Current Events in August 2022

A new study conducted by researchers from the University of Missouri-Columbia explored how a preexisting digestive issue may affect pregnant women and their babies. According to their findings, inflammatory bowel disease (IBD) may increase the risk of complications and health risks for pregnant women and their newborns. 

“IBD is an incurable disease, and its relapsing and remitting nature is stressful for the estimated 3 million U.S. men and women diagnosed,” said researcher Dr. Yezaz Ghouri. “

Because this disease tends to affect women during their peak fertility period, we wanted to know the impact of IBD on maternal and fetal outcomes. To our knowledge, this study is the most comprehensive of its kind, using data from multiple institutions in 48 states.” 

Pregnancy risks

For the study, the researchers analyzed data from 8 million pregnancies between 2016 and 2018. They looked closely at those who had received IBD diagnoses and their pregnancy and delivery outcomes. The researchers also accounted for several health and lifestyle factors, such as high blood pressure, smoking, malnutrition, age, race, and obesity, among several others. 

The study showed that there were several health risks present among pregnant women with IBD. Compared to women without the digestive condition, pregnant women with IBD were more likely to spend extra time in the hospital after they gave birth, which also led to larger medical bills. The researchers found that women with IBD were likely to spend nearly $3,000 more on hospital bills than women who didn’t have IBD. 

From a health standpoint, IBD posed a risk to both women and their babies. Women with the condition were more likely to have a stillbirth, deliver early, and give birth to babies with low birth weight. Additionally, they had a higher risk of high blood pressure problems, gestational diabetes, and postpartum hemorrhage. 

The researchers hope these findings highlight the benefits of women working with their doctors to get a handle on IBD before getting pregnant, as it is likely to lead to better pregnancy outcomes for both them and their babies. 

“Based on our findings, we suggest that women who have moderate to severe IBD should get pre-conceptional counseling and be treated aggressively to achieve remission prior to getting pregnant,” Dr. Ghouri said. “Our study results illustrate the importance that IBD be optimally controlled prior to conception.” 

People who are worried that the economy is headed into a recession have received some encouraging news. The Labor Department reports that the U.S. economy added 528,000 jobs in July, dropping the unemployment rate to 3.5%. Normally in a recession, the economy sheds jobs.

According to the government report, job growth was widespread across the economy. The sectors of leisure and hospitality, professional and business services, and health care saw the biggest gains. Government economists say the employment picture has now returned to the way it was just before the start of the COVID-19 pandemic.

The number of long-term unemployed – those out of work for 27 weeks or more – decreased by 269,000 in July to 1.1 million, which was what it was just before the start of the pandemic. The long-term unemployed accounted for 18.9% of those who were out of work in July. 

The labor force participation rate, at 62.1%, and the employment-population ratio, at 60.0%, were little changed over the month. Both measures remain below their February 2020, levels.

Restaurants were finally able to staff up

Leisure and hospitality added 96,000 jobs in July, as growth continued in food services and drinking places. However, employers in this sector continue to struggle to find workers. Employment in leisure and hospitality is below its February 2020, level by 1.2 million, or 7.1%.

There was also a lot of hiring last month in the professional and business services sector, which added 89,000 jobs. The new hires were widespread within the industry, including gains in the management of companies and enterprises, architectural and engineering services, management and technical consulting services, and scientific research and development services. Employment in this sector is 986,000 higher than in February 2020.

After struggling to fill open slots in early 2022, the health care sector saw strong job growth, adding 70,000 jobs in July. Job gains occurred in ambulatory health care services, hospitals, and nursing and residential care facilities. However, jobs in health care remain below their pre-pandemic levels.

The Fed is likely to keep raising rates

While the numbers are good news for people looking for jobs, the Federal Reserve may look at it differently. Its policy of raising a key interest rate is aimed at slowing the economy to tamp down inflation.

The July jobs report suggests that the economy isn’t slowing that much, meaning the Fed is unlikely to take its foot off the brake anytime soon. As for inflation, the government will shed some light on that problem when it issues the Consumer Price Index (CPI) for July last week.

The CPI, a measure of inflation, was increasing at a 9% annual rate in June, the highest increase rate since 1982.

Toyota Motor Engineering & Manufacturing is recalling 3,533 model year 2022 Rav4s, Rav4 Hybrids, and Rav4 Primes.

The front passenger seat may have been assembled with interference between internal parts that may cause the Occupant Classification System (OCS) sensor to incorrectly detect an occupant.

Incorrect detection of an occupant may result in improper air bag deployment in a crash, increasing the risk of injury.

What to do

Dealers will inspect and repair the front passenger seat -- as necessary -- free of charge.

Owner notification letters are expected to be mailed on September 2, 2022.

Owners may contact Toyota's customer service at (800) 331-4331. Toyota's number for this recall is 22TA08.

Belfonte Dairy is recalling Chocolate to Die For premium ice cream produced at its Kansas City manufacturing facility.

The product may contain peanuts, an allergen not declared on the label. There have been no reports of illness to date.

The recalled product, which comes in a 1.5-quart container with UPC 83057 17049, was sold at Hy-Vee, Cash Saver, Harps, Price Mart, and Heartland Stores in the Kansas City, Missouri, metro area, including Kansas City, Kansas, Tulsa, Oklahoma, Columbia, Missouri, Springfield, Missouri, and surrounding areas

What to do

Customers with an allergy or sensitivity to peanuts who purchased the recalled product should not consume it. Instead, they should return it to the place of purchase for a refund.

Consumers with questions may contact Belfonte at (816) 231-2000 seven days a week from 8 a.m. to 5 p.m. (CST) or online for more information.

Chrysler is recalling 1,176 Mopar tire air pressure sensors, part number 68487472AA.

The sensor battery may fail prematurely and cause the sensor to become inoperative. Inoperative sensors will not alert the driver to low tire pressure.

In addition, a warning light that is already illuminated from a failed battery sensor will mask an actual tire pressure failure issue.

Either of these conditions can result in tire failure and increase the risk of a crash.

What to do

Dealers will inspect and replace the affected sensors -- as necessary -- free of charge.

Owner notification letters are expected to be mailed on September 2, 2022.

Owners may contact Chrysler at (800) 853-1403. Chrysler's number for this recall is Z69.

Epoch Everlasting Play of Pine Brook, N.J., is recalling about 289,000 Kidoozie play tents and playhouses sold in the U.S. and Canada.

The fabric playhouses and play tents fail to meet an industry flammability standard for these products, posing a risk of burn injuries.

No incidents or injuries have been reported.

This recall involves Kidoozie Ice Castle Tent, King Size Medieval Castle, My Clubhouse, Pirate Den Playhouse, Pop Up Theater Tent, Pop Up Theater Tent (Red), Princess Hideaway Playhouse, and Royal Castle Playhouse tents and playhouses.

The tents and playhouses are made of nylon and mesh and are sold with a nylon storage bag that, except for the King Size Medieval Castle, measures about 36 inches squared in width and about 54 inches in height.

The King Size Medieval Castle measures about 43 inches square in width and about 55 inches in height. “Epoch Everlasting Play” is written on a sewn-in label on the underside of the tent or playhouse.

The tents and playhouses, manufactured in China, were sold at Target, Marshalls, Barnes & Noble, Toys "R" Us, and other independent toy stores, as well as online at www.amazon.com, www.zulily.com, www.fatbraintoys.com, from March 2014, through March 2022, for between $30 and $35.

What to do

Consumers should immediately take the recalled playhouses and play tents away from children, stop using them, and contact Epoch Everlasting Play for a full refund or free replacement product.

Consumers may contact Epoch Everlasting Play at (800) 631-1272 from 8 a.m. to 5 p.m. (ET) Monday through Friday, by email at productsafety@epocheverlastingplay.com, or online for more information.

Credit reporting company Equifax is facing serious blowback after it admitted that a “coding error” sent lenders erroneous credit scores for millions of consumers.

Out of the millions impacted by the mistake, some 300,000 consumers’ credit scores were off by 25 points from where they should have been. Equifax noted that those consumers were in the minority and only represent about 12% of all the credit scores released from March 17 to April 6.

The company said it’s been working with customers affected by the error, but officials did not go into specific details about how those issues would be fixed to rebalance the credit scores of those consumers.

“Obviously any data quality issue is a big issue for us. We take it very seriously, and it's one we are going to make sure we are going to fix," the agency stated.

Altering credit decisions

Twenty-five points might not seem like that much, but it's enough to push a score from "good" to "fair" -- and a "fair" credit score could cost consumers hundreds of dollars when applying for things like home mortgages.  

“We know that businesses and consumers depend on our data, and Equifax takes this technology coding issue very seriously. For those consumers that did experience a score shift, initial analysis indicates that only a small number of them may have received a different credit decision,” Equifax stated.

Equifax said it’s on track to move an additional 30% of Equifax environments to the new Equifax Cloud by the end of 2022. Officials say that should provide a better infrastructure with “better detective and preventive controls, which will be positive for both customers and consumers.”

COVID-19 ‌tally‌ ‌as‌ ‌‌compiled‌‌ ‌by‌ ‌Johns‌ ‌Hopkins‌ ‌University.‌ ‌(Previous‌ ‌numbers‌ ‌in‌ ‌parentheses.)‌

Total‌ ‌U.S.‌ ‌confirmed‌ ‌cases:‌ 91,795,201 (90,593,384)

Total‌ ‌U.S.‌ ‌deaths:‌ 1,032,102 (1,031,035)

Total‌ ‌global‌ ‌cases:‌ 580,757,984 (579,597,066)

Total ‌global‌ ‌deaths:‌ 6,410,326 (6,406,057)‌

Drugmaker plans commercial sales of antibody drug

Ely Lilly makes a COVID-19 antibody drug that has been highly successful in keeping patients out of the hospital. The company, which had been selling the drug to the U.S. government, now says the treatment will be commercially available.

Previously, Eli Lilly sold the entire lot of its monoclonal antibody drug through contracts with the federal government, which then distributed the drug at no charge. The federal supply of the drug is now nearly gone.

According to the drug company, the government has run out of appropriated funds to purchase the drug, and Congress has not allocated money to renew the supply. 

Parents balk at vaccinating their youngest children

The U.S. Food and Drug Administration (FDA) has cleared the use of the Pfizer and Moderna vaccines for children as young as six months old. But surveys show that parents are in no rush to get their young children vaccinated.

The Kaiser Family Foundation (KFF) reports that 43% of parents say they are not willing to vaccinate their children against COVID-19. In the last year, more parents have taken that position. In July 2021, only 30% of parents said they “definitely” did not want their kids to get the shot. 

The KFF survey found that there are several reasons for hesitation. Fifty-three percent of parents said they believe children face a greater risk from the vaccine than they do from COVID-19. Some parents also cited the newness of the vaccine as a reason to wait.

CDC may relax some of its guidelines

With schools reopening around the U.S., the Centers for Disease Control and Prevention (CDC) is reportedly preparing to relax its COVID-19 guidelines. The guidance for control of the virus in schools and within communities could come within days, sources say.

CNN reports that it has obtained a preview of the CDC’s plans and that the agency will recommend easing quarantine rules for people exposed to the virus. The guidelines also reportedly deemphasize social distancing.

Sources told the network that the CDC is also expected to deemphasize regular testing in schools and, instead, will base testing recommendations on whether a local community has a high transmission rate.

Around the nation

• Arizona: With the NFL preseason set to get underway this week, Arizona Cardinals quarterback Kyler Murray has tested positive for COVID-19. Coach Kliff Kingsbury said Murray could miss up to five days of practice. Murray’s symptoms were described as “minor.”

• New Jersey: Researchers at St. Joseph's Health in Paterson have found that some people who were infected with COVID-19 early in the pandemic in 2020 were still suffering from at least one symptom 12 months later. Symptoms include shortness of breath, fatigue, body aches, or other ailments a year after infection.

• Mississippi: COVID-19 policies are varying by school district as children prepare to return to school for the fall term. Many education leaders are largely planning to continue using their COVID-19 policies from last school year, but some have dropped protections altogether. For the last year, decisions regarding masking, quarantining, sanitation, and vaccinations have been made by districts at the local level.

• West Virginia: Dr. Clay Marsh, the state’s COVID-19 coordinator, told a press briefing this week that the state is following guidance from the White House on additional booster shots. Marsh said he has been told that instead of using the current vaccine, the goal is now to offer a new, “more Omicron-selective” vaccine sometime around October. 

• Michigan: The state’s three most-populous counties have moved back into the high-risk category, as designated by the CDC. Oakland, Wayne, and Macomb counties have seen their case numbers rise as the BA.5 variant spreads across the state.

The Federal Trade Commission (FTC) says criminals have begun using a new scam in which they pretend to be FTC Commissioners to try conning the public with fake badge numbers, arrest warrants, and fake prizes. 

Some scammers who convince victims that they're real FTC employees have even tried demanding access to bank accounts. 

“They might tell you to pay them by loading money on gift cards, buying cryptocurrency, or using a money transfer service like MoneyGram or Western Union,” said FTC official Andrew Rayo. “They could say it’s a way to avoid jail, pay a fine, settle an unpaid Amazon balance, or even collect a prize. But it’s a scam.”

Rayo said there are three things everyone should keep in mind:

• The FTC doesn’t call, email, text, or message anyone on social media to ask for money. Anyone who does is a scammer, plain and simple.
• Furthermore, the FTC will never call, email, text, or message someone on social media to threaten them with arrest. “In fact, no government agency will do that. But scammers will,” Rayo said
• Never pay anybody who contacts you out of the blue and tells you to pay. It may sound like a broken record, but no one should ever give anyone who calls them out of the blue their bank account information, buy them cryptocurrency or gift cards, or wire them money. 

If someone does call you and tries to pull off this scam, the FTC asks that you report the incident to the agency at ReportFraud.ftc.gov. 

If safety is your top criterion in choosing a vehicle, you might want to skip over the midsize sedans. The Insurance Institute for Highway Safety (IIHS) reports that only three of the seven midsize cars it tested earned good or acceptable ratings when subjected to an updated side impact crash test.

The Subaru Outback was the only midsize car to emerge from the test with a good rating. The Hyundai Sonata and Volkswagen Jetta earned an acceptable rating but were pulled down by slightly higher levels of intrusion into the occupant compartment.

Midsize sedans’ unimpressive showing stands in contrast to the small and midsize SUVs that the IIHS had put to the test earlier. The organization says one reason for that is that the sedans sit lower to the ground.

"With vehicles that sit lower to the ground, the striking barrier hits higher on the door panel,” said IIHS President David Harkey. “That potentially puts sedans and wagons at a disadvantage in this evaluation but reflects what happens in a real-world crash when these vehicles are struck by a higher-riding pickup or SUV.”

Airbag improvements

The Outback, Sonata, and Jetta also performed well in the test because of the head-protecting airbags in the driver and rear passenger seats. The IIHS said that contributes to a low risk of head and neck injuries for occupants in both seating positions. 

However, injury measures were somewhat elevated for the driver’s pelvis and rear passenger’s torso in the Jetta and the rear passenger’s pelvis in the Sonata.

Honda, GM, Nissan, and Toyota may have some additional work to do. IIHS researchers said the Honda Accord managed only a marginal rating, while the Chevrolet Malibu, Nissan Altima, and Toyota Camry earned poor ratings.

In the Accord, the injury measures for the driver’s pelvis were slightly elevated. The test showed that the driver’s head moved down past the side curtain airbag to contact the windowsill during the crash.

Tests on the Altima and Malibu showed substantial intrusion into the occupant compartment, but researchers said the safety cage of the Camry held up well. Injury measures indicated a high risk of torso and pelvis injuries for the driver in the Altima.

There was only a moderate risk of torso and pelvis injuries for the driver and a high risk of pelvis injuries for the rear passenger in the Camry, and there was a high risk of head or neck injuries for the driver in the Malibu. 

Side-impact crashes are serious accidents

Side impact crashes, also called “T-bone accidents,” can have serious effects on the human body. According to JusticePays.com, side impact collisions kill more people each year than rear-end and head-on collisions combined. 

This new research led the IIHS to update its side impact test to hold vehicles to a higher standard of safety than before. The updated side crash test uses a heavier barrier traveling at a higher speed to simulate the striking vehicle.

While many consumers are actively working to lower their stress levels, a new study conducted by researchers from the University of Georgia explored the benefits of small amounts of stress. According to their findings, enduring low to moderate stress levels may help improve consumers’ resilience and lower their risk for certain mental health conditions. 

“If you’re in an environment where you have some level of stress, you may develop coping mechanisms that will allow you to become a more efficient and effective worker and organize yourself in a way that will help you perform,” said researcher Assaf Oshri. 

Maintaining low stress levels

The researchers analyzed data from over 1,200 young adults enrolled in the Human Connectome Project. They answered questions about their typical stress levels, mental health, and emotions, and they also completed assessments that measured their neurocognitive abilities. 

The researchers learned that participants who were best able to handle low to moderate levels of stress were found to be more resilient and have fewer mental health concerns. While high levels of stress can become detrimental to both physical and mental health, building tolerance to stressful situations can be beneficial to the brain and mental health. 

“It’s like when you keep doing something hard and get a little callus on your continued,” Oshri said. “You trigger your skin to adapt to this pressure you are applying to it. But, if you do too much, you’re going to cut your skin.” 

The researchers gave several examples of some scenarios that may be considered “good” stress: having a strict deadline at work, studying for a big exam, or working late to close a big deal. These events can strengthen consumers’ resilience and make future stressful events easier to endure. From a mental health standpoint, making it through stressful situations can lower the risk of depression and antisocial behaviors. 

While the team isn’t encouraging consumers to seek out stress or to maintain unhealthy stress levels, the study findings do highlight some of the cognitive and mental health benefits associated with being able to tolerate stressful situations. 

“At a certain point, stress becomes toxic,” said Oshri. “Chronic stress, like the stress that comes from living in abject poverty or being abused, can have very bad health and psychological consequences. It affects everything from your immune system, to emotional regulation, to brain functioning. Not all stress is good stress.” 

While recent studies have found the ways that everything from stress to marijuana and climate change may affect consumers’ fertility, a new study is looking into the effect of socioeconomic factors. According to researchers from Oregon State University, where consumers live could impact the likelihood that women conceive. 

“The world of fertility research is beginning to examine factors associated with the built environment,” said researcher Mary Willis. “There are dozens of studies looking at how your neighborhood environment is associated with adverse birth outcomes, but the pre-conception period is heavily under-studied from a structural standpoint. Turns out, before you’ve even conceived, there may be things affecting your health.” 

What affects fertility health?

The researchers analyzed data from over 6,300 women between the ages of 21 and 45 enrolled in Boston University’s Pregnancy Study Online (PRESTO) to better understand how consumers’ neighborhoods may affect their fertility. The women answered questionnaires every two months for a year, reporting on their pregnancy status, menstrual cycles, and addresses. The participants had all tried conceiving naturally between 2013 and 2019. 

Ultimately, the team learned that where the women lived played a role in the likelihood of them conceiving. The biggest differences came from advantaged areas versus disadvantaged areas. 

On a national level, women who lived in the most disadvantaged neighborhoods were 21% less likely to conceive during any single menstrual cycle. When looking at women at a statewide level, those living in disadvantaged neighborhoods were 25% less likely to conceive during a menstrual cycle. 

The researchers explained that the majority of the women involved in the study weren’t necessarily socioeconomically disadvantaged themselves. They were predominantly college-educated women who made at least $50,000 per year. However, where they lived proved to be a hindrance to their fertility. 

“The fact that we’re seeing the same results on the national and state level really shows that neighborhood deprivation can influence reproductive health, including fertility,” said Willis. 

Mercedes-Benz (MBUSA) is recalling 2,526 model year 2022 Mercedes-Benz EQS 450s, EQS 580s, and AMG EQS5s.

The front or rear bumper tow ring assembly may have insufficient thread depth, which can result in the tow ring detaching from the vehicle.

A tow ring that detaches during vehicle transport or loading can increase the risk of a crash or injury.

What to do

Dealers will inspect and replace the tow ring assembly thread -- as necessary -- free of charge.

Owner notification letters are expected to be mailed on August 30, 2022.

Owners may contact MBUSA customer service at (800) 367-6372.

Ocean Technology Systems of Santa Ana, Calif., is recalling about 536 underwater communication devices sold in the U.S. and Canada.

Water can leak into the device during a dive and penetrate into the battery pack, causing the battery circuit board to short and ignite after the dive.

The firm has reported one small fire with the battery’s PC circuit board during testing. No injuries have been reported.

This recall involves the PowerCom 3000D, 5000D, and MilCom 6000D underwater communication devices sold with the RBLi-4 Lithium battery pack and the batteries that are also sold separately. The PowerCom, MilCom and RBLi-4 products are used in all SCUBA diving.

The recalled RBLi-4 battery packs are in a waterproof housing and supply power to the PowerCom and MilCom products. PowerCom and MilCom, along with the model numbers, are printed on the front of the underwater communication devices.

The underwater communication devices, manufactured in the U.S., were sold at Blue Dolphin Dive Shop (North Carolina), Performance Scuba (Alabama), Lauderdale Marine Center (Florida), Mountain West Commercial Diving (Idaho), and other dive shops and municipalities nationwide and online at www.otscomm.com from January 2021, through April 2022, for between $1,650 and $3,600.

What to do

Consumers should immediately stop using the recalled communication devices, remove the battery, and contact the firm to receive a free battery pack that has been sealed to prevent water leakage.

The firm will provide instructions for properly disposing of lithium-ion batteries according to federal and state regulations.

Consumers may contact Ocean Technology Systems at (800) 550-1984 from 6:30 a.m. to 4 p.m. (PT) Monday through Thursday and from 6:30 a.m. to 3 p.m. (PT) on Friday, by email at salessupport@oceantechnologysystems.com, or online for more information.

With the flooding ravaging Missouri and eastern Kentucky and fires continuing to rage in California, scammers are trying to take advantage of victims by stealing their money and personal information. Some criminals have even continued to haunt victims after they've gotten back on their feet.

The Federal Trade Commission (FTC) says there are three primary targets of the scammers: people who may be looking for government assistance to rebuild their homes and businesses, people who need help removing debris, and those who want to donate money to disaster victims.

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The agency offered several tips to current disaster victims and anyone else who might face schemes like these in the future. They include:

Be skeptical of anyone promising immediate clean-up and repairs. Some scammers may quote outrageous prices, demand payment up front, or lack the skills needed.

Check them out. FTC officials say scammers have been known to pose as companies that can help clean up debris or repair essential processes in a home like an HVAC system. “Before you pay, ask for IDs, licenses, and proof of insurance. Don’t believe any promises that aren’t in writing,” said FTC official Gema de las Heras.

Look out for rental listing scams. Victims of floods and fires often need someplace to live while they’re rebuilding or waiting for the situation to improve enough that they can return to their homes. The FTC says to steer clear of anyone who tells you to wire money or ask for security deposits or rent before you’ve met or signed a lease.

Never pay by wire transfer, gift card, cryptocurrency, or cash. Using one of these methods to pay someone could be a win-lose of epic proportions for consumers. “Scammers ask for these types of payments because, once they’ve collected the money, it’s almost impossible for you to get it back,” warned de las Heras. “And never make the final payment until the work is done and you’re satisfied.”

Guard your personal information. Only scammers will say they’re a government official and then demand money, credit card information, bank account information, or your Social Security number.

Know that FEMA doesn’t charge application fees. Government agencies don’t charge “application fees.” If someone wants money to help you qualify for FEMA funds, the likelihood of it being a scam is high.

Spot disaster-related charity scams. While crowdfunding sites like GoFundMe offer tips on how to prevent being ripped off by a donation scammer, the better bet might be to use the online databases of organizations that can help you research the validity of a charity.

Here are four organizations that offer reports and ratings about how charitable organizations spend donations and how they conduct business:

• BBB Wise Giving Alliance

• Charity Navigator

• CharityWatch

• Candid

For those who anticipate that their donation will be tax-deductible, the only way to guarantee that is by using the IRS’s Tax Exempt Organization Search. By entering a few details about the organization, the IRS will tell you if it qualifies.

It may seem redundant, but taking extra steps to search for an organization via the state charity regulators at nasconet.org could help verify if an organization is registered to ask for donations.

In the Federal Reserve’s campaign to bring down inflation, record-high home prices are in the Fed’s crosshairs. Policymakers see the housing market as a major driver of the overall inflation rate.

A new study of home prices underscores just how much work the Fed has to do in that regard. Real estate site Home Bay reports that the price of U.S. homes has far outpaced the overall rate of inflation over the last four decades and has accelerated in the last two years.

Researchers focused on housing’s cost per square foot. Their study found that the median price per square foot of a home in the U.S. has increased 310% since 1980. Since 2020, when home prices exploded during the first year of the COVID-19 pandemic, prices have exceeded overall inflation by 139%.

The median square footage of a new single-family home is 2,356 and is priced at $397,100, making the median price per square foot $169. In 1980, the median price per square foot was only $41.

Highest and lowest cost per square foot

According to the study, here are the U.S. cities where the cost per square foot is the highest:

1. San Jose ($801)

2. San Francisco ($656)

3. Los Angeles ($520)

4. San Diego ($494)

5. New York ($458)

Here are the cities with the lowest cost per square foot:

1. Memphis ($92)

2. Cleveland ($103)

3. Pittsburgh ($134)

4. Indianapolis (134)

5. Buffalo ($139)

Hoping for a correction or crash

These prices, coupled with rising mortgage rates, have reduced the number of consumers who are actively shopping for a home. A new study by the ConsumerAffairs Research Team suggests that many consumers are waiting out the decrease in affordability and are banking on home prices and mortgage rates to fall in the months ahead.

In fact, our research found that 78% of Americans think we’ll soon face a housing market crash. The youngest consumers – members of Gen Z – are most likely to want one so prices will fall.

Nearly half of respondents in the survey of 1,000 consumers said they believe the housing market will tank next year. About 75% of participants said they plan to buy a home if the market crashes.

Most industry experts say a market crash like the one that occurred during the 2008 financial crisis is unlikely because of the imbalance between buyers and available homes. However, they concede that home prices will drop as affordability declines.

A correction is normally a decline of between 10% and 20%. In the ConsumerAffairs survey, 80% of respondents said they would like to see a correction that would make a home purchase more affordable.