U.S. home resales unexpectedly fell in August, crimped by a shortage of inventory that is boosting home prices faster than the pace of wage growth.
The National Association of Realtors said on Thursday existing home sales declined 0.9 percent to an annual rate of 5.33 million units.
Economists polled by Reuters had forecast sales rising 1.1 percent in August to a 5.45 million-unit pace. — Reuters
July's sales pace was also revised lower to 5.38 million units from the previously reported 5.39 million units. However, despite sales being at their second-lowest pace of the year, home resales were still up 0.8 percent from one year ago.For more on the current state of the housing market in...
WHAT are the most dysfunctional parts of the global financial system? China’s banking industry, you might say, with its great wall of bad debts and state-sponsored cronyism. Or the euro zone’s taped-together single currency, which stretches across 19 different countries, each with its own debts and frail financial firms. Both are worrying. But if sheer size is your yardstick, nothing beats America’s housing market. — the Economist
It is the world’s largest asset class, worth $26 trillion, more than America’s stockmarket. The slab of mortgage debt lurking beneath it is the planet’s biggest concentration of financial risk. For more on the state of the US housing market, check out these links:What these...
OK, so this would mean the way to make San Francisco as affordable as (say) Portland would be to either cut everybody’s salary in half, or fire half of them, or allow the city’s population to rapidly grow about 50 percent, to about 1.2 million, while the number of housing units increased even faster. — Michael Andersen, on Medium
In discussing San Francisco's rising housing costs over the years, journalist Michael Andersen re-emphasizes some points in this recent blogpost by a man named Eric Fischer, who took his own approach in analyzing the city's housing prices before 1979, when SF's rent-control rates began being...
strict zoning laws in the Bay Area make it almost impossible to significantly expand the housing stock there. [...]
As a result, the tech boom simply means that housing gets less and less affordable for anyone who doesn't work in tech or already own a home.
A lot of people are blaming the tech boom itself for the Bay Area's housing problems. But the technology boom is only a problem because the region's housing markets are functioning so poorly. — vox.com
Related on Archinect:Man living in plywood "pod" in SF apartment told to knock it off by housing inspectorSilicon Valley is set to get over 10K more housing units – is this the beginning of the end of its housing crisis?Exceeding height restrictions to break a housing logjam in San...
It's hard to remember that just a few decades ago it was difficult, if not impossible, for a woman alone to take out a mortgage. Federal legislation changed that.
And yet, it's still surprising to learn how dominant single women have become in the housing market today: Their share is second only to married couples, and twice that of single men. — npr.org
Although the cranes swing, much of the new living zones now being created range from the ho-hum to the outright catastrophic. The skyline is being plundered for profit, but without creating towers to be proud of or making new neighbourhoods with any positive qualities whatsoever. If London is an enormous party, millions of people are on the wrong side of its velvet rope. — theguardian.com
Rowan Moore sets a signpost in London's rampant development, checking in on the industries and businesses struggling in the midst of city-wide growth. Moore points out that while things like a bevy of cranes and a thriving multicultural food scene may look like more feathers in London's urban hat...
Everyone knows the supply of new homes in the Bay Area is falling far short of job and population growth, but the number of existing homes being put up for sale is also near record lows in many areas. [...]
“The move-up market is pretty much frozen,” said Matt Fuller, an agent with Zephyr. “Even if you can do great on the sale of your property, you are terrified to enter the market as a buyer.” [...]
Inventory is also shrinking because post-foreclosure sales have dried up. — sfchronicle.com
While some remain cynical about homeownership, the U.S.'s foreign-born population still regards it as a symbol of attaining the American Dream. [...]
Last year, immigrant households made up 11.2 percent of owner-occupied housing according to the JCHS—that’s up from only 6.8 percent in 1994. — theatlantic.com
“It’s not rare for us to go and try to make sure that no one buys the house of someone who’s facing foreclosure,” says Rob Call, an organizer for Occupy Our Homes Atlanta (OOHA). In Georgia, houses are publicly auctioned every first Tuesday of the month on each county courthouse’s steps. "[...] these auctions were mostly vacant. No one was really trying to go after these homes, but then they were [suddenly] swamped with people bidding up houses with quick access to sizable cashier’s checks.” — nextcity.org
One reason for weakness: many young people, saddled with student loan debt, elevated unemployment and less-than-perfect credit scores, are staying out of the market. — NPR
New research from Harvard's Joint Center for Housing Studies, focuses in on the role of millennial generation in driving demand and shaping recovery. As Gregory Walker noted recently, in broad terms, looking at US economy, it is clear we're not really 'there' yet. Remember, the last...
All-cash deals hit a record 43% of home sales during the first three months of 2014, according to RealtyTrac. That's up from 19% a year earlier and the highest level reported since RealtyTrac began tracking the deals in early 2011.
The jump is due to two main factors: strict lending standards that make it difficult to get a mortgage and intense buyer competition. — CNNMoney
Cities like Yingkou in China’s northeast rust belt were among the earliest cities in the country to be overbuilt. [...] Yingkou, along with other cities, sold vast tracts of lands to developers to build apartments for the workers who – they hoped – would populate the new factories, malls and industrial parks to come. [...]
But investments have been slow to materialize, and newcomers are scarce in Yingkou, a city of 2.4 million with a population that hasn’t grown much in the past few years. — blogs.wsj.com
Amelia conducted an interview with John Szot answering questions on Architecture and the Unspeakable, a triptych of short, magnificently animated films.News Professor Andrew Ross, penned an editorial High Culture and Hard Labor regarding Guggenheim Museum’s Saadiyat Island project. Later...
As for what she wants visitors to get out of the exhibit, Koumoundouros just hopes it will help them think about -- even question -- how much our economy is based on the housing market.
'Ownership and consumption are linked to how much our economy is consumed based," she argues. "[This view of housing] is so specifically American. And I love digging that out, and I think questioning it is part of maybe a shift.' — Marketplace.org
The phrase "a place to call home" rings loud and clear in the "Dream House Resource Center" exhibit by artist Olga Koumoundouros currently at the Hammer Museum in Los Angeles until August 18. Her exhibit focuses on the commodification of the home in America through the context of America's...
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