Yearly Archives: 2022

The National Association of Realtors released new data Wednesday reporting that mortgage payments have risen more than 50% in the last year. The increase hits on the heels of data from the U.S. Census Bureau showing that new home sales fell 12.6% in July, down 29.6% from a year ago.

According to Zillow, house prices have dropped in 30 of the 50 largest metro areas. Meanwhile, home values are still up 16% from last year and 44.5% from July of 2019.

“Those who still want to sell are making some necessary price adjustments. And, that’s a good thing,” said economist Orphe Divounguy. “More than half of homeowners with a mortgage had at least 50% in home equity across the country – a new record - according to data from Attom. Those who can still afford to buy are getting a little breathing room. However, most Americans have been pushed to the sidelines.

“Housing affordability remains the biggest issue afflicting the market today and an increase in the available housing stock is a necessary condition to keep the market humming,” he added.

Pending home sales also dropped by 1% in June, the second consecutive month of decline, according to NAR. Those sales have declined in eight of the last nine months.

“In terms of the current housing cycle, we may be at or close to the bottom in contract signings,” said NAR Chief Economist Lawrence Yun. “This month’s very modest decline reflects the recent retreat in mortgage rates. Inventories are growing for homes in the upper price ranges, but limited supply at lower price points is hindering transaction activity.”

NAR said Americans' ability to afford a home has dropped to the lowest level in decades.

“In June, housing affordability plummeted to its lowest level since 1989, according to NAR,” the group said. “Accounting for a 30-year fixed-rate mortgage and a 20% down payment, the monthly mortgage payment on a typical home jumped to $1,944, an increase of 54%, or $679, from one year ago.”

Interest rates have risen significantly in recent months, putting more pressure on homebuyers.

“On the demand side, housing is less affordable than it’s ever been,” Divounguy said. “On the supply side, potential sellers are not interested in trading their low fixed rate mortgage for today’s much higher rate.”

A majority of Americans think inflation will rise if President Joe Biden goes through with a potential plan to forgive $10,000 in student debt per borrower, according to a new poll.

The CNBC/Momentive survey found that 59% of those surveyed said they are concerned forgiving the debt will make inflation worse.

“Republicans are especially concerned: 81% of Republicans say student loan forgiveness will make inflation worse, nearly double the number of Democrats who say the same (41%),” Momentive said.

Inflation hit the highest level in decades for several consecutive months in the last year before its growth leveled off, at least temporarily, in July.

The poll found Americans are largely split on whether loans should be forgiven.

“Looking ahead, 34% say loans should be forgiven for those in need, 32% say all student loans should be forgiven, and 30% say no student loans should be forgiven for anyone,” Momentive said. “These numbers, too, have held steady since January.”

The poll comes as Biden faces a looming deadline. In March 2020, former President Donald Trump first suspended the loan repayments citing COVID-19. That suspension has since been extended several times, but it is now set to expire at the end of the month. The debts do not accrue interest while frozen.

Biden has yet to announce whether he will suspend repayments again or resume them.

The poll surveyed more than 5,000 adults online earlier this month.

(The Center Square) – Republicans in Wisconsin are not letting the two-year anniversary of Jacob Blake’s shooting, and Gov. Tony Evers’ reaction to it, go unnoticed.

It was on August 23, 2020, that a Kenosha police officer shot Blake in the back after Blake fought with officers, shrugged off a Taser, went to get into his ex-girlfriend's SUV, and finally reached for a knife.

That shooting touched off three days of protests and riots that left Kenosha burned and battered.

“Tony Evers has failed us. He consistently provides weak leadership,” Republican candidate for governor Tim Michels said Tuesday.

Michels held a roundtable event in Kenosha to mark the anniversary of Blake’s shootings, as well as the start of the riots in Kenosha.

“Is it any wonder why Governor Evers desperately wants to change the subject and talk about anything other than Kenosha today?” Michels added in a Tweet.

Michels used Evers’ “no regrets” comments in a new campaign commercial that hammers the governor for his response to the shooting and the riots.

Evers at the time blamed the police for Blake’s shooting.

"Tonight, Jacob Blake was shot in the back multiple times, in broad daylight, in Kenosha, Wisconsin," the governor wrote after the shooting in 2020. "While we do not have all of the details yet, what we know for certain is that he is not the first Black man or person to have been shot or injured or mercilessly killed at the hands of individuals in law enforcement in our state or our country."

Evers continued: "We stand with all those who have and continue to demand justice, equity, and accountability for Black lives in our country – lives like those of George Floyd, of Breonna Taylor, Tony Robinson, Dontre Hamilton, Ernest Lacy, and Sylville Smith. And we stand against excessive use of force and immediate escalation when engaging with Black Wisconsinites."

Wisconsin Republican Party Chairman Paul Farrow also called out the governor for his original comments about the shooting and the riots that followed, as well as his silence on this two-year anniversary.

“When the people of Kenosha needed a steady hand, Evers answered by playing politics, inflaming tensions, blaming law enforcement, and refusing federal help while the city burned,” Farrow said in a statement.

Gov. Evers was silent about the anniversary of Blake’s shooting on Tuesday.

(The Center Square) – Eric Toney, the GOP candidate running for Wisconsin's Attorney General, said Milwaukee was one of America's most dangerous cities.

The Fond du Lac district attorney cited homicides within the city are on track to break the record of 193 set in 2021.

Yet, despite the reputation for violence, the city of Milwaukee police department has been arresting fewer and fewer people over the past nine years.

Milwaukee police made 13,272 arrests in 2021, which was 61% less than the 34,326 arrests made in 2012. The drop in arrests pre-dated the pandemic. Arrests went from 34,326 in 2012 to 17,007 in 2019, that's more than a 50% drop in the year before the COVID-19 pandemic hit.

The decline in arrests comes at a time when police were going on more dispatched assignments than in the past.

Milwaukee police went on 279,818 dispatched assignments in 2021, the most since 2016 and the second-highest total of calls since 2012. City police were dispatched 13% more than in 2012, according to city data.

The Milwaukee police force had the fewest sworn officers in 2021 since at least 2006, when online records are available. The city had 1,839 sworn officers in 2021, which was 10% fewer than in 2012.

"The Milwaukee Police Department has not evaluated historical data related to arrests," said Sgt. Efrain Cornejo, spokesman for the department. "We remain committed to working with our community and system partners to build sustainable healthy neighborhoods, free of crime and maintained by positive relationships."

Milwaukee's police department falls in line with numerous other police forces in the country that have seen a large reduction in arrests.

Joshua Taylor, the 4th Congressional District Chair of the Milwaukee Democratic Party, didn't respond to an email seeking comment.

The Milwaukee Police Association didn't respond to an email seeking comment.