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Summerlin, the suburb of west Las Vegas creeping ever closer to the mountains, looks to be crowded with fully paved streets, streetlights, block walls, and blue top lots. With lumber, labor, and other materials in short supply, home construction can’t keep up.
Article by Doug French from Mises.
However, Ali Wolf, chief economist with Zonda, quoted by CNBC, claims, “The lot supply shortage is real, and it is causing prices to rise and builders to move further into the suburbs.”
Diana Olick writes, “The surge in lumber prices in the past year has added $35,872 to the price of an average new single-family home and $12,966 to the market value of an average new multi family home, according to the NAHB.”
Las Vegas in the early to mid-2000s enjoyed an epic housing boom. This one is crazier.
I popped awake at 1:00 a.m., anxiety my alarm clock. A half hour later, I feared someone was already on their way to be first in line for a prized lot, overlooking the city, one of only four being released by a large publicly held homebuilder for that subdivision.
My wife pleaded with me not to go that early. Surely, I’d lost my mind.
I drove into the subdivision and breathed a sigh of relief. I had told the saleswoman I would be there waiting for her, blocking the entrance to the sales office. It would open eight hours later.
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With coffee and Kindle to keep me company, I enjoyed the cool breeze and dark silence. What I had forgotten was a seat cushion. At four, I thought maybe I was nuts. But only six hours to go. Surely, at my age, lining up as if hoping to score front-row seats to a Rolling Stones concert was silly.
With the sun finally up, a white Volvo station wagon wheeled into the project, stopping abruptly in front of the sales office.
“What lot are you here for?” asked the gentleman.
“Thirteen,” I answered.
“Oh, shoot. My client will have to settle for 12.”
“What time did you get here?”
“I’m embarrassed to say.”
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I held up two fingers.
“Dude, you’re awesome,” he replied.
Once a realtor in California, I learned over the next four and half hours that he’s been in town since 2003 selling real estate. The market is hotter than he’s ever seen.
He made wonderful company. Just before six, another buyer arrived. He too, wanted lot 13 or lot 12. He’d now have to settle for across the street. Just before seven, a personal assistant arrived for another buyer. Soon after, a woman pulled up, rolled down her window, and shouted, “What lot are you here for?”
“We’re all here for 13,” my new friend said. “But this guy has it,” pointing at me. She was ready to drive away in a huff, but the enterprising realtor talked her into driving to one of his listings nearby.
Finally, the sales team arrived. The magic hour of 10:00 a.m. was near.
The raging housing market made the front page of the Las Vegas Review-Journal three days last week, with headlines like: “‘Now a full-price offer is a weak offer’: Las Vegas Housing a Seller’s Market.” Homes listed for sale numbered only 1,772 in March, down 69 percent from a year ago.
Jordan Rodriguez purchased “a southwest valley home from a builder in 2016 for nearly $293,000—and, he says, is now selling it for $560,000, $10,000 over the asking price,” Eli Segall reports.
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At the other end of the price spectrum, “Frank Napoli of Berkshire Hathaway HomeServices Nevada Properties, recently put a $7 million home on the market and received a full-price offer within three hours.” Napoli told Segall, “It is an extreme seller’s market.” No kidding.
Incredibly, buyers are closing on homes and letting sellers live rent free until the seller’s new homes are ready. Segall writes, “[B]roker Shane Nguyen, owner of 1st Priority Realty, said he can’t recall seeing rent-free leasebacks in his 24 years of selling homes in Las Vegas until now.”
“It’s never been free,” Nguyen said.
“Lumber prices are skyrocketing for various reasons beyond just high demand from homebuilders and remodelers,” CNBC’s Olick writes. “Lumber tariffs had prices already rising a year ago, but then when the pandemic hit, production shut down. The expectation was that housing demand would dry up for a long time. But instead, after a brief pause, it came roaring back. Homebuilders were caught off guard, as were lumber producers.”
“Clearly, increasing the cost of imports via tariffs does not help the situation,” said Robert Dietz, chief economist for the National Association of Home Builders.
While Treasury secretary Janet Yellen claims there is no inflation, land, lumber, gypsum, copper, and virtually everything else required to build a house are skyrocketing in price.
The Federal Reserve’s money creation is at the root of all this. Affordable housing is a joke, bank analyst Chris Whalen said on Real Vision. “The appetite for yield is there, they just can’t find the assets,” he told Jack Farley. “It’s like people want to buy a house. The scarcity that you see in one to four family homes, and the scarcity you see in the bond market is the same thing. When Chair Powell gets up there and tells us the quantitative easing is not affecting home prices, that tells me he does not understand what he’s doing.”
At 10 a.m. I was ushered into the sales office. The door was locked behind me. The paperwork was simple. As I provided the required check, I told the sales staff, “If you want an anecdote for the home office, I was here at two this morning. Also, the gentleman in the third chair is offering the buyer after me $20,000 to trade places.” I turned down a $30,000 offer for my spot.
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When I emerged from the office, the waiting buyers and realtors cheered, as if I had just won an award. One carried my chair to the car.
In my thesis “Early Speculative Bubbles and Increases in the Supply of Money,” written under Murray Rothbard’s direction thirty years ago, I closed with this: “What can be predicted with absolute accuracy is that fiat money, fractional-reserve banking, central banks, Keynesian monetary policies, and self-serving politicians will combine to ensure that there will be many more booms and speculative bubbles for future economists and historians to chronicle.”
I could not have imagined how many “many more” would be.
‘The Purge’ by Big Tech targets conservatives, including us
Just when we thought the Covid-19 lockdowns were ending and our ability to stay afloat was improving, censorship reared its ugly head.
For the last few months, NOQ Report, Conservative Playbook, and the American Conservative Movement have appealed to our readers for assistance in staying afloat through Covid-19 lockdowns. The downturn in the economy has limited our ability to generate proper ad revenue just as our traffic was skyrocketing. We had our first sustained stretch of three months with over a million visitors in November, December, and January, but February saw a dip.
It wasn’t just the shortened month. We expected that. We also expected the continuation of dropping traffic from “woke” Big Tech companies like Google, Facebook, and Twitter, but it has actually been much worse than anticipated. Our Twitter account was banned. Both of our YouTube accounts were banned. Facebook “fact-checks” everything we post. Spotify canceled us. Medium canceled us. Apple canceled us. Why? Because we believe in the truth prevailing, and that means we will continue to discuss “taboo” topics.
The 2020 presidential election was stolen. You can’t say that on Big Tech platforms without risking cancellation, but we’d rather get cancelled for telling the truth rather than staying around to repeat mainstream media’s lies. They have been covering it up since before the election and they’ve convinced the vast majority of conservative news outlets that they will be harmed if they continue to discuss voter fraud. We refuse to back down. The truth is the truth.
The lies associated with Covid-19 are only slightly more prevalent than the suppression of valid scientific information that runs counter to the prescribed narrative. We should be allowed to ask questions about the vaccines, for example, as there is ample evidence for concern. One does not have to be an “anti-vaxxer” in order to want answers about vaccines that are still considered experimental and that have a track record in a short period of time of having side-effects, including death. One of our stories about the Johnson & Johnson “vaccine” causing blood clots was “fact-checked” and removed one day before the government hit the brakes on it. These questions and news items are not allowed on Big Tech which is just another reason we are getting canceled.
There are more topics that they refuse to allow. In turn, we refuse to stop discussing them. This is why we desperately need your help. The best way NOQ, CP, and ACM readers can help is to donate. Our Giving Fuel page makes it easy to donate one-time or monthly. Alternatively, you can donate through PayPal as well. We are pacing to be short by about $3700 per month in order to maintain operations.
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The second way to help is to become a partner. We’ve strongly considered seeking angel investors in the past but because we were paying the bills, it didn’t seem necessary. Now, we’re struggling to pay the bills. We had 5,657,724 sessions on our website from November, 2020, through February, 2021. Our intention is to elevate that to higher levels this year by focusing on a strategy that relies on free speech rather than being beholden to progressive Big Tech companies.
During that four-month stretch, Twitter and Facebook accounted for about 20% of our traffic. We are actively working on operating as if that traffic is zero, replacing it with platforms that operate more freely such as Gab, Parler, and others. While we were never as dependent on Big Tech as most conservative sites, we’d like to be completely free from them. That doesn’t mean we will block them, but we refuse to be beholden to companies that absolutely despise us simply because of our political ideology.
We’re heading in the right direction and we believe we’re ready talk to patriotic investors who want to not only “get in on the action” but more importantly who want to help America hear the truth. Interested investors should contact me directly with the contact button above.
As the world spirals towards radical progressivism, the need for truthful journalism has never been greater. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report going.
We Often Feel Like David Taking on Giants
Today’s Goliath is the Mainstream Media Industrial Complex that brainwashes the masses.
Our mission is very straightforward: To counter the false narratives and nefarious agendas destroying America today. It isn’t easy for obvious reasons; despite incredible growth over the last year we are still a very tiny fish in a huge media pond. But we’re fighting and we will continue to do so, Lord willing, for as long as we possibly can. The battle for America’s present and future is too important for us to back down to the giants that stand in our way.
We need help. I don’t want to say “desperately,” but the need is definitely great. If you have the means, please donate through our GivingFuel page, PayPal, or our brand new GiveSendGo page. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!
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