real-estate-economy1.715 min read
"China's Property Crisis: Struggling Developers Face Bankruptcy as Real Estate Slump Hits Municipal Bond Market"
1 year ago•Source: Business Insider
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2.28 min•1 year ago
"China's Housing Minister Prepared to Let Troubled Property Firms Go Bankrupt Amid Real Estate Slump"
China's housing minister, Ni Hong, stated that struggling real estate developers in China will not receive major bailouts and those who harm the interests of the masses will be punished, indicating that insolvent companies must go bankrupt or be restructured according to the law and market principles. The government's focus on investing in high-end manufacturing capabilities has shifted attention away from the struggling real estate sector, which was once about 25% of China's GDP. Premier Li Qiang emphasized the need to foster a new development model for real estate, promoting the building and supply of government-subsidized housing and improving basic systems for commodity housing to meet people's essential housing needs.
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"2024 Real Estate Forecast: Expert Insights and Mortgage Rate Trends"
Experts predict a modest improvement in the 2024 housing market, with mortgage rates expected to stabilize between 6.1% and 7%, and a slight increase in home sales. The "mortgage rate lock in effect" from pandemic-era rates has kept many from selling, but recent rate declines have spurred some activity. Housing shortages will persist, but new construction could offer more options. Home price growth will vary by region, with some areas potentially seeing double-digit increases. New single-family home construction is expected to rise for the first time since 2022, while multifamily construction may decline due to tight financing conditions. Overall, the market will likely remain undersupplied, keeping prices relatively high.
"2024 Housing Outlook: Easing Mortgages, Market Predictions, and Urban Challenges"
Experts predict a shift in the US housing market in 2024, with potential decreases in mortgage rates and home prices, and a rise in housing inventory. Realtor.com forecasts a 6.8% average for the 30-year fixed mortgage rate and a 1.7% dip in prices. Goldman Sachs expects a slight dip in existing home sales but an increase in new home sales and housing starts. Redfin predicts a 1% fall in home prices and a 5% increase in home sales. Zillow anticipates a flattening in price growth, while Fannie Mae projects a 2.4% price growth and a steady average mortgage rate of 6.7%. Overall, the market may see a bit of relief from the relentless price increases of previous years.