Overseas Headline – May 25, 2021

United States:

Fast-Cash House Flippers Flood Poor Neighborhoods in U.S.

“States and cities in the U.S. are cracking down on a niche in house-flipping known as wholesaling conducted by a flood of largely unlicensed middlemen lured in by YouTube tutorials and a torrid market. Bearing fast cash, wholesalers can help distressed homeowners sell quickly, but have been accused of strong-arm tactics and misinformation. Unlike fix-and-flip investors, who take title to homes, renovate them and put them back on the market, wholesalers typically negotiate with homeowners just to put homes under contract and sell those contracts to flippers.”



U.K. Kicks Off Fiscal Year With $45 Billion Budget Deficit

“The U.K. posted a 31.7 billion-pound budget deficit ($45 billion) in April as the new fiscal year got under way. The shortfall reported by the Office for National Statistics Tuesday was in line with the median forecast of economists but well below the 47.3 billion pounds registered in April last year, when the first coronavirus lockdown pummeled the public finances.”



Central Banks Running Out of Options as Recovery Falters in Asia

“Asia’s surging coronavirus infections and slow pace of vaccinations is testing the limits of what central banks can do to further support what, until recently, had been the world’s stand out economic recovery. With interest rates already low, the likely policy response will center on more government borrowing, relegating central banks to a supporting role. That backdrop will overshadow decisions this week where policy makers are expected to keep rates on hold — Indonesia, South Korea and New Zealand.”



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