The global housing market is facing a supply/demand imbalance with divergent prospects across regions, but the housing affordability crisis is a common denominator. In this video and podcast, we discuss current market conditions in the global housing market. Oversupply in China and commercial real estate contrasts with the lack of supply in the US housing market, which is essentially frozen. US housing affordability is at its worst in 41 years, while Japan, Italy and Spain are the only G20 developed market countries with ratios of home prices-to-income below their...
The global housing market is facing a supply/demand imbalance with divergent prospects across regions, but the housing affordability crisis is a common denominator. In this video and podcast, we discuss current market conditions in the global housing market. Oversupply in China and commercial real estate contrasts with the lack of supply in the US housing market, which is essentially frozen. US housing affordability is at its worst in 41 years, while Japan, Italy and Spain are the only G20 developed market countries with ratios of home prices-to-income below their historical averages. China and the UK stand out as facing the greatest challenges. In China, housing faces the risk of a double-dip, and financial risks from the property sector remain high despite modest policy support. The UK housing market is most vulnerable due to shorter-term mortgage structure and resets.
Speakers
Joyce Chang, Chair of Global Research
John Sim, Head of Securitized Products Research
Michael Rehaut, Head of Homebuilders and Building Products Equity Research
Abigail Suarez, Head of Neighborhood Development at JPMorgan Chase
Haibin Zhu, Chief China Economist
Meghan Kelleher, International Securitization Research
Chong Sin, US Commercial Mortgage-Backed Securities Research
This podcast was recorded on November 28, 2023.
This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2023 JPMorgan Chase & Co. All rights reserved.
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