See you soon,

Joujou

Market Watch

• Nearly 10% of U.S. homes were valued at $1 million or more in June, a share close to last summer’s all-time high and up from a 12-month low in February. (AXIOS)

• Is a new city about to be built in Northern California? Flannery Associates has been buying large plots of land in a largely agricultural region 60 miles northeast of San Francisco. The company has committed more than $800 million to secure thousands of acres of farmland and convert it into a community with tens of thousands of residents, clean energy, public transportation and dense urban life. (NY TIMES)

• Lumber prices are up: Might the Federal government consider eliminating its 8.99% tariff on Canadian lumber to help bring down home construction costs? The tariff is half of what it was in 2018, but inflates lumber prices.

• Fewer than 5 million people have federal flood insurance. Even in the highest-risk areas, on average 30% of homes have policies. (WSJ)

• Over the past 7 years, the total number of renter-occupied housing units in America has increased by just 275,000, per the Census Bureau. Meanwhile, the number of owner-occupied housing units has increased by 11,055,000.