Hong Kong has lost its position as the world's freest economy to Singapore, according to a report by the Montreal-based Fraser Institute, which attributed the fall to erosion of impartiality in Hong Kong's legal system and judiciary.
The affordability of homes for first-time buyers is decreasing due to rising housing prices, high interest rates, and low inventory in the real estate market, as shown by a survey that reveals the majority of mortgages are $2,000 or less per month, but some payments exceed $3,000 per month and vary significantly by age group.
U.S. homebuilding fell to a three-year low in August due to higher mortgage rates, but permits for new construction increased, signaling support from a shortage of homes on the market.
The predictive power of yield curve inversions as indicators of economic recessions has weakened, as recent events have shown discrepancies in their accuracy and limitations due to external factors such as inflation expectations, Federal Reserve policies, and fiscal stimulus.
The Asian Development Bank has lowered its growth forecast for developing Asia due to high interest rates and the property crisis in China, posing risks to the region's economies.
The Asian continent is experiencing a transformation in its economic and political landscape, driven by increased regional trade, capital flows, and investment, leading to a shift towards a more locally focused and less Western-facing model of commerce.
Mortgage rates have fluctuated recently, with 15-year fixed rates increasing and 30-year fixed rates decreasing, while the average rate for a 5/1 adjustable-rate mortgage has decreased; the Federal Reserve's interest rate hikes and inflation are influencing these trends, and while experts predict some decrease in mortgage rates in 2023, they are unlikely to return to previous lows.
Chicago's derivatives firms are considering leaving the city due to proposed taxes and rising crime rates, which could have a significant impact on the city's finances and economy.