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An outbreak of Nipah virus outbreak in India is currently causing alarm for health officials and travelers across a number of countries in Asia. On January 26, health officials from India notified the World Health Organization (WHO) of two laboratory-confirmed cases of Nipah virus (NiV) infection in West Bengal State. No additional NiV cases have been detected. Following news of the outbreak, authorities in some Asian countries, including Hong Kong, Thailand, Malaysia, and Singapore, have ramped up airport health screening efforts. However, according to Reuters, the screenings are more for “reassurance” than a tactic to stop the spread. The WHO says risk of spread at the national, regional, and global levels is low. The latest developments Both recent West Bengal cases involved healthcare workers who began showing typical NiV symptoms in late December 2025. The cases were confirmed by Reverse Transcription Polymerase Chain Reaction (RT-PCR) and Enzyme-Linked Immunosorbent Assay (ELISA) testing, according to the WHO. Local health officials identified 196 contacts, all of whom tested negative for NiV and showed no symptoms. NiV is serious, but rare. It is a zoonotic virus, meaning it usually spreads from animals to humans. Fruit bats or flying foxes are natural hosts for the virus. However, the virus can also be transmitted through contaminated food and from person to person through close contact with an infected persons bodily fluids, such as saliva or urine. Person-to-person contact is less common, according to the National Emerging Special Pathogens Training & Education Center (NETEC). Person-to-person transmission is most commonly reported in hospital or healthcare settings. According to the WHO, the case fatality rate is estimated to be 40% to 75%. There are no licensed medications or vaccines for NiV infection, but early supportive care can improve survival. Additional details can be found in the WHO’s January 30 disease outbreak news report. A brief history of the virus NiV was first identified in 1998 in Malaysia during an outbreak among pig farmers. Since then, cases have been reported in less than a handful of countriesBangladesh, India, Malaysia, and Singapore. The most recent outbreak marks the third NiV infection outbreak reported in West Bengal.
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Want more housing market stories from Lance Lamberts ResiClub in your inbox? Subscribe to the ResiClub newsletter. Back in 2023, this single-family home at 19374 Rizzuto St. in Venice, FL (34293 ZIP Code) was purchased for $565,000. By the time the transaction closed, the housing market had already begun to enter a period of cyclical coolingwith Florida seeing a sharper power swing to buyers and some pockets of Southwest Florida moving into what ResiClub considers correction mode. By February 2025, the homeowner listed the property above for sale at $519,000. After 4 subsequent price cuts and a brief delisting, the home finally sold in December 2025 for $455,000or -19.5% below its 2023 sales price. While thats certainly a material home price correction from its Pandemic Housing Boom peak, we should note that the December 2025 sales price ($455K) was still +38.7% above the $328,000 price the same property fetched in 2017. As weve closely documented for ResiClub readers for the past few years (heres our past feature on just Punta Gorda), Southwest Florida has been one of the two weakest regional chunks of the U.S. housing market. Among major U.S. metros, only Austin, Texas metro area (-27.3% since its 2022 peak) has seen a larger overall price drop this cycle than metros in Punta Gorda, FL (-25.3% from its 2022 peak), Cape Cape Coral-Fort Myers, FL (-18.8% from its 2022 peak), and North Port-Sarasota-Bradenton, FL (-17.4% from its 2022 peak). The North Port-Sarasota metro is where the home highlighted above is located. Pulling from the ResiClub Terminal, single-family home prices in the ZIP Code highlighted in todays article (34293) are down -11.3% year-over-year. Pulling from the ResiClub Terminal, single-family home prices in the highlighted ZIP Code (34293) are down -21.5% from their 2022 peak. Thats broadly in line with the -19.5% decline at which the highlighted property sold relative to its 2023 price. Pulling from the ResiClub Terminal, single-family home prices in the highlighted ZIP Code (34293) are still up +37.3% above March 2020 levels. Thats broadly similar to the +38.7% increase the highlighted property sold for in December 2025 relative to its pre-pandemic sale in 2017 ($328,000). Again, todays ResiClub article is not about a property in a market performing anywhere near the U.S. average right now. Instead, it highlights a market that has been among the weakest since the Pandemic Housing Boom fizzled out. Indeed, U.S. home prices, as measured by the Zillow Home Value Index, entered 2026 at +1.9% above their July 2022 levels. Meanwhile, home prices in the North PortSarasota metrowhere the home in the 34293 ZIP Code is locatedentered 2026 at -17.4% below their July 2022 levels. Click here to view an interactive of the chart below There are several factors that have come together to tilt the supply-demand balance in Southwest Florida more decisively toward homebuyers since the Pandemic Housing Boom ended. One key factor is that home prices in Southwest Florida rose too far, too faststretching housing fundamentals well beyond what local incomes could reasonably support in a region that also happened to have relatively lower building costs and ample entitled land. When the Pandemic Housing Booms domestic migration surgeparticularly the influx of retirees and near-retireesbegan to decelerate, the Southwest Florida market experienced an even bigger demand shock. With fewer in-migrants, Southwest Florida increasingly had to rely on local incomes to support pricesin a market that already had strained fundamentals. At the same time, as market conditions shifted, elevated levels of new single-family andmultifamily supply came online across parts of Southwest Florida. Builders and landlords were forced to offer larger incentives to move product, which pulled some marginal demand away from the resale market and added another layer of cooling. Put more simply: Pockets of Southwest Florida had overshot, and the market needed a period of mean reversion. Click here to view an interactive of the chart below There are other factors, of course. Following the Surfside condo collapse in June 2021, which killed 98 people, Florida passed new structural safety rules, requiring more inspections and additional funds for repairs to be set aside by the end of 2024. That has led to Florida HOAs issuing sky-high special assessments and monthly HOA fee increases to cover these costs. This has had a greater impact on older coastal Florida condo buildings. Looking ahead, one big question is whether home prices in markets like Punta Gorda and Cape Coral (and metro area Austin, TX) have fallen enough to recapture the attention of homebuyers, mom-and-pop single-family investors, and single-family acquisition capital? Its worth noting that while many pockets of Southwest Florida still have inventory/months of supply levels above the national average, the pace of inventory growth has slowed significantly over the past yearand some areas in SWFL have even begun to see modest year-over-year declines in active listings. Back in spring 2022, while working at Fortune, I suggested that pockets of Southwest Florida could be at greater risk of a home price correction. At the time, Moodys Analytics model believed Punta Gorda, for example, was overvalued by 57.8%. The correction Punta Gorda has gone through since thencoupled with additional income gainsmeans the market is now only overvalued by 9.0%, according to Moodys model. In other words, the ongoing correction in Southwest Florida has significantly reduced downside risk going forward relative to where things stood a few years ago.
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In the early 20th century, sociologist Max Weber noted that sweeping industrialization would transform how societies worked. As small, informal operations gave way to large, complex organizations with clearly defined roles and responsibilities, leaders would need to rely less on tradition and charisma, and more on organization and rationality. He also foresaw that jobs would need to be broken down into specialized tasks and governed by a system of hierarchy, authority, and responsibility. This would require a more formal mode of organizationa bureaucracyin which roles and responsibilities were clearly defined. Power would be entrusted to institutions, not individuals. Yet today, according to Gallup, our faith in institutions has been shattered. From political institutions to schools to big business, support has fallen precipitously, and now only the military and small business enjoy majority support. In essence, the process Weber described has been reversed: weve discarded institutions and embraced individuals. It is not serving us well. How Institutions Shape Societies In 1776, Adam Smith published The Wealth of Nations. Today, regarded as the seminal work of capitalism, it wasnt seen that way at the time (the term did not exist in common usage). Rather, it was a powerful critique of mercantilism, the dominant economic model at the time, which sought to accumulate a countrys resources through promoting exports and minimizing imports. Yet Smith pointed out that the wealth of a nation lies in what it produces, not what it can sock away in vaults. Moreover, he argued that when wealthy merchants have the opportunity, they tend to corrupt political systems in order to extract more wealth for themselves, and that free markets are the most effective way to allocate resources productively. More recently, economists Daron Acemoglu and James Robinson build on Smiths ideas in Why Nations Fail. They explain why the fate of nations rests less on innate factors such as geography, culture, or climate and more on the quality and types of institutions they build: inclusive institutions or extractive institutions. Inclusive institutions protect property rights broadly across society, establish fair competition, and reward innovation. Extractive institutions, on the other hand, concentrate wealth in the hands of a small elite who exploit the broader population. These elites control resources and use state power to enrich themselves at societys expense. In other words, the wealth of nations is linked to the well-being of their people and this is largely a function of institutions. We depend on schools to educate, corporations to produce, governments to serve, and the media to inform. The health of a society is inextricably tied up in the health of its institutions. Institution Building And Institutional Capture Great leaders are remembered for the institutions they create. Napoleon is remembered for his civic code as much as for his military victories. Franklin Roosevelt will always be associated with the New Deal and Lyndon Johnson with the Great Society. We recognize great industrialists like Walt Disney not just for their individual deeds, but for the organizations they left behind. Autocrats understand that their power is directly a function of their ability to control or influence institutions. Many of these, of course, are political institutions, such as ministries, parliaments, and courts. Many others, such as corporations, religious organizations, educational institutions, and the media, are not. Thats why when Vladimir Putin assumed the presidency in Russia, he moved quickly to consolidate private media under Gazprom, install his own oligarchs and cultivate a close partnership with the Orthodox Church. Power is never monolithic, but distributed across institutions. To control a society, you need to control its institutions. Pro-democracy activists often employ a similar strategy. They target institutions that are important to the regime. For example, the Serbian activist group Otpor targeted the police with an elaborate strategy that both hampered their efforts and gradually recruited them to join the cause. When major protests broke out after an attempt to steal an election, the key security forces defected and joined the protestors. As Dostoevsky explained in The Grand Inquisitor, there will always be a conflict between churches and their messiahs. If people truly love the messiah, they wont need priests to provide mystery and authority. They would be free to pursue truth for themselves. The Erosion of Institutional Authority In his first inaugural address, Ronald Reagan declared, Government is not the solution to our problem, government is the problem, and vowed to unleash the private sector. What followed was not a renaissance of institutional strength, but a steady erosion of it. His deregulation led to the Savings and Loan crisis. Then came the dot-com bubble and crash, two long and destructive wars, the Great Financial Crisis, and the Covid pandemic. Each time there was a villain to execrate: Big Business, Wall Street, Neocons, the Military-Industrial Complex, Big Banks, Big Pharma, the media, and of course, nameless government bureaucrats (sometimes also known as public servants). As the Gallup dat clearly shows, we no longer trust our institutions. It is, in a strange sort of way, like The Grand Inquisitor in reverse. With no more churches to worship, weve gone in search of messiahs: demagogues, tech billionaires, podcast hosts, and many others. Were not craving altars. We seek parasocial relationships, hoping that our personal saviors will free us from institutional authority. The difference today is that we are often interacting with institutions without even knowing it. As the Filipino activist Maria Ressa has long documented, nation states are fighting an active information war, seeding our conversations on social media with divisive messaging, then amplifying the response with massive bot farms. Those tech oligarchs and podcast hosts arent just passive observers, but often actively pursuing an agenda for their own benefit. What were left with is the worst of both worlds: less freedom and less prosperity. The End Of History All Over Again In the 1990s, Western-style liberal democracy was triumphant. The Berlin Wall had fallen and the Cold War had been won. Teams of diplomats and consultants rushed to spread the Washington Consensus, an agreed-upon set of reforms that poor countries were pressured to undertake by their richer brethren. Francis Fukuyama noted at the time that we had reached an endpoint in history, when one model had achieved dominance over all others. Yet even as he laid out the rational case, he invoked the ancient Greek concept of thymos, or spiritedness, to warn that even at the end of history, some would insist on going their own way, no matter the consequences. The truth is that every revolution inspires its own counterrevolution and the pendulum will continue to swing until there can be some agreement about shared values and how to move forward. Today, we can see the consequences. Populists arent so much anti-elite as they are anti-institution, and todays media environment rewards those who attack them. The result is a world that feels far more divided and dangerous than it did even during the Cold War. Our mistake was that we were far too triumphant about a unipolar world to recognize that we needed to redesign our institutions to adapt to a new era. We are still largely living in a society governed by postwar institutions designed for how the world was nearly 80 years agono Internet, no cheap air travel, global GDP roughly five percent of what it is today. Today, much like after World War II and in 1989, we are in the midst of a fundamental realignment. To build a different future, we need to rethink our institutionswhat values we want to embed in them and what our relationship to them should be. How should schools educate? Corporations produce? Governments serve? And the media inform? We dont need saviors or messiahs. We need to redesign and rebuild institutions that can serve and sustain us for the 21st century.
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