reporter: more nervous about what the impact and all that might be? yeah. there is no turning back now. there is no way they won t keep laurmnching from here. they will figure out. reporter: the spacex boom has triggered a real estate boom. this is old brownsville? yes. reporter: you grew up a few blocks? i grew up two blocks down that way on levy. so, yeah. it s home. reporter: she isn t sure how much longer she can afford to live here. her rent jumped from $650 a month to $1,000 in two years. she says many families are sell their homes because they can t afford the taxes anymore. that is my for for my neighbors that they will be shut out, they will be pushed out of the neighborhood and the place that we know as home. reporter: brownsville is in one of the poorest counties in the state, but the median home price has more than doubled
been booming. we had a lot of regulars coming in every day and really responsive of it. now we are kind of, you know, again they were shocked by it. so like more nervous what the impact might be. yes. there s no turning back from this now? there s no way they re not going to keep launch from here. these guys will figure out what they need to do. the boom has triggered a real estate boom. this is old brownsville? this is old bronzeville. you grew up two blocks away? i grew up two blocks that way on levee. josette isn t sure how much longer she can afford to live here saying her rent jumped from $650 to a thousand in two years and hinajosa says families are selling homes because they can t afford the tax anymore into that is my fear for my neighbors that
for the simple fact that we have a rampant robust apartment construction building boom. with more empty units coming on to the market, it will come down for the rents, rent growth. once the rents begin to taper off, it will lead to much calmer consumer price inflation and the federal reserve will say we don t have to raise interest rates anymore. after a couple more rounds of rate increases by the fed, i think we are settling down. are we returning to how things were pre-covid? so, definitely, you know, we saw the covid real estate boom in the second half of 2020 and 2021. much, much higher than pre-covid days. now the sales activities are slightly below the pre-covid 2019 condition. let s remember there is also a pent-up demand. u.s. population continue to rise. in fact, current sales activity
friday s closing bell marks the end of trading but not the end of the bear market. all three indices suffered their worst losses since 2008. workers bonuses were slashed, and retirees saw their savings shrink. cryptocurrencies crashed after flirting with mainstream step stance. fraud charges followed. unemployment remains low at 3.7%. but the pandemic driven real estate boom is over. the federal reserve raised interest rates crushing demand as intended. the median price of a home this year, now more than $398,000, up nearly 10% from last year, and pump prices have finally declined after a wild ride. they surged after russia s invasion of ukraine crossing $5 a gallon for the first time ever in june. they re now back to a number that starts with 3. still ahead on the cbs weekend news, it s a new year and a new congress. we ll look back at a house member who left his mark after a life of activism.
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