US President Donald Trump on Friday (July 18) accused Federal Reserve Chair Jerome Powell of “choking out the housing market” owing to their high interest rate. As Trump has been lashing out at the Federal Reserve chief, he called him “one of his worst appointments”. The US president took to Truth Social, slamming Powell, as he continued to say that former President Joe Biden knew how bad Powell was, and still reappointed him anyway.&nbsp;He further complained that even the Feb Board did nothing to stop him.&nbsp;“Too Late,” and the Fed, are choking out the housing market with their high rate, making it difficult for people, especially the young, to buy a house. He is truly one of my worst appointments. Sleepy Joe saw how bad he was and reappointed him anyway - And the Fed Board has done nothing to stop this “numbskull” from hurting so many people,” Trump said in his post.&nbsp;Trump stressed that the board is equally to blame. “In many ways, the Board is equally to blame! The USA is Rockin’, there is VERY LOW INFLATION, and we deserve to be at 1%, saving One Trillion Dollars a year on Interest Costs.”He continued, “I can’t tell you how dumb Too Late is - So bad for our Country!”&nbsp;Earlier this week, the US president dismissed reports claiming he planned to fire Jerome Powell, saying that although he did discuss the idea with Republicans. “Almost every one of them said I should, but I’m more conservative than they are,” Trump said.&nbsp;Several outlets, including Bloomberg and The New York Times, had reported that Trump drafted a letter to dismiss Powell and asked Republican allies for advice on whether to send it.&nbsp;Although he said he was unlikely to remove Powell, Trump added, “I don’t rule out anything, but I think it’s highly unlikely unless he has to leave for fraud.” He repeated his long-standing criticism of the Fed chair, “He’s always been too late, hence his nickname ‘Too Late’. He should’ve cut interest rates a long time ago.”&nbsp;Trump claimed Powell only reduced rates to help Democrats in the 2024 election, adding, “He’s doing a lousy job, but no, I’m not talking about that.”

Once again, the US president slammed Jerome Powell, this time for choking out housing market with their high rate, as he says that he was one of his worst appointments. Trump said that not even the Fed Board did anything to stop him from hurting people.

US President Donald Trump on Friday (July 18) accused Federal Reserve Chair Jerome Powell of “choking out the housing market” owing to their high interest rate. As Trump has been lashing out at the Federal Reserve chief, he called him “one of his worst appointments”. The US president took to Truth Social, slamming Powell, as he continued to say that former President Joe Biden knew how bad Powell was, and still reappointed him anyway. He further complained that even the Feb Board did nothing to stop him. “Too Late,” and the Fed, are choking out the housing market with their high rate, making it difficult for people, especially the young, to buy a house. He is truly one of my worst appointments. Sleepy Joe saw how bad he was and reappointed him anyway - And the Fed Board has done nothing to stop this “numbskull” from hurting so many people,” Trump said in his post. Trump stressed that the board is equally to blame. “In many ways, the Board is equally to blame! The USA is Rockin’, there is VERY LOW INFLATION, and we deserve to be at 1%, saving One Trillion Dollars a year on Interest Costs.” He continued, “I can’t tell you how dumb Too Late is - So bad for our Country!” Earlier this week, the US president dismissed reports claiming he planned to fire Jerome Powell, saying that although he did discuss the idea with Republicans. “Almost every one of them said I should, but I’m more conservative than they are,” Trump said. Several outlets, including Bloomberg and The New York Times, had reported that Trump drafted a letter to dismiss Powell and asked Republican allies for advice on whether to send it. Although he said he was unlikely to remove Powell, Trump added, “I don’t rule out anything, but I think it’s highly unlikely unless he has to leave for fraud.” He repeated his long-standing criticism of the Fed chair, “He’s always been too late, hence his nickname ‘Too Late’. He should’ve cut interest rates a long time ago.” Trump claimed Powell only reduced rates to help Democrats in the 2024 election, adding, “He’s doing a lousy job, but no, I’m not talking about that.”

Once again, the US president slammed Jerome Powell, this time for “choking out” housing market with their high rate, as he says that he was one of his worst appointments. Trump said that not even the Fed Board did anything to stop him from hurting people.

'One of my worst appointments’: Trump again lashes out at Jerome Powell for ‘choking out’ US housing markets

Perth's ultra-tight property market is being squeezed even further by cash buyers snapping up properties without seeing them. Watch for more details!

Perth Seeks Foreign Builders Amid Housing Crisis

As the festive season unfolds, India's housing market is heating up! With buyers eager to invest in their dream homes, developers are rolling out enticing offers and flexible payment plans. This surge in demand not only reflects changing consumer preferences but also signals a robust boost for the Indian economy.

India: Homebuyers Celebrate Festive Season Boost

As part of its latest effort to stabilise the recession-hit real estate market, china has lowered borrowing rates on mortgages of up to $5.3 trillion, affecting millions of households. The people's bank of china said that homeowners will be able to renegotiate loan terms with their present lenders starting from November 1.

China Moves To Cut Mortgage Rates To Revive Housing Market

Hong Kong is implementing new standards to improve the housing market. The new regulations are set to directly affect the country’s subdivided flats.

Hong Kong proposes new standards for subdivided flats

Barcelona, a top Spanish holiday destination, announced on Friday that it will bar apartment rentals to tourists by 2028, an unexpectedly drastic move as it seeks to rein in soaring housing costs and make the city liveable for residents. Watch in for more details!

Barcelona hit by boom in short-term rentals in the past 10 years

China took steps to shore up its property market, which has hampered its growth momentum. Economists say the plan is too small to end the crisis. This next report aims to understand what analysts have to say about china's strongest measures to address the property crisis.

Is China's housing policy package just the beginning?

The U.S. housing market continued its downward spiral in December, with sales of existing homes falling for the 12th straight month compared to the year before, a CNBC report states. However, industry experts are offering signs of hope for a spring rebound as mortgage rates ease and inventory creeps up.

According to a CNBC report, sales dropped 1 per cent from November to a seasonally adjusted annualized rate of 3.78 million units, marking the lowest level since August 2010. Compared to December 2022, the decline was even steeper at 6.2 per cent, bringing the year-end tally to a dismal 4.09 million units – the worst since 1995.

Regionally, the picture was mixed, with sales remaining flat in the Northeast and falling in the Midwest and South. However, a surprising 7.8 per cent jump in the West offered a glimmer of hope. Lawrence Yun, chief economist at the National Association of Realtors (NAR), attributed the overall decline to higher mortgage rates that peaked around 8 per cent in October before dipping into the 7 per cent range in November. Today, rates sit at a more palatable 6.89 per cent.

"The latest month's sales look to be the bottom before inevitably turning higher in the new year," Yun predicted in a press release. "Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months."

While Yun's optimism seems justified, existing inventory remains tight, falling 11.5 per cent from November but still up 4.2 per cent year-over-year. The December count of 1 million homes for sale translates to a 3.2-month supply at the current sales pace – a far cry from the six-month buffer considered balanced between buyers and sellers.

Despite the inventory crunch, home prices continued their upward climb. The median price in December hit $382,600, a 4.4 per cent increase from December 2022 and the sixth consecutive month of year-over-year gains. The full-year median price of $389,800 also set a new record.

Homes spent an average of 29 days on the market in December, compared to 25 in November. Additionally, the share of all-cash sales rose from 27 per cent to 29 per cent. Notably, individual investors, who typically drive a significant portion of cash purchases, reduced their activity, buying 16 per cent of homes compared to 18 per cent the prior month.

This pullback from investors could spell good news for first-time buyers, who have been disproportionately priced out of the market. Their share of December sales dropped to 29 per cent, down from 31 per cent a year ago and significantly lower than the historical average of 40 per cent.

A recent Realtor.com study suggests this trend may continue, offering hope for first-time buyers in 2024. Danielle Hale, chief economist at Realtor.com, tells CNBC, "With rents continuing to ease and more multi-family homes entering the market for rent, investors may continue to tread more cautiously in the housing market. This would mean one less source of competition for potential first-time home buyers who are approaching the 2024 market with optimism despite the challenge of trying to buy a home at a below-median price point, one that investors also often target."

The U.S. housing market continued its downward spiral in December, with sales of existing homes falling for the 12th straight month compared to the year before, a CNBC report states.

The U.S. housing market continued its downward spiral in December, with sales of existing homes falling for the 12th straight month compared to the year before, a CNBC report states. However, industry experts are offering signs of hope for a spring rebound as mortgage rates ease and inventory creeps up. According to a CNBC report, sales dropped 1 per cent from November to a seasonally adjusted annualized rate of 3.78 million units, marking the lowest level since August 2010. Compared to December 2022, the decline was even steeper at 6.2 per cent, bringing the year-end tally to a dismal 4.09 million units – the worst since 1995. Regionally, the picture was mixed, with sales remaining flat in the Northeast and falling in the Midwest and South. However, a surprising 7.8 per cent jump in the West offered a glimmer of hope. Lawrence Yun, chief economist at the National Association of Realtors (NAR), attributed the overall decline to higher mortgage rates that peaked around 8 per cent in October before dipping into the 7 per cent range in November. Today, rates sit at a more palatable 6.89 per cent. "The latest month's sales look to be the bottom before inevitably turning higher in the new year," Yun predicted in a press release. "Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months." While Yun's optimism seems justified, existing inventory remains tight, falling 11.5 per cent from November but still up 4.2 per cent year-over-year. The December count of 1 million homes for sale translates to a 3.2-month supply at the current sales pace – a far cry from the six-month buffer considered balanced between buyers and sellers. Despite the inventory crunch, home prices continued their upward climb. The median price in December hit $382,600, a 4.4 per cent increase from December 2022 and the sixth consecutive month of year-over-year gains. The full-year median price of $389,800 also set a new record. Homes spent an average of 29 days on the market in December, compared to 25 in November. Additionally, the share of all-cash sales rose from 27 per cent to 29 per cent. Notably, individual investors, who typically drive a significant portion of cash purchases, reduced their activity, buying 16 per cent of homes compared to 18 per cent the prior month. This pullback from investors could spell good news for first-time buyers, who have been disproportionately priced out of the market. Their share of December sales dropped to 29 per cent, down from 31 per cent a year ago and significantly lower than the historical average of 40 per cent. A recent Realtor.com study suggests this trend may continue, offering hope for first-time buyers in 2024. Danielle Hale, chief economist at Realtor.com, tells CNBC, "With rents continuing to ease and more multi-family homes entering the market for rent, investors may continue to tread more cautiously in the housing market. This would mean one less source of competition for potential first-time home buyers who are approaching the 2024 market with optimism despite the challenge of trying to buy a home at a below-median price point, one that investors also often target."

US home sales hit rock bottom in December, but springtime rebound expected

The United States is facing a crisis like never before and this has to do with homelessness as housing in the United States has become increasingly unaffordable in the last few years. According to an annual survey taken by the Department of Housing and Urban Development of the number of unhoused people in the United States has now jumped by nearly 12% early this year.

Over 70,000 people in the US go homeless 2023

Housing rates in U.S. has posted $2.3 trillion drop, which is the biggest since 2008. According to the reports, home buyers who are already facing record high prices in the U.S. They took an additional hit from mortgage rates that doubled more than last year after peaking at $47.7 trillion in June.

U.S. Housing market drop biggest since 2008, mortgage rates soar | World Business Watch

Home prices in Hong Kong, long the world’s most expensive housing market, could fall by 30% by the end of 2023, compared to 2021’s prices, analysts at Goldman Sachs predicted.

World Business Watch | Goldman Sachs: Hong Kong home prices could fall 30%

Rent in the city that never sleeps is seeing a staggering jump in the post-Covid market. With the economy still dealing with the after-effects of the pandemic, in New York, rent has seen a significant jump.

A Reuters article reports that Gerri Weinberger received a notice of a rent increase from $1,833 to $2,500 for her upper east side studio apartment in New York City. &nbsp;In spite of her attempts to negotiate the rent, Gerri will now have to move out of her Manhattan apartment and shift to Jersey City, where the rent is a little bit more affordable.

Watch |&nbsp;US inflation slows from 40-year peak, consumer prices ease to 8.5%

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She told Reuters that when she tried to negotiate her landlord said "this is the market price," said Weinberger.&nbsp;

"They said, you know, rents have gone up 40 per cent even in Brooklyn and in even Harlem, all these places. So, that there was nothing I could do. And if I had to leave, then, oh, well, because they have other people who want to live here."

Also read |&nbsp;<a href="https://www.wionews.com/entertainment-news/dinsey-gains-144-million-subscribers-in-q3-hits-the-1521-million-mark-505751" hreflang="en">Beating Netflix: Dinsey+ gains 14.4 million subscribers in Q3, hits the 152.1 million mark</a>

Kenny Lee, an economist at StreetEasy says "A lot of renters are being priced out of their own home as the landlords seek to reverse the deals they offered during 2020 and 2021," adding that renters should expect further hikes at least through this summer.

"I think New York City has seen a later comeback compared to the rest of the United States. The rent price increases in New York City have not really peaked yet, and given how low the current inventory is for the rental market, I think the rents should continue to increase at least a few more months through the end of summer, or perhaps into early fall," predicts Lee.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/amazon-staff-in-essex-walk-out-over-measly-hike-refuse-to-return-to-work-503854" hreflang="en">Amazon staff in Essex walk out over measly hike, refuse to return to work</a>

According to Corey Cohen, the founder of the real estate company The Roebling Group, purchasing is one method to get out of the rut.

However, not everyone can afford hundreds of thousands in down payment as well as the extra expenses brought on by rising mortgage rates.&nbsp;According to a report by the MagnifyMoney Savings Index, over one in five Americans didn't make any financial investments in 2021 and only one in six homes reported having more savings now than before the outbreak, according to Bankrate, and 25 per cent had no emergency fund at all.

(With inputs from agencies)

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Rent in the city that never sleeps is seeing a staggering jump in the post-Covid market. With the economy still dealing with the after-effects of the pandemic, in New York, rent has seen a significant jump.

Rent in the city that never sleeps is seeing a staggering jump in the post-Covid market. With the economy still dealing with the after-effects of the pandemic, in New York, rent has seen a significant jump. A Reuters article reports that Gerri Weinberger received a notice of a rent increase from $1,833 to $2,500 for her upper east side studio apartment in New York City. In spite of her attempts to negotiate the rent, Gerri will now have to move out of her Manhattan apartment and shift to Jersey City, where the rent is a little bit more affordable. Watch | US inflation slows from 40-year peak, consumer prices ease to 8.5% She told Reuters that when she tried to negotiate her landlord said "this is the market price," said Weinberger. "They said, you know, rents have gone up 40 per cent even in Brooklyn and in even Harlem, all these places. So, that there was nothing I could do. And if I had to leave, then, oh, well, because they have other people who want to live here." Also read | Beating Netflix: Dinsey+ gains 14.4 million subscribers in Q3, hits the 152.1 million mark Kenny Lee, an economist at StreetEasy says "A lot of renters are being priced out of their own home as the landlords seek to reverse the deals they offered during 2020 and 2021," adding that renters should expect further hikes at least through this summer. "I think New York City has seen a later comeback compared to the rest of the United States. The rent price increases in New York City have not really peaked yet, and given how low the current inventory is for the rental market, I think the rents should continue to increase at least a few more months through the end of summer, or perhaps into early fall," predicts Lee. Also read | Amazon staff in Essex walk out over measly hike, refuse to return to work According to Corey Cohen, the founder of the real estate company The Roebling Group, purchasing is one method to get out of the rut. However, not everyone can afford hundreds of thousands in down payment as well as the extra expenses brought on by rising mortgage rates. According to a report by the MagnifyMoney Savings Index, over one in five Americans didn't make any financial investments in 2021 and only one in six homes reported having more savings now than before the outbreak, according to Bankrate, and 25 per cent had no emergency fund at all. (With inputs from agencies) Watch WION LIVE HERE: You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

New Yorkers face record-high rent as the housing market recovers from COVID-19 pandemic

All over the world, people use Tinder in search of a partner that they could spend time and connect. However, in New Zealand, the dating app is being used by aspiring first-time homebuyers asking for a prospective partner that might assist them in acquiring a house.

According to data provided by Tinder, the number of Kiwis mentioning that they were looking for a partner to buy a house in their Tinder profile had more than doubled.

A Tinder spokeswoman told a New Zealand-based news outlet ‘Stuff’ that&nbsp;the phrase “buy a house” in new users’ bios increased by 2.6 times between June 2020 and June 2021.

The bio is the area of Tinder users’ profiles where they can write about themselves, and outline what they are looking for in a partner.

Tinder provided examples of bios, ranging from light-hearted playful to pure transactional.

“Apparently it's easier to buy a house with someone else. Genuine outdoors bloke looking to settle down hopefully,” a user wrote.

“Bank told me I needed to find a partner to buy a house,” said another one.

“Just want someone to buy a house with, nothing serious,” said a prospective home buyer.

“Apparently it’s easier to buy a house with someone else. Genuine outdoors bloke looking to settle down hopefully,” one man wrote.

“Looking for someone to combine incomes with so we can buy a house using the Kiwibuild $180,000 couples limit,” said another.

However, despite the playful nature of these posts, the growing number of users seeking house also points to a large problem that young Kiwis are facing—housing affordability.

According to local media reports, the average house price across the island nation has soared to NZ $906,532 (approximately US $643,982), up 22% since this time last year.

For the vast majority of homebuyers, banks seek a 20% deposit, and across the country, which means the buyer has to shell out NZ $181,306— which is more than 3.2 times New Zealand’s average annual wage.

Consumer NZ’s survey found that 20% of New Zealanders said they were saving for a deposit but couldn’t catch up, and 42% said they were locked out completely – a total of 62%.

(With inputs from agencies)

All over the world, people use Tinder in search of a partner that they could spend time and connect. However, in New Zealand, the dating app is being used by aspiring first-time homebuyers asking for a prospective partner that might assist them in acquiring a house.

All over the world, people use Tinder in search of a partner that they could spend time and connect. However, in New Zealand, the dating app is being used by aspiring first-time homebuyers asking for a prospective partner that might assist them in acquiring a house. According to data provided by Tinder, the number of Kiwis mentioning that they were looking for a partner to buy a house in their Tinder profile had more than doubled. A Tinder spokeswoman told a New Zealand-based news outlet ‘Stuff’ that the phrase “buy a house” in new users’ bios increased by 2.6 times between June 2020 and June 2021. The bio is the area of Tinder users’ profiles where they can write about themselves, and outline what they are looking for in a partner. Tinder provided examples of bios, ranging from light-hearted playful to pure transactional. “Apparently it's easier to buy a house with someone else. Genuine outdoors bloke looking to settle down hopefully,” a user wrote. “Bank told me I needed to find a partner to buy a house,” said another one. “Just want someone to buy a house with, nothing serious,” said a prospective home buyer. “Apparently it’s easier to buy a house with someone else. Genuine outdoors bloke looking to settle down hopefully,” one man wrote. “Looking for someone to combine incomes with so we can buy a house using the Kiwibuild $180,000 couples limit,” said another. However, despite the playful nature of these posts, the growing number of users seeking house also points to a large problem that young Kiwis are facing—housing affordability. According to local media reports, the average house price across the island nation has soared to NZ $906,532 (approximately US $643,982), up 22% since this time last year. For the vast majority of homebuyers, banks seek a 20% deposit, and across the country, which means the buyer has to shell out NZ $181,306— which is more than 3.2 times New Zealand’s average annual wage. Consumer NZ’s survey found that 20% of New Zealanders said they were saving for a deposit but couldn’t catch up, and 42% said they were locked out completely – a total of 62%. (With inputs from agencies)

Housing affairs: Young Kiwis turning to Tinder to find mortgage mates

The US housing market appears to be straining under the weight of its own pandemic-driven success. Recent data shows the sector is returning from the stratosphere and coming back to pre-COVID levels.

World Business Watch: US housing market straining under pandemic-drives success

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