_{ECONOMIC NEWS}

The Crises and Sacrifices Ahead

We are nearing a tipping point into a crisis with no easy resolution, hidden beneath a veneer of normalcy. While some fear geopolitical issues, the real crisis may be domestic, stemming from political or financial instability. Few acknowledge the decay of our social order, where corruption and greed have become normalized, overshadowing civic virtues and sacrifices for the common good.

The American Dream often emphasizes personal gain over communal sacrifice. The wealthy evade taxes, and the majority of citizens, especially the bottom 50%, bear the brunt of economic inequality. Boomers hold most of the wealth, while Millennials struggle with a mere fraction. Wage earners have seen their share of income decline, transferring trillions to capital owners.

Future sacrifices will affect everyone, particularly the wealthy who have amassed significant gains. We are reluctant to confront our unequal economy and corruption, believing a central bank can save us. However, small disruptions can cause major system failures, and we resist change until it’s too late. If we wait too long to make necessary sacrifices, the system may collapse beyond recovery. The key question remains: who will act in time, and who will resist until it’s too late? Read More.

_{FINANCIAL FORECAST}

Nationwide Surge in Home Foreclosures Once Again

Home foreclosures increased in May as Americans struggle with the cost-of-living crisis, according to a report by ATTOM. The report found 32,621 properties with foreclosure filings in May, marking a 3% year-over-year increase. While foreclosure starts rose slightly, completed foreclosures declined, indicating some market resilience.

Nationwide, one in every 4,320 housing units had a foreclosure filing, with higher rates in New Jersey, Delaware, Connecticut, and Florida. High home prices, mortgage rates, property taxes, and insurance premiums are exacerbating the problem. Housing affordability has worsened, with the required salary for homeownership jumping to $106,500, a 61% increase from four years ago.

Years of underbuilding, high mortgage rates, and expensive construction materials have limited home supply. The "golden handcuff" effect has also emerged, as homeowners with low mortgage rates are reluctant to sell, further restricting supply. Economists expect mortgage rates to remain elevated in 2024. Read Now.