Home economics: housing markets’ future
The Intelligence from The Economist
The Economist
4.5 • 3.7K Ratings
🗓️ 10 April 2023
⏱️ 19 minutes
🧾️ Download transcript
Summary
Many people think that with inflation and interest-rate rises abating, the worst effects on housing markets might be over. Not so fast. A study that reignited mask-wearing debates really should not have: there are simply not enough good data to prove either side’s case. And an immersive, participatory production of “Guys and Dolls” shows the way ahead for live-entertainment industries.
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Transcript
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| 0:00.0 | Hello and welcome to the Intelligence from the Economist. I'm your host, Jason Palmer. |
| 0:09.0 | Every weekday we provide a fresh perspective on the events shaping your world. |
| 0:17.0 | A curious thing happened with a recent academic review of studies on mask wearing. Both mask advocates and skeptics saw in it proof for their positions. |
| 0:27.0 | The unfortunate truth is that there are not enough good data to make a case either way. |
| 0:32.0 | And a production of the classic musical Guys and Dolls in London reveals what live entertainment will need to do as viewers, listeners and foot tapers move online. |
| 0:43.0 | It'll have to make the absolute most of its liveliness. |
| 0:48.0 | First up though. |
| 0:55.0 | In their bids to tame inflation by raising interest rates, central bankers across the rich world have managed to slow down their local housing markets. |
| 1:10.0 | Activities come down significantly and prices have come down as well. It's important to remember they've come down off. |
| 1:16.0 | We have done a lot on rates already. The full effect of that is still to come through. |
| 1:20.0 | Housing starts come down. The activity and housing has declined. |
| 1:23.0 | Home prices have dropped from their pandemic highs. But at the same time, mortgages have become pricier thanks to those higher interest rates. |
| 1:31.0 | Inflation does seem to be slowing in lots of rich countries. So central bankers in places like Britain and America are starting to ease off the accelerator. |
| 1:40.0 | How that will translate into the housing sector though isn't obvious. |
| 1:45.0 | Smaller rate increases by central banks have left a lot of people wondering if the long-feared housing crunch will turn out to be less terrible than expected. |
| 1:55.0 | Vincereo Mkandawere is our global property correspondent. |
| 1:58.0 | But that optimism may be unwarranted. |
| 2:00.0 | We've seen that central banks in particular in America and England have slowed the rate of interest rate rises. Is that a sign to remind that the worst of the housing crisis is behind us? |
| 2:10.0 | Well, it's still bad. |
| 2:12.0 | Recent data shows that home prices in America fell in January for the seventh straight month. |
| 2:18.0 | They actually rose in Australia, but that followed 10 months of decline. |
| 2:23.0 | At the moment, markets in America and Britain are pricing in at least one more interest rate increase. |
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