US Property Taxes Rose 3 Percent On Average In 2025, Outpacing Inflation

 by Rob Sabo via The Epoch Times (emphasis ours),

Property taxes are rising across the United States and, on average, have outpaced inflation.

Homeowners in 2025 paid a total of $396.8 billion in property taxes on more than 89.6 million single-family homes, a 3.7 percent increase from 2024, an April 9 report by real estate property data provider ATTOM states.

The average single-family home paid $4,427 in taxes, up by 3 percent from 2024, driven by a higher effective tax rate, according to the report.

The ATTOM report analyzed tax data collected from assessment offices, combined with estimated market values of single-family homes. The estimated home value of $494,231 for 2025 was down by 1.7 percent year-over-year, ATTOM noted, following a significant spike in 2024.

Nationally, the effective tax rate on single-family residences in 2025 was 0.9 percent, up slightly from the prior year and the highest since 2020, when it stood at 1.1 percent, ATTOM’s researchers wrote.

The tax growth rate is higher than the Bureau of Labor Statistics’ (BLS) inflation rate, which stayed below 3 percent for most of 2025. Inflation rose to 3.3 percent in March, up by nearly a full percentage point from the start of the year, driven by higher energy and fuel costs.

Property taxes—a primary source of revenue for local governments and municipalities—have spiked largely because of a run-up in housing prices over the past five years, the nonprofit Tax Foundation stated.

In the final quarter of 2019, the median sales price of homes sold in the United States was $327,100, the Federal Reserve Bank of St. Louis reported. By the end of 2025, that figure had jumped by 24 percent to $405,300.

Homeowners can pay significantly more in property taxes as their home values increase due to higher assessed values, the Tax Foundation noted.

However, ATTOM CEO Rob Barber said property taxes in 2025 demonstrate that tax bills reflect more than just home values.

“Even with a slight dip in prices, higher tax bills combined with declining home values led to an increase in effective tax rates, underscoring the role of local government costs and shifting tax policies. Regional disparities persist, with the Northeast and Midwest continuing to see the highest burdens,” Barber said.

More than 50 percent of metropolitan areas with populations of more than 1 million residents saw their property tax bills for single-family homes rise more than 3 percent in 2025, ATTOM stated.

In the Northwest, the combination of high property tax rates and escalating home values led to some of the highest average tax bills in the country. Average tax bills in New Jersey were $10,499, followed by Connecticut at $8,901 and New Hampshire at $8,174.

Conversely, average tax bills were lowest in West Virginia at $1,081. Residents of Alabama paid an average of $1,284 in property taxes, while residents of Arkansas paid $1,387, ATTOM researchers wrote.

At the county level, Westchester County, New York, had the highest average property tax in 2025 at $18,386, followed by Marin County, California, at $16,745 and Bergen County, New Jersey, at $14,443.

Average tax calculations were derived by dividing the total amount of property taxes paid by residents of a particular county by the number of single-family residences in that area, ATTOM noted.

https://www.zerohedge.com/personal-finance/us-property-taxes-rose-3-percent-average-2025-outpacing-inflation

Existing US Home Sales Plunged In March, Despite Falling Mortgage Rates

 Affordability-aiding lower mortgage rates battled a sentiment-sapping surge in geopolitical panic in March, with analysts expecting the latter to outweigh the former with a modest 0.7% MoM decline (after January's plunged - weather? - and February's modest rebound).

The analysts under-estimated the fear from war-mongering as existing home sales plunged 3.6% MoM (down bigly from an upwardly revised 2.7% MoM jump in Feb). That is the second biggest drop in existing home sales since Nov 2022...

Source: Bloomberg

That dragged Existing Home Sale SAAR back below 4 million homes (3.98m to be exact), near the lowest level since Lehman...

Source: Bloomberg

The NAR report showed the median selling price rose 1.4% from a year earlier in March, to $408,800.

Source: Bloomberg

Pushing Existing (Used) House prices back above New House Prices...

The inventory of previously owned homes edged up to a four-month high but remains historically depressed.

Source: Bloomberg

Contract signings declined across all  regions, according to the NAR.

Sales in the Northeast slid to the lowest on record in data going back to 1999, while those in the Midwest matched the weakest pace since 2011.

The NAR also slashed its 2026 existing-home sales forecast to 4%, from 14% previously.

“Mortgage rates have been rising, and that has led us to trim our home sales outlook for the year,” NAR Chief Economist Lawrence Yun said in a statement.

It appears home sales front-ran the rise in mortgage rates since the war began.

https://www.zerohedge.com/personal-finance/existing-us-home-sales-plunged-march-despite-falling-mortgage-rates

Mamdani’s Rent Guidelines Board is cooking the numbers to set up his rent freeze

 The city’s Rent Guidelines Board won’t decide this year’s rent hikes for regulated apartments until June, but its staff is already cooking the stats to “justify” Mayor Zohran Mamdani’s promised rent freeze.

The board’s recently released 2026 Income and Expense study claims landlords’ Net Operating Income for buildings with rent-stabilized units rose 6.2%. Tenants’ advocates say that justifies a rent freeze.

Don’t buy it: That 6.2% figure tells you a lot less than you think about landlords’ ability to pay their bills.

For starters, adjusted for inflation, the number drops to just 2.2%.

And it’s merely a year-over-year comparison of building owners’ income after subtracting expenses like taxes, utilities, maintenance, insurance, etc.

So if an owner loses money one year, but sees his income rise a bit, enabling him to lose less the next year, that could show up as “increase” — even though he’s still losing money.

What’s more, it’s an aggregate figure for all buildings with at least one rent-stabilized unit, even though some have market-rate units whose rent hikes pump up the average, distorting the picture.

For buildings with more than 50% of their units rent-stabilized, the “increase” in Net Operating Income was just 4%; for those with 100% stabilized units, it was just 2.4%.

Nor does the figure distinguish between new buildings and old ones that need major repairs.

That’s key, since the NOI doesn’t account for the cost of capital improvements or debt service.

The citywide NOI also conflates buildings in “core Manhattan,” where inflation-adjusted growth was 10%, with the entire rest of the city, where it was just 0.9%.

In The Bronx, net income actually fell — by 0.1%.

Here’s the real story: Numerous residential buildings in the city have been losing money, thanks largely to rent freezes or too-small increases, averaging less than 1%, under Mayor Bill de Blasio and insufficient hikes to make up for it under Mayor Eric Adams.

In particular, rent-stabilized buildings built before 1974 are in shabby shape and need major, costly repairs and upgrades.

On top of that, the city’s climate law, Local Law 97, requires pricey changes to meet emissions standards.

Meanwhile, genius progressives in Albany made it impossible for landlords to pass on the costs of those upgrades to tenants.

Tens of thousands of “zombie” apartments are now being warehoused because landlords can’t afford to bring them up to code and recoup their outlays via rent.

No matter: The Rent Guidelines Board — six of whose nine members were appointed by Mamdani — doesn’t actually care about the facts.

Expect it to do socialist Mamdani’s bidding and ram through a rent freeze.

Also when it does, expect more apartments to degrade, buildings to go belly-up and tenants to suffer.

https://nypost.com/2026/04/06/opinion/how-mamdanis-rent-guidelines-board-is-cooking-the-numbers-to-set-up-his-rent-freeze/

DOJ Sues New Jersey Town Over Natural Gas Ban

 by Naveen Athrappully via The Epoch Times (emphasis ours),

The Department of Justice (DOJ) filed a lawsuit against Morris Township in New Jersey over its ban on natural gas and other fossil fuels in newly constructed buildings, the department said in an April 1 statement.

Blue flames from a gas stove at a home in Arlington, Va., on May 3, 2023. Olivier Douliery/AFP via Getty Images

The ban “drives up energy costs for everyday American consumers and weakens our Nation’s energy dominance,” the DOJ said.

“Such policies reflect a radical left effort to outlaw federally regulated gas stoves, furnaces, water heaters, dryers, and other appliances that American families rely on daily to cook their meals and heat their homes.”

The lawsuit, filed on March 31 at the U.S. District Court for the District of New Jersey, takes issue with an ordinance the township passed in 2022.

The ordinance said that beginning Sept. 1, 2022, officials shall not issue a construction permit for any new apartments consisting of 12 or more units unless the building is all-electric.

The ordinance defines an all-electric building as not using natural gas, propane, or oil heaters, or their associated delivery systems—boilers, piping systems, fixtures, and infrastructures—to meet its energy needs.

In its lawsuit, the DOJ argues that the ordinance denies the township’s consumers “reliable, resilient, and affordable energy,” as well as the option to use commonplace gas appliances for heating, cooking, and other household tasks.

Moreover, the township’s ban on natural gas is unlawful, as the Energy Policy and Conservation Act of 1975 preempts state and local regulations related to energy efficiency or energy use of any product subject to the federal government’s energy conservation standard, the complaint said.

The DOJ argued that the Ninth Circuit Court recently ruled that banning the installation of natural gas piping in new buildings was preempted by Congress via EPCA. This legal precedent makes Morris Township’s gas ban “invalid.”

The department asked the court to rule the township’s ordinance as “void and unenforceable.”

The Epoch Times reached out to the mayor of Morris Township for comment but did not receive a response by publication time.

“Where the federal government has exclusive authority to regulate appliances and infrastructure, we will fight state and local overreach,” Principal Deputy Assistant Attorney General Adam Gustafson, from the DOJ’s Environment and Natural Resources Division, said.

“Banning natural gas is illegal. It makes heating, cooking, drying, and other life functions more unaffordable for consumers. This Administration is committed to unleashing American energy and empowering Americans.”

Trump’s Executive Order

In the lawsuit, the DOJ cited President Donald Trump’s April 8, 2025, executive order, titled Protecting American Energy From State Overreach.

State laws and policies that seek to institute climate regulations related to energy weaken America’s national security and bring about financial ruin by pushing up energy costs for families, Trump wrote in the order, adding that such rules undermine federalism by “projecting the regulatory preferences of a few States into all States.”

Trump instructed the Attorney General to take “all appropriate action” necessary to stop the enforcement of state and local laws, policies, and practices that burden the development and use of domestic energy resources.

Attorney General Pamela Bondi said the DOJ’s lawsuit against Morris Township follows two similar successful lawsuits in California.

“Radical environmentalist policies that drive up costs and limit consumer choice will not stand,” Bondi said.

In January, the DOJ filed a lawsuit against Morgan Hill and Petaluma, cities in California, over their natural gas bans.

The DOJ said in the recent statement that due to the lawsuit, both cities recently passed ordinances rescinding natural gas bans.

Meanwhile, a new bill, the Affordable Home Energy Protection Act, which seeks to tackle the issue of local energy restrictions, was introduced last month in the Legislature of New Jersey, where Morris Township is located.

Several localities have attempted to ban or restrict the use of natural gas hookups or combustion-based appliances in newly constructed or renovated buildings without properly considering costs, feasibility, or consumer preferences, the measure said.

The bill explicitly bans state agencies and local governments from adopting any rule that “prohibits or unduly restricts the installation, connection, or use of appliances or heating systems powered by natural gas, propane, or fuel oil in residential or commercial buildings.”

https://www.zerohedge.com/energy/doj-sues-new-jersey-town-over-natural-gas-ban

LA leads nation in massive population exodus as ‘breaking point’ hits Golden State

 Los Angeles County, once the symbol of American prosperity and Hollywood dreams, has earned the title of the nation's leader in population loss.

The latest U.S. Census data shows shows that between July 1, 2024, and July 1, 2025, 53,421 residents left the county, marking the largest decline in the U.S. Additionally, Los Angeles County has fallen from about 10 million residents in 2020 to roughly 9.7 million today.

"There is a real sense of burnout. They are paying insane taxes and getting absolutely nothing in return," RIVANI founder Robert Rivani — who has seen a big migration of companies moving their headquarters to his Miami building from California, including Playboy — told Fox News Digital. "People feel like they’re living in a place that’s draining them financially and in exchange they’re dealing with rising crime, shrinking services, and a sense that everyone around them is trying to leave too."

"When I moved my family and my company here, everyone thought I was crazy," Rivani continued. "They were convinced LA was going to bounce back and that the problems were temporary. I saw the writing on the wall, and Miami has proven over and over that we made the right call."

"It isn’t just one factor, it’s the breaking point phenomenon. The taxes, the lack of safety, the red tape," Compass' Chad Carroll also told Fox News Digital. "I have a client from California whose home was broken into twice in the past six months. The whole political landscape there is destroying the state."

"These are individuals who have spent their lives building businesses and wealth," Carroll added, "and they feel that California has become a place that takes everything and gives back very little in terms of safety, infrastructure and opportunity."

The fleeing Angelenos are seeking areas with lower living costs and different political climates. Census data indicate that Riverside and San Bernardino gained 21,131 residents from Los Angeles County, while Las Vegas saw a boost of more than 21,000 people last year.

arroll, an alum of "Million Dollar Listing Miami," and Rivani argue people are gravitating toward places where "their money stretches further and they feel welcome."

They both also warn that a shrinking population serves "a direct hit" to Los Angeles' financial backbone.

"Real estate value is driven by demand and the quality of the surrounding tax base. When the top 1% flee, they take the tax revenue that funds the parks, the police and the schools with them, and that has a major trickle-down effect," Carroll said. "You can’t lose 300,000 residents, specifically high-earners, and expect your property values to keep pace with the growth we’re seeing in the Sunbelt."

"Those services are what keep a city functional. If you don’t have the tax base to support them, everything declines. And when the government’s only answer is to tax whoever is left even more, you create a vicious cycle where even more people pack up and go," Rivani expanded.

Los Angeles isn’t alone, as other high-tax, high-regulation hubs in California also saw significant population drops. Orange County lost 8,520 residents; San Diego lost 5,294; and Ventura County saw a decline of 2,580.

"The numbers don't lie, and they should be a big wake-up call," Carroll urged. "We are seeing a historic wealth transfer that is going to define the foreseeable future of U.S. real estate. With the rise of the tech and finance sectors in Miami and West Palm Beach, the Sunbelt is the new frontier of American success."

In recent months, many wealthy Californians have relocated across state lines, with top luxury developers previously telling Fox News Digital that more than $126 million in sales were secured in just 60 days from buyers in California and New York — driven by California’s proposed 5% one-time billionaire tax and New York City Mayor Zohran Mamdani’s talk of higher property taxes.

"Los Angeles is not the Hollywood star it once was, and I don’t think it can return to that. The government running it today has created a reality that people don’t want to live in, and it’s extremely hard to reverse that kind of decline. Once a city loses its shine, it’s almost impossible to get it back," Rivani said. "The polls show leading candidates for governor are Republican, which tells you how fed up people are with the direction of the state. It would take a lot of reform to bring it back to its glory days."

https://www.foxbusiness.com/economy/los-angeles-leads-nation-massive-population-exodus-breaking-point-hits-golden-state

'Freddie Mac, Fannie Mae rally on Ackman call'

Shares of Freddie Mac and Fannie Mae jumped more than 20% on Monday after billionaire investor Bill Ackman called the two mortgage finance companies "stupidly cheap" over the weekend.

Ackman said on X that the trade offered "asymmetry at its best" and argued the stocks could rise 10-fold, helping fuel the move in both companies' common shares.

At 10:16 am ET, Fannie Mae shares rose 25.51% to $6.10, while Freddie Mac climbed 21.69% to $5.30.

https://breakingthenews.net/Article/Freddie-Mac-Fannie-Mae-rally-on-Ackman-call/65978673

US Office-To-Apartment Conversions Hit New Record: Report

 by Mary Prenon via The Epoch Times,

This year is another record year for the conversion of office buildings into residential apartments in the United States, according to a recent RentCafe report.

At the beginning of 2026, 90,300 apartments were in the process of conversion across America—a 28 percent increase from 70,600 last year, according to the March 24 report.

At 47 percent, office conversions now comprise almost half of all adaptive reuse projects nationwide, with the New York metro area leading the way with 16,358 conversions in the pipeline. Washington, D.C., placed second with 8,479 conversions and Chicago third, with 4,360.

“The imbalance in the office sector didn’t emerge overnight,” Yardi research director Peter Kolaczynski said in the report.

“COVID-19 is to the office market what eCommerce was to retail. As a result, there is simply too much office space in the market right now.”

Yardi Matrix is a sister company to RentCafe and provides market research and data for the residential and commercial real estate markets.

Office-to-apartment conversions have expanded rapidly since 2022, when just 23,100 units nationwide were created from former commercial buildings. That number nearly doubled to 45,200 conversions in 2024, and rose to 55,300 in 2024.

In early 2025, the report indicated 70,700 conversions were on tap, as the national office vacancy rate was close to 20 percent. Meanwhile, physical occupancy in many buildings remained between only 50 percent and 55 percent, leaving millions of square feet underused.

Doug Ressler, senior analyst with Yardi Matrix, noted that financial pressure and government-backed incentives are also escalating conversions this year. Nearly one-third of U.S. office loans are set to mature in 2027, and many owners are facing pressure to take action on any underperforming properties.

“A massive amount of office building loans—over $213 billion—are coming due by the end of  2026. When loans mature, borrowers need to either pay them off or refinance them,” he said in the report.

“The problem is that many of these office buildings have lost significant value largely due to remote work trends reducing demand.”

Still, these types of conversions often take several years to complete, as the process can be slowed by structural issues, high construction costs, financing needs, or local regulations.

Ressler said nearly 66,500 projects started in 2025 are still moving forward in 2026. When combined with newly proposed projects, the total number is up by 19,600 units year over year.

Nationwide, office buildings account for the largest share of reuse, at 47 percent, followed by hotel conversions at 18 percent, industrial properties at 16 percent, and a mixed bag of properties—including former schools, retail centers, health care facilities, and government buildings, at 19 percent.

Nationally, more than 1.9 billion square feet of office space—24 percent of total inventory—is considered suitable for conversion, according to the conversion feasibility index from CommercialEdge.

“Age matters, but so do footprint and structural layout,” Kolaczynski added.

“ If a building is functionally obsolete as an office but has the right bones, it can be a strong conversion candidate.”

Other key ingredients for conversion consideration are proximity to mass transit and walkability to stores, restaurants, and parks.

https://www.zerohedge.com/personal-finance/us-office-apartment-conversions-hit-new-record-report