Housing Market Heats Up
Good news for homeowners: The value of your average castle, according to one index, rose in May by 12.2 percent, the highest jump in seven years.
Good news for homeowners: The value of your average castle, according to one index, rose in May by 12.2 percent, the highest jump in seven years.
Bloomberg reports: “Historically low borrowing costs, short supply and improving job market are boosting demand for residential property and driving prices up. The climb in home values is also bolstering household finances, which may spur consumer spending, the largest part of the U.S. economy.”
A boost to the overall economy is good news for everybody, not just those who own their own home. Of course the root cause is bad news for aspiring homeowners, who already have to contend with cash buyers, flippers and speculators.
Another reason to hold the champagne: The Bureau of Labor Statistics reports that both the number of unemployed Americans and the unemployment rate, “have shown little change since February.”
So it’s good news for everyone — kind of — but mainly great news for wealthier, property-owning Americans. Welcome to the last 30 years.
— Posted by Peter Z. Scheer
AS CHAOS UNFOLDS, FIND SOLID GROUND…In this time of unprecedented challenges, independent journalism is more vital than ever. At Truthdig, we expose what power wants hidden and give you the clarity to make sense of it all.
Your donation helps ensure that truth telling continues.
Politics
Americans across the spectrum voted to raise wages, expand health care, and protect abortion rights.
For service workers, there’s no such thing as paid sick leave or working from home, two measures that could slow the spread of the disease.
Our oligarchic rulers are determined to ban all discussion of class warfare, which is why they are trying to block the nomination of Sanders.
Class- and race-conscious and uncomfortably relevant, the politically charged horror franchise doesn’t just amount to a big-screen nightmare.
The teacher strikes, rallies and walkouts in West Virginia, Oklahoma, Kentucky and elsewhere are a stunning reminder that socioeconomic class has always mattered in our public and private lives.
Our society descended from colonial Virginia's sinister caste system, in which race, class, labor and slavery were inextricably linked.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.