Major US west coast cities and Hong Kong were labeled "impossibly unaffordable," by a housing affordability study, primarily due to stringent urban planning policies.
housing market
As settlement for hiding bad loans and house desolation, Wells Fargo will pay $1.2 billion. The bank lender admitted of cheating the government by insuring thousands of risky mortgages although they are not eligible.
The Singapore government had slammed certain caps on private housing sector, to cool an overheated market. This has been a rising concern for the city builders, especially after Singapore recorded a repetitive falling graph for 17 years running. However, it remains to be seen if the government deems fit for the bans to be lifted given the current residential property scenario.
America's total wealth in Q2 increased even more, thanks to the stronger housing market. The value of owner-occupied real estate hit $21.5 trillion, up more than $400 billion from Q1 and nearly $4.5 trillion since the low point in 2011, according to the Federal Reserve report on Friday, as reported by CNNMoney.
Sales of new U.S. single-family homes rose for a third straight month in October, but a downward revision to the prior month's sales pace indicated the housing market recovery would remain gradual.
Investors were flocking to several states to buy a house at a lower price albeit in cold cash.
Subscribe to VCpost newsletter
Most Popular
- Nestle Cuts Sales Forecast as Shoppers Reject Price Hikes
- Social Security Payments Worth Over $4,800 To Go Out This Week; Here’s When You’ll Get Yours
- US Could See Another ‘Great Resignation’ as 3 in 10 Workers Plan To Quit in 2024: Survey
- Uber, Lyft Drivers Remain as Contractors After California Supreme Court Upheld Proposition 22
- Maersk Agrees to Settlement with US Labor Department After Firing Whistleblower
- Walmart Eyes $200 Million Investment in Autonomous Forklifts
- Delta’s CEO Flew to Paris for the Olympics While His Company Is Under Federal Investigation: Report
- Murdoch Empire Family Feud Could Upend the Media Industry, Possibly End Fox News