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The reading marks a change from almost unbridled consumer optimism in a housing market that has carried the Canadian economy since the 2008 global financial crisis, even as policy makers warn price gains in some cities are unsustainable.
Bubbly cities like Singapore and Vancouver have started punishing foreign housing investors that have pushed up property prices to unaffordable – and unsustainable – rates. Foreign investors are now being taxed in many of these areas, and as a result, their real estate markets have begun to tank.During this housing burst, the most high-end, desirable locations will be hit the hardest.
Rapid housing price growth raises concerns about a housing bubble in China’s largest cities. Over the past year, residential real estate prices in 10 Chinese…
The point here is that while the housing market has recovered – the media should be asking ‘Is that all the recovery there is?’
With 30-year mortgage rates below 4%, we should be in the middle of the next housing bubble with prices and home ownership rising. The question the media should be asking is “why?” Furthermore, what happens if the “bond market bears” get their wish and rates rise?
The housing recovery is ultimately a story of the “real” unemployment situation that still shows that roughly a quarter of the home buying cohort are unemployed and living at home with their parents. The remaining members of the home buying, household formation, contingent are employed but at lower ends of the pay scale and are choosing to rent due to budgetary considerations. This explains why household formation is near its lowest levels on record despite the “housing recovery” fairytale whispered softly in the media.
While the “official” unemployment rate suggests that the U.S. is near full employment, the roughly 94 million individuals sitting outside the labor force would likely disagree. Furthermore, considering that those individuals make up 45% of the 16-54 aged members of the workforce, it is no wonder that they are being pushed to rent due to budgetary considerations and an inability to qualify for a mortgage.
The risk to the housing recovery story remains in the Fed’s ability to continue to keep interest rates suppressed. It is important to remember that individuals “buy payments” rather than houses, so each tick higher in mortgage rates reduces someone’s ability to meet the monthly mortgage payment. With wages remaining suppressed, and a large number of individuals not working or on Federal subsidies, the pool of potential buyers remains contained.
The real crisis is NOT a lack of homes for people to buy, just a lack of enough homes for people to rent. Which says more about the “real economy” than just about anything else.
While there are many hopes pinned on the housing recovery as a “driver” of economic growth in
2013, 2014, 2015,2016 – the lack of recovery in the home ownership data suggests otherwise.
Created for client Marjolein Jonker, Walden Studio’s abode is the first tiny house to be legally placed with a temporary permit by a municipality in the Netherlands. Despite its small…
Chattanooga’s form-based code is part of an innovative vision for the city’s economic, environmental and cultural future. Following a recent visit to Chattanooga, Bruce Katz wrote in a Brookings Institute blog, “Something special is happening in Chattanooga.” As Katz points out, too often venture capitalists “pay too little attention to small and mid-sized cities with …
Several modern public housing projects are not only beautiful living spaces, but smart, money-saving, eco-friendly designs using innovative technologies.
Herbert Marcuse: “The housing crisis doesn’t exist because the system isn’t working. It exists because that’s the way the system works.”
There is a far cheaper option though: giving homeless people housing and supportive services. The study found that it would cost taxpayers just $10,051 per homeless person to give them a permanent place to live and services like job training and health care. That figure is 68 percent less than the public currently spends by allowing homeless people to remain on the streets. If central Florida took the permanent supportive housing approach, it could save $350 million over the next decade.