China’s major banks are grappling with a surge of non-performing loans (NPLs) since last year, largely driven by a weakening real estate sector. As of the end of 2022, the NPL balance of 40 listed Chinese banks climbed by 8.84 percent to 1.81 trillion yuan (approximately $262.3 billion), while the NPL ratio slightly slid by…
Five Invisible Events That Can Cost Home Sellers a Bundle
Dear Monty: We recently sold our home. We were planning on using an agent we knew. He worked for one of the large companies in our city. He came and looked at our home and took many photos and notes. He also measured the house. We felt he was very thorough. A few days later,…
Retail Is the Lifeblood of America’s Cities, and It’s in Crisis
May 23, 2023
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American citiesBusiness & MarketsBusiness Columnistsdemocrat citieseconomic policieseconomyFuture Retailin-store retailerNY Real Estatereal estateUncategorizedUS Real Estate
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Commentary Whole server racks (the equivalent of whole forests in the print era) have been sacrificed to stories about “The Retail Apocalypse” and the “Death of Retail.” All the stories present a binary view: retail is dead; retail isn’t dead. The truth lies somewhere in between. Retail, broadly speaking, is doing well. But retail covers…
US Housing Market in Ongoing Monthly Decline
May 23, 2023
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Business & Marketseconomyexisting home salesMarketsreal estaterecessionU.S. housing marketUSUS NewsUS Real Estate
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The U.S. housing market continued to show signs of decline as mortgage applications and sales of existing homes fell while properties are taking longer to get sold. Mortgage applications for new home purchases dropped by 11 percent in April 2023 compared to March, according to a Mortgage Bankers Association May 19 press release. “Since the…
Mortgage Demand Declines as Rates Continue to Rise
May 18, 2023
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30-year mortgageBusiness & Marketseconomyinterest rate hikesMarketsPolicies & Impactsreal estateUSUS NewsUS Real Estate
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Demand for mortgages dropped as interest rates rose to new highs, with both purchase and refinance mortgage applications registering weekly declines. MBA’s Market Composite Index, which measures mortgage loan application volume, fell by 5.7 percent for the week ending May 12 compared to the previous week, according to a May 17 press release. Joel Kan,…
Banks’ Rising Funding Costs, Reduced Lending Are Top Concerns for Bank of Canada
May 18, 2023
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Bank of CanadaBusiness & MarketsCanadaeconomyfinancial system reviewGlobal Real Estatereal estateWorld
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OTTAWA—Bank of Canada analysis shows that while global banking stresses have been contained and the Canadian banks remain robust, the effects of much higher interest rates are exposing vulnerabilities in the banking sector. These can raise the cost of banks’ funding and thus make it harder for households and businesses to get loans, which could…
Australia Records Significant Growth in Farmland Prices in 2022
Australian farmland values rose for the ninth consecutive year in 2022 due to strong demand and robust performance of the agriculture sector. According to the latest report by Rural Bank, which specialises in financial services for farmers, the national median price of Australian farmland jumped 20 percent to $8,506 (US$5,652) per hectare in the past…
Los Angeles’s Office Market Is in Even More Trouble
May 17, 2023
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CaliforniaLos AngelesOpinionreal estateRegional & State NewsSan FranciscoSouthern CaliforniaState NewsUSViewpoints
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Commentary On April 1, 2023, a new transfer tax on all real estate transactions in the city of Los Angeles went into effect. The tax is 4 percent on the sales price between $5 million and $10 million and 5.5 percent on sales proceeds over $10 million. Although the impact of this tax on each…
Los Angeles’s Office Market Is in Even More Trouble Than Before
May 17, 2023
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CaliforniaLos AngelesOpinionreal estateRegional & State NewsSan FranciscoSouthern CaliforniaState NewsUSViewpoints
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Commentary On April 1, 2023, a new transfer tax on all real estate transactions in the city of Los Angeles went into effect. The tax is 4 percent on the sales price between $5 million and $10 million and 5.5 percent on sales proceeds over $10 million. Although the impact of this tax on each…
Seven Steps to Sell Your Home Faster for More Money
Dear Monty: Our home has been on the market for a month. We have a sign in the yard, and we bought an ad on an FSBO website. So far, we’ve had no offers. We’ve had several showings, and they seem interested, but only at a low price. They want the commission we are trying…
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