Like many ill conceived government or legal interventions, the unintended consequences of this are going to hurt those we want to help the most - first time home buyers. First time buyers (in general) do not have the extra funds to pay someone out of pocket to represent them. That's why it being "paid" by the seller made so much sense. It was more like additional liquidity in a transaction than anything else. Now a majority of first time home buyers will likely go unrepresented in transactions. That's a disaster. And for those who are able to pay their agents out of pocket, they will just offer less for the home. Net-Net it's all the same financially in the transaction for the seller, while really hurting a huge percentage of young buyers. And this of course sets off a chain reaction of making home accessibility to a younger generation at fair terms even worse
To my fellow Cook County voters:
It’s time to push back against Toni Preckwinkle’s disastrous and continuous assaults on our criminal justice system. She is responsible for pressuring lawmakers to lessen punishment for minors resulting in skyrocketing carjackings and robberies. And she handpicked Kim Foxx.
Her new choice for State’s Attorney, Clayton Harris, will continue the preferential treatment of criminals over victims and law-abiding citizens.
Vote against Toni Preckwinkle. Vote for Eileen O’Neill Burke in March’s Democratic Primary.
Hamas released a video proudly showing how it keeps four Israeli teenagers hostage:
🔸Agam Berger (19)
🔸Liri Elbag (18)
🔸Daniela Gilboa (19)
🔸Karina Ariev (19)
"Never again" is now.
Tomorrow morning, Case-Shiller and the FHFA will release their individual home price indices. Normally, prices recede throughout the second half of the year (see graph below). Because of mortgage rates at or near 8%, there is some speculation that for the next few months home prices will actually show minimal depreciation. I also believe that is a good possibility. That will eat away at some of the gains we’ve seen since the beginning of the year.
According to @NewsLambert of @ResidentialClub, home values…as measured by the Case-Shiller Index…have risen by 5.3% so far this year. Lance reports that Wells Fargo and Goldman Sachs are calling for a pulling back from that number. Goldman Sachs forecasts we will end 2023 with a 3.5% annual appreciation rate. Wells Fargo says it will be 1.8%.
Going forward, Goldman Sachs forecasts a 0.60% increase in 2024 and a 3.8% increase in 2025. Wells Fargo forecasts a 2.50% increase in 2024 and a 4.4% increase in 2025.
Moderating home value increases after three years of record appreciation is a good thing. That along with rising incomes and hopefully lower mortgage rates is the only way we can make it affordable again for families to attain the American Dream of homeownership.
But…as we see prices coming back under control, there will be those who will use it to claim the market is crashing. Get out in front of that narrative and explain what is actually happening. After three years of runaway appreciation, the market is getting back to normal.
I will post the results of the two Home Price Indices tomorrow.
This is the best piece of (historically insightful and humane) writing you will read on the conflict today: Israelis and Palestinians are facing their moment of greatest danger since 1948 | Yuval Noah Harari https://t.co/npSA6K8D4J
Results released today of a new study following the long term impact of KIPP charter schools are incredible and highly policy relevant.
One of my critiques of program evaluations is they tend to judge short term measures (like test scores) when what matters is long term outcomes (higher ed completion and income). So we @Arnold_Ventures sanctioned the 1st study to follow kids who attended a KIPP charter school for 10 years.
While earlier research showed kids who attended a KIPP middle school had significant improvements in test scores, this study shows that kids who subsequently did not attend a KIPP high school only had minimal improvement in college attendance and completion.
But for kids who attended both a KIPP middle and high school, the impact was enormous: nearly doubling the % of kids who graduated with a 4-year degree. As the researchers wrote: "An effect of this size, extrapolated nationwide, would be large enough to nearly close the degree-completion gap (for Black and Hispanic students)."
#NEW Goldman Sachs: "We are forecasting 30-year fixed mortgage rates will end 2023 at 6.4% (per the Freddie Mac Primary Mortgage Market Survey) before normalizing to 5.9% in 2024"
USA’s Antonee Robinson consoles Iran’s Ramin Rezaian after America’s victory. Iran’s regime has tried hard to brainwash its people against the US, but most Americans who’ve been to Iran will tell you it’s among the friendliest places they’ve ever visited.
If things don’t turn out as bad as the pessimists say they’ll argue their warnings helped. If things turn out worse the optimists will be blamed for ignoring the pessimists. The key is to confront the facts, prepare, take action and be optimistic about the future.
I’m over the “I didn’t get enough time with him” storylines. We’re on season 39 people. This is gonna happen every episode of every season. How they continue pushing this narrative is embarrassing.
Student-athletes like Claire inspire us every day to do and be our best! So proud to call her an @smu#Mustang! #PonyUp#ShapingChampions https://t.co/NPFkKJeQ1N