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16.06.26 - 14:54
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US Housing Starts Collapsed In May To Lowest Since COVID (ZeroHedge)
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US Housing Starts Collapsed In May To Lowest Since COVID
With housing inventories at recent highs, the US housing market just suffered another sentiment setback as Housing Starts crashed by 15.4% MoM in May (far worse than 2% drop expected and worse since March 2024)), following a revised 8.5% MoM drop in April. Building Permits slipped 0.7% MoM (in line with expectations)...
Source: Bloomberg
That pulls the Housing Starts SAAR to its lowest since COVID (after reaching the highest since 2024 in April)...
Source: Bloomberg
Under the hood, it was multi-family (rental) starts that collapsed:
Housing Starts single-family drop from 899K (revised lower from 930K) to 882K
Housing Starts multi-family drop from 486K (revised lower from 529K) to 284K
Source: Bloomberg
Did 'renter nation' just die?
Multifamily permits also fell...
Housing Permits single-family rise from 881K (revised higher from 872K) to 886K
Housing Permits multi-family drop from 491K (revised lower from 514K) to 474K
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16.06.26 - 14:24
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Hong Kong property tycoon Mico Chung cashes out of US$13.4 million Peak home (SCMP)
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A company linked to CSI Properties chairman and founder Mico Chung and his wife has sold a luxury house on The Peak for HK$105 million (US$13.4 million), according to official records.
Aqua Sole Company sold the property at 27 Plantation Road to Hu Hanyang in a transaction completed on June 12, according to Land Registry records. Companies Registry filings show that Chung and his wife, Nina Kan Souk-yin, are shareholders of Aqua Sole.
The company acquired the property in 1993 for HK$12 million,......
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16.06.26 - 09:24
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Mamdani′s pied-à-terre tax isn′t far off Labour′s housing policy. Not that you′ll ever hear Starmer say it | Anna Minton (The Guardian)
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The UK has its own progressive policies such as the second home and 'mansion' taxes. So why isn't the PM shouting it from the rooftops?In April, to mark the day on which Americans are expected to file their taxes, the New York mayor, Zohran Mamdani, filmed himself on Billionaires' Row, an enclave of super-tall apartment buildings just south of Central Park. When he took office, he said, he would tax the rich, and now, outside the hedge fund billionaire Ken Griffin's $238m penthouse, he was ready to make good on his pledge. “Today, we're taxing the rich,” he said with a flamboyant smile, zooming his face into the camera. It was the opening to a short film unashamedly titled Happy Tax Day, New York.He went into battle armed with stats. According to Mark Levine, NYC's comptroller (a senior financial executive), the pied-à-terre tax on second homes will raise about $500m annually fromabout 11,200 properties.Anna Minton is reader in architecture at the University of East London. Her new book, Super...
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16.06.26 - 09:00
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Young tech elites drive rise in Shenzhen luxury home sales after purchase curbs ease (SCMP)
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Several luxury residential projects in Shenzhen sold out quickly in May, with young elites from the semiconductor and artificial intelligence sectors replacing traditional tycoons as the most avid buyers.
Post-90s buyers, mainly technology professionals, accounted for 31 per cent of transactions for luxury homes over 10 million yuan (US$1.48 million) in the southern tech hub last year, according to Leyoujia, a research institute in Shenzhen. Members of the same generation – named for the decade......
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16.06.26 - 07:54
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China′s first-tier new home prices rise for third month as stabilising steps gain traction (SCMP)
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New home prices in China's first-tier cities rose 0.2 per cent in May, extending a three-month rebound after nine months of losses and a flat February, pointing to a gradual recovery in confidence as stabilisation measures take hold, analysts have said.
Compared with the previous month, May home prices edged up 0.2 per cent in Shanghai and Guangzhou, gained 0.4 per cent in Shenzhen, and slipped 0.2 per cent in Beijing, according to data from the National Bureau of Statistics (NBS) released on......
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