PLEDGE NOW
Home-Ownership And The Stalled Economy

Home-ownership and housing. It’s a patchwork of red-hot and still-cold. We’ll look at housing and the U.S. economy.

In this Thursday, Jan. 9, 2014, photo, a for sale sign with a sale pending hangs in front of a house in Mount Lebanon, Pa. The National Association of Realtors reports on the number of Americans who signed contracts to buy homes in December on Thursday, Jan. 30, 2014.  (AP)

In this Thursday, Jan. 9, 2014, photo, a for sale sign with a sale pending hangs in front of a house in Mount Lebanon, Pa. (AP)

Housing is historically one of the great engines of the American economy.  Buying houses, selling houses, building homes.  It got out of control before the great bust.  In some places, the housing market is back like gangbusters now.  But overall, nationally, housing sales slipped significantly last month.  Mortgage rates are creeping back up.  Borrowing is tougher.  But it’s more than that.  Sales are down but prices are up.  Meaning, the affluent can buy, the middle class can’t.  And then there are the young.  This hour On Point:  buying homes, selling homes, and the new dilemmas in American housing.

– Tom Ashbrook

Guests

Neil Irwin, senior economic correspondent for the New York Times’ The Upshot. Author of “The Alchemists: Three Central Bankers and A World On Fire.” (@Neil_Irwin)

Susan Wachter, professor of real estate adn financial management at  the University of Pennsylvania’s Wharton School of Bussiness. Co-director of the Penn Institute for Urban Research. Author of “Inflation and Pensions” and “Latin American Inflation.” (@Susan_Wachter)

Celia Chen, senior director of the Moody’s Analytics research staff.

Allen Brake, realtor at Realty Executives of St. Louis. (@allenbrake)

From Tom’s Reading List

New York Times: Why The Housing Market Is Still Stalling the Economy — “Investment in residential property remains a smaller share of the overall economy than at any time since World War II, contributing less to growth than it did even in previous steep downturns in the early 1980s, when mortgage rates hit 20 percent, or the early 1990s, when hundreds of mortgage lenders failed.”

Quartz: The bizarre reality of the US housing market: Home sales are tanking, and prices are soaring -- “Even though the sales numbers are not great at all, prices of new homes are still rising sharply. In fact, they hit an all-time high in March, when the median price of a new home was $290,000. That’s 10.4% higher than the pre-crisis peak set in March 2007. And the 11.2% price jump between February and March was the highest on record.”

The Wall Street Journal: Why the Housing Market Has Slowed — “Even though home prices have stopped falling, traditional sellers have been slow to list their homes for sale, and construction of new homes is still very low. This means there still aren’t very many homes on the market, which has pushed prices up. That’s good for homeowners, but bad for anyone looking to buy a house who doesn’t currently own one.”

Please follow our community rules when engaging in comment discussion on this site.
ONPOINT
TODAY
Jul 31, 2015
Former University of Cincinnati police officer Ray Tensing, second from left, appears before Judge Megan Shanahan at Hamilton County Courthouse for his arraignment in the shooting death of motorist Samuel DuBose, Thursday, July 30, 2015, in Cincinnati. Tensing pleaded not guilty to charges of murder and involuntary manslaughter. (AP)

A new police murder charge and a black man dead in Ohio. Iran Deal heat and Huckabee. Malaysia Air. Our weekly news roundtable goes behind the headlines.

Jul 31, 2015
In this undated photo provided by the Wildlife Conservation Research Unit, Cecil the lion rests in Hwange National Park, in Hwange, Zimbabwe. Two Zimbabweans arrested for illegally hunting a lion appeared in court Wednesday, July 29, 2015. (AP)

Canned lion hunts and the fate of big game in Africa, after the outrage over Cecil.

RECENT
SHOWS
Jul 31, 2015
In this undated photo provided by the Wildlife Conservation Research Unit, Cecil the lion rests in Hwange National Park, in Hwange, Zimbabwe. Two Zimbabweans arrested for illegally hunting a lion appeared in court Wednesday, July 29, 2015. (AP)

Canned lion hunts and the fate of big game in Africa, after the outrage over Cecil.

 
Jul 31, 2015
Former University of Cincinnati police officer Ray Tensing, second from left, appears before Judge Megan Shanahan at Hamilton County Courthouse for his arraignment in the shooting death of motorist Samuel DuBose, Thursday, July 30, 2015, in Cincinnati. Tensing pleaded not guilty to charges of murder and involuntary manslaughter. (AP)

A new police murder charge and a black man dead in Ohio. Iran Deal heat and Huckabee. Malaysia Air. Our weekly news roundtable goes behind the headlines.

On Point Blog
On Point Blog
Our Week In The Web: July 31, 2015
Friday, Jul 31, 2015

A regular reminder that RTs are not endorsements, links have specific authorship and patience is a virtue.

More »
2 Comments
 
Q & A: Scott Walker On The Iran Deal, Huckabee Comments
Monday, Jul 27, 2015

Wisconsin Gov. Scott Walker explains his opposition to the Iran Deal, his record of statewide electoral victory and why he feels he’s set to win the 2016 Republican Presidential nomination.

More »
Comment
 
Q & A: Carly Fiorina On Trump, Sexism, And Being Cut From The GOP Debate
Monday, Jul 27, 2015

Republican Presidential Candidate Carly Fiorina, the former CEO of computer giant Hewlett-Packard, joined guest host John Harwood to talk Donald Trump, the upcoming Republican candidate debate and sexism in modern life.

More »
Comment