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For homebuyers and sellers alike across America, theres a massive “struggle” being felt to close deals or make any money.

“The challenges to real estate buyers and sellers right now are probably the greatest ever,” real estate powerhouse Dolly Lenz told Fox News Digital. “It’s a struggle for every buyer and a struggle for every seller they really have to look and say: What am I doing? Do I struggle to stay where I am and just wait this out? Do I struggle to buy?”

“Which struggle am I willing to take on? And every family has to sit down at the dining room table and decide that,” she continued. “It is a struggle and people really are suffering. So it’s not a good time for real estate overall.”

Recent data from mortgage buyer Freddie Mac indicated the U.S. homebuyer’s monthly costs have surged nearly 20% compared to one year ago. Lenz daughter and managing director of the brokerage painted the current housing landscape as “a tale of two cities,” joining the warning calls around a sticky real estate market with people who are “plagued” with high prices.

“We’re still doing deals because [clients] have cash. And like they say, cash is king,” Jenny Lenz also told Fox News Digital. “But other than the very, very high-end, we are seeing people who are pretty skittish. And again, the first-time homebuyer is suffering the most.”

A mix of constantly changing insurance coverage and the Federal Reserve’s latest rate hike pushing 30-year fixed mortgage rates above 7.6% come at a time when Americans are “plagued” with high food and gas prices, according to the mother-daughter real estate team. They both argued that recession-like impacts are keeping homeowners in place, thus affecting the U.S. market and related sectors.

“Sixty-percent of the country has a mortgage rate 4% or under, so it really doesn’t make sense for them to sell should they want to upsize or downsize, because their monthly payments are going to be the same, if not more,” Jenny pointed out.

“None of those homes are coming on the market, which means lack of inventory, which means high prices, which basically means golden handcuffs for everyone,” the managing director added.

“Think about how that reverberates throughout the economy,” Dolly chimed in. “So there’s no movers making moves. There’s no architects people aren’t buying rugs and they’re not buying new furniture a list that goes on and on and on, how that impacts the entire economy.”

While Dolly admitted its “not the absolute worst” real estate market shes worked in, it is the worst for daughter Jenny.

“People can’t get mortgages. Insurance is becoming astronomically expensive,” Jenny said. “Highest ever median home price. So we’re getting all of these things at the same time.”

In certain states like Texas and Florida where theres no individual income tax, buyers and sellers may find more success.

“Migration trends are going to make a big difference,” Dolly noted. “After SALT disappeared, people can’t deduct their real estate taxes or the state and local taxes. So it’s a very expensive thing. Now they’re eating that entire nut themselves since they can’t deduct it.”

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For metropolitan areas like New York City and San Francisco, renting has become more expensive than purchasing a property, the duo warned.

“All these places where crime is at an all-time high, but its cost of living is even worse, it’s absolutely ridiculous,” Jenny said. “People are saying, These mortgage rates are so high, these prices are so high, I’m still going to dip my toe here, even though just a year ago I could have purchased a bigger home, a more expensive home, because the rent is just so high.”

They also cautioned against buyers making too many concessions, advising they be “flexible” through the process.

“A lot of our buyers say to us: Look, I really want to get this house, so I’m going to waive my right to inspection as an example. And we’re like, it’s not really a good idea because if you do that, you don’t know how big a pot that is you’re going to have to eat up,” Dolly said.

“You have to really keep your eyes open,” Jenny added. “You have to be ready with that mortgage and a loan commitment letter, if you can even get one, and really be ready to jump in and get the home, because it’s really hard out there.”

Though these factors pitch a “negative” market outlook for the Lenzes, they put the onus on individuals to find their own optimism.

“We’re in a slight recession now. I see it as getting worse between Fitch, insurance, gas prices, everything becoming so expensive,” Dolly said. “And that’s not good. That really is a sign of a not-chugging-along economy.”

“People are struggling and we hope that [the Federal Reserve] can keep rates down so that we can have a great economy,” Jenny said as Dolly added, “and so people can navigate and have some options.”

The Lenzes best advice for home buyers and sellers right now? Be patient and do your research.

“Real estate is local and hyper-local. What’s going on in one market could be very different than one that’s seemingly next door, but a 45-minute drive,” Dolly said. “So do your homework there. Don’t just be bidding on houses. Asking prices of homes do not reflect value.”

“You need to be tracking a market for, I would say, a couple of months to see what’s going on, what’s selling, how long it’s taking to sell and then have an educated offer on whatever property it is, while at the same time trying to secure that lowest mortgage rate possible for yourself,” Jenny weighed in.

“All the balls in the air at the same time, and that’s what you need to do,” the Dolly Lenz Real Estate founder said. “And very likely, if you have good credit, will be successful. You will get that house.”

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Politics

Another tantrum from the Labour backbenches is inevitable

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Rachel Reeves hints at tax rises in autumn budget after welfare bill U-turn

In common with many parents across the country, here’s a conversation that I have with my young daughter on a semi-regular basis (bear with me, this will take on some political relevance eventually).

Me: “So it’s 15 minutes until your bedtime, you can either have a little bit of TV or do a jigsaw, not both.”

Daughter: “Ummmm, I want to watch TV.”

Me: “That’s fine, but it’s bed after that, you can’t do a jigsaw as well.”

Fast-forward 15 minutes.

Me: “Right, TV off now please, bedtime.”

(Pause)

Daughter: “I want to do a jigsaw.”

Now replace me with the government, the TV and jigsaw options with axing welfare cuts and scrapping the two-child cap, and my daughter with rebellious backbenchers.

Politics latest: Former Labour leader calls for wealth tax on assets above £10m

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Rachel Reeves’s fiscal dilemma

That is the tension currently present between Downing Street and Labour MPs. And my initial ultimatum is the messaging being pumped out from the government this weekend.

In essence: you’ve had your welfare U-turn, so there’s no money left for the two-child cap to go as well.

As an aside – and before my inbox fills with angry emails lambasting me for using such a crude metaphor for policies that fundamentally alter the lives of some of the most vulnerable in society – yes, I hear you, and that’s part of my point.

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Welfare U-turn ‘has come at cost’

For many in Labour, this approach feels like the lives of their constituents are being used in a childish game of horse-trading.

So what can be done?

Well, the government could change the rules.

Altering the fiscal rules is – and will likely remain – an extremely unlikely solution. But as it happens, one of Labour’s proverbial grandparents has just popped round with a different suggestion.

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Welfare: ‘Didn’t get process right’ – PM

A wealth tax, Lord Neil Kinnock says, is the necessary outcome of the economic restrictions the party has placed on itself.

Ever the Labour storyteller, Lord Kinnock believes this would allow the government to craft a more compelling narrative about whose side this administration is on.

That could be valuable, given one of the big gripes from many backbench critics is that they still don’t really understand what this prime minister stands for – and by extension, what all these “difficult decisions” are in aid of.

The downside is whether it will actually raise much money.

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Is Corbyn an existential risk to Labour?

The super-rich may have lots of assets to take a slice from, but they also have expensive lawyers ready to find novel ways to keep their client’s cash away from the prying eyes of the state.

Or, of course, they could just leave – as many are doing already.

In the short term, the future is a bit easier to predict.

If Downing Street is indeed now saying there is no money to scrap the two-child cap (after heavy briefing in the opposite direction just weeks ago), an almighty tantrum from the backbenches is inevitable.

And as every parent knows, the more you give in, the harder it becomes to hold the line.

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US

Deadly Texas floods: What were the warnings?

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Deadly Texas floods: What were the warnings?

Questions have been raised over extreme weather warnings in Texas, after heavy rain caused fatal flash floods along the Guadalupe River.

At least 51 people have died from the flooding in Texas, with an unknown number of people – including 27 girls from Camp Mystic in Kerr County – still missing.

As rescue teams continue to search for the missing, local and federal officials have come under fire over their flood preparations and about why those along the river weren’t warned of the risks sooner.

A map showing the Guadalupe River in Kerr County, which burst from heavy rain and caused flash flooding
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A map showing the Guadalupe River in Kerr County, which burst from heavy rain and caused flash flooding

Campers from Camp Waldemar embrace after arriving at a reunification area. Pic: Jason Fochtman/Houston Chronicle via AP
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Campers embrace at a reunification area. Pic: Jason Fochtman/Houston Chronicle via AP

What happened?

As much as 10ins (25cm) of heavy rain fell in just a few hours overnight in central Kerr County on Friday, causing the banks of the Guadalupe River to burst at around 4am local time.

Homes and vehicles were swept away by the downpour – equivalent to months’ worth of rain – while 27 girls staying at Camp Mystic, a Christian summer camp along the river, went missing when the fast-rising floodwaters hit.

The death toll stands at:
• At least 43 people, including 15 children and 28 adults, in Kerr County,
• One person in Kendall County,
• At least four people in Travis County,
• At least two in Burnet County,
• And one person in the city of San Angelo.

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House sweeps away in flash floods

What flood warnings were there?

Private forecasting company AccuWeather said it and the National Weather Service (NWS) sent warnings about potential flash flooding hours before it began, urging people to move to higher ground and evacuate flood-prone areas.

The NWS also issued flash flood emergencies – a rare alert notifying of imminent danger – at 4.23am local time.

In a statement, AccuWeather said that “these warnings should have provided officials with ample time to evacuate camps such as Camp Mystic and get people to safety”.

It also called Texas Hill County one of the most flash-flood-prone areas of the US because of its terrain and many water crossings.

However, chief of the Texas Division of Emergency Management Nim Kidd said that one NWS forecast earlier in the week had called for up to six inches of rain.

“It did not predict the amount of rain that we saw,” he said.

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Texas searches for missing children

Were they enough?

Locals have told various news agencies that while there had been phone alerts late into the night, forecasts headed into Friday evening did not predict the extreme conditions.

Christopher Flowers, who was staying at a friend’s house along the river when the flooding started, told the Reuters news agency: “What they need is some kind of external system, like a tornado warning that tells people to get out now.”

Kerrville resident Darryl Huffman told Sky’s US partner network NBC News that he did not believe the storm would pose such danger before its arrival.

“I looked out the window and it was barely sprinkling outside,” he said, “so I had no indication that the river was going to be right outside my driveway”.

People climb over debris on a bridge atop the Guadalupe River after a flash flood. Pic: AP
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People climb over debris on a bridge atop the Guadalupe River in Ingram, Texas. Pic: AP

A Sheriff's deputy pauses while searching for the missing in Hunt, Texas.Pic: AP/Julio Cortez
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A Sheriff’s deputy pauses while searching for the missing in Hunt, Texas. Pic: AP/Julio Cortez

Jonathan Porter, chief meteorologist at AccuWeather, said it appeared evacuations and other proactive measures could have been undertaken to reduce the risk of fatalities.

He said in a statement: “People, businesses, and governments should take action based on Flash Flood Warnings that are issued, regardless of the rainfall amounts that have occurred or are forecast.”

Separately, the NWS’s union told NBC News the agency’s offices in central Texas were well-staffed and had issued timely warnings, “giving preliminary lead times of more than three hours before warning criteria were met”.

What have officials said?

Local and federal officials have said they had not expected such an intense downpour of rain and insisted that no one saw the flood potential coming.

Kerr County Judge Rob Kelly, the county’s top elected official, said: “We know we get rain. We know the river rises. But nobody saw this coming.”

“We have floods all the time. This is the most dangerous river valley in the United States,” he said, adding: “We had no reason to believe this was going to be anything like what’s happened here. None whatsoever.”

Mr Kelly separately noted that while the county considered a flood warning system along the river that would have functioned like a tornado warning siren about six or seven years ago, “the public reeled at the cost”.

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At a news conference with the Texas governor, Homeland Security secretary Kristi Noem said on Saturday that “everybody knows that the weather is extremely difficult to predict” before saying “we have all wanted more time and more warning and more alerts and more notification” from the NWS.

She said a “moderate” flood watch issued on Thursday by the NWS had not accurately predicted the extreme rainfall and said the Trump administration was working to upgrade their technology.

Homeland Security Secretary Kristi Noem and Texas Gov. Greg Abbott give a briefing on the flash floods in Texas. Pic: AP
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Kristi Noem and Texas governor Greg Abbott give a news briefing. Pic: AP

Will forecasting get better?

While Ms Noem said technology for the NWS would be upgraded, the White House has previously been criticised after Donald Trump‘s administration ordered 800 job cuts at the National Oceanic and Atmospheric Administration (NOAA) – the parent organisation of the NWS.

A 30% cut to its budget is also in the pipeline, subject to approval by Congress.

Professor Costa Samaras, who worked on energy policy at the White House under President Joe Biden, said NOAA had been in the middle of developing new flood maps for neighbourhoods and that cuts to NOAA were “devastating”.

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Science

Astronomers Discover 3I/ATLAS, Largest Interstellar Comet Yet Detected

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Astronomers Discover 3I/ATLAS, Largest Interstellar Comet Yet Detected

Astronomers have discovered the third interstellar comet to pass through our solar system. Named 3I/ATLAS (initially A11pl3Z), it was first spotted July 1 by the ATLAS telescope in Chile and confirmed the same day. Pre-discovery images show it in the sky as far back as mid-June. The object is racing toward the inner system at roughly 150,000 miles per hour on a near-straight trajectory, too fast for the Sun to capture. Estimates suggest its nucleus may be 10–20 km across. Now inside Jupiter’s orbit, 3I/ATLAS will swing closest to the Sun in October and should remain observable into late 2025.

Discovery and Classification

According to NASA, in early July the ATLAS survey telescope in Chile spotted a faint moving object first called A11pl3Z, and the IAU’s Minor Planet Center confirmed the next day that it was an interstellar visitor. The object was officially named 3I/ATLAS and noted as likely the largest interstellar body yet detected. At first it appeared to be an ordinary near-Earth asteroid, but precise orbit measurements showed it speeding at ~150,000 mph – far too fast for the Sun to capture. Astronomers estimate 3I/ATLAS spans roughly 10–20 km across. Signs of cometary activity – a faint coma and short tail – have emerged, earning it the additional comet designation C/2025 N1 (ATLAS).

Studying a Pristine Comet

3I/ATLAS was spotted well before its closest approach, giving astronomers time to prepare detailed observations. It will pass within about 1.4 AU of the Sun in late October. Importantly, researchers can study it while it is still a pristine frozen relic before solar heating alters it. As Pamela Gay notes, discovering the object on its inbound leg leaves “ample time” to analyze its trajectory. Astronomers are now racing to obtain spectra and images – as Chris Lintott warns, the comet will be “baked” by sunlight as it nears perihelion.

Determining its composition and activity is considered “a rare chance” to learn how planets form in other star systems. With new facilities like the Vera C. Rubin Observatory coming online, researchers expect more such visitors in the years ahead. 3I/ATLAS offers a rare chance to study material from another star system.

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