there s great data and there is some tough data. but what are we hearing on consumer confidence? jim and poppy, consumer confidence did fall again in may. didn t fall as much as expected. the fact that people are feeling so negatively right now about the economy is really all about high inflation. the cost of living has just gone up so significantly, and that continues to overshadow the fact that the jobs market is on fire. on the cost of living front, we ve got new numbers there, as well. home prices going up. the latest numbers from kay schilling showing a 20.6% gain in march year-over-year. that is the pastesfastest pace records that go back 35 years. home prices in march were rising at a faster pace than ever before, even during the housing bubble of the mid 2000s before the great recession. it s all about supply and demand. the supply of homes is simply not keeping up with blockbuster
states rose by 20.6% year over year in march. that is the fastest pace on re record, surpassing what we saw in the mid 2000s housing bubble. supply of homes not keeping up with demand, especially true in the sun belt. we saw massive gains for tampa, phoenix, miami. all of them 30% plus increases year-over-year for home prices. i think the big question is how long this will last. exactly. rock bottom mortgage rates fueled the housing boom. it s going away. the fed is raising interest rates. mortgage rates spiked above 5%. we could see home price gains cool off. i think one other thing that is important to remember with home prices is this is really a case of haves and have nots. if you own a home, this is great news. it means your net worth has gone up. if you re a first-time home buyer, it means it is harder to buy a home. this pushes up rental rates for everyone. thank you for laying that out. appreciate it. there is also one number that tells a lot of americans really everyth
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Southern senators in the sixties who defended states rights. This vote, im ashamed to say, is further evidence that Voter Suppression has become part of the official platform of the republican party. In an unusual move, Vice President harris presided over the senate during tonights vote afterward chief vowed democrats will continue pushing for federal Voting Rights legislation. When were talking about the right to vote, it is not a republican concern or a democratic concern it isnt an american concern. This is about the american peoples right to vote. Unfettered. It is about their access to the right to vote in a meaningful way, because nobody is debating i dont believe, whether all americans have the right to vote. The bottom line is that the president and i are very clear to support as one, to support the john lewis Voting Rights act and the fight is not over. Since january of this year, just since january at least 14 states have a net did 22 new laws that restrict access to voting.
Aggregate, all these places did something praiseworthy and novel. They took steps to make it easier to vote. They did this by expanding eligibility for mailin voting and early voting and adding drop boxes for ballots right . Theres Public Health concern. You dont want everyone crowding in on election day so people found ways to just make it easier to vote so you wouldnt have that. And the results are clear. It worked. Turnout was the highest it had been in 120 years. Nearly 67 of eligible voters cast a ballot. And also there was no uniform drubbing of one party by the other. It was not a blowout. It was a competitive election. Yes, joe biden won by a healthy margin. 7 million votes. 70 plus Electoral College votes. But remember republicans gained seats in the house. They want some key senate rates right . Now rather than looking at that outcome and thinking wow, we can be a Competitive Party even in high turnout elections which would have been a totally rational conclusion. Republican