This is Toby Sumpter with your CrossPolitic Daily News Brief for Thursday, April 1, 2021.
The housing market is bonkers, Wisconsin Supreme court strikes down mask mandate, President Biden gets Four Pinnochios from Glenn Kessler at the Washington Post, and Dana Carvey has a pretty good impression of Joe Biden.
Happy Opening Day of Major League Baseball to Everyone
https://www.mlb.com/video/make-it-major
Play Audio: 0:00-0:36
Have you registered for the Fight Laugh Feast Rally in Rapid City, South Dakota, April 29, 30, May 1? Excited to see many of you as we learn to Love God, Sing Psalms, Defy Tyrants. Come hear talks from Pastor Doug Wilson, Ben Merkle, Steve Deace, Sheriff Daryl Wheeler from Bonner County, Idaho, myself – Pastor Joe Boot, and now the very latest: Mr. Nate “N.D.” Wilson. Gather with likeminded Christians who love freedom, confess Jesus Christ is Lord over all, and be equipped to stand firm in these insane days. Go to flfnetwork dot com forward slash rally and register today.
But wait – there’s more. Did you hear about our Pre-Conference? Warriors in the Garden: A Practical Theology of Violence, Protection, and Self-Defense. Come to Rapid City, South Dakota 2 days early for a 2 day intensive with Nathan Spearing. Nathan Spearing is a highly decorated combat veteran with 14 years and 12 deployments in Army Special Operations. Nathan has a broad range of experiences domestically and overseas and has spent his entire professional life walking out a theology of violence as a Christian in war. Sessions will include Ballistics, Rifle and Long Range Marksmanship, Close Quarter Tactics, Concealed Carry Fundamentals, Combat Medicine, and a Top Shot Competition on the last day. There are only 11 spots available to join Gabe, Knox, and myself with Nathan for this 2 day intensive before the Fight Laugh Feast Rally in South Dakota. If you are interested, send an email to contact at fight laugh feast dot com today.
Housing Market Bonkers
https://www.wsj.com/articles/the-pandemic-ignited-a-housing-boombut-its-different-from-the-last-one-11615824558?mod=e2tw
Nicole Friedman at the WSJ writes: The residential real-estate market is on its biggest tear since 2006, just before the housing bubble burst and set off a global recession. Back in 2004, Home buyers were trading up to bigger, more expensive houses after barely a year, he said. Many buyers paid small down payments, or none at all. When housing prices stopped rising, the market collapsed.
Today, people are putting down $500,000 on $1 million purchases.
In 2020, sales of previously owned U.S. homes surged to their highest level in 14 years, and many economists forecast sales to rise again this year.
Most real-estate analysts agree that the pandemic helped ignite the current boom as some urbanites looked to leave crowded cities like New York and San Francisco for cheaper cities or for more space in the suburbs while working from home [riots? Joe Biden?]. When lockdowns began lifting last year, home sales took off: June sales surged nearly 21% over the prior month, the biggest monthly increase on record going back to 1968. That milestone lasted only a month, when July sales rose almost 25% from June.
At the same time, the market is critically undersupplied. New-home construction hasn’t kept up with household demand, and homeowners are holding on to their houses longer. Buyers are competing fiercely for a limited number of homes.
The biggest winners in today’s boom are people who already own homes, who gained a collective $1.5 trillion in equity in 2020 from a year earlier, according to CoreLogic. They have also saved money by refinancing their mortgages at record low rates. Many have started renovation projects or bought vacation homes.
Real-estate brokers, home builders and mortgage lenders are also riding the wave. The S&P Homebuilders Select Industry index is