That’s it for the week.
See y’all Sunday morning 😀
Is it possible to import growth without also importing housing problems? “I can’t point to a city that has done it right.” That’s the big question Conor Doughtry is asking over at the New York Times.
THE GOOD: In Idaho, home prices rose 20 percent in 2020, according to Zillow. Why? Doughtry explains for the past several years, “Idaho has been one of the fastest-growing states, with the largest share of new residents coming from California.”
THE BAD: Rising costs are great for current homeowners, but skyrocketing prices keep many from becoming first-time homeowners, “Housing costs are relative, of course, so anyone leaving Los Angeles or San Francisco will find almost any other city to have a bountiful selection of homes that seem unbelievably large and cheap. But for those tethered to the local economy, the influx of wealthier outsiders pushes housing costs further out of reach.”
THE BIPARTISAN: This is one o the few issues where both sides of the aisle agree and amazingly they both are wrong. “The problem is that opposition to new housing also has bipartisan agreement. Blue cities full of people who say they want a more equitable society consistently vote to push housing costs onto others. They will vote for higher taxes to fund social programs, but also make sure that whatever affordable housing does get built is built far away from them. Red suburbs full of people who say regulation should be minimal and property rights protected insist that their local governments legislate a million little rules that dictate what can be built where. What does it mean to respect property rights? In zoning fights, it gets fuzzy.”
The latest loan performance data shows that as of November, the majority of active forborne loans have been in forbearance since April. (CoreLogic)
Multifamily housing might be down currently, but it should stabilize by 2022 according to NAHB economists. (NAHB)
New data from Redfin shows that nationwide, 55.9% of offers for homes faced bidding wars in January (Redfin)
☀️ Happy Friday! We are 2 Days from Valentines Day & 3 Days from Presidents Day
☕️ Lawyers representing former President Donald J. Trump will state their case on Friday and a final vote could follow as early as Saturday (New York Times), a record 47.2% of U.S. equity trading volume in January was executed outside public stock exchanges, up from 39.9% a year earlier (Wall Street Journal). and we hit 2 million vaccine doses administered in 2 days of the last week (Bloomberg)
📉 U.S. stock futures edged lower, putting the S&P 500 on track to end the week with muted gains after notching its ninth record closing high for 2021. (Wall Street Journal)