Overnight News: Single-family home buyers are coming from somewhere. What’s going on with the housing they fled?

In 2006, we sold bedrooms without beds: Acres and acres of homes with no ready residents. Totally a cargo cult, of course: Houses are valuable even with no one to occupy them. But for a while you could flip a new build at COE for $50k more than the contract price – held with a $3,000 earnest deposit ten months earlier.

That would be money for nothing, a great little candy machine while it lasted.

The situation in Phoenix right now is nothing like that: Builders can’t build, anyway, and there are bodies and then some for every bedroom – at least in fee simple housing. What’s going on in multi-family? What’s happening in all those garden-apartment complexes – more arriving daily?

Meanwhile, all the happy-babble real estate “news” from other cities is also all about single-family detached housing – so what is happening with less-spacious domiciles there?

This is demand without supply, not supply without demand. Where is it coming from? Specifically, which homes are being abandoned to ignite this mad conflagration for single-family housing?

In other news:

Housing Wire: Mortgage applications increase for second straight week.

CNBC: Home construction sees biggest drop since pandemic hit. Here’s why.

Housing Wire: Seattle’s already-hot real estate market is exploding.

Jason Rantz: Activist plans taxpayer-funded CHOP block party a year after murders, attempted rape.

Brad Polumbo: New Poll Shows How Riots Have Doomed Downtown Portland.

Cato Institute: Will the Supreme Court Overturn the Infamous Takings Decision of Kelo v. City of New London?

Joel Kotkin: The Rise of Corporate-State Tyranny.

Angelo Codevilla: Censorship, Masks, Vaccines, Right, and Revolution: Surrender to today’s oligarchic priorities augurs no peace for tomorrow.