New World Sells 138 Hong Kong Homes at Discount Within Hours
The companies sold the apartments in Deep Water Pavilia in southern Hong Kong Island on Saturday within a few hours, according to New World. The homes were the cheapest of any new residential project in the Southside area. The low price, coupled with declining interest rates, have attracted homebuyers while bringing much-needed cash to the embattled developer.
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Wall Street Journal/Realtor.com praise Canton-Massillon housing market
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2 hours ago
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Buying A Home Is Double The Cost Of Renting For The First Time In 20 Years
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. The warning lights on the U.S. real estate market are blinking even brighter after a study revealed that it costs twice as much to buy a home as it does to rent one. It's the first time the cost of ownership has crossed that threshold since 2006. Shop Top Mortgage Rates Personalized rates in minutes A quicker path to financial freedom Your Path to Homeownership The study was originally published by John Burns Research & Consulting, or JBREC. Perhaps the most sobering aspect of JBERC's study is that the firm based its calculations on the cost of an entry-level home. The study focused on homes in that market segment because they are the properties that first-time buyers are most likely to afford. Unfortunately, the price of owning an entry-level home continues to exceed the reach of all but the wealthiest buyers. The study measured the cost of owning an entry-level home. It based its calculations on a buyer making a 5% down payment and paying a 30-year fixed mortgage at 6.69%. According to JBREC's research, the total monthly obligation for the median-priced home would be $3,545. Don't Miss: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Accredited Investors: Grab Pre-IPO Shares of the AI Company Powering Hasbro, Sephora & MGM— At the same time, Redfin estimates the median rent in the U.S. is $1,633. That large disparity between owning and renting makes it easy to understand why so many would-be buyers are opting to remain on the sidelines. It's simply too expensive. First, there is the "30% rule" that most lenders use when processing loan applications. The rule dictates that the total mortgage payment should be equal to or less than 30% of the borrower's monthly income. That means a borrower needs to earn around $10,000 per month to afford the $3,545 estimated mortgage payment on an entry-level home. By contrast, renters only need to earn around $4,800 per month to afford the median rent in the U.S. The Federal Reserve has estimated that the median income in the U.S. is $77,000, or about $6,500 per month. That puts the median rent of $1,633 right in the wheelhouse of anyone earning the U.S. median income. Availability is another factor. There has been a severe shortage of affordable housing in the U.S. for decades, but that's not the case for apartments and rentals. Trending: $100k+ in investable assets? – no cost, no obligation. Developers and real estate investment trusts have been aggressively building new apartments in many U.S. markets. According to Newsweek, this abundance of supply is also creating opportunities for renters to negotiate lower prices. Newsweek cited Austin, Texas where rents have fallen by 9% to their lowest levels since 2021, as an example of a tenant-friendly market. The cost gap between owning and renting has been steadily growing, but JBREC's research shows a sharp increase since the pandemic. According to a post on JBREC's X account, owning a home was 39% more expensive than renting in 2020. The gap grew to 44% in 2021 and progressed to 78% in 2022. The disparity swelled to 93% in 2023 and then to 97% in 2024. Now it's more than double. JBREC's X post also projects that the cost disparity between owning and renting will shrink in the next few years, but only slightly. The firm estimates that owning will cost 95% more than renting by 2028. That's probably not a big enough drop to spark the real estate market back to life. The outlook for buyers is unlikely to improve without a drastic reduction in interest rates and a major increase in the U.S. median income. Read Next: This Jeff Bezos-backed startup will allow you to . With Point, you can Image: Shutterstock This article Buying A Home Is Double The Cost Of Renting For The First Time In 20 Years originally appeared on Sign in to access your portfolio
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3 hours ago
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China's weak job market stirs boom-era nostalgia on social media
By Marius Zaharia and Claire Fu HONG KONG/SINGAPORE (Reuters) -Dwindling job and income prospects in China are fuelling intense social media chatter about the fashion and culture of the country's high-growth period 20 years ago, in what analysts describe as a way to express discontent about the economy without attracting censorship. The hashtag phrase "beauty in the time of economic upswings," often accompanied by early 2000s pictures of celebrities wearing bright clothes and make-up or music videos and TV ads from that period, surged in social media mentions over the summer just as 12.2 million university students graduated. They entered one of the most challenging job markets in decades - pandemic years aside - as the world's second-largest economy grapples with higher U.S. trade tariffs, deflation, industrial overcapacity and sluggish domestic consumption. While China is growing at roughly 5% this year, analysts describe it as a dual-speed economy, with manufacturing and exports running strong, while households struggle. The current pace is half of that from the 2001-2010 decade. "The economy has its cycles, but youth doesn't come twice," a social media user wrote on a widely-shared post on the topic. The State Council Information Office, which handles media queries for the government, did not respond to a comment request. China's ruling Communist Party exerts a high degree of control over domestic media and social media in the name of safeguarding social stability and preventing the spread of rumours and fake news. Reports and public discussions on what the Party considers as sensitive are routinely removed from the internet, including views critical of the economy and any veiled criticism of policymakers. On RedNote, China's version of Instagram, the hashtag has so far garnered close to 50 million views. Most posts come from millennial women recalling greater career and consumption choices in their twenties, says Yaling Jiang, founder of consultancy ApertureChina, citing platform data. But it is today's young Chinese, who face far more limited options, engaging with these posts. "Considering when it has gone viral, this is likely a response to the widespread complaints about the declining value of higher education and the increasingly tough job market for young graduates this summer," Jiang said. Xiao Qiang, the founder of U.S.-based China Digital Times, which tracks China censorship, says the topic's popularity "poses a challenge to the authorities mainly because it uses everyday symbols, such as make-up and fashion, to subtly express dissatisfaction with economic decline and life pressure." "It creates a collective atmosphere of nostalgia and indirect criticism," Xiao said. "It can quietly erode public confidence in the official economic narrative." The content is "awkward" for censors, says Xiao, as most users share opinions over the aesthetics of China's recent past and express positive emotions. MARKETING OPPORTUNITY Fashion labels such as Giorgio Armani, Estee Lauder's Tom Ford and Valentino have sponsored "boom era"-themed posts on RedNote in the past 30 days, said Jiang. More than a dozen stores on Alibaba's Taobao e-commerce platform have used this tag to sell clothes. Bloggers have promoted the "Millennial Rose" shampoo by Procter & Gamble's Safeguard, or bulky Nike sneakers advertised on Taobao as "millennial classics reborn." L'Oreal-owned Maybelline, in a Weibo post promoting some of its brighter lipsticks, wrote "feel the beauty and vitality of the economic upswing." However, early-millennium looks are not prominent on Chinese streets. Jiang said marketing teams are leveraging the social media trend for brand awareness, not pushing new 2000s-inspired collections. Fashion bloggers posting under the "upswing" hashtag say styles often reflect the prevailing economic mood. This year's make-up trends, for instance, feature the more conservative, less expressive "glass skin," achieved through heavy use of moisturisers and hydrating primers or monochromatic looks where foundation, blushes or lipsticks can differ in gradient but belong to the same colour palette. The 2000s embraced futurism with metallic tones, glossy finishes and pearlescent blue or green eyeshadows. Full-eyeliner looks with smoky eyes contrasted with Barbie-pink lips for dramatic effect. "In times of economic growth, make-up is meant to look expensive and give out that glow of confidence that comes with flying careers and optimism," one beauty blogger wrote. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
