 the American dream of homeownership is fading for millions of young people. rising home prices, high insurance costs, and a lack of affordable options are pushing millennials and gen z renters to give up entirely. in cities like San Francisco, Boston, and Denver, housing is out of reach for the average earner. Experts warn this could lock an entire generation into long-term low-wealth trajectories.


 U.S. Housing Market Locks Out Millions of Young Americans

The US housing market crisis has intensified, with median home prices exceeding $420,000 and mortgage rates above 7%, creating an unprecedented affordability gap that bars millions of young Americans-particularly millennials and Gen Z-from buying homes despite strong employment.

U.S. Housing Crisis Locks Out Young Buyers

South Korea has imposed a one-year ban on foreign homebuyers in a bid to cool down surging housing prices in Seoul and surrounding areas. The move comes after a sharp rise in property purchases by buyers from mainland China and Hong Kong, who now own nearly 97,000 properties across the country. The government hopes the measure will stabilize prices and improve affordability for local residents, many of whom face strict mortgage regulations.


South Korea bans foreign homebuyers to curb soaring housing prices

The Trump administration has halted a $1 billion affordable housing program, putting over 25,000 low-income housing units at risk. The funding freeze threatens vulnerable communities, including seniors and low-income families, who now face an uncertain future. As the US housing crisis deepens, advocates warn of rising homelessness and stalled development projects.

US affordable housing at risk as funding freeze hits

The UK rental market is facing mounting pressure as a combination of rising demand and dwindling supply pushes rents higher. According to a survey, landlord instructions, or new properties coming onto the rental market, have dropped to their weakest level since 2021. Watch in for more details!

UK Rental Market Faces Squeeze As Property Supply Declines

Donald Trump and kamala Harris offer starkly different solutions to Americas' housing crisis. With housing affordability at the centre of this debate, we’ll break down what each candidate is promising and how it could impact millions of Americans. Take a look…

Trump And Harris Clash Over Housing Crisis Solutions

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. Take a look at this report for more...

India's Festive Trends: Housing Market Boom

Let's look at how sharjah is luring home buyers amid dubai's sky-high rents. With an increasing number of expats saying they're being pushed out of dubai due to soaring rents, a 7,000-year-old city is looking to offer a nearby haven.

Sharjah Rises As Alternative As Dubai Faces Challenges In Housing Sector

As part of its efforts to encourage spending by lowering borrowing costs for millions of households, China is reportedly planning to lower interest rates on over $5 trillion in outstanding mortgages as soon as this month.

China's housing rescue plan

India is the fastest growing major economy in the world but most of that growth has not been equal. With the Modi 3.0 government's first budget on the horizon, we look at what the government could do to promote equitable development. And, what other way to create wealth for the middle and lower classes than giving them incentives to own a home? Take a look at this report.

India Budget 2024-25: Will budget make your dream home a reality?

India Budget 2024-25: Affordable housing to get a boost from budget?

Amid the tourist boom in Spain’s cities, a mounting housing crisis is pushing more people into homelessness. Francisco Carrillo, a 62-year-old pensioner, recently moved from Jaen in southern Spain to Madrid for throat cancer treatment, only to find himself unable to afford the steep rental prices in the capital.

Spain: Housing shortage has sparked protests

We turn our attention to China's property market crisis. House prices in china continued their steep decline in May. This shows the country's strongest measures to prop up the real estate market have failed to rekindle demand. Take a look at this next report for more.

China's house price slump deepens despite stimulus

The New South Wales Productivity Commission report, on Tuesday (Feb 13) warned that one of Australia’s most prominent cities, Sydney is on track to be “the city with no grandchildren” as its soaring house prices are driving young families out.&nbsp;

<h2>What did the commission say?</h2>

A study conducted by the commission found that Sydney lost double the number of people aged from 30 to 40 as it gained between 2016 and 2021, the reason for his exodus? Unaffordable housing costs.&nbsp;

The report titled 'What We Gain By Building More Homes In The Right Places' was released on Tuesday along with a video in which NSW productivity commissioner, Peter Achterstraat explained the dire situation that Sydney faces.&nbsp;

“Many young families are leaving Sydney because they can’t afford to buy a home. Or they can only afford one in the outer suburbs with a long commute,” said the NSW productivity commissioner.&nbsp;

“If we don’t act, we could become known as the city with no grandchildren,” Achterstraat warned. The report also highlighted the need for greater housing density across the city.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/science/spanish-artist-alicia-framis-all-set-to-marry-ai-created-hologram-first-such-hybrid-couple-in-human-history-689904">Spanish artist Alicia Framis all set to marry AI-created hologram; first such hybrid couple in human history</a>

According to the commissioner, the officials must build inner Sydney suburbs and not just add houses on the city’s outskirts. He also said that Sydney needs “hundreds of thousands of new homes over the next two decades” to address the issue. &nbsp;

This, Achterstraat said, would not only help productivity and wages but also cut consumers’ carbon emissions due to shorter commutes and preserve land and green spaces.&nbsp;

“High housing costs work like a regressive tax, with the burden falling disproportionately on low-income earners,” said the productivity commissioner.&nbsp;

<h2>Problem to worsen?</h2>

Australia is also known for being one of the least affordable countries in the world for housing which, as per Bloomberg, has been attributed to strong population growth, limited construction, and an inclination towards smaller households.&nbsp;

Additionally, since there is reportedly a rebound in immigration with more than one million net arrivals in Australia over the next five years, the situation will likely worsen as these people would need a place to live.&nbsp;

However, the problem seems to have been exacerbated in Sydney due to a strong opposition to high apartment blocks among locals.&nbsp;

According to the report, Sydney would have generated 45,000 additional houses without the need for any extra land if the buildings constructed between 2017 and 2022 had been an average of 10 storeys high instead of seven.&nbsp;

Also Read |&nbsp;<a href="https://www.wionews.com/world/us-senate-passes-95-billion-ukraine-israel-aid-bill-689917">US Senate passes $95 billion aid bill for Ukraine, Israel and Taiwan</a>

“Areas dominated by large, low-density, freestanding homes do not cater well for younger people moving out of home, or for older people looking to downsize while staying in their neighbourhood,” said the report.&nbsp;

<h2>Protecting the past or building for future?</h2>

The NSW productivity commissioner also called for a fresh discussion on heritage restrictions on housing close to the central business district and its role in keeping the prices high.&nbsp;

He noted that the proliferation of Heritage Conservation Areas limits new housing and affects more than half of residential land in prime suburbs.&nbsp;

New homes “in inner suburbs will let young families live near their parents and their children’s grandparents,” said Achterstraat, as quoted by the Guardian, adding that we can “preserve the gems of Sydney’s heritage without inadvertently freezing young people out.”

(With inputs from agencies) 
&nbsp;

The New South Wales Productivity Commission report, on Tuesday (Feb 13) warned that one of Australia’s most prominent cities, Sydney is on track to be “the city with no grandchildren” as its soaring house prices are driving young families out.

The New South Wales Productivity Commission report, on Tuesday (Feb 13) warned that one of Australia’s most prominent cities, Sydney is on track to be “the city with no grandchildren” as its soaring house prices are driving young families out. What did the commission say? A study conducted by the commission found that Sydney lost double the number of people aged from 30 to 40 as it gained between 2016 and 2021, the reason for his exodus? Unaffordable housing costs. The report titled 'What We Gain By Building More Homes In The Right Places' was released on Tuesday along with a video in which NSW productivity commissioner, Peter Achterstraat explained the dire situation that Sydney faces. “Many young families are leaving Sydney because they can’t afford to buy a home. Or they can only afford one in the outer suburbs with a long commute,” said the NSW productivity commissioner. “If we don’t act, we could become known as the city with no grandchildren,” Achterstraat warned. The report also highlighted the need for greater housing density across the city. Also Read | Spanish artist Alicia Framis all set to marry AI-created hologram; first such hybrid couple in human history According to the commissioner, the officials must build inner Sydney suburbs and not just add houses on the city’s outskirts. He also said that Sydney needs “hundreds of thousands of new homes over the next two decades” to address the issue. This, Achterstraat said, would not only help productivity and wages but also cut consumers’ carbon emissions due to shorter commutes and preserve land and green spaces. “High housing costs work like a regressive tax, with the burden falling disproportionately on low-income earners,” said the productivity commissioner. Problem to worsen? Australia is also known for being one of the least affordable countries in the world for housing which, as per Bloomberg, has been attributed to strong population growth, limited construction, and an inclination towards smaller households. Additionally, since there is reportedly a rebound in immigration with more than one million net arrivals in Australia over the next five years, the situation will likely worsen as these people would need a place to live. However, the problem seems to have been exacerbated in Sydney due to a strong opposition to high apartment blocks among locals. According to the report, Sydney would have generated 45,000 additional houses without the need for any extra land if the buildings constructed between 2017 and 2022 had been an average of 10 storeys high instead of seven. Also Read | US Senate passes $95 billion aid bill for Ukraine, Israel and Taiwan “Areas dominated by large, low-density, freestanding homes do not cater well for younger people moving out of home, or for older people looking to downsize while staying in their neighbourhood,” said the report. Protecting the past or building for future? The NSW productivity commissioner also called for a fresh discussion on heritage restrictions on housing close to the central business district and its role in keeping the prices high. He noted that the proliferation of Heritage Conservation Areas limits new housing and affects more than half of residential land in prime suburbs. New homes “in inner suburbs will let young families live near their parents and their children’s grandparents,” said Achterstraat, as quoted by the Guardian, adding that we can “preserve the gems of Sydney’s heritage without inadvertently freezing young people out.” (With inputs from agencies)

Sydney at risk of becoming a city ‘with no grandchildren,’ experts warn

The average price of new apartments in Tokyo surpassed 100 million yen annually for the first time in 2023. The Real Estate Economic Institute revealed a substantial 39.4 per cent&nbsp;year-on-year increase, setting a record at 114.8 million yen ($778,041).

The surge in apartment prices is attributed to multiple factors. Elevated labour and construction costs play a role, but a significant influence comes from the influx of foreign investors, taking advantage of the yen's decline to a multi-decade low,&nbsp;reported news agency Reuters.

Japan's resilient property and stock markets are experiencing an investment boom after years of deflation and stagnant growth.

The country's low-interest rates create an appealing environment, drawing foreign buyers to&nbsp;capitalise on the weak yen. At a 33-year low, the yen's depreciation becomes a driving force for international investors.

Additionally, individuals seeking to shift funds from China, amidst a real estate crisis and geopolitical concerns, contribute to the surge in Tokyo's property prices.

<a href="https://www.wionews.com/entertainment/lifestyle/news-what-does-it-mean-to-be-japanese-ukraine-born-model-wins-miss-japan-amid-social-media-backlash-683446">Also read |&nbsp;What does it mean to be Japanese? Ukraine-born model wins Miss Japan amid social media backlash</a>

<h2>Staggering price tags and affordability challenges</h2>

With the average apartment price now at 114.8 million yen, it reflects a stark reality: Tokyo apartments cost approximately 25 times the country's nationwide salary average of 4.6 million yen ($31,175.87). The escalating prices pose challenges to local residents and prospective buyers.

The Tokyo metropolitan area witnessed a notable trend in 2023, with over 4,000 units of luxury apartments priced over 100 million yen. Notable examples include Mita Garden Hills in central Tokyo, where a 376.50 square-meter unit sold for a staggering 4.5 billion yen.

Also watch |&nbsp;Ukrainian-born model crowned Miss Japan 2024 sparks national identity debate

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As demand for apartments expands beyond central Tokyo, the greater Tokyo area experienced a surge in average apartment prices, reaching a new record at 81 million yen. This 28.8 per cent&nbsp;increase further underscores the broader impact of Tokyo's property boom.

Japan's property market, buoyed by low-interest rates and heightened investor interest, stands as a dynamic player in the global real estate landscape, attracting attention and reshaping the city's skyline.

(With inputs from agencies)

The average price of new apartments in Tokyo surpassed 100 million yen annually for the first time in 2023. The Real Estate Economic Institute revealed a substantial 39.

The average price of new apartments in Tokyo surpassed 100 million yen annually for the first time in 2023. The Real Estate Economic Institute revealed a substantial 39.4 per cent year-on-year increase, setting a record at 114.8 million yen ($778,041). The surge in apartment prices is attributed to multiple factors. Elevated labour and construction costs play a role, but a significant influence comes from the influx of foreign investors, taking advantage of the yen's decline to a multi-decade low, reported news agency Reuters. Japan's resilient property and stock markets are experiencing an investment boom after years of deflation and stagnant growth. The country's low-interest rates create an appealing environment, drawing foreign buyers to capitalise on the weak yen. At a 33-year low, the yen's depreciation becomes a driving force for international investors. Additionally, individuals seeking to shift funds from China, amidst a real estate crisis and geopolitical concerns, contribute to the surge in Tokyo's property prices. Also read | What does it mean to be Japanese? Ukraine-born model wins Miss Japan amid social media backlash Staggering price tags and affordability challenges With the average apartment price now at 114.8 million yen, it reflects a stark reality: Tokyo apartments cost approximately 25 times the country's nationwide salary average of 4.6 million yen ($31,175.87). The escalating prices pose challenges to local residents and prospective buyers. The Tokyo metropolitan area witnessed a notable trend in 2023, with over 4,000 units of luxury apartments priced over 100 million yen. Notable examples include Mita Garden Hills in central Tokyo, where a 376.50 square-meter unit sold for a staggering 4.5 billion yen. Also watch | Ukrainian-born model crowned Miss Japan 2024 sparks national identity debate As demand for apartments expands beyond central Tokyo, the greater Tokyo area experienced a surge in average apartment prices, reaching a new record at 81 million yen. This 28.8 per cent increase further underscores the broader impact of Tokyo's property boom. Japan's property market, buoyed by low-interest rates and heightened investor interest, stands as a dynamic player in the global real estate landscape, attracting attention and reshaping the city's skyline. (With inputs from agencies)

Japan: In a first, average Tokyo apartment prices exceed $778k in 2023

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

According to two government sources who spoke to Reuters, India is thinking of investing 600 billion rupees ($7.2 billion) over the next five years to offer subsidized loans for modest urban dwellings. Ahead of significant state elections later this year and the national elections scheduled for mid-2024, banks are expected to implement the program in the coming months. The South Asian nation reduced household cooking gas prices by almost 18% last month in an effort to control inflation before elections.

India moves to make 'housing for all' a reality

A rise in US mortgage rates has lowered housing affordability to its lowest level in almost four decades. Holding out for a break is a high-stakes bet for those looking to get into the housing market. The property boom's price rises finally slowed last year, but house prices have recovered the roughly $3 trillion they lost. One indicator of borrowing costs has reached a level not seen in almost two decades, and the federal reserve has hinted it may raise rates further, boosting the likelihood of 8% mortgage rates.

Housing affordability hits worst point in 40 years

Sales of new U.S. single-family homes surged to the highest level in nearly 1-1/2 years in May, benefiting from a dearth of previously owned homes available for sale. 
New home sales jumped 12.2 per cent to a seasonally adjusted annual rate of 763,000 units last month, the highest level since February 2022, the Commerce Department said on Tuesday.

April's sales pace was revised down to 680,000 units from 
the previously reported 683,000. Economists polled by Reuters had forecast new home sales, which account for a small share of U.S. home sales, slipping to a rate of 675,000 units.

Sales shot up 20 per cent on a year-on-year basis in May. New home sales are counted at the signing of a contract, making them a leading indicator of the housing market. They, however, can be volatile on a month-to-month basis.&nbsp;

The housing market has likely found a floor and could be even improving. Data last week showed homebuilder confidence rising into positive territory in June for the first time in 11 months. Housing starts surged in May as supply remains tight, while home resales edged up.&nbsp;

Economists say the signs of revival in the housing market suggested the Federal Reserve would need to keep raising interest rates. The housing market has been the biggest causality of the US central bank's fastest rate hiking cycle since the 1980s. The Fed, which has raised its policy rate by 500 basis points since March 2022, has signalled two more rate increases this year to cool demand in the overall economy.

<a href="https://www.wionews.com/business-economy/is-trouble-brewing-in-the-us-housing-markets-565042">Also read |&nbsp;Is trouble brewing in the US housing markets?</a>

The increase in sales last month was despite mortgage rates resuming their upward trend. The average rate on the popular 30-year fixed mortgage was higher in May relative to April, rising to 6.57 per cent by the last week of the month, according to data from mortgage finance agency Freddie Mac. New home sales posted double-digit growth in the Northeast, South and West. They rose 4.1 per cent in the Midwest.

The median new house price in May was $416,300, a 7.6 per cent drop from a year ago. There were 428,000 new homes on the market at the end of last month, down from 432,000 in April. At May's sales pace, it would take 6.7 months to clear the supply of houses on the market, down from 7.6 months in April.

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Sales of new U.S. single-family homes surged to the highest level in nearly 1-1/2 years in May, benefiting from a dearth of previously owned homes available for sale.

Sales of new U.S. single-family homes surged to the highest level in nearly 1-1/2 years in May, benefiting from a dearth of previously owned homes available for sale. New home sales jumped 12.2 per cent to a seasonally adjusted annual rate of 763,000 units last month, the highest level since February 2022, the Commerce Department said on Tuesday. April's sales pace was revised down to 680,000 units from the previously reported 683,000. Economists polled by Reuters had forecast new home sales, which account for a small share of U.S. home sales, slipping to a rate of 675,000 units. Sales shot up 20 per cent on a year-on-year basis in May. New home sales are counted at the signing of a contract, making them a leading indicator of the housing market. They, however, can be volatile on a month-to-month basis. The housing market has likely found a floor and could be even improving. Data last week showed homebuilder confidence rising into positive territory in June for the first time in 11 months. Housing starts surged in May as supply remains tight, while home resales edged up. Economists say the signs of revival in the housing market suggested the Federal Reserve would need to keep raising interest rates. The housing market has been the biggest causality of the US central bank's fastest rate hiking cycle since the 1980s. The Fed, which has raised its policy rate by 500 basis points since March 2022, has signalled two more rate increases this year to cool demand in the overall economy. Also read | Is trouble brewing in the US housing markets? The increase in sales last month was despite mortgage rates resuming their upward trend. The average rate on the popular 30-year fixed mortgage was higher in May relative to April, rising to 6.57 per cent by the last week of the month, according to data from mortgage finance agency Freddie Mac. New home sales posted double-digit growth in the Northeast, South and West. They rose 4.1 per cent in the Midwest. The median new house price in May was $416,300, a 7.6 per cent drop from a year ago. There were 428,000 new homes on the market at the end of last month, down from 432,000 in April. At May's sales pace, it would take 6.7 months to clear the supply of houses on the market, down from 7.6 months in April. WATCH WION LIVE HERE:

US new home sales jump in May; median house price falls

The US housing market has struggled to stabilise as recent data shows the situation has become dire. According to the Mortgage Bankers Association, a gauge of US home-purchase applications tumbled to the lowest level since 1995, a 26-year low.

This decline results from the highest mortgage rates in three months, taking a toll on the market. In the week ending February 17, the index of mortgage applications to purchase a property fell by more than 18 per cent, the largest decline since 2015.

The 30-year fixed mortgage contract rate increased by 23 basis points to 6.62 per cent, the highest since November.

That is due to expectations that central bankers will continue increasing borrowing costs after jumbo-sized rate hikes by the Federal Reserve over the past year to combat surging inflation.

Sales of previously owned homes decreased in January for the twelfth consecutive month to the worst pace since 2010, reflecting the impact of the slowdown in mortgage applications.

The high mortgage rates, which make it difficult for prospective purchasers to afford homes, might be the reason for the decline.

<a href="https://www.wionews.com/videos/us-housing-market-drop-biggest-since-2008-mortgage-rates-soar-world-business-watch-564999">WATCH |&nbsp;US Housing market drop biggest since 2008, mortgage rates soar | World Business Watch</a>

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The Mortgage Bankers Association's index of refinancing applications also fell 2.2 per cent last week to a three-week low.

The gauge of overall mortgage applications dropped more than 13 per cent, the biggest slide since the last week of September.

Recent years have seen a dramatic rise in home prices and mortgage rates, sending the US housing market on a rollercoaster ride.

The market is slowing down, though, according to the current trend, which raises questions about the health of the economy as a whole.

<a href="https://www.wionews.com/world/portugal-announces-to-end-golden-visa-downsizes-airbnb-rentals-to-address-local-housing-crises-562999">Read more:&nbsp;Portugal to end Golden Visa, curtail Airbnb rentals to address local housing crisis</a>

A slowdown in the housing market could result in fewer jobs being created and a slowdown in the construction sector, both of which would have an impact on the overall economy.

Policymakers must respond to this scenario to address the problem and stop further deterioration.

The Federal Reserve must act to strike a balance between inflation and economic growth because its rate increases have significantly contributed to the high mortgage rates.

Also, more must be done to guarantee prospective homeowners can access low-cost mortgages.

The current state of the US housing market is a cause for concern, but it is not an impossible challenge.&nbsp;

With the right policies and initiatives, the property market can stabilise and continue to drive economic growth.&nbsp;

Stakeholders must take the necessary steps to ensure the market remains stable and accessible.

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The US housing market has struggled to stabilise as recent data shows the situation has become dire. According to the Mortgage Bankers Association, a gauge of US home-purchase applications tumbled to the lowest level since 1995, a 26-year low.

The US housing market has struggled to stabilise as recent data shows the situation has become dire. According to the Mortgage Bankers Association, a gauge of US home-purchase applications tumbled to the lowest level since 1995, a 26-year low. This decline results from the highest mortgage rates in three months, taking a toll on the market. In the week ending February 17, the index of mortgage applications to purchase a property fell by more than 18 per cent, the largest decline since 2015. The 30-year fixed mortgage contract rate increased by 23 basis points to 6.62 per cent, the highest since November. That is due to expectations that central bankers will continue increasing borrowing costs after jumbo-sized rate hikes by the Federal Reserve over the past year to combat surging inflation. Sales of previously owned homes decreased in January for the twelfth consecutive month to the worst pace since 2010, reflecting the impact of the slowdown in mortgage applications. The high mortgage rates, which make it difficult for prospective purchasers to afford homes, might be the reason for the decline. WATCH | US Housing market drop biggest since 2008, mortgage rates soar | World Business Watch × The Mortgage Bankers Association's index of refinancing applications also fell 2.2 per cent last week to a three-week low. The gauge of overall mortgage applications dropped more than 13 per cent, the biggest slide since the last week of September. Recent years have seen a dramatic rise in home prices and mortgage rates, sending the US housing market on a rollercoaster ride. The market is slowing down, though, according to the current trend, which raises questions about the health of the economy as a whole. Read more: Portugal to end Golden Visa, curtail Airbnb rentals to address local housing crisis A slowdown in the housing market could result in fewer jobs being created and a slowdown in the construction sector, both of which would have an impact on the overall economy. Policymakers must respond to this scenario to address the problem and stop further deterioration. The Federal Reserve must act to strike a balance between inflation and economic growth because its rate increases have significantly contributed to the high mortgage rates. Also, more must be done to guarantee prospective homeowners can access low-cost mortgages. The current state of the US housing market is a cause for concern, but it is not an impossible challenge. With the right policies and initiatives, the property market can stabilise and continue to drive economic growth. Stakeholders must take the necessary steps to ensure the market remains stable and accessible. WATCH WION LIVE HERE:

Is trouble brewing in the US housing markets?

In an effort to provide additional housing options for locals experiencing a housing shortage, a prohibition on foreigners purchasing residential property in Canada went into effect on Sunday.

Why has Canada imposed a two-year ban on foreign home buyers?

UK Prime Minister Rishi Sunak is facing a rebellion of about 50 MPs who want an end to housebuilding targets for councils through an amendment. The amendment is led by former cabinet minister Theresa Villiers and has the backing of 46 MPs. They want to scrap mandatory local housing targets and make them advisory only.

The vote on the bill will likely be pulled by the government on Monday. Further engagement on the concerns of the MPs has been promised, even though officially ministers say the vote has been delayed because of time pressures from the finance bill.

Also Read |&nbsp;<a href="https://www.wionews.com/world/rishi-sunak-becomes-uks-richest-pm-with-more-wealth-than-king-charles-iii-528520">Rishi Sunak becomes UK's richest PM with more wealth than King Charles III</a>

Several former cabinet ministers, including Damian Green, Esther McVey, Priti Patel, Chris Grayling and Iain Duncan Smith are backing the bill. Tracey Crouch, Treasury select committee chair Harriett Baldwin, foreign affairs committee chair Alicia Kearns and Maria Miller are the other MPs to have signed the bill.&nbsp;

It also aims to abolish the five-year land supply rule which determines if enough sites have been allocated for development for five years’ worth of housing. In case there aren't enough numbers, then developers can submit applications for land that has not been allocated for housebuilding.

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Both Sunak and his predecessor Liz Truss had said that they will relax rules on housebuilding during the Conservative leadership contest.

While Truss had said she will end “Whitehall-inspired Stalinist housing targets”, Sunak had promised to relax the five-year rule. He had also said he would stop local authorities requesting changes to greenbelt boundaries.

Former levelling up secretary Simon Clarke said he was alarmed by the amendment. “There is no question that this amendment would be very wrong. I understand totally how inappropriate development has poisoned the debate on new homes in constituencies like Chipping Barnet [Villiers’ constituency], but I do not believe the abandonment of all housing targets is the right response,” he tweeted.

(With inputs from agencies)

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UK Prime Minister Rishi Sunak is facing a rebellion of about 50 MPs who want an end to housebuilding targets for councils through an amendment. The amendment is led by former cabinet minister Theresa Villiers and has the backing of 46 MPs.

UK Prime Minister Rishi Sunak is facing a rebellion of about 50 MPs who want an end to housebuilding targets for councils through an amendment. The amendment is led by former cabinet minister Theresa Villiers and has the backing of 46 MPs. They want to scrap mandatory local housing targets and make them advisory only. The vote on the bill will likely be pulled by the government on Monday. Further engagement on the concerns of the MPs has been promised, even though officially ministers say the vote has been delayed because of time pressures from the finance bill. Also Read | Rishi Sunak becomes UK's richest PM with more wealth than King Charles III Several former cabinet ministers, including Damian Green, Esther McVey, Priti Patel, Chris Grayling and Iain Duncan Smith are backing the bill. Tracey Crouch, Treasury select committee chair Harriett Baldwin, foreign affairs committee chair Alicia Kearns and Maria Miller are the other MPs to have signed the bill. It also aims to abolish the five-year land supply rule which determines if enough sites have been allocated for development for five years’ worth of housing. In case there aren't enough numbers, then developers can submit applications for land that has not been allocated for housebuilding. × Both Sunak and his predecessor Liz Truss had said that they will relax rules on housebuilding during the Conservative leadership contest. While Truss had said she will end “Whitehall-inspired Stalinist housing targets”, Sunak had promised to relax the five-year rule. He had also said he would stop local authorities requesting changes to greenbelt boundaries. Former levelling up secretary Simon Clarke said he was alarmed by the amendment. “There is no question that this amendment would be very wrong. I understand totally how inappropriate development has poisoned the debate on new homes in constituencies like Chipping Barnet [Villiers’ constituency], but I do not believe the abandonment of all housing targets is the right response,” he tweeted. (With inputs from agencies)

Sunak faces rebellion as 50 MPs sign amendment to scrap mandatory local housing targets for councils

In Hong Kong, the slowing property market, rising interest rates and pandemic effects, have hit luxury housing market. The number of luxury home sales transactions is expected to hit a nine-year low in 2022.

World Business Watch: Hong Kong luxury home sales to hit a 9-yr low

Driven by its ever-growing population, India is facing rapid urbanisation. Unsustainable migration is pushing cities to the limit, creating a demand-supply gap in housing and employment. How can this be tackled? We look for solutions on 'Mission Sustainability - Population Vs Planet: Housing, Jobs and Migration in the Growing World.

Mission Sustainability - Population Vs Planet: Housing, Jobs and Migration in the Growing World

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