Saturday, April 20, 2024
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Saturday, April 20, 2024

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Cities with the largest increase in home prices over the past decade

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According to data from Zillow, home prices in the U.S. have climbed over 42 percent in the past decade. While the country’s housing market as a whole recovered strongly from the lows of the Great Recession, the recovery was not evenly distributed throughout the country’s major cities. As residents of some cities are being priced out of their own neighborhoods, property values in other cities have hardly changed. Even though housing prices have continued to rise during the COVID-19 pandemic, many are beginning to question whether the strong rise in home values will continue in densely populated cities.

The strong gain in the housing market over the past decade is not surprising, as home prices in the United States tend to rise sharply in the years following recessions. In the five-year periods following the last four recessions, the median home price in the U.S. grew an average of 32.7 percent.

Economic recovery following recessions is never felt uniformly throughout the country, and home price gains in the years since the Great Recession have been no different. The largest increases have been concentrated in Western states. Median home prices in Nevada, Idaho, Arizona, Colorado and California all grew by more than 70 percent, which were the largest price increases in the country. On the other hand, home prices barely rose in some states, including in Delaware and New Jersey, where home prices increased at annualized growth rates below 1 percent. Only one state, Connecticut, actually experienced a decline in the median home price over the last 10 years.

To find the cities with the largest increase in home prices, researchers at Construction Coverage used data from Zillow to find the change in each city’s median home price between 2010 and 2020. Cities were then ranked by their percentage change in median home price over that 10-year period. To improve relevance, cities were broken into three cohorts based on population:

Large: Cities with 350,000 or more peopleMidsize: Cities with 150,000–349,999 peopleSmall: Cities with 100,000–149,999 people

The analysis found that cities in Western states experienced some of the largest rises in median home price over the last decade. Notably, cities in California dominate the list as 17 cities in that state have seen home prices more than double in 10 years. Many cities in Florida, Arizona, and Texas also experienced large increases in home prices during that period. Among large metros, there is a loose correlation between median household income and the percentage change in home price, meaning that home prices have grown more rapidly in more affluent areas.

Here are the cities with the largest increase in home prices over the last decade.

The 15 Large Cities with the Largest Increase in Home Prices Over the Last Decade

Photo Credit: Alamy Stock Photo

15. Boston, MA

Percentage change in median home price since 2010: 72.1%Absolute change in median home price since 2010: $270,4622020 median home price: $645,6892010 median home price: $375,227Median household income: $71,834

Photo Credit: Alamy Stock Photo

14. Austin, TX

Percentage change in median home price since 2010: 73.1%Absolute change in median home price since 2010: $171,7122020 median home price: $406,5962010 median home price: $234,883Median household income: $71,543

Photo Credit: Alamy Stock Photo

13. Tampa, FL

Percentage change in median home price since 2010: 73.3%Absolute change in median home price since 2010: $107,4652020 median home price: $254,0262010 median home price: $146,562Median household income: $54,599

Photo Credit: Alamy Stock Photo

12. Atlanta, GA

Percentage change in median home price since 2010: 73.4%Absolute change in median home price since 2010: $125,3932020 median home price: $296,3242010 median home price: $170,932Median household income: $65,345

Photo Credit: Alamy Stock Photo

11. Seattle, WA

Percentage change in median home price since 2010: 83.2%Absolute change in median home price since 2010: $340,2462020 median home price: $749,4172010 median home price: $409,172Median household income: $93,481

Photo Credit: Alamy Stock Photo

10. San Francisco, CA

Percentage change in median home price since 2010: 87.9%Absolute change in median home price since 2010: $671,6252020 median home price: $1,436,0872010 median home price: $764,462Median household income: $112,376

Photo Credit: Alamy Stock Photo

9. Denver, CO

Percentage change in median home price since 2010: 88.1%Absolute change in median home price since 2010: $217,3892020 median home price: $464,0682010 median home price: $246,680Median household income: $68,377

Photo Credit: Alamy Stock Photo

8. Mesa, AZ

Percentage change in median home price since 2010: 89.4%Absolute change in median home price since 2010: $133,9192020 median home price: $283,7412010 median home price: $149,823Median household income: $58,247

Photo Credit: Alamy Stock Photo

7. Aurora, CO

Percentage change in median home price since 2010: 96.6%Absolute change in median home price since 2010: $178,1682020 median home price: $362,5902010 median home price: $184,422Median household income: $63,128

Photo Credit: Alamy Stock Photo

6. Sacramento, CA

Percentage change in median home price since 2010: 97.8%Absolute change in median home price since 2010: $176,2092020 median home price: $356,3692010 median home price: $180,159Median household income: $65,046

Photo Credit: Alamy Stock Photo

5. Las Vegas, NV

Percentage change in median home price since 2010: 98.3%Absolute change in median home price since 2010: $143,6512020 median home price: $289,8302010 median home price: $146,179Median household income: $53,575

Photo Credit: Alamy Stock Photo

4. San Jose, CA

Percentage change in median home price since 2010: 98.7%Absolute change in median home price since 2010: $494,2462020 median home price: $995,2122010 median home price: $500,966Median household income: $113,036

Photo Credit: Alamy Stock Photo

3. Phoenix, AZ

Percentage change in median home price since 2010: 99.0%Absolute change in median home price since 2010: $136,5362020 median home price: $274,4882010 median home price: $137,952Median household income: $57,957

Photo Credit: Alamy Stock Photo

2. Detroit, MI

Percentage change in median home price since 2010: 101.7%Absolute change in median home price since 2010: $19,4782020 median home price: $38,6382010 median home price: $19,160Median household income: $31,283

Photo Credit: Alamy Stock Photo

1. Oakland, CA

Percentage change in median home price since 2010: 102.2%Absolute change in median home price since 2010: $400,1192020 median home price: $791,5542010 median home price: $391,435Median household income: $76,469

Methodology and Detailed Findings

Over the last decade, some cities, like Phoenix and San Jose, have seen home prices double, while other cities, like Baltimore, Chicago, and Cleveland have hardly seen home prices rise at all.

Interestingly, many of the cities with the largest increases in home price over the last decade were among those hit the hardest during the Great Recession. For example, Las Vegas and Phoenix saw home prices get cut in half during the financial crisis. However, over the last decade, home prices in those cities have doubled.

Cities hit hardest during recessions have the most ground to recover, so it is not surprising to see such strong rebounds in the housing markets of these cities. However, the nature of the country’s latest recession brings into question whether the same demand will exist in cities when the dust has settled. The COVID-19 pandemic has changed public perception of densely-populated cities and shifted demand to suburbs and less densely-populated areas. So while demand has remained strong throughout the pandemic, it remains to be seen whether home prices in the country’s most densely populated cities will continue to rise in the years ahead.

The data used in the study comes from Zillow. To find the cities with the largest rise in home prices, researchers at Construction Coverage compared each city’s average median home price in the first 6 months of 2020 to its average median home price in the first 6 months of 2010. Cities were then ordered by their respective percentage change in median home price over that 10-year period. Cities were broken into three cohorts based on population:

Large: Cities with 350,000 or more peopleMidsize: Cities with 150,000–349,999 peopleSmall: Cities with 100,000–149,999 people

Cities with less than 100,000 residents were not included in this analysis. Additionally, researchers used the latest U.S. Census Bureau’s American Community Survey data to find median household income and population data for each city.

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(The Center Square) – One of the biggest critics of Wisconsin’s election administrator says no one should be threatening her and says threats don’t help fix election integrity issues.

State Rep. Janel Brandtjen, R-Menomonee Falls, on Tuesday offered her thoughts after the Wisconsin Elections Commission confirmed elections administrator Meagan Wolfe is receiving extra security protection.

"Threatening Administrator Meagan Wolfe, or any election official, is unacceptable and counterproductive. Venting frustrations on individuals like Wolfe, clerks, or poll workers is not only illegal but also harmful to rebuilding trust in our elections,” Brandtjen said. “Threats only undermine our republic and empower the courts and media. It's essential to address any concerns about election processes through legal channels. Threats have no place in our democracy.”

Brandtjen has been one of Wisconsin’s loudest critics of Wolfe. She led hearings as far back as 2021 into Wolfe’s role in the 2020 election. Brandtjen also led the push to get Wolfe removed from the Elections Commission.

“Wolfe’s term has indeed expired, and according to Wisconsin Statutes 15.61(1)(b)1, she should be removed, but Republicans are too worried about the press or too compromised to follow existing law.” Brandtjen said.

The Wisconsin Elections Commission on Monday clarified that Wolfe is receiving extra security but refused to offer any details.

“The Wisconsin Elections Commission has had productive conversations about safety and security with state leadership, including the governor’s office, which is tasked with approving security measures for state government officials,” WEC spokesperson Riley Vetterkind said in a statement. “Those conversations have resulted in additional security measures being approved for Administrator Wolfe and the WEC when the need arises.”

Brandtjen on Tuesday blamed Wisconsin Republicans, and once again blamed Assembly Speaker Robin Vos, for Wolfe’s continued time on the Elections Commission.

“It's disappointing that Sen. Dan Knodl and Rep. Scott Krug, chairs of the election committees, have not exercised their investigative and subpoena powers. This inaction has allowed the neglect of essential laws, such as providing ballots to individuals declared incompetent, lack of checks in military ballot requests, an insecure online system, and improper guidance on voting for homeless individuals without proper documentation,” she said. “The Legislature, particularly Speaker Vos' control, is responsible for the frustration caused by election irregularities due to their inaction.”

Wisconsin’s local election managers have reported an uptick in threats and angry rhetoric since the 2020 election, and some local election offices have taken extra precautions. But there haven’t been any cases in Wisconsin where someone has acted on an election threat.

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(The Center Square) – There is now a legal challenge to Gov. Tony Evers’ 400-year school funding veto.

The WMC Litigation Center on Monday asked the Wisconsin Supreme Court to take up their challenge to the governor’s summer veto that increased per-pupil funding for the next four centuries.

“At issue is Gov. Evers’ use of the so-called ‘Vanna White’ or ‘pick-a-letter’ veto,” the group said in a statement. “The governor creatively eliminated specific numbers in a portion of the budget bill that was meant to increase the property tax levy limit for school districts in the 2023-24 and 2024-25 fiscal years. By striking individual digits, the levy limit would instead be increased from the years 2023 to 2425 – or four centuries into the future.”

The WMC Litigation Center is an affiliate of Wisconsin Manufactures & Commerce (WMC), the combined state chamber and manufacturers’ association.

Litigation Center Executive Director Scott Rosenow said while Wisconsin’s governor has an incredibly powerful veto pen, there are limits.

“No Wisconsin governor has the authority to strike individual letters or digits to form a new word or number, except when reducing appropriations,” Rosenow said. “This action is not only unconstitutional on its face, but it is undemocratic because this specific partial veto allows school districts to raise property taxes for the next 400 years without voter approval.”

Wisconsin lawmakers and voters approved a constitutional amendment in 1990 that put limits on the governor’s veto power.

Rosenow and the WMC Litigation Center say the governor’s veto goes beyond those limits.

The legal challenge also raises the constitutional issue that all state spending has to originate with, and be approved by, the legislature.

“In no uncertain terms, 402 years is not less than or part of the two-year duration approved by the Legislature – it is far more,” concluded Rosenow. “The governor overstepped his authority with this partial veto, at the expense of taxpayers, and we believe oversight by the Court is necessary.”

The WMC Litigation Center is asking the Wisconsin Supreme Court to take the case as quickly as possible.

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Former President Donald Trump has pleaded not guilty to 34 felony counts related to charges he paid hush money to adult film actress Stormy Daniels through a lawyer and covered it up as a legal expense before being elected president.

Trump has attempted to delay the start of the New York state trial several times, including three longshot tactics judges rejected this week.

What charges does Trump face in the New York hush money case?

Manhattan District Attorney Alvin Bragg has charged Trump with 34 counts of falsifying business records related to money paid to Daniels and another woman, former Playboy model Karen McDougal. Bragg has alleged Trump broke New York law when he falsified with the intent to commit or conceal another crime.

Prosecutors allege Trump falsified internal records kept by his company, hiding the true nature of payments that involve Daniels ($130,000), McDougal ($150,000), and Trump's former personal lawyer Michael Cohen ($420,000). Prosecutors allege the money was logged as legal expenses, not reimbursements. Both Cohen and Daniels are expected to testify.

Cohen is expected to be a key witness in the trial. Daniels has said she expects to testify.

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What happens on Monday?

Prosecutors, defense attorneys and Donald Trump are expected to be present when the trial before Judge Juan Merchan gets started Monday. The first step will be picking a jury, a process that could take a week or more depending on how things progress. The trial is expected to last six to eight weeks.

Prosecutors and defense attorneys will select 12 jurors and six alternates from a pool of potentially hundreds of people. Each juror will answer 42 questions designed to determine if they can be impartial in the high-profile trial of a polarizing former president. The jurors will remain anonymous because of security concerns.

Once a jury is seated, it's on to opening statements where prosecutors and defense attorneys will get to address the jury about what they plan to show during the trial.

What is Trump's defense to the charges?

Trump has maintained he did nothing wrong and has accused Bragg of bringing a politically motivated case involving conduct in 2016 during a presidential election year as Trump faces incumbent Joe Biden in a rematch of the 2020 election.

Trump has spoken out against the judge, the district attorney and other involved in the case repeatedly. Trump's comments prompted a gag order from the judge who said Trump can't talk publicly about certain people involved in the case and their families.

"The White House Thugs should not be allowed to have these dangerous and unfair Biden Trials during my campaign for President. All of them, civil and criminal, could have been brought more than three years ago. It is an illegal attack on a Political Opponent. It is Communism at its worst, and Election Interference at its Best. No such thing has ever happened in our Country before," Trump wrote on his social media platform Truth Social this week. "On Monday I will be forced to sit, GAGGED, before a HIGHLY CONFLICTED & CORRUPT JUDGE, whose hatred for me has no bounds. All of these New York and D.C. 'Judges' and Prosecutors have the same MINDSET. Nobody but this Soros Prosecutor, Alvin Bragg, wanted to take this ridiculous case. All legal scholars say it is a sham. BIDEN'S DOJ IS RUNNING THE CASE. Just think of it, these animals want to put the former President of the United States (who got more votes than any sitting President!), & the PARTY'S REPUBLICAN CANDIDATE, IN JAIL, for doing absolutely nothing wrong. It is a RUSH TO THE FINISH. SO UNFAIR!"

Will Trump take the stand?

That's not clear yet. Trump said last month that he'd be willing to testify at trial if needed.

Could Trump go to jail?

It's too earlier to tell what will happen if Trump is convicted. Under New York state law, falsifying business records in the first degree is a Class E felony that carries a maximum sentence of four years in prison.

Trump's age and lack of any prior criminal convictions could work in his favor at sentencing if he's convicted. His attacks on the judge could have the opposite effect at sentencing. Before sentencing, the judge would look at sentencing guidelines, recommendations from prosecutors and any other pre-sentence reports.

In late March, Trump said that he wasn't worried about a conviction when asked if he thought a conviction could hurt his chances of returning to the White House.

"It could also make me more popular because the people know it's a scam," he said. "It's a Biden trial, there is no trial, there's a Biden trial."

Whatever happens during the trial, Trump will be protected by the U.S. Secret Service.

Even if convicted and sentenced to jail, Trump could continue his campaign to re-take the White House.

"The Constitution does not bar felons from serving as President," said Richard Hasen, professor of law and political science at the University of California, Los Angeles.

Trump could not pardon himself from any state charges, Hasen said.

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(The Center Square) – Wisconsin’s next supreme court race could be even more contentious and even more expensive than the last one.

Liberal Justice Anne Walsh Bradley on Thursday surprised the state when she announced she will not run for re-election next year.

"My decision has not come lightly. It is made after careful consideration and reflection. I know I can do the job and do it well. I know I can win re-election, should I run. But it's just time to pass the torch, bring fresh perspectives to the court," Walsh Bradley said in a statement.

She is one of Wisconsin’s longest serving justices, serving her third 10-year term on the court.

“In the 177-year history of the court, only four justices have served longer than my length of service,” she wrote.

Walsh Bradley’s decision means the next election will be open.

Former Republican attorney general, and current Waukesha County judge, Brad Schimel has already jumped into the race. There aren’t any declared Democrats yet.

Schimel on Thursday said Walsh Bradley’s decision isn’t changing anything for him.

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Wisconsin’s last race for the supreme court, in April of 2023, set records for spending. The race between Justice Janet Protasiewicz and former Justice Dan Kelly cost more than $56 million. That makes the 2023 Wisconsin race the most expensive judicial race in American history. Many court observers and politicos in Wisconsin say the 2025 race could be just as expensive, or even more expensive.

Protasiewicz’s victory flipped the Wisconsin Supreme Court to a 4-3 liberal majority for the first time in 15 years.

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