PPCC: Pisitófilos Creditófagos. Primavera 2025

[Cadavre Exquis]

https://cincodias.elpais.com/companias/2025-03-19/el-santander-anuncia-el-cierre-de-una-quinta-parte-de-sus-oficinas-en-reino-unido-y-peligran-750-empleos.html

https://elpais.com/economia/2025-03-20/la-construccion-busca-acabar-con-el-deficit-de-trabajadores-con-cursos-cortos-para-regularizar-extranjeros.html

Saludos.

[Cadavre Exquis]

https://elpais.com/economia/2025-03-19/la-reserva-federal-mantiene-los-tipos-de-interes-y-preve-dos-recortes-hasta-fin-de-ano.html

Saludos.

[Cadavre Exquis]

https://elpais.com/economia/2025-03-19/empresas-chinas-buscan-poner-coto-a-las-horas-extra-todo-el-mundo-fuera-a-las-nueve-de-la-noche.html

Saludos.

[muyuu]

[...]
https://x.com/a_iturralde/status/1891900542382678517

 

Sea of Biscay

[tomasjos]

Sumar quiere saber cómo funcionan los algoritmos de Idealista y Fotocasa

https://www.libremercado.com/2025-03-20/sumar-quiere-controlar-los-algoritmos-que-usan-idealista-y-fotocasa-7233055/

[Nixon]

[Aviso de reedición del comentario...
https://www.transicionestructural.net/index.php?topic=2619.msg240295#msg240295
... para mejorar la calidad de imagen del segundo gráfico de partida en EE. UU. (aportado por Cadavre Exquis, igual que el primer gráfico de partida); y para cambiar el final de manera muy muy importante.]


[Bajada de tipos de interés de intervención en Suiza.— Tienen claro que viene la depreciación/devaluación el dólar —incl. bajada de sus tipos de interés— y, dado que no se es (aún) enemigo de EE. UU., la colaboración consiste en suavizar el proceso. El pretexto es perfecto:
• muerte de la 'inflación rara' (en Suiza ha pasado del 0,7% en noviembre al 0,3% en febrero); e
• incertidumbre por riesgo geopolítico, con perspectivas mundiales de actividad económica (PIB) modestas (según nosotros, inminencia de la recesión en EE. UU.).
No cabe la menor duda de que el 6-7 de mayo bajarán los tipos de interés en EE. UU. y las actas FOMC (20-05-2025) serán enjundiosas.
Esta bajada encaja como un guante con nuestra previsión de Desamparo & Suelta de la Era Cero.
Enhorabuena a todos cuantos participan en este blog... menos a uno, je, je.]

No se si creo mucho en los planes. Nos hablan aquí de deuda y tipos, en el sentido correcto o no...   

https://cincodias.elpais.com/opinion/analisis/2025-03-20/si-trump-tiene-un-plan-es-este-el-mar-a-lago-accord.html

Si Trump tiene un plan, es este: el ‘Mar-a-Lago Accord’
Crece la especulación en Wall Street de que sus erráticas decisiones tendrían como objetivo hundir el dólar y reestructurar la deuda del Tesoro

 
Belén Carreño
20 MAR 2025 - 16:08 CET

Este artículo es la primera entrega del nuevo boletín ‘Inteligencia económica’, que elaborará semanalmente la periodista Belén Carreño. La ‘newsletter’ es exclusiva para suscriptores premium, aunque el resto de suscriptores también pueden probarla durante un mes. Si quieres apuntarte puedes hacerlo aquí.

 
Querido lector, bienvenido a este nuevo boletín en el que cada semana una humana intentará contar cosas inteligentes para entender la economía. Pese a mis buenos deseos, hay temas que pueden resultar inexplicables y, sin miedo, arrancamos por el más inescrutable de todos: ¿Tiene Donald Trump un plan? En Wall Street creen que sí, y pasa por hundir el precio del dólar e impagar parte de la deuda. Si esto no es empezar fuerte…(el meme que incluimos a continuación quiere decir que podemos subir la apuesta). Quédese con este nombre: Mar-a-Lago Accord.

 

 
Qué hay detrás
Las continuas contradicciones del presidente de EE UU levantan sospechas de que el plan es que no hay plan. Como la explicación más sencilla es la menos sexy, los traders, brókers e inversores ―los conocidos mercados― han abrazado una teoría que daría sentido al desbarajuste. Bajo el nombre de Mar-a-Lago Accord, Trump buscaría reeditar un acuerdo alcanzado en 1985, el Plaza Accord, entre Estados Unidos y los países aliados de la época ―Francia, Alemania, Japón y Reino Unido― por el que Washington se ofreció como garante de la seguridad internacional, a cambio de que sus socios aceptaran un dólar débil que espoleó la economía americana mediante las exportaciones.

 
El presidente del Consejo de Asesores Económicos de Trump, Stephen Miran, habría descrito en este informe de noviembre la hoja de ruta, en la que identificaba a un dólar fuerte como la “raíz del descontento” económico. Si hay un plan, dicen fuentes europeas que tendrán que lidiar directamente con él, este es el plan. Miran no cree que la explicación del tremendo agujero fiscal de EE UU sea una política fiscal laxa, sino la necesidad de financiar las compras que se hacen al exterior. Además, otras potencias extranjeras están acaparando dólares, encareciendo así la moneda. La culpa del roto en las finanzas americanas es de los otros. 🤷🏻‍♀️

 
La idea del Accord (que tomaría su nombre del lugar donde se negociaría, en este caso la residencia de vacaciones de Trump) se resume en presionar a los países aliados con la amenaza de aranceles hasta que se ablanden y se avengan a depreciar artificialmente el dólar. La sensación de peligro y caos que Trump está inflando con sus sorprendentes relaciones con Vladímir Putin, también crearía el clima de inseguridad mundial propicio para doblegarse ante el magnate.

 
La guinda del acuerdo pasa por que los socios canjeen los bonos americanos que tienen en cartera ―y que en la jerga se llaman Treasuries―, por bonos a perpetuidad con bajas o nulas rentabilidades. Miran, que en el sector es considerado como un economista mediocre, baraja que esto se haga con la aquiescencia de los socios, pero también propone un plan b: hacerlo a la fuerza.

 
Qué va a pasar
Lo primero que va a pasar, o está pasando, es que las potenciales contrapartes de este distópico plan se están cabreando ―sorry― muchísimo y las posibilidades de que se avengan a cualquier acuerdo con Trump son ínfimas. Sin olvidar que el mundo ha cambiado desde 1985, y a día de hoy los principales socios comerciales de EE UU con los que tendría sentido pergeñar ese dólar débil son China, México y Vietnam. Estos dos últimos actores tienen un tamaño muy pequeño en el conjunto de los mercados globales para que su intervención frente al dólar tuviera impacto. Además, su agenda de seguridad vuela libre, no necesitan la “protección” de EE UU y por si fuera poco, los resultados del Plaza Accord, con Japón entrando en una anemia económica que dura hasta hoy, quitan las ganas a cualquier socio de suscribir un acuerdo.

 
Quién gana
Las posibilidades de que el plan se cumpla son muy pequeñas, pero por el camino el dólar ha comenzado a devaluarse. Los expertos aseguran que la depreciación de la divisa verde tiene más que ver con el fortalecimiento del euro gracias al efecto sorpresa del paquete de estímulo de Alemania. Pero sea como fuere, el dólar está hoy más barato que cuando Trump entró en la Casa Blanca. Eso significa que las manufacturas estadounidenses son más competitivas y deberían vender más (cerrando algo el déficit comercial).

 
En el caso extremo de que se cumpliera el plan trumpista, Manhattan se volvería a llenar de españoles –y europeos– arrastrando maletas vacías para atiborrarlas de zapatillas deportivas a precio de derribo, como sucedió a principio del milenio. ¿Se acuerdan del Give me two?

 
Quién pierde
El canje de deuda estadounidense por deuda perpetua o casi gratuita es en la práctica un default, si es forzoso, y esto es una consecuencia mucho más seria. Este es el tiempo en el que vivimos: circula un supuesto plan del presidente de Estados Unidos para dejar de pagar parte de la deuda.

 
Los expertos consultados dicen que por ahora el precio del bono americano no cotiza esa posibilidad. Pero de un Trump que ha dinamitado leyes y acuerdos, internos y externos, se puede esperar cualquier cosa. Los tenedores de deuda estadounidense, principalmente la zona del euro, pero también China y Japón, dejarían de ingresar estos intereses, pero en un mundo en el que nadie se fiaría de prestar dinero a nadie, quizás fuera lo de menos.

 
El resultado del Mar-a-Lago Accord sería una nueva arquitectura internacional, financiera y de seguridad, ese tan nombrado nuevo orden que pondría a Trump en el centro de todas las cosas y donde las leyes son papeles mojados en una playa de Florida.

 
En el escenario central, que este plan no salga adelante, la que va a perder es la economía estadounidense a la que Trump está induciendo a un estado de shock.

 
39%
Es lo que ha subido en un año el precio de la onza de oro. El metal es históricamente un valor refugio cuando otros activos caen, pero lo llamativo de su revalorización es que lo ha hecho de la mano de un dólar fuerte (hasta hace pocas semanas) y de unas bolsas en máximos. La explicación es que los países no-alineados están comprando oro de verdad, al estilo Tío Gilito, para guardárselo en sus bancos ya que ya no se fían más del que tenían en la Reserva Federal de EE UU (me asegura el economista jefe de Edbury, Enrique Díaz-Álvarez).

 
El concepto económico: ‘nearshoring’
Los planes de Trump sobre México y Canadá han puesto de moda un palabrejo intraducible: nearshoring, que es la estrategia de acercar los centros de producción para abaratar costes. México (por su frontera con EE UU) y Turquía, por su proximidad con la UE, son los casos más citados de esta práctica. La pregunta es ahora cuánto daño puede infligir EEUU a México sin pegarse un tiro en un pie. Las empresas estadounidenses son las más beneficiadas del actual tratado de comercio con México, que garantiza la competitividad de sus productos frente a, por ejemplo, China. Los economistas creen que México va a resistir muy bien la jugada porque no hay alternativa.

 
La frase
“La guerra es la continuidad de la política por otros medios”, dijo el teórico de la guerra Carl von Clausewitz y Trump solo le ha añadido el concepto “comercial”.

 
Que tengan una muy buena semana.

[muyuu]

Parece que ya ha pasado la "crisis de los huevos"

[asustadísimos]

[La proposición no de ley, de Sumar, sobre los algortimos de los portales inmobiliarios es una noticia mucho más eraceroísta de lo que parece:
https://www.libremercado.com/2025-03-20/sumar-quiere-controlar-los-algoritmos-que-usan-idealista-y-fotocasa-7233055/

Todo el mundo con un dedo de frente sospecha de los portales inmobiliarios, no solo en EE. UU. No olvidemos que regulamos para protegernos de los sinvergüenzas, porque el sector privado es muchísimo más corrupto que el público.

Esta proposición no de ley, además, implicará la creación de un órgano de inspección permanente específico en la Comisión Nacional de los Mercados y la Competencia.

No olvidemos que Idealista está en la órbita de Tinsa, creada en 1985 por la Confederación Española de Cajas de Ahorros; pero Fotocasa pertenece a Adevinta, empresa de 'marketplaces' digitales, también propietaria de Milanuncios, InfoJobs y coches.net.

Finalmente, tengamos presente casos como el de Konrad Bicher, el 'Lobo del Airbnb', pero también los procesos en EE. UU. contra los algoritmos que inflan los precios, p. ej., 'RealPage':
https://coloradofiscal.org/es/rent-algorithms-artificially-inflate-housing-costs/
https://leg.colorado.gov/bills/hb24-1057

Quedan 59 días para el 20-05-2025. Cuando toca desinflar cualquier cosa, el ser humano lo hace rápidamente (aversión a las pérdidas). ¿Dónde están los compañeros de este blog que defendían que se tardaría años en restaurar el equilibrio valorativo de la vivienda?, curiosamente, lo mismo que dice el sector con su lacerante patraña de que «falta oferta y la solución es compleja». ¡Que expongan aquí y ahora sus razones!

Preparados, pues, para observar lo deprisa que se apaga el eco del chirrido de los usureros.

Ya lo estamos viendo en Mierdrid, en sociedades 'himbersoras', p. ej., la Master Man White Taker y la Max Well χρήμα (χρήματα)-ona, con novias desembarazándose.

Se multiplican signos eraceroístas. Los enanos le crecen al 'miyonario' del magnate. Su coche, prohibido. Su hija trans, en portada. El juez diciendo que no al no a la agencia de 'ayuda' exterior. El país vecino del norte anulando el contrato de los satélites.

Por no decir que todo quisque habla en las sobremesas de lo inflada que está la Bolsa estadounidense y de cuándo será el hachazo del mundo al dólar.

El tricornio es por el Enfoque de la Renta (Producción = Renta = Gasto) y porque 'tria faciunt collegia'; y la X, porque el ofertademandismo es música celestial.

Nosotros, a lo nuestro.]

[Derby]

https://www.elconfidencial.com/empresas/2025-03-20/sareb-venta-viviendas-asequibles-parque-alquiler-social_4090798/

Hasta definir colaboración
Sareb paraliza la venta de viviendas asequibles hasta definir su colaboración en el parque de alquiler social

Esta medida se extenderá desde mañana 21 de marzo de 2025 y hasta la celebración de la junta general de accionistas

La junta general extraordinaria de accionistas de la Sareb ha acordado este jueves que se paralice temporalmente la comercialización y la venta de todos los activos inmobiliarios susceptibles de formar parte del parque estatal de viviendas de alquiler asequible y social hasta que se defina su colaboración con Sepes y los ministerios competentes en la generación de este parque de viviendas.

Esta medida se extenderá desde mañana 21 de marzo de 2025 y hasta la celebración de la junta general de accionistas en la que se acuerde el alcance de dicha colaboración, o, si no se celebrase con anterioridad, hasta el 30 de junio de 2025.

Para ello, la junta ha acordado instruir al consejo de administración para que, en coordinación con la Entidad Estatal del Suelo (Sepes), adscrita al Ministerio de Vivienda, y con los departamentos ministeriales competentes, trabaje en las alternativas que permitan a Sareb colaborar en la generación del parque estatal de vivienda de alquiler social o asequible.

[Derby]

https://www.ft.com/content/688ef7d6-3979-49f0-ad5e-d6746dd48e8a

Recession watch 2025

It’s heeere . . .?


from ‘Poltergeist’ (1982)

The vibes have been bad for a while. Now there are some, uh . . . other indicators that are looking shaky too.

Markets’ recession signals either arrive too late (when everybody’s already lost their jobs) or too often (see the joke about stocks predicting 10 of the past three recessions). And right now, market signals are a bit of a Rorschach test. US stocks entered a correction in mid-March, but the yield curve hasn’t inverted and high-yield credit spreads remain sanguine. The Federal Reserve is forecasting lower growth and higher inflation, but officials haven’t substantially altered their expected path for policy rates.

In other words: If the music really has stopped, investors and policymakers haven’t responded yet.

So instead we are collecting some of our favourite signals of early economic distress. Please do leave your own preferred rare indicators in the comments, whether they’re flashing a warning or not.

Burrito Now, Pay Later

Worried about the American consumer’s ability to order a taxi for their latte? Not to fear . . . they can now finance their DoorDash purchases with buy-now-pay-later platform Klarna.

The announcement seems to focus a bit more on groceries. This may show that Americans are feeling that 60-per-cent annual increase in the price of eggs, along with signalling that DoorDash is coming for Instacart (Maplebear Inc) ahead of its planned IPO:

Klarna, the AI-powered payments and commerce network, and DoorDash, the premier local commerce platform, have partnered to offer Klarna’s flexible range of payment options to DoorDash customers. In the coming months, DoorDash customers will be able to enjoy Klarna’s seamless range of payment options when purchasing groceries, retail, and even DashPass Annual Plan — on DoorDash.com or through the DoorDash app.

When customers reach check-out, they’ll see Klarna as an additional payment option, giving them more freedom to choose how they want to pay. Options will include:

— Pay in Full allows customers to pay for what they love right away using Klarna’s seamless payments experience.

— Pay in 4 allows customers to pay in four equal interest-free installments

— Pay Later allows customers to defer payments to a more convenient time, such as a date that aligns with their paycheck schedules

DoorDash customers in the United States can soon enjoy the added convenience of Klarna’s seamlessly integrated flexible payment options while shopping from an extensive selection of stores on the DoorDash Marketplace. This partnership empowers customers with maximum choice and control over how they pay — from groceries and the season’s big-ticket electronics to home improvement supplies, beauty, and even their DashPass Annual Plan membership.

Klarna gets extra market-bubble points for describing itself as “AI-powered”. We really hope someone turns BNPL burrito loans into a CDO at some point.

Art of Darkness

People have been taking out loans against their fine art instead of selling at losses amid a broader market decline, as MainFT reports, and now they’re getting margin called:

Top art lenders have asked borrowers for more pictures as security for their loans because the value of their collateral has tumbled in an art market slowdown.

Specialist lenders in the $40bn sector have issued margin calls as the value of paintings pledged against loans has fallen, asking borrowers to make up for the decline by handing over cash or swapping in more expensive artworks.

Art lenders, including Sotheby’s and Christie’s, take security over artworks owned by borrowers so they can take possession and sell the pieces in the event of a default . . . 

Sotheby’s, which has a loan book of $1.6bn and launched a bond backed by its art loans last year, had made margin calls because “there are very few categories where the value of art has gone up in the last 24 months”, said Sotheby’s Financial Services global head of lending, Scott Milleisen.

Borrowers aren’t always borrowing against pictures, to be fair. Sometimes they pawn jewellery.

Jobs make the world go ‘round

We learned a few years ago that bad vibes don’t really make a recession . . . Job losses do.

So what if vibes about job security are really bad? From Renaissance Macro this week:

The big news in the UMich data was not inflation expectations. Look at what people are saying about the jobs market! Expected change in unemployment worst since the 2008 recession. No one is asking for a raise in this environment.

Not loving that 2008 comparison, either!

Law school applications

This WSJ article about a sharp jump in law school applications and what it says about the current economic vibes was summed up very nicely by Alex Armlovich of Niskanen:

https://x.com/aarmlovi/status/1901370456210330046



Did politics have an effect? Maybe. Did AI? Probably. Did the change in testing that the WSJ cited? Definitely.

Still, the steep jump in applications seems like a not-great signal for the jobs market. We should also note that actual law school enrolment figures probably aren’t as good of an indicator, because that also depends on whether the number of spots available is growing or shrinking. (You could simply have a smaller group of exceptionally competitive would-be lawyers enrol in a competitive year if classes stay small.)

Club Dropping

The “Strip Club Index” was always a dumb idea for an indicator. This is not because of what it measures (discretionary spending) but because it’s very difficult to measure. We won’t venture a guess about whether that money gets taxed, but it’s not being managed through payroll services like ADP. It also seems to have attracted a whole news cycle for the faux-cession in 2022.

But . . . it is notable, perhaps, to see this from the woman who led the Guardian story about it years ago:



Also RCI Hospitality — formerly known as Rick’s Cabaret — is down 21 per cent this year. ¯\_(ツ)_/¯



Sugar Daddy disappearance

Anecdotes aren’t data, sure, but after looking at that Guardian story, we might as well put this one out here too:



Match Group shares seem to be doing fine, though.

Please do leave your own favourite anecdata in the comments and we’ll include it if it’s good or funny enough.

[Derby]

https://www.bloomberg.com/news/articles/2025-03-21/rachel-reeves-spring-statement-task-is-to-fix-budget-risk-of-her-own-making

Rachel Reeves Prepares UK Spending Cuts Forced by Budget Call Gone Wrong

When Rachel Reeves rises to the dispatch box in the House of Commons on Wednesday to deliver her spring statement, the Chancellor of the Exchequer aims to fix a risk of her own making that backfired after her inaugural budget: leaving too small a buffer against her self-imposed fiscal rules.

To an audience of hostile opposition MPs and facing skepticism from some of her own Labour backbenchers, Reeves will announce billions of pounds of spending cuts to restore the margin she enjoyed in October against her main budgetary target requiring taxes to cover day-to-day spending.
Her headroom was the third-smallest on record at £9.9 billion ($12.8 billion), and has since been erased by higher borrowing costs and weaker growth forecasts. Reeves wants to rebuild it to prove Labour’s fiscal rectitude to skeptical financial markets, according to people familiar with the matter who requested anonymity discussing internal Treasury thinking.(...)

[Derby]

https://www.newsweek.com/what-trump-new-affordable-housing-plan-federal-lands-2046235

What Is Trump's New Affordable Housing Plan for Federal Lands?

The U.S. government has announced a new plan to build affordable housing on federal land across the country, promising to bring to life one of several ideas Donald Trump floated as a solution to the ongoing housing affordability crisis during his presidential campaign.

Why It Matters

Housing was top of mind for many voters ahead of the 2024 race for the White House, after years of skyrocketing home prices, historically high mortgage rates and a chronic lack of inventory squeezed millions of aspiring homebuyers out of the market.

Trump won with the promise to lower the cost of housing and increase inventory through the mass deportations of millions of migrants in the U.S. and deregulatory efforts, while he said Americans will be generally enriched by his tariff policies.

While experts fear that some of Trump's policies might increase construction costs in the U.S. and exacerbate the sector's labor shortage, many are optimistic about the impact of deregulation in homebuilding.

What To Know

White House spokesperson Taylor Rogers previously told Newsweek that Trump's plan to make housing more affordable for Americans included banning "mortgages for illegal immigrants who drive up the price of housing, eliminat[ing] federal regulations driving up housing costs, open[ing] portions of federal land with ultralow taxes and regulations for large-scale housing construction."

These efforts, she said, will cut the cost of new homes "in half, and President Trump will end the housing affordability crisis."

This week, the U.S. government announced plans for one of these ideas—building homes on federal land.

A joint task force set up by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Interior (DOI) will be in charge of bringing to life the Trump administration's new affordable housing plan.

The "Joint Task Force on Federal Land for Housing" will be responsible for identifying "underutilized federal lands suitable for residential development, streamline land transfer processes, and promote policies that increase the availability of affordable housing," reads a press release from the HUD.

A spokesperson for the DOI told Newsweek: "The Joint Task Force will inventory underutilized federal properties and facilitate their transfer or lease to states or localities to address housing needs, ensuring affordability remains central. Details regarding member selection, representation from various sectors, and operational timelines will be announced in the future.

"For land use, all options are being explored, including transferring or leasing federal lands to public housing authorities, nonprofits, and local governments. However, lands within national parks, wildlife refuges, and other conservation areas will remain protected. Specifics will be announced as the task force completes its review and finalizes details."

The federal government owns about 640 million acres of land, much of which is not suitable for housing due to environmental regulations, the nature of the terrain, and other restrictions, Tribune reported.

The DOI oversees more than 500 million acres of federal land, much of which is suitable for residential use, HUD Secretary Scott Turner and DOI Secretary Doug Burgum wrote in an op-ed published in the Wall Street Journal.

It will be up to the HUD to pinpoint which areas of the country most desperately need affordable housing, while the DOI will then identify suitable locations for homebuilding, considering the environmental impact it would have on the land and any possible related restrictions. These lands will then be transferred or leased to states or local governments, which will be allowed to build new affordable homes in the areas.

A key part of this plan is to loosen regulations around building on federal land. Turner and Burgum described the regulatory process around building on federal land as a "nightmare of red tape" comprising "lengthy environmental reviews, complex transfer protocols and disjointed agency priorities."

Under the new plan, the joint task force will be able to "cut through the bureaucracy," though Turner and Burgum specified that this does not equal a "free-for-all" to build on federal lands.

What Affordable Housing Programs Exist Already?

There are already several major affordable housing programs backed by the federal government.

Some of the most important ones include the Low-Income Housing Tax Credits (LIHTC) program; tenant-based rental assistance programs; project-based rental assistance programs; public housing; the Choice Neighborhoods program; the HOME Investment Partnership Program; the National Housing Trust Fund (HTF), the Capital Magnet Fund, and the Rural Housing Service programs.

All of these, with the exception of the LIHTC program, are administered by the HUD. The LIHTC, created by the Tax Reform Act of 1986, is considered the most important resource for creating affordable housing in the U.S.: the program provides state and local LIHTC-allocating agencies the equivalent of about $10 billion in annual budget authority to issue tax credits for building, rehabilitating or acquiring rental housing for lower-income households.

The Trump administration and Elon Musk's so-called Department of Government Efficiency (DOGE) have recently come under fire for terminating a $1 billion program administered by the HUD—the Green and Resilient Retrofit Program—aimed at preserving affordable housing. The program had already allocated funding to upgrade at least 250,000 housing units nationwide, and their future now remains uncertain.

How Affordable Is Housing in the US?

Home prices are still rising across the country and mortgage rates are expected to remain between 6 percent and 7 percent throughout 2025 and 2026, according to experts.

Last month, the median sale price of a typical U.S. home was $425,061, according to Redfin data, up 3.1 percent year-over-year. As of March 13, the 30-year fixed-rate mortgage was 6.65 percent, down 0.09 percent from a year earlier and up 0.02 percent from a week earlier, according to Freddie Mac.

Climbing prices and stubbornly high mortgage rates are an enormous challenge facing Americans hoping to get on the property ladder, while U.S. homeowners are struggling with other issues—including rising insurance premiums and property taxes, as well as homeowners association (HOA) fees.

According to a survey by the Pew Research Center, 31.3 percent of American households were cost burdened in 2023, including 27.1 percent of households with a mortgage and 49.7 percent of households that rented their homes. Households are considered "cost burdened" when they spend more than 30 percent of their income toward housing.

What People Are Saying

Scott Turner and Doug Burgum wrote in their joint op-ed published on the Wall Street Journal: "This is about more than building houses. We want to build hope. Overlooked rural and tribal communities will be a focus of this joint agreement. We are going to invest in America's many forgotten communities. As we enter the Golden Age promised by President Trump, this partnership will change how we use public resources. A brighter future, with more affordable housing, is on its way."

Cynthia Seifert, founder of real estate seller leads generator KeyLeads, previously told Newsweek: "For builders, lighter regulations could reduce construction costs and encourage them to undertake more projects, leading to increased housing supply and alleviating pressures on home prices."

Dan Hnatkovskyy, CEO of artificial intelligence (AI)-powered marketplace Jome, formerly NewHomesMate, previously told Newsweek that the problem with opening up federal land is that a majority of it is in national parks and military bases, "and that's not where people actually want to live."

What Happens Next

Neither the HUD or the DOI have offered a timeline of their plan, nor have they specified how much federal land they will be looking to transform into residential areas.

Newsweek contacted the HUD press office for comment by email on Tuesday morning, outside of standard working hours.

[asustadísimos]

[¡¡¡Joooder!!!:
https://www.youtube.com/watch?v=yYBQD0RXbIY
«Trump ordena cerrar oficina estatal encargada de estadísticas oficiales como inflación, empleo o PIB».]

[sudden and sharp]

No news... ¿Good news?








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[saturno]

Maestro, por favor, posicione su concepto de TE respecto de Henry Charles Carey- Es muy interesante su postura, Creo que arroja una interesante perspectiva sobre la planificación  interna al  territorio económico (que es pro Estado propio), frente al libre comercio internacional (que apunta contra los EstadoS excepto el propio), 
Edit- cambio a la foto del Saker (vFR)

 The Thinker Who Explains Trump’s Tariffs
Adam Rowe
March 04, 2025

vEN
https://www.compactmag.com/article/the-thinker-who-explains-trumps-tariffs/
vFR
https://lesakerfrancophone.fr/lintellectuel-qui-explique-pourquoi-trump-impose-des-droits-de-douane


Henry Charles Carey (1793-1879)

President Donald Trump’s revival of trade protectionism should also prompt renewed interest in the ideas of Henry Charles Carey (1793-1879), arguably the most influential economist in American history. One might conclude from the horrified reactions to Trump’s various tariff proposals that free trade has always been the American way, if not a principle enshrined somewhere in the Constitution itself. In reality, for most of American history, particularly between the Civil War and World War II, the nation’s industrial economy exploded to global supremacy under an elaborate system of protective tariffs. Carey was early America’s ablest and most celebrated proponent of economic nationalism.

Feted and honored by his contemporary admirers as an intellectual giant, Carey was also the first American economist to gain a significant audience in Europe. Karl Marx considered Carey “the only American economist of importance.” And John Stuart Mill paid him an equally backhanded compliment as “the only writer of any reputation as a political economist, who now adheres to the Protectionist doctrine.”

Mill was not exaggerating the low repute of protectionism in the 19th century. Among academics and intellectuals in America and Britain, free traders had won an overwhelming victory over their protectionist counterparts. But a doctrine fashionable academics have universally rejected does not, on that account, vanish from the face of the earth. Carey’s ideas gained an immense following among politicians and businessmen even as academics continued to pronounce them discredited and dead.