Home prices rose in every corner of the U.S. during the summer quarter. The National Association of Realtors says existing homes in 181 metro areas was higher in the third quarter from a year ago.
This broad-based rally for single-family homes marked the first time since 1980 that every metro area tracked by NAR posted an annual price increase in the same quarter. The NAR says we’re viewing our homes as something more important than what they were before the pandemic.
Refiners around the world have been announcing permanent closures of refinery capacity this year after the pandemic crushed fuel demand worldwide, and significant overcapacity still remains. The International Energy Agency says permanent shutdowns of refinery capacity had reached 1.7 million barrels per day. But another more than 20 million bpd crude oil distillation capacity now sits idle, due to overcapacity.
