Home prices rise at fastest pace in over 15 years
U.S. home prices soared in April at the fastest pace since 2005 as Americans bid up prices on a limited supply of available properties.
The S&P CoreLogic Case-Shiller 20-city home price index, released Tuesday, jumped nearly 15% in April from the previous year. That is up from a 13.4% annual gain in March.
All 20 cities that make up the index reported higher year-over-year price gains in April than the previous month. Five cities – Charlotte, Cleveland, Dallas, Denver, and Seattle – had the largest 12-month price increases on records dating back 30 years.
The price gains have been so dramatic that home sales have started to slow as more would-be buyers are priced out of the market.
Consumer confidence highest highest since pandemic began
U.S. consumer confidence rose for a fifth month in June to the highest level since the pandemic began last year as households responded to increased vaccinations and the further re-opening of businesses.
The Conference Board reported Tuesday that its consumer confidence index increased to 127.3 in June, up from a May reading of 120.0. The June increase reflected an improvement in consumers’ assessment of current conditions.
The proportion of consumers planning to purchase homes, automobiles and major appliances all rose as did intentions to take a vacation.
Supreme Court says states can’t overrule FERC
The Supreme Court has dealt a blow to New Jersey and other states seeking a way to oppose pipelines running through their land.
The justices on Tuesday sided with a pipeline company in a dispute over New Jersey land the company needs for a natural gas pipeline. Both liberal and conservative justices joined to rule 5-4 for the PennEast Pipeline Co.
The ruling says that companies building interstate pipelines, once their projects have been given the greenlight by the Federal Energy Regulatory Commission, can obtain the land they need even in the face of state opposition.
Both the Trump and Biden administrations had supported PennEast. Nineteen states had urged the Supreme Court to rule the other way and side with New Jersey.
Americans apologize for role in Ghosn escape
Two Americans charged in Japan with helping Nissan’s former chairman, Carlos Ghosn, jump bail and escape Japan for Lebanon have apologized in a Tokyo court.
Michael Taylor and his son Peter spoke Tuesday at the Tokyo District Court. The elder Taylor said he was misinformed by Carole and Carlos Ghosn about “torture” under Japan’s criminal system.
The two are charged with aiding a criminal. They were arrested in Massachusetts last year and extradited to Japan in March.
Ghosn, who led Nissan for two decades, was arrested in November 2018. He says he is innocent. He fled to Lebanon in December 2019.
Alabama lands auto supply firm
An auto supply industry project is expected to bring dozens of jobs to Athens, Alabama.
Michigan-based KC Logistics plans to hire 100 employees. The Athens City Council this week approved selling 12.65 acres (26 hectares) to the company for $250,000.
KC Logistics will transport seats from auto supplier TBAKI to Mazda Toyota Manufacturing.
Limestone County Economic Development Association President and CEO Bethany Shockney said the company plans to announce more details later.
– Compiled by Dave Flessner