Sunday , January 26 2020
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Tag Archives: Housing

Routing around the regulatory damage

I rather like this entrepreneurial response to the Reserve Bank's loan-to-value-ratio regulations.Recall that the Bank required that banks issue no more than a small proportion of home loans to lenders with less than 20% equity.I expected that this would have folks finding alternative sources of finance to help get to that 20% mark. Some will have family that can help, but not everyone.And here's a market response.[embedded content]YouOwn will put up some of the initial equity and take a...

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Housing hope

There is a tendency in grumpy land to view the world as heading in the wrong direction. But a believer in our system must be optimistic that it is eventually capable of reform, that we will do the right thing in the end if only after we try everything else, as the saying goes.This thought comes to mind in reading the Horrible Housing blunder in the Economist. The Economist calls housing "The west's biggest policy mistake." And, the ray of hope, even the progressive left in California is...

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Creating urban commons problems

If you weren't already familiar with the 9th Circuit ruling in City of Boise vs Martin, and you've been aghast at the stories coming out of San Francisco, you might want to read this LA Times piece by the Manhattan Institute's Stephen Eide.  On Monday, the Supreme Court announced it would not review City of Boise vs. Martin, a 2018 ruling handed down by the San Francisco-based 9th Circuit Court of Appeals. In Martin, the appeals court struck down prohibitions on sleeping and camping in...

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Reader mailbag: Weird urban planning edition

Hoisted from the inbox: Weird urban planning stories: Melbourne's Eastern Freeway is being considered for heritage listing. Heritage Victoria has backed the Andrews government’s application to heritage list Melbourne’s Eastern Freeway, finding that the road’s “naturalistic landscape setting” and “series of distinctive concrete road overpasses” make it worthy...In his recommendation to the Heritage Council, Heritage Victoria Executive Director Steven Avery has supported the Andrews...

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Afternoon roundup

The worthies on a very much belated closing of the tabs:Nice roundup in Nature on psychology's problems in social priming A promising field of research on social behaviour struggled after investigators couldn’t repeat key findings. Now researchers are trying to establish what’s worth saving. Somebody is gluing miniature cowboy hats to pigeons in Los Vegas. “They look like happy pigeons to me. It is hard to know, of course, because they will not talk to us.” This one's more depressing. The...

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Really protecting tenants

The government is making it harder for landlords to evict tenants, among a few other changes to the Residential Tenancies Act.  It's a brilliant bit of politics.  Suppose that successive governments have so screwed up the rules around getting new housing built and the incentives facing councils to consent new housing that we wound up with a housing shortage.  Suppose further that your government got elected on a promise to fix the mess - but has achieved close to nothing on the file...

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Not an unintended consequence

Remember how Labour was elected on a promise to ban foreign speculators from the NZ housing market, then set legislation that was far far broader than that? Stuff's Susan Edmunds reports on one of the inevitable consequences of that legislation:A UK-born New Zealand permanent resident says he's been cut out of the property market by restrictions on foreign buyers, because his job requires him to spend time overseas.Residential land can now only be sold to people who are citizens or...

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Real House Prices Decline

Case-Shiller indices came out today. August prices for the 20 city index declined m/m, and Zillow’s forecast for the CS 20 city index in September was for another decline. This is shown in Figure 1: Figure 1: Case-Shiller 20 city home prices (blue, left log scale), Zillow forecast of Case-Shiller based on Zillow prices from September for August, from October for September (red +, right log scale), Zillow single family home prices, in 2018$ (brown, right log scale), all deflated by CPI-All....

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Real Home Prices

Case-Shiller August prices come out next week. For now, we have Zillow prices through September, and Zillow forecast. Here are the CPI deflated prices. Figure 1: Zillow single family home prices (blue, left log scale) in 2018$, Case-Shiller 20 city home prices (red, right log scale), Zillow forecast of Case-Shiller based on Zillow prices (pink triangle, right log scale), all deflated by CPI-All. Source: Zillow, S&P, BLS, and author’s calculations.

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Real Housing Prices Stabilizing … or Falling

Case-Shiller through July, Zillow through August. Figure 1: Case-Shiller 20 city home price index (blue, left log scale), Zillow forecast of Case-Shiller August value (blue +, left log scale), and Zillow single-family home prices (brown, right log scale). Source: S&P via FRED, Zillow, BLS, and author’s calculations. As Calculated Risk notes, Zillow makes predictions for the Case-Shiller index. They forecast the August 2019 m/m growth rate (not annualized) in the 20 city composite at...

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