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Politico: ‘Recession warning’: Sales of new homes plunge in April

Politico, May 24, 2022, ‘Recession warning’: Sales of new homes plunge in April

Sales of new single-family homes plummeted in April as rising mortgage interest rates and skyrocketing house prices took a toll on the market.

New-home sales fell 16.6 percent last month from the revised March figures, according to Census Bureau data released Tuesday. Sales were down 26.9 percent from April 2021.

“The April drop for new home sales is a clear recession warning,” said Robert Dietz, chief economist for the National Association of Home Builders.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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