July 2025

FHA seeks input on buy now, pay later lending

The Federal Housing Administration (FHA) has opened a request for information on buy now, pay later (BNPL) lending as it seeks to understand its implications for housing affordability and stability. Comments are due by Aug. 25. These installment loans — often referred to as “phantom debt” — gained popularity during the COVID-19 pandemic, particularly among younger and underserved consumers...

Tokyo Office Demand Spills into Non-Core Wards in 2025

Tokyo's office market is undergoing a notable geographic shift in 2025, as rising rents and limited availability in the city's central business districts push companies to relocate to outer wards. According to CBRE, vacancy rates in Tokyo's non-core areas--comprising 18 outer wards--declined by 1.8 percentage points year-over-year in the first quarter of 2025. By comparison, core areas--made up of five...

Why mortgage purchase apps are on a 22-week growth streak

One of the most surprising pieces of housing economic data for 2025 is that purchase apps for the existing home sales market have shown 22 weeks of year-over-year growth. And that includes nine consecutive weeks of double-digit year-over-year growth in recent weeks. Normally, this would be a significant news story, but the confusion surrounding this data has led most people to overlook it, so I am going to...

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