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Expand chart
Data: FRED; Chart: Axios Visuals

Home prices saw the biggest annual gain in close to 15 years this January, according to the Case-Shiller index.

The big picture: Phoenix, Seattle and San Diego saw the highest year-over-year home price gains.

Background:

  • Little supply: There were just over 1 million homes for sale at the end of January — the fewest since 1982, the WSJ notes.
  • Low (but rising) mortgage rates: The average 30-year mortgage rate hit a record low (2.67%) the week of Jan. 7.

Yes, but: Rates are currently at 3.17%, contributing to the slowdown in mortgage applications.

Bonus: Consumer confidence is the highest since the pandemic started last March, per new Conference Board data out today.

  • Consumer "plans to purchase a home" are the highest since the survey's inception in 1967.

Go deeper

Dion Rabouin, author of Markets
Mar 30, 2021 - Economy & Business

2021's top asset: Lean hogs

Data: FactSet; Chart: Axios Visuals

Thanks to declining production and bullish expectations for greater demand and more grocery shopping, prices of lean hogs are through the roof in 2021 and have become the world's top-performing major asset.

What's happening: Prices have risen by more than 60% over the past year, with the overwhelming majority of that growth taking place in 2021 (up 50% year to date), as the commodity has broken out since January.

Biden says he raised human rights issues in Putin summit

President Biden with Russian President Vladimir Putin in Geneva, Switzerland, on June 16. Photo: Mikhail Metzel\TASS via Getty Images

President Biden said he raised issues including nuclear arms control, cybersecurity, election interference and violations of human rights in Russia in his meeting with Vladimir Putin in Geneva on Tuesday.

What he's saying: "My agenda is not against Russia or anybody else. It's for the American people," Biden said at a press conference following the summit, which was shorter than expected.

Southwest heat wave intensifies, breaks records and worsens drought

A temperature "misery index" shows peak levels across the Southwest (orange and yellow), and the upper air flow shows how the jet stream is being pushed north, away from the heat dome parked over the Four Corners region. (Earth.nullschool.net)

A punishing and long-enduring heat wave is intensifying in parts of the West and Southwest, with heat warnings and advisories in effect across seven states Wednesday. The heat will not relent until late in the weekend.

Threat level: In the coming days, 40 million are likely to see temperatures reach or exceed 100 degrees.

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