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- California built more homes than people over six years — so why is housing sti...
California's housing market is seeing an increase in inventory while the state's population growth slows, but strong demand stemming from longstanding scarcity has kept the market tight.An analysis by the Public Policy Institute of California (PPIC) found that the state added 677,000 housing units over a six-year period in which California's population grew by only 39,000 residents.Despite the relative growth in the number of housing units available, vacancy rates showed the market remained tight, with PPIC finding that owner vacancy declined from 1.2% to 0.8% while the rental vacancy rate was 4.3% in 2024, well below the national rate of 5.9%."Even though the state is adding more housing units than people, it was in such a deep hole that the recent successes in homebuilding are not enough to truly move the needle," said Joel Berner, senior economist at Realtor.com.AVERAGE MONTHLY MORTGAGE PAYMENT HITS NEW HIGH, TOPPING $2K FOR FIRST TIME EVERThe state's longstanding shortage of housing units will require more construction to get inventory levels closer to the market's equilibrium, as the state will need 2.5 million additional homes, according to a 2022 estimate by the state's housing agency.PPIC's analysis also noted a demographic trend that's affecting California's housing market, with average household sizes declining in recent years.It found that California lost 82,000 households with children and gained 722,000 households without them from 2019 to 2024. "Fewer people living under the same roof means more roofs are required for the same number of people," Berner said.THESE 8 US HOUSING MARKETS FAVOR BUYERSThe aging of California's population is a key factor in the trend, as PPIC found that about 16.5% of the state's population is 65 or older today and projects that number will rise to 24.9% by 2050.Homebuilding has picked up in the state of California in the last five years, including through promoting the construction of accessory dwelling units (ADUs), which are secondary living units that are on the same lot as a primary home but are typically detached or otherwise self-contained."The state has made significant progress from a policy perspective on encouraging ADU construction in recent years, for which it should be commended," Berner added. "The state has made efforts to lift local restrictions on ADUs, which is helping it to deliver more and more of them where they are needed the most."WHITE HOUSE LAYS OUT FIXES FOR HOUSING AFFORDABILITY PROBLEMBoth PPIC and Berner suggested that while California is… [TheTopNews] Read More.15 mins ago - Hormuz disruptions hit China’s Christmas capital — and holiday spending
Manufacturers told CNBC that shoppers will likely have to pay higher prices to match rising costs of plastic and other materials. [TheTopNews] Read More.23 mins ago - The one line in Warsh’s testimony signaling a break from the Fed’s status qu...Kevin Warsh, President Donald Trump’s pick to lead the Federal Reserve, is set to deliver a pointed message to lawmakers Tuesday: the Fed must stay independent on interest rates, but not above accountability.In prepared remarks obtained by FOX Business, Warsh vows to keep monetary policy "strictly independent," while making clear the central bank should not operate unchecked across its broader responsibilities."The Fed must stay in its lane. Fed independence is placed at greatest risk when it strays into fiscal and social policies where it has neither authority nor expertise."The warning reflects Warsh’s broader push to rein in what he sees as an overextended central bank.TRUMP’S FED PICK DISCLOSES $131M FORTUNE AS NOMINATION FACES HEADWINDSAt the same time, he opens the door to closer coordination with elected leaders, pledging to work with the White House and Congress on non-monetary matters – an approach that could reshape how the Fed operates in Washington.Warsh, nominated to replace Jerome Powell, also takes aim at what he sees as a complacent central bank. He warns that large institutions are prone to inertia – and that clinging to the "status quo" in a fast-moving economy is not just outdated, but dangerous.Calling this a "consequential" moment for the U.S. economy, Warsh argues a "reform-oriented Federal Reserve" is urgently needed – and suggests the stakes for everyday Americans couldn’t be higher.His potential ascent comes at a turbulent moment for the central bank.The Federal Reserve is facing pressure on multiple fronts, including a Justice Department criminal probe involving Chair Jerome Powell, a Supreme Court case weighing limits on the Fed’s independence, and persistent cost-of-living concerns testing Trump’s economic agenda.FEDERAL RESERVE CHAIR POWELL UNDER CRIMINAL INVESTIGATION OVER HQ RENOVATIONA former Fed governor, Warsh revives a long-running critique: the central bank has drifted too far from its core mission. His message is blunt – "stay in its lane."That includes steering clear of politically charged areas like climate policy and broader social goals, which he has previously criticized as an expansion beyond the Fed’s core mandate.But his sharpest warning is reserved for inflation."Low inflation is the Fed’s plot armor," Warsh says, arguing that recent price spikes have inflicted "grievous harm" on Americans – especially those least able to afford it. Rising costs, he warns, don’t just hit wallets – they risk eroding public trust in the broader system of economic governance.GET FOX BUSINESS ON THE GO BY CLICKING HEREWarsh, like Powell, is… [TheTopNews] Read More.23 mins ago
- $150K over asking isn’t enough: NJ real estate agent warns ‘average pers...Amanda Cruz thought she was playing it safe, as the New Jersey real estate agent recently placed an offer for a client at $150,000 over the asking price — a figure she feared was "a little bit high for the market."It turns out she wasn't even close."Someone else came in much higher than us. Like, we weren't even in the ballpark," Cruz explained in a now-viral social media post currently gaining hundreds of thousands of views. "My buyers didn't get the house."AVERAGE MONTHLY MORTGAGE PAYMENT HITS NEW HIGH, TOPPING $2K FOR FIRST TIME EVER"Then I have a listing in Middletown," she continued. "No offers for two and a half weeks. Yesterday, same day, four offers, all over asking, all phenomenal offers. And this is going on in other parts of Monmouth County as I speak to other agents as well."Her experience isn't a one-off; it’s the front line of a statewide surge. While the rest of the U.S. housing market recorded 0.5% growth in early 2026, according to recent data from Cotality, New Jersey has seen a nearly 6% surge.More specifically, Newark recorded a 6.7% year-over-year price jump, marking the steepest hike of the 100 largest metros across America. Housing supply in New Jersey reportedly remains well below pre-pandemic levels, with nearly 40% of homes selling above asking prices.Cruz explained in her post that a "mass exodus" from New York City and Hoboken is flooding suburban markets like Monmouth County, making it nearly impossible for the "average person" to secure a home."There is definitely [a] mass exodus from New York, people that are worried in Hoboken for that spillover, they're jumping over to Monmouth County with the ease of transportation to the city," Cruz said."So if you don't live in this area already, I don't think the average person is going to be able to move into Monmouth County, the eastern Monmouth area, very soon."GET FOX BUSINESS ON THE GO BY CLICKING HERECotality’s latest findings also linked the New Jersey boom to workers getting priced out of the city who are choosing its stately neighbor to avoid sacrificing their full paychecks while maintaining transit access. Many of these new commuters are in the finance, pharmaceutical or biotechnology sectors."These diverse trends indicate an ongoing process of price discovery — one where sales and comparisons remain limited — and underscore a market that is rebalancing locally rather than correcting nationally," Cotality Chief… [TheTopNews] Read More.44 mins ago
- Elon Musk Ignores French Prosecutors, Widening Tech Rift With Europe
Prosecutors investigating his social media company, X, had summoned him for a meeting. His no-show reflected a broader dispute over regulation. [TheTopNews] Read More.51 mins ago - How Trump’s psychedelics executive order could unlock stalled cannabis ref...The White House psychedelics executive order accelerates research, clinical trials and "Right to Try" access for drugs like psilocybin, MDMA and ibogaine. [TheTopNews] Read More.57 mins ago
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