House prices broke records in May, rising by most in 30+ years.
'This month I find myself running out of superlatives,” said one housing analyst.
Home prices continue to break records, as strong demand slams up against weak supply.Nationally, prices in May were 16.6 percent higher than in May 2020, according to the S&P CoreLogic Case-Shiller home price index. It is the highest reading in the report’s 30-plus years.
The 10-city composite annual increase was 16.4 percent in May from 14.5 percent in April, with Phoenix, San Diego and Seattle reporting the highest year-over-year gains. Phoenix led the way with a 25.9 percent year-over-year price increase, followed by San Diego with a 24.7 percent increase and Seattle with a 23.4 percent increase. Chicago, Cleveland and Minneapolis reported the lowest gains, although they were still in low double-digits.
“A month ago, I described April’s performance as ‘truly extraordinary,’ and this month I find myself running out of superlatives,” said Craig Lazzara, managing director and global head of index investment strategy at S&P DJI. “We have previously suggested that the strength in the U.S. housing market is being driven in part by reaction to the COVID pandemic, as potential buyers move from urban apartments to suburban homes. May’s data continue to be consistent with this hypothesis.” headtopics.com
Charlotte, Cleveland, Dallas, Denver and Seattle saw their all-time highest annual gains.Five cities — Charlotte, Cleveland, Dallas, Denver and Seattle — saw their all-time highest annual gains. Price gains in all surveyed cities were in the top quartile of historical performance.
Mortgage rates fell slightly to start May and held within a narrow range throughout the month. Rates have been so low for so long that even slight monthly moves higher have done nothing to take the heat out of home prices.Sales of both new and existing homes have weakened in the past few months, largely due to sky-high prices. The inventory of homes for sale has finally started to increase, albeit very slowly. An increase in listings is the only thing at this point that could pull price gains back a bit.
Demand is still strong due to simple demographics of the largest generation, millennials, moving into its homebuying years. Mortgage rates have also been falling again in the past few weeks. Read more: NBC News »
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American optimism is no longer surreal. It is insanity. Banks making money hand over fist while the American people suffer.
Pelosi Plans To Appoint Adam Kinzinger To Jan. 6 House CommitteeThe House speaker intends to add GOP members to the panel investigating the Capitol riot even after Minority Leader Kevin McCarthy withdrew his nominees. huffpost notes the authoritarianism inherent in Democrats. 하나님의 말씀을 기뻐하는 자는 복이 있습니다. BenchmarkOfGod
Pelosi appoints Kinzinger to 1/6 House select committeeHouse Speaker Nancy Pelosi announced Sunday she has appointed GOP Rep. Adam Kinzinger to the House select committee to investigate the January 6 attack on the US Capitol. HouseGOP Finally Adam Kinzinger displays a Profile in Courage from the Republican side of the House! Who’s next to place country and democracy before party. Said a douchebag This guy is ESTABLISHMENT not GOP. Trying 2 hold on2 what he's got. Not liberal enough 2 adapt & not conservative enough 2 endure. Jan 6 was what the country saw the whole year prior: A PROTEST TURNED RIOT BY A FEW STUPID IDIOTS. VIOLENCE IS WRONG. STOP PLAYING WITH ILLUSIONS.
Opinion | Tom Barrack, Donald Trump and the (other) most corrupt White House in historyThe Trump administration was one of the most thoroughly criminal political machines America has ever experienced. But at least one president may have him beat. KevinMKruse UAE ? I don't fully understand that interaction over there. I CAN SAY that multiple times over, Arabic language has crossed my path in whiteSupremacy GA14... AND ElkCity, Oklahoma where my ex-bf was murdered. Website that named people who killed him became Arabic days later KevinMKruse My grandmother went to her grave convinced that Harding was poisoned to death by his wife as a mercy killing to avoid his pending disgrace, and believing too that Mrs. Harding was made of sterner stuff than Pat Nixon You could have bunting for days and hot dogs that plump up to the size of footballs, it's all about the sky candy.
CNN's Jake Tapper confronts Pat Toomey on GOP resistance to Jan. 6 House committee'Why do you think so few in your party seem to want to take this seriously and get to the bottom of happened on Jan. 6?' Tapper asked the Pennsylvania senator. Because they know the truth and they do not want the world to know it without doubt the insurrection/coup was planned and executed by the GQPDomesticTerrorists It would probably implicate quite a few of them...starting with Hawley.
Olivia Rodrigo Takes Fans Behind the Scenes of Her White House VisitOlivia Rodrigo says she'll never forget her visit to the White House, where she helped deliver a message to the youth about getting the COVID-19 vaccine. Olivia_Rodrigo Aww. I’m a new artist and I would like to go to the White House 🙏 will you please help me get there? Olivia_Rodrigo Good job by her. Olivia_Rodrigo I’m in tears she single handedly ended bts_bighit
Matt Gaetz says Democrats 'scared' of Trump running for next House SpeakerThe Florida representative's remarks follow proposed legislation to require that only elected members or delegates be eligible to serve as Speaker of the House. they are only doing this so trump doesn''t get it. the democrats are trying to stack the house. if anybody can vote then anybody should be able to be speaker Trump can barely put two words together, but the GOP wants HIM as Speaker of the House. To go from POTUS to a 3rd ranking position isn't exactly a promotion. Right? Trump will lead nothing but the end of the Republican party...period. Fascism dies here