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China’s latest housing initiative is aimed at vacant properties, a major pain point in a crisis that’s dragged on for almost three years. But analysts say the package of measures is still too small to end the rout.
Foreign buyers swooped in to purchase Chinese stocks on Friday as Xi Jinping’s government announced a slew of measures to bolster the housing market.
China’s property stocks need a sustainable turnaround in order to foster investor confidence that this year’s broader equities recovery can maintain, or even increase its momentum.
South Korea’s top financial watchdog attempted to revive optimism over the nation’s corporate reform initiatives to investors in New York while soothing concerns over the short-selling ban.
Chinese banks left their benchmark lending rates unchanged following the central bank’s decision last week to hold a key rate on loans it offers to lenders.
Aug 17, 2021
, Bloomberg News
U.S. single-family home rental prices jumped 7.5 per cent in June, showing no sign of abating amid a hot housing market and construction lags.
The year-over-year pace accelerated from 6.6 per cent in May, which was the biggest percentage gain since at least 2005, according to CoreLogic Inc., which tracks changes nationally. The most expensive homes saw the biggest jump in rents, at 9.6 per cent.
While inflation has somewhat moderated for some goods and services -- including lumber -- rents are picking up the pace.
Rent prices are now higher than if they had stayed on their pre-pandemic track. Because rents are not as volatile as other items, continuing gains will be harder to reverse, and could fuel inflation in the longer term.
The highest single-family rent price increases continue to be recorded in the Southwest, with Phoenix and Las Vegas up by 16.5 per cent and 12.9 per cent, respectively, CoreLogic said. Chicago and Boston were the only two of the 20 metropolitan areas analyzed to post rent decreases.
With home values also soaring in the U.S. -- reaching an all-time high median price of US$357,900 last quarter -- many Americans have little choice left but renting.
CoreLogic expects that the rental market will see a similar trend as the for-sale sector: increased migration to less-dense and lower-cost areas.
“For would-be homebuyers who have been either priced out of the market or unable to find a home in today’s supply-constrained market, detached rentals are overwhelmingly preferred,” Molly Boesel, an economist at CoreLogic, said in a statement.
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