Home prices across globe hit records, prompting worries of bubble

first_img Housing MarketResidential Real Estate (iStock)Policy makers are worried that the world may be heading for another housing crash.According to the Organization for Economic Cooperation and Development, home prices in its 37 wealthy member countries hit a record in the third quarter of 2020, the Wall Street Journal reported. Prices rose nearly 5 percent over 12 months, the biggest annual spike in nearly two decades.“It is clear that rising prices of between 5 percent and 10 percent annually, depending on the market we are talking about, are not sustainable in the long run,” said Karsten Biltoft, assistant governor at the Danish central bank, which recently warned that cheap financing and savings during the pandemic could lead to people taking on too much debt to purchase homes whose values may eventually collapse.Read moreHome sale prices near 100% of asking pricesMortgage applications slow but no end in sight to buying boomChina limits property loans to curb housing bubble Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink The U.S. housing market has also been on fire as the pandemic accelerated families’ home-buying plans as listings plummeted. The median home sale price in the four-week period ending Feb. 28 was $323,600, up 16 percent from a year ago. The increase was the highest since 2016, according to Redfin.But U.S. officials seem to be less worried about a repeat of the 2007-2008 housing crash because current buyers have better credit ratings and are making larger down payments.Economists also say hot markets in wealthy countries could cool naturally without too much damage as interest rates rise and housing demand is met. Also, the current housing boom is based on real demand, not the speculative purchases that fueled the 2008 crash.“There’s been this almost global reset as people have taken a step back during lockdown periods and reassessed their lifestyle,” Kate Everett-Allen, head of international residential research at Knight Frank, told the Journal.[WSJ] — Akiko MatsudaContact Akiko Matsuda Share via Shortlink Tags Email Address* Full Name* Message*last_img read more

Maxine Waters discusses housing reform

first_imgOn Tuesday, the Bipartisan Policy Center Housing Commission hosted a forum entitled Housing America’s Future — “New Directions for National Policy” which discussed details of a report about the housing crisis in America released by the commission earlier this year.The all-day event featured a series of speeches and panels on topics including demographic trends in housing markets, housing finance reform, links between housing and healthcare and the role of energy efficacy in housing. Representative Maxine Waters (D-Calif.), ranking member of the House Committee on Financial Services, delivered the keynote address and provided a preview of her hope for legislation and efforts currently underway in congress.“Best case scenario, the Senate moves first [to pass a bill] but I don’t think it will happen this year,” Waters said in the discussion following her address. “I think it’s a little too complicated and there’s too much work still to be done on it but I do believe that we will have housing reform.”Former Secretary of the U.S. Department of Housing and Urban Development Henry G. Cisneros, who serves as co-chair of the Housing Commission that authored the report, said that it was important to bring Forums such as this one to the West Coast to stress the importance of policy on a local level and complement work being done in Washington.“The report was somewhat East Coast centric,” Cisneros said. “But USC is such an opinion leader. If you want the intellectual capital of the West, it’s here. There’s an aggregation of talent.”Furthermore, Cisneros said housing is at the core the social issues debate and college students, as future renters or buyers, play a key role in shaping that debate.“Every other social objective depends on answering a fundamental question, where a family will sleep tonight.” Cisneros said.The forum was the first of its kind held by the Bipartisan Policy Center on a college campus.“Our goal is to examine federal housing policy what went wrong and where we need to go with reform. What we hope to do, and we think we have achieved to some extent already, is to be the catalyst to united the public policy debate,” said Pam Patenaude, director of Housing Policy for the Bipartisan Policy Center.  “The future of housing is dependent on[ the young] generation certainly [coming to] college campuses makes sense so we can get students involved.”Discussions aim to address past errors made in the housing market and emphasize the importance of educating younger generations and the importance of developing financial literacy.“We assumed the borrower understood what we understood and we can start with a better job of explaining what exists,” said Christopher George of CGM Financial, which provides housing loans. “We’re moving out of a stage where we’re placing blame and starting to think about where we’re headed.”One other point of discussion was shifting demographics and the influence of minorities on the housing market. According to Enrique Lopezlira of the National Council of La Reza, a Hispanic rights and advocacy organization, a disproportionate number of minorities including African-Americans and Hispanics were turned down for loans in 2012.Melany De La Cruz-Viesca, assistant director of UCLA’s Asian American studies center, said a majority of Asian American assets were decimated as a result of the foreclosure crisis. The solution to the problem, however, is not simple.“My major takeaway is that when it comes down to trying to get private industries, public govern entities and potential consumers — it’s complex. There’s no easy solution and that’s a good thing. There shouldn’t be a one size fits all policy or product that addresses the problem.”Regardless of what form the solution eventually takes, Cisneros said it is essential that the housing debate be addressed.“It’s important to not allow it to be divided by partisan politics,” he said. “This is one of those situations where failure is not an option.” Follow Kate on Twitter @km_guarinolast_img read more

Bayern dominate Best Player shortlist

first_imgFour Bayern Munich players have been named on Uefa’s 10-man shortlist for the Best Player in Europe award.Bavarian quartet Thomas Muller, Franck Ribery, Arjen Robben and Bastian Schweinsteiger are all nominated for the prize after their treble-winning 2012-13 campaign and join Borussia Dortmund’s Robert Lewandowski in a Bundesliga-dominated line-up.Also on the list are four-time Ballon d’Or winner Lionel Messi of Barcelona and Real Madrid’s Cristiano Ronaldo, who scored a stunning 107 goals between them last season, with the Argentine lifting the Liga title with the Blaugrana.The Premier League’s Young Player of the Year Gareth Bale also features on the list after scoring 31 times for club and country last season and he is joined by Manchester United’s Robin van Persie in players nominated from England.The Dutchman enjoyed a prolific first season at Old Trafford, scoring 30 goals from 48 appearances in all competitions as he helped guide his side to the Premier League title.Zlatan Ibrahimovic, who was a major force in helping Paris Saint-Germain win Ligue 1, is also in with a chance. The imposing Swede grabbed 37 goals during his first season at the Parc des Princes – a campaign which also saw PSG reach the quarter-finals of the Champions League before bowing out on away goals to Barcelona.last_img read more

Bad luck contributing to Dodgers’ slow starts at the plate

first_img“I do believe that there’s some hard contact in play that isn’t being rewarded,” Roberts said. “If that consistently shows up it’ll change.”Related Articles “I still think that 1 through 8 we can still be better with our at-bat quality consistently,” Roberts said.ALSOJustin Turner still has not been cleared to pick up a bat since he was hit by a pitch in spring training, fracturing his hand. The third baseman has been standing in a batter’s box without a bat against live pitching in the cage this week. The drill is designed to help batters track and see pitches. …Students from John Muir High in Pasadena, Jackie Robinson’s alma mater, were among those who attended a special program at Dodger Stadium on Friday morning. The program included a panel discussion featuring Roberts and was part of the Dodgers’ “Jackie Robinson Day” slate of weekend activities. …All players and coaches from the Diamondbacks and Dodgers will wear No. 42 on Sunday, an annual tradition that Major League Baseball began in 2004 to recognize Robinson breaking the color barrier in 1947. His number is the only one retired by every team in the league.UP NEXTDiamondbacks (RHP Taijuan Walker, 0-0, 3.27 ERA) at Dodgers (LHP Rich Hill, 1-0, 2.70), 6 p.m., SportsNet LA (where available) Dodgers hit seven home runs, sweep Colorado Rockies Cody Bellinger homer gives Dodgers their first walkoff win of season Fire danger is on Dave Roberts’ mind as Dodgers head to San Francisco How Dodgers pitcher Ross Stripling topped the baseball podcast empire center_img Dodgers’ Max Muncy trying to work his way out of slow start LOS ANGELES — The 13th day of April was a Friday. Dodgers manager Dave Roberts said he might break his superstition of avoiding the white chalk lines while stepping onto the field.Joe Davis, the Dodgers’ television play-by-play broadcaster, wore a pair of prescription glasses to the ballpark. He said some fans on Twitter noted that his dark-rimmed specs coincided with a winning streak last year. So they made a comeback.The Dodger batters, maybe more than any group of men at the ballpark Friday, had reason to be superstitious. By Thursday they were putting the ball in play above the league-average rate. They were hitting line drives more often than all but five teams. Yet their batting average on balls in play – BABIP for short – was a mere .275, below the league average of .288.That’s more bad luck than a black cat walking under a ladder. Hitting coach Turner Ward has relayed some form of this message to the Dodger hitters. His audience should be receptive. Six regulars entered this weekend’s series against the Arizona Diamondbacks with batting averages below .220: Corey Seager, Chris Taylor, Yasiel Puig, Kiké Hernandez, Logan Forsythe and Joc Pederson.“A couple comments that I’ve made to a couple guys: you ought to be acting like and feeling like you’re hitting .350,” Ward said, “because if some of those balls fall in, that’s where you would be.”Ward pointed out that hot streaks and cold streaks are nothing new. When the Dodgers were riding a 43-7 stretch last summer, ultimately climbing 55 games above .500, his message to hitters was to not grow overconfident.When the season is three weeks old, and your batting average is still hovering near the Mendoza line, it’s different. Then, Roberts said, it can be harder to convince a player that his problem is bad luck and not bad process. The Dodgers’ problems at the plate aren’t limited to luck, either. Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more