![\"Ya](\"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2020\/08\/BHBNewTopImage-300x225.jpg\")
\u201cArizona brags about solar power, but we buy the juice that powers the bragging billboards at the Palo Verde Nuclear Power Station. Take\u00a0that,\u00a0Texas!\u201d<\/p><\/div>Housing prices surged, post-pandemic. Redfin, et al, like to blame that ephemeral flu because it permits them to whitewash (ahem) \u2013 perhaps to redline (bada-bing!) \u2013 all the riot-evacuated neighborhoods.<\/p>\n
Our recently-massively-inflated money supply might seem to account for the price increases, but \u2013 now more than ever \u2013 all real estate is local. The “macro” factors argue against any supply shortfall: Household formation? Birth rates? Substantial immigration? All down, significantly, and for a long time. Our current highly-localized “housing shortage” is caused by an abandonment of still-serviceable inventory in riot-torn cities.<\/p>\n
I can’t defend that claim because it is not being documented by the real estate press, but it will turn out that rioted cities will have lost population to non-rioted cities, that more-suburban areas in rioted cities will have gained where more-urban areas will have lost, and that, generally, people will have moved from D- and C-quality housing to B- and A-rated domiciles \u2013 leaving many empty former-residences behind them.<\/p>\n
The abandoned homes will be gradually subtracted from the available housing stock Detroit-style. This is Bastiat’s seen and unseen<\/a> \u2013 among many, many shiny objects \u2013 and we’re not built to notice gradual change. The decline in the rioted areas will be masked by the hyperinflation: “See! Prices are rising in Portland, too, just not as fast!”<\/p>\n The housing shortage is a flight to safety \u2013 from every sort of peril, real or imagined. There is no shortage of perfectly adequate places to live in recently-rioted neighborhoods \u2013 and there may soon be a housing glut in Texas!<\/p>\n In other news:<\/p>\n Glenn Kelman:<\/strong> Diversity at Redfin in 2020.<\/a> When is a “struggle session” audit a self-authored confession to a national fair employment lawsuit? What is Redfin getting wrong? It got big enough to be cannibalized.<\/p>\n Housing Wire:<\/strong> Mortgage applications drop for second week.<\/a><\/p>\n CNBC:<\/strong> Retailers trade Fifth Ave for Worth Ave as Palm Beach scene thrives with Americans heading South.<\/a><\/p>\n Townhall:<\/strong> Texas’s ‘Nightmare’ Energy Situation Is a Warning to the Rest of America.<\/a> Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" \u201cArizona brags about solar power, but we buy the juice that powers the bragging billboards at the Palo Verde Nuclear Power Station. Take\u00a0that,\u00a0Texas!\u201dHousing prices surged, post-pandemic. Redfin, et al, like to blame that ephemeral flu because it permits them to whitewash (ahem) \u2013 perhaps to redline (bada-bing!) \u2013 all the riot-evacuated neighborhoods. Our recently-massively-inflated money […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[29,26,6,5],"tags":[],"class_list":{"0":"post-17852","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-group-therapy","7":"category-lending","8":"category-marketing","9":"category-real-estate","11":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":9538,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/9538\/pardon-me-sir-but-have-you-seen-the-special-on-grey-poupon-at-wal-mart\/","url_meta":{"origin":17852,"position":0},"title":"“Pardon me sir, but have you seen the special on Grey Poupon at Wal Mart?”","author":"John Rowles","date":"August 17, 2009","format":false,"excerpt":"UPDATE: Buy the T-Shirt at Cafe Press! Yep, that's a Rolls Royce Phantom (2008 MSRP $340,000) in the parking lot of the Newport RI Wal Mart captured with my phone on Saturday. The headline is my best shot at a caption (YouTube has the old Grey Poupon commercial). What's yours?","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"rolls_royce_phantom_wal_mar","src":"https:\/\/i0.wp.com\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-content\/uploads\/2009\/08\/rolls_royce_phantom_wal_mar.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":1634,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1634\/mgmmirages-citycenter-in-pictures\/","url_meta":{"origin":17852,"position":1},"title":"MGM\/Mirage’s CityCenter in pictures","author":"Greg Swann","date":"July 4, 2007","format":false,"excerpt":"I have written in the past about CityCenter, MGM\/Mirage's seven billion dollar city within the city of Las Vegas -- and I'll write more when I get back to my Macintosh. But here are some photos we shot yesterday at the sales center and on the construction site. A model\u2026","rel":"","context":"In "Marketing"","block_context":{"text":"Marketing","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/marketing\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3282,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3282\/casual-friday-caption-this-photo\/","url_meta":{"origin":17852,"position":2},"title":"Casual Friday: Caption this photo","author":"Greg Swann","date":"June 27, 2008","format":false,"excerpt":"My entry: \"Because I happen to like Argyle socks, that's why!\"","rel":"","context":"In "Casual Friday"","block_context":{"text":"Casual Friday","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/casual-friday\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3822,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3822\/caption-this-photo-president-bush-at-the-olympics\/","url_meta":{"origin":17852,"position":3},"title":"Caption this photo: President Bush at the Olympics","author":"Greg Swann","date":"August 9, 2008","format":false,"excerpt":"My entry: \"A gentleman always makes eye-contact.\"","rel":"","context":"In "Casual Friday"","block_context":{"text":"Casual Friday","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/casual-friday\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":8385,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/8385\/caption-me-this-magnum\/","url_meta":{"origin":17852,"position":4},"title":"Caption Me This Magnum","author":"Brian Brady","date":"May 13, 2009","format":false,"excerpt":"My vote?\u00a0 \"Who let Higgins in to your closet, Thomas? \" Sometimes, you just gotta have a sense of humor.","rel":"","context":"In "Casual Friday"","block_context":{"text":"Casual Friday","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/casual-friday\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3289,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3289\/shout-out-a-toast-to-life-abundant-and-caption-this-photo\/","url_meta":{"origin":17852,"position":5},"title":"Shout out a toast to life abundant — and caption this photo","author":"Greg Swann","date":"June 28, 2008","format":false,"excerpt":"Sez me: \"Bill Gates stole this facial expression from me and I want it back!\"","rel":"","context":"In "Casual Friday"","block_context":{"text":"Casual Friday","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/casual-friday\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/17852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=17852"}],"version-history":[{"count":2,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/17852\/revisions"}],"predecessor-version":[{"id":17854,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/17852\/revisions\/17854"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=17852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=17852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=17852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}