Burnett, —, Stephen Brobeck, Brobeck, Mike Rosenthal, Rosenthal, Sellers, Saul Klein, you've, Klein, Keller Williams, Bob Goldberg, Inman, Opendoor, James Rodriguez Organizations: National Association of Realtors, NAR, MLS, Consumer Federation of America, Consumer, nab, New York Times, Justice Department Locations: Kansas City , Missouri, Missouri , Illinois, Kansas, California

☆ Mortgage Rates Hurt the Housing Market. It’s Been a Different Story for Million-Dollar Homes
▼ + stars: | 2023-11-03 | by ( E.B. Solomont | ) www.wsj.com time to read: 1 min

Deep-pocketed home buyers who are paying cash to avoid rising mortgage rates are propping up the housing market, as high rates keep many borrowers on the sidelines. Prices, sales and inventory of luxury homes—defined as the top 5% of the market—are all outpacing the overall housing market, a shift from late 2021 when wealthy buyers began tapping the brakes, according to real-estate brokerage Redfin .

☆ Artificial Lagoons Offer a Different Kind of Waterfront Living
▼ + stars: | 2023-11-03 | by ( Shivani Vora | More About Shivani Vora | ) www.nytimes.com time to read: +1 min

Waterfront residential real estate is typically built on or near oceans, lakefronts and rivers. Now, artificial lagoons are another body of water to add to the list. Shaped like large lakes with beaches, lagoons are generally shallow, compared with a lake or the ocean, and are somewhat similar to giant swimming pools. In the United Arab Emirates, Hawaii, Texas and Florida they are a factor for prospective home buyers who are seeking a waterfront property. “Some of these lagoons are located in inland destinations and have redefined what it means to own a waterfront property.” Lagoons offer aesthetic beauty and many recreational opportunities, Mr. Lim said, such as boating, swimming and paddle boarding.

Persons: Chris Lim, ”, Lim Organizations: United Arab, Christie’s, Estate Locations: United Arab Emirates, Hawaii , Texas, Florida

☆ The Way You Pay to Buy or Sell a Home Is About to Change
▼ + stars: | 2023-11-01 | by ( Nicole Friedman | Laura Kusisto | ) www.wsj.com time to read: 1 min

An open house at a home for sale in Scarsdale, N.Y., early this year. Photo: Tiffany Hagler-Geard/Bloomberg NewsHome buyers and sellers face the prospect of major changes to how much and in what way they pay their real-estate agents, following Tuesday’s historic verdict against the National Association of Realtors and large residential brokerages. Those changes could range from minor tweaks to the commission system to a more radical restructuring of the residential real-estate industry, such as more people buying homes without using agents or buyers paying their agents by the hour.

Persons: Tiffany Hagler Organizations: Geard, Bloomberg News Home, National Association of Realtors Locations: Scarsdale, N.Y

TOKYO (AP) — Asian shares were trading mixed Tuesday as investors looked ahead to a week that could see more swings in financial markets, including key reports on U.S. consumer confidence and the job market. In currency trading, the U.S. dollar rose to 150.16 Japanese yen from 149.04 yen. On Wall Street, the S&P 500 rose 49.45 points, or 1.2%, to close at 4,166.82 on Monday. Because it’s the most valuable stock on Wall Street, it is also the most influential stock on the S&P 500. Big Tech soared much more than the rest of the market early this year, which helped to lift the S&P 500 but also meant big expectations for continued growth.

Persons: Australia's, Korea's Kospi, Brent, Stan Choe, Damian J, Troise Organizations: TOKYO, Nikkei, Bank, Bank of Japan, U.S . Federal Reserve, U.S, Dow Jones, Nasdaq, Apple, Big Tech, Treasury, Fed, Workers, U.S ., CVS Health, Pfizer, Starbucks, Traders, Benchmark Locations: Hong, Shanghai, Japan’s, Israel, Iran

☆ The Sales Pitch for an 8% Mortgage: Buy Now, Refinance Later—for Free
▼ + stars: | 2023-10-30 | by ( Veronica Dagher | ) www.wsj.com time to read: 1 min

The offers to refinance the mortgage on your home later often aren’t as attractive as they initially seem. Photo: David Paul Morris/Bloomberg NewsLenders have a proposition for home buyers who can’t stomach an 8% mortgage rate: Buy now, and refinance later for free. Lenders are making these offers because the market for mortgages cratered as the Federal Reserve raised interest rates to two-decade highs to tame inflation. The average rate on a 30-year fixed-rate mortgage is 7.79%, according to Freddie Mac .

Persons: David Paul Morris, refinance, Freddie Mac Organizations: Bloomberg, Federal Reserve

☆ US second home sales slide in pandemic-era vacation hot spots
▼ + stars: | 2023-10-30 | by ( Amina Niasse | ) www.reuters.com time to read: +4 min

And as secondary home activity dwindles, some smaller housing-related businesses in leisure hot spots say they are feeling the pinch as well. “Services for existing rentals has grown, but services for larger ticket remodeling work on new vacation rentals has stopped," said Tim Allen, owner of Kopa Home Services, based in Flagstaff, Arizona. Allen has had to decrease unit prices in his separate vacation rental business, Local Vacation Team, to keep occupancy figures above market. For Flagstaff, that figure is 14%, according to data from AirDNA, a short-term rental data provider. "With the acceleration of the creation of vacation rentals during the pandemic, now if visitors are at 1,000, there are 3,000 rentals available,” he said.

Persons: Kevin Lamarque, ”, Chuck Tuttle, they’re, ” Tuttle, Tuttle, Tim Allen, Jessica Lautz, Allen, “, Amina Niasse, Daniel Burns, Bill Berkrot Organizations: REUTERS, National Association of Realtors, William, Hilton, Lake Havasu, Federal Reserve, Mortgage Bankers Association, realtors, “ Services, Kopa Home Services, NAR, Thomson Locations: Island , South Carolina, U.S, Lake Havasu City , Arizona, William Raveis, Cape Cod, Massachusetts, Lake, Lake Havasu City, Flagstaff , Arizona, Flagstaff, AirDNA

Rising interest rates have slammed the breaks on America's housing market, with home sales down 15.4% year-over-year in September, according to the National Association of Realtors. By controlling the financing, they can offer yesterday's mortgage rates, saving customers tens of thousands of dollars and moving inventory in the process. Tawn Kelley, president of financial services at homebuilder Taylor Morrison, told Insider that financing is an essential part of the home-selling puzzle. Then, there are forward commitments, another way to prepay interest rates that allows a homebuilder to pay down more of it. There are also float downs, which allow purchasers who lock in a mortgage price to reduce their interest rates if mortgage rates get smaller over the course of their mortgage lock.

Persons: Tawn Kelley, homebuilder Taylor Morrison, Kelley, Taylor Morrison, Devyn Bachman, John Burns, Taylor Morrison's, it's, they've, homebuyers, Kurt Carlton Organizations: National Association of Realtors, Census, Finance Locations: homebuying, homebuilding

☆ Joe Biden wants more people to start living in empty offices
▼ + stars: | 2023-10-28 | by ( Polly Thompson | ) www.businessinsider.com time to read: +3 min

Office vacancies are at a 30-year high as WFH continues after the pandemic. But the White House initiative will make more than $35 billion available from existing federal programs in the form of grants and low-interest loans to encourage developers to convert offices into residential. Office vacancies stand at a 30-year high of 18.2%, according to research by CBRE. AdvertisementAdvertisementThe White House hopes the initiative will alleviate both these problems, creating more housing and revitalizing the commercial real estate sector. Conversions are faster than new construction, 20% cheaper, and produce fewer greenhouse gas emissions, the White House added.

Persons: —, Joe Biden's, Biden, Silverstein, Lael Brainard Organizations: Biden Administration, Service, Resources, Department, Transportation, CBRE, National Association of Realtors, It's, National Economic Council, ABC News Locations: Manhattan, New York, San Francisco, It's

The U.S. economy is on a roll, expanding at a 4.9% annual clip in the third quarter, the Bureau of Economic Analysis reported on Thursday. Analysts are looking for the overall index to show prices increased at a 3.4% annual rate and the core index at 3.7%, down from 3.5% and 3.9%, respectively. On Wednesday, Adobe Analytics issued its monthly measure of online prices showing they continue to fall, hitting a 41-month low in September. “Online prices fell for the majority of Adobe’s tracked categories (12 of 18) on an annual basis. On a month-over-month basis, online prices were down 0.6%.”

Persons: ” Joseph Brusuelas, ”, Steve Rick, Raymond James, Eugenio Aleman, “ Organizations: Economic, RSM US, Federal Reserve, TruStage, Labor Department, Adobe Analytics, “ Locations: U.S

☆ Hong Kong is paying new parents $2,500 for having a baby but that won’t even pay a month’s rent
▼ + stars: | 2023-10-26 | by ( Chris Lau | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Hong Kong is to pay new parents more than $2,500 for having a baby in a bid to boost its flagging birth rate, but many residents in the notoriously expensive city say it’s barely enough to cover a month’s rent. In Japan (birth rate 1.3), parents get a monthly allowance of $107 dollars for each newborn until two years of age. For each child between three years old and senior high, parents get $66.7 per month. Hong Kong subsidizes education from kindergarten to senior high, but nursery, the year or two before kindergarten, is not usually covered. “The government should be thinking about how to convince [us] that Hong Kong is conducive to child-raising,” Lau said.

Persons: John Lee Ka, chiu, ” Lee, ”, Ken Lau, Kristy Chan, ” Lau, Kim Yeung, ” Yeung, Paul Yip Siu, Hong, ” Yip, Sze Lai, Sze, Lau, “ Organizations: Hong Kong CNN, Hong, HK, CNN, Midland Realty, fai, University of Hong, Society for Community Organization Locations: Hong Kong, East Asia, Singapore, South Korea, Japan, University of Hong Kong

HONG KONG (AP) — Hong Kong’s leader on Wednesday cut taxes for some homebuyers and stock traders to boost markets as the city seeks to maintain its reputation as a global financial hub. Official data showed that a 15% year-on-year drop in home prices last December, and a 39% yearly decline in the volume of residential property transactions in 2022. A former security chief handpicked by Beijing to lead Hong Kong, Lee also is aiming to enact the city's own security law next year. But the city's constitution requires Hong Kong, a semi-autonomous territory, to enact its own laws for acts such as treason, secession and subversion. “External forces continue to meddle in Hong Kong affairs,” Lee said, without elaborating.

Persons: Hong, John Lee, Lee, ” Lee Organizations: British Locations: HONG KONG, China, Hong Kong, Beijing

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