PPCC: Pisitófilos Creditófagos. Otoño 2023

[newclo]

Y vuelvo a caer con Twitter como fuente...

https://x.com/truestreetmedia/status/1722072949497442331?s=20

.../...
King Charles today said that UK Prime Minister Rishi Sunak's government will "continue to take action... to ease the cost of living for families."
.../...

[Derby]

https://www.theguardian.com/business/2023/nov/08/brexit-has-hit-uks-economic-openness-says-bank-of-england-governor

Brexit has hit UK’s economic openness, says Bank of England governor


Andrew Bailey says free trade demands greater international cooperation on financial rule-making

The governor of the Bank of England has called for greater cooperation on financial rule-making, warning that Brexit has affected the “openness of the UK economy”.

In an apparent swipe at those calling for the UK to develop a separate rulebook for banking and insurance activities, Andrew Bailey said free trade needed strong regulation based on agreements with foreign watchdogs.

Speaking in Dublin at a financial services conference organised by the Irish central bank, he argued against trade protectionism and regulatory fragmentation.

“As a public official, I take no position on Brexit per se,” Bailey said. “That was a decision for the people of the UK.”

However, he added: “It has led to a reduction in the openness of the UK economy, though over time new trading relationships around the world should, and I expect will, be established. Of course, that requires a commitment to openness and free trade.”

Bailey said he hoped to see further close regulatory cooperation with his Irish counterparts to minimise fragmentation of financial markets after Brexit.(...)

[cujo]

Pingan va a pingar pero bien.
.

[Derby]

https://thehill.com/business/4290453-feds-rate-strategy-stymied-by-stubborn-housing-cost-inflation/

Fed’s rate strategy stymied by stubborn housing cost inflation

The Federal Reserve is facing questions about its ability to tame one of the largest drivers of inflation: the cost of housing.

Housing costs, measured as both rental costs within the consumer price index (CPI) and as mortgage rates, are one of the most interest rate-sensitive sectors of the economy, generally getting more expensive as rates go up and cheaper as rates go down.

But with the Fed now expected to keep rates higher for longer, a reprieve in shelter costs, which constitute a major portion of monthly expenditures for U.S. households, could still be a ways away.

Consumers remain hobbled by housing costs

Americans spend about 30 percent of their income on rent, according to research from Moody’s Analytics published over the summer, a record threshold initially reached last year.

Moody’s has described Americans as “rent-burdened,” arguing in April that “rent-to-income levels remain uncomfortably high.” In 2021, 20 million households that pay rent met the 30-percent income threshold and were “cost burdened,” according to the Census Bureau, an increase of about 1 million households since 2019.

“If you look at the consumer price index, the big contributor to high inflation is the shelter, both rents and owner-occupied rents,” Claudia Sahm, founder of Sahm Consulting and a former Federal Reserve economist, told The Hill.

“The increases in shelter costs have absolutely slowed down in the past six to eight months, but they take time to work their way through. … Frankly, we’ve gotten surprised at how long it’s taken and how bumpy it’s been.”

Fed faces pressure to cool down housing market

Inflation has been coming down over the past year as the Fed has been raising rates, falling to an annual rate of 3.7 percent in September from a high of 9.1 percent in June of last year.

But annual housing inflation is still around 7 percent and accounts for the vast majority of all the inflation left in the economy.

The CPI’s shelter index accounted for more than 70 percent of the total increase in all items less food and energy, the Labor Department reported earlier this month.

“The Fed needs to study the housing market at this moment very carefully, because it’s at the point where it really starts to have an effect,” Sahm said. “[Fed Chair Jerome Powell] pointed to the housing market, because it’s clear that activity there is slowing down.”

While one of the fastest Fed tightening cycles on record has driven housing costs higher, an underlying shortage of affordable, multifamily housing has also dogged the housing market.

Realtor.com puts the shortage at between 2.3 and 6.5 million homes.

Can Powell tame property owners?

Tenants-rights activists say that focusing on the financial system or even the physical supply of housing is shortsighted and neglects the fact that landlords and property owners simply have too much power over tenants, allowing them to drive up prices at will.

“Federal housing policy is designed in a way that prioritizes the industry that profits from providing housing, rather than the people who need homes,” argued the Homes Guarantee advocacy group, which wants to see rent control limitations placed on all national housing subsidy programs.

The group also wants to see the Biden administration enact a national tenants bill of rights to protect against profiteering in the housing sector as a matter of public policy.

Powell said Wednesday that effects of housing costs on the economy were becoming “significant.”

“We’re getting reports from housing that the effects of this could be quite significant,” he said, noting that activity in the housing sector has flattened out and remains well below levels of a year ago.

Housing remains in the Fed’s sights

The Fed’s latest anecdotal survey of the U.S. economy is riddled with complaints about the affordability of housing.

“Housing affordability remained extremely low, and rents remained high in the current period. Requests for assistance with housing and utility bills continued to dominate 211 [hotline] requests in New Jersey and Pennsylvania. Roughly one-third of all requests in the two states were related to housing,” the Federal Reserve Bank of Philadelphia reported in the October “Beige Book,” the Fed’s monthly summary of regional economic conditions.

Rental and home ownership affordability as measured in September by the Department of Housing and Urban Development are both near 23-year lows, while month-to-month house prices were near 20-year highs.

“Rising rents and a shortage of affordable housing continued to impact low- and moderate-income households’ ability to secure housing. Moreover, some landlords stopped accepting housing choice vouchers in order to get higher rents in the open market,” the Cleveland Fed observed.

Despite elevated levels, shelter prices have been declining in recent months, with owners’ equivalent rent falling to 7.1 percent in September off a high of 8.1 percent in April.

The shelter component of the CPI also stands at 7.1 percent, off a March peak of 8.2 percent.

But that descent has been touch-and-go and has been a source of surprise for economists.

“It was clear this was coming, but last month forecasters were surprised; it didn’t come down as much as we’d expected. We don’t know exactly how the translation goes between new rents and the CPI,” Sahm said.

“We know the direction of this, but exactly when it happens is not clear, and shelter makes a bigger contribution to the CPI in general, so it’s not like this inflation is just going away.”

Thirty-year fixed-rate mortgages are near their highest levels in 23 years, at 7.86 percent.

“The impact of higher rates continued to be felt across both purchase and refinance markets. Purchase applications decreased to their lowest level since 1995 and refinance applications to the lowest level since January 2023,” Joel Kan, Mortgage Bankers Association vice president, wrote in a note Wednesday.

Economists sound the alarm on bond yields

Soaring bond yields, which are closely correlated with mortgage rates, especially for longer-term maturities, were also a concern for economists watching the outcome of the Fed’s meeting.

“Powell’s focus on persistent conditions, especially regarding the rise in Treasury yields and the near-8% mortgage rate, suggests that the Fed is closely monitoring the broader economic indicators,” Jon Maier, head of investments at financial firm Global X, wrote in an analysis.

Despite the high cost of housing, home ownership rates for moderate earners rose to some of their highest levels ever during the pandemic, boosted by trillions in stimulus sent out by both the Trump and Biden administrations.

In the first quarter, the homeownership rate for Americans earning less than the median family income of $74,580 hit 53.4 percent, a number surpassed in recent decades only during the second and third quarters of 2020, when the government was helicoptering emergency cash onto households during the pandemic, according to Census Bureau data.

Powell stressed Wednesday that Fed bankers had not yet made up their mind about future rate hikes or whether Fed policy was now sufficiently “restrictive.”

“We’re not confident at this time that we’ve reached such a stance. We’re not confident that we haven’t, but we’re not confident that we have,” Powell said.

[asustadísimos]

[Se está produciendo el hundimiento definitivo. El proceso va a ser rápido. No hay capacidad financiera para aguantar un sangrado largo. El cóvid ha sido determinante. Los planes eran la cesación de la hinchazón-para-desagüe en 2018, dos años de parada y cinco años de desinflamación. El cóvid lo desbarató. Estamos en un plan de urgencia, como lo muestra la pendiente de la 'rate hike'. Además, el BRICS+ es más importante de lo que se piensa. El imperialismo anglonorteamericano es monetario: «Te compro tu producción con un préstamo que tú me das en mi moneda». El mundo está saturadísimo de activos financieros denominados en dólares, en importes inimaginables. Añadan el éxito de la retórica suicida de 'economiita de mercadillo', filosofeta de barra de bar que exuda el degenerado mundo de los trabajadores-directivos de empresa, que ha llevado al imperio al abandono de las políticas compensatorias de Vivienda, Sanidad, Educación y Jubilación. Señoras, señores, EEUU es un país 'en vías de subdesarrollo' y con cierto riesgo de balcanización difusa, dada la amalgama que es.]

[Cadavre Exquis]

Efectivamente, parece que bajar, sí bajan...

La compraventa de viviendas cae un 14,9% interanual en sep-23
La compraventa de viviendas y sus precios descienden. De igual forma, la concesión de préstamos hipotecarios cae mientras que la constitución de sociedades registra avances.

2023.11.07

• La compraventa de viviendas crece en dos CC.AA. y disminuye en las quince restantes. Destacan las alzas en Castilla-La Mancha (8,4%) y Cantabria (6,3%) y las caídas en el País Vasco (-25,9%) y Cataluña (-21,9%)
• El precio del m² baja un 0,9%. Destacan los ascensos en Galicia (11,2%) y La Rioja (9,8%) y las caídas en Navarra (-20,8%) y el País Vasco (-2,3%)
• Los préstamos para adquisición de vivienda disminuyen un 22,6%. Crecen en Castilla-La Mancha (4,2%) y disminuyen en el resto de CC.AA., destacando las caídas en Navarra (-39,1%) y Asturias (-36,0%)
• La constitución de nuevas sociedades crece un 3,1%. Destacan los aumentos en Cantabria (27,0%) y Castilla y León (21,9%) y los retrocesos en La Rioja (-51,6%) y Navarra (-42,5%)
  

• Informe compraventas, préstamos hipotecarios y sociedades de septiembre 2023 (PDF) (498 Kb)
• Anexo tablas: series estadísticas correspondientes al informe (hasta sep-23) (XLSX) (2133 Kb)
  

https://www.expansion.com/economia/2023/11/08/654a8894468aebd3148b45e1.html

https://www.eleconomista.es/vivienda-inmobiliario/noticias/12526699/11/23/nuevo-hundimiento-de-la-compraventa-de-viviendas-y-las-hipotecas-mientras-que-los-precios-se-enfrian.html

https://www.pressreader.com/spain/el-economista/20231108/page/28/textview

El alquiler sube un 7% y el precio del metro cuadrado llega a once euros

Saludos.

[Cadavre Exquis]

https://www.expansion.com/catalunya/2023/11/07/654a3a64468aebca068b45c9.html

https://www.pressreader.com/spain/expansion-nacional/20231108/page/38/textview

El turismo cierra la campaña estival con ingresos al alza pero márgenes contraidos

Saludos.

[Benzino Napaloni]

Uy uy uy, que hemos pinchado hueso.

Salou, Cadaqués y otros 22 municipios catalanes deberán reducir en más de la mitad sus pisos turísticos

Críticas a la nueva regulación de los pisos turísticos en Cataluña: "Es una expropiación encubierta"

El sector de los pisos turísticos denuncia trato de favor a los hoteleros


Miro la bola de cristal y dudo si esto es que por fin hay miedo de no tener suficientes trabajadores por el absurdo del precio de la vivienda, los hoteleros han dicho "hasta aquí hemos llegado", o todo mezclado. En cualquier caso el mensaje parece claro: se acabó.

Sólo espero que esta vez se cumpla, que no se quede en agua de borrajas, y que esto sea realmente el principio del fin del rentismo.

[Benzino Napaloni]

Jran oportunidad de himbersión .

Venden viviendas en Tenerife con el okupa dentro y sin poder visitarlas

Anuncios de inmuebles con personas dentro en la zona metropolitana y el Sur proliferan en los portales especializados y ofrecen una rebaja en el precio para compensar tales ‘inconvenientes’

[valensianet]

Han disparado a Vidal-Quadras... eventos de calidad?

[Raf909]

Han disparado a Vidal-Quadras... eventos de calidad?

A mí me parece ajuste de cuentas, no creo que tenga nada que ver con evento de calidad.

[Derby]

En TVE anuncian que la investidura se agendará para los días 15 y 16 de noviembre.

https://www.elconfidencialdigital.com/articulo/politica/confirma-noticia-adelantada-ecd-investidura-sera-semana-13-noviembre/20231109123814667165.html

Se confirma la noticia adelantada por ECD: la investidura será la semana del 13 de noviembre

El PSOE apunta que el pleno tendrá lugar a partir del martes, después de que la ley de amnistía se registre el lunes en el Congreso. Sánchez concede a Puigdemont negociar un referéndum de autodeterminación

[Derby]

https://www.bloomberg.com/news/articles/2023-11-09/dollar-crisis-spurs-malawi-to-devalue-its-currency-by-44#xj4y7vzkg

Dollar Shortage Spurs 44% Devaluation in Malawi’s Currency

Central bank announces step to correct supply-demand imbalance
Malawi facing dollar shortage that has curbed fuel imports

Malawi devalued its currency by 44% amid a shortage of dollars that has curbed imports of fuel and other commodities in the debt-stricken southern African nation.

The kwacha will be offered at 1,700 per dollar at a currency auction on Thursday, compared with 1,180.29 previously, the Reserve Bank of Malawi said in a statement. The adjustment leaves the kwacha worth two-thirds less than it was at the start of the year, according to data compiled by Bloomberg.(...)

[Derby]

https://www.bloomberg.com/news/articles/2023-11-09/nyc-rents-retreat-from-record-highs-as-market-starts-to-cool

NYC Rents Retreat From Record Highs as Market Starts to Cool

Prices in  Manhattan, Brooklyn and parts of Queens eased in October, but aren’t expected to return to pre-Covid levels anytime soon.

Rents in Manhattan, Brooklyn and part of Queens fell in October as the New York City apartment market continued to soften from record highs reached during the summer.

The median rent on new Manhattan leases signed last month was $4,195, down 3.6% from September, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Rents peaked in July and August at $4,400.(...)

[sudden and sharp]

Han disparado a Vidal-Quadras... eventos de calidad?

A mí me parece ajuste de cuentas, no creo que tenga nada que ver con evento de calidad.

La Policía ya maneja la hipótesis de atentado en el disparo a bocajarro a Vidal-Quadras
https://okdiario.com/sucesos/tiroteo-madrid-hombre-recibe-disparo-cara-nunez-balboa-11882013
Un desconocido que iba en moto se le acercó y le disparó en la cara a las puertas de su casa

Parece un atentado. Muy preocupante.