Today’s Top Stories From the Breitbart News Desk

[Maganomics]( Today’s Top Stories From the Breitbart News Desk The flight from cities in the wake of the pandemic, lockdowns, and anti-police riots is driving a spectacular housing boom. New home sales jumped 13.8% – easily leapfrogging over expectations for a 4% gain – to the fastest annual rate since before 2007, according to Commerce Department data released today. Sales were not just up from May, when they began recovering from the shutdown, but up significantly from a year ago. “The flight to the suburbs is real,” the National Association of Realtors chief economist said this week. The amenities that make city life enjoyable – bars, restaurants, theaters, art galleries, ballparks, museums – are closed, and the reopenings of many are a distant prospect. Mass transit is unduly risky. City schools are either staying closed or opening for partial school weeks, while suburban schools are far more likely to reopen. Riots, looting, waves of shootings, and anti-police protests are reminders of urban dangers once thought a thing of the past. We shouldn’t forget the immense and even improbable political and economic triumphs it took to stop the last crime wave. These old evils are on the rise, and there’s little reason to suspect that rise will halt any time soon. Apartment dwellers who spent months under stay-at-home orders crave backyards, more living space, and maybe a place to park a second family car. And, last but not least, living in a less population-dense area obviously reduces the chances of viral infection. New home sales are a leading indicator. They’re counted when sales contracts are signed, typically a month or two before closing. This means that the June boom signals even stronger sales for existing homes, which are counted at closing, in late summer and early fall. New home sales are big drivers of economic activity. Building homes is labor-intensive, employing workers with a large range of skills and experience. Those homes then need furniture, appliances, and internet connections. Even car sales positively correlate with new home sales, perhaps because apartment dwellers trade up to bigger autos or pick up second cars to fill garages. But good news from the housing sector is counterbalanced by our fragile labor market and a surge in coronavirus infections prompting renewed restrictions on businesses. The Republican plan to bolster employment and growth was due out yesterday, but at the last minute, its release was delayed until next week. That gives Democrats even more time to argue Republicans are not doing enough to address the pandemic. Worse, it raises the possibility that the GOP cannot achieve internal unity to back the next round of relief. With enhanced unemployment benefits due to expire at the close of the month, delay is a luxury the economy cannot afford. Corporate America’s continuing descent into the depths of the Woke Abyss was on display yesterday when Major League Baseball’s Opening Day featured every one of the Yankees and Nats players kneeling down in submission to Black Lives Matter. It’s wrong to consider these acts of protest when they are undertaken at the direction of and with the full support of corporate leaders, team owners, Hollywood stars, and network broadcasters. These are, in reality, acts of obedience to the Woke Authorities. – Alex Marlow, Breitbart News Network --------------------------------------------------------------- TOP STORY [image]( [Flight From the Cities: New Home Sales Jump 13.8% in June – Highest Since 2007]( Sales of new homes in the United States jumped 13.8 percent compared with May as home buyers took advantage of record-low mortgage rates and fled city centers beset with anti-police protests, riots, looting, crime, shootings, stay-at-home orders, shuttered businesses, closed schools, and a loss of amenities such as restaurants, theaters, and museums. Americans purchased new homes at a seasonally adjusted annual rate of 776,000, the Commerce Department said Friday. This was the highest sales rate since 2007. Sales were up in all four regions of the country. [[Click here for more]( Recommended Link [URGENT 40-SECOND PHONE MESSAGE FROM MILLIONAIRE TECH INVESTOR]( [image]( Apologies if this seems abrupt… But Millionaire Angel Investor Jeff Brown urgently needs to talk to you. In one day, a tiny biotech company could start to soar up to 1,000%… and he’s agreed to film a first-ever Biotech Masterclass. He recorded a 40-second phone message that explains more details. [CLICK HERE TO LISTEN]( -- IN OTHER STORIES… [Republicans Delay Release of Coronavirus Relief Plan]( Senate Republicans pulled back from plans to release on Thursday a coronavirus relief proposal after the Trump administration requested more time to review the details. Majority Leader Mitch McConnell said the plan would likely be released next week. [[Click here for more]( [Donald Trump Praises Elon Musk for Building Tesla Plant in Texas]( President Donald Trump on Friday praised Tesla CEO Elon Musk for announcing plans to build a Tesla electric-auto plant in Texas. “Great job by Elon Musk in agreeing to build, in TEXAS, what is expected to be the largest auto plant anywhere in the world,” Trump wrote on Twitter. [[Click here for more]( [Mike Pompeo Urges India to Move ‘Supply Chains Away from China’]( U.S. Secretary of State Mike Pompeo said Wednesday that India should focus on domestic supply chains to become less dependent on China for telecommunications and medical supplies, Reuters reported. [[Click here for more]( [Hollywood Celebrates Major League Baseball Taking a Knee: ‘I Started Tearing Up!’]( Hollywood celebrities cheered their approval when Major League Baseball players took a knee during Thursday’s season-opening games on both sides of the country. The players, who were sometimes joined by their coaches, knelt during the playing of “The Star-Spangled Banner.” [[Click here for more]( --------------------------------------------------------------- FROM THE MAGANOMICS INSTITUTE… [The Economic Reality for the Restaurant & Retail Sector]( A theme is emerging among restaurants that are struggling… Investors should keep this in mind. [[Click here for more]( [Maganomics]( Maganomics Institute 55 NE 5th Ave, Delray Beach, FL 33484 [www.maganomics.com]( To ensure our emails continue reaching your inbox, please [add our email address]( to your address book. This editorial email containing advertisements was sent to {EMAIL} because you subscribed to this service. To stop receiving these emails, click [here](. Maganomics welcomes your feedback and questions. But please note: The law prohibits us from giving personalized advice. 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