TIME corruption

America’s Most Corrupt State Is Standing Up for Itself

LSU v Mississippi
Detailed view of the exterior of Vaught-Hemingway Stadium on the Ole Miss campus. Stacy Revere—Getty Images

Officials argue a recent report doesn’t take into account recent anti-corruption efforts

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This post is in partnership with Fortune, which offers the latest business and finance news. Read the article below originally published at Fortune.com.

The entire world must contend with corruption. It costs honest citizens thousands of dollars per year and saps trust in public and private institutions.

We’ve all experienced corruption on at least a small scale at some point in our lives, but actually measuring it is difficult. Recently, Fortune covered a study by two public policy researchers—Cheol Liu of the City University of Hong Kong and John L. Mikesell of Indiana University—who looked the rate at which public employees in each of the 50 U.S. states had been convicted on federal corruption charges from 1976 to 2008 to determine which state was the most corrupt in the union.

Their conclusion? Mississippi, The Hospitality State, has not been all that hospitable to its citizens over the past 30-plus years, according to the study. The state had the highest ratio of public workers who were censured for misuse of public funds and other charges.

The researchers looked at the hard numbers—federal convictions—to control for differences in spending on law enforcement and the rigor of state corruption laws.

While these numbers don’t lie, Mississippi officials were none too pleased to top this list. As the state’s top corruption fighter, Mississippi State Auditor Stacey Pickering argued in an interview with Fortune that the study relied on old data and didn’t take into account the state’s anti-corruption efforts.

“This is dated material that goes back to 1976 until 2008, the year I was sworn into office,” said Pickering.

For the rest of the story, please visit Fortune.com.

TIME housing

4 Charts That Will Totally Ruin Your Saturday

Housing development under construction on farmland, aerial view.
Housing development under construction on farmland, aerial view. Ryan McVay—Getty Images

If you’re waiting to sell your house because you think prices will continue to rise, don’t

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This post is in partnership with Fortune, which offers the latest business and finance news. Read the article below originally published atFortune.com.

The housing recovery that began in 2012 came on almost as quickly and forcefully as the real estate crash that preceded it.

The combination of low interest rates, investor interest, and good, old-fashioned confidence conspired to cause a rapid and vigorous turnaround in home prices after years of tumbling or stagnant home values. But a number of key metrics suggest that the party is over, and any future home price appreciation will be slow and steady from here on out. Here are four charts showing why the housing recovery has ended:

1. Price-to-rent ratios are near their long-term average. Price-to-rent ratios are an important housing indicator that can tell you whether the housing market is overvalued. During the housing bubble, this metric skyrocketed, as speculative fever led people to believe that housing prices would always rise. But the fact that rent rates didn’t rise with purchase prices should have been a warning that the underlying demand for shelter hadn’t increased as much as the demand for owning property as an asset. As you can see, price-to-rent ratios have snuck up above their historical averages, meaning that home values are already a little pricey relative to rents in many markets.

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2. Homeownership rates are also near their long-term average.In the decades leading up to the housing bubble, politicians pushed policies that would increase the homeownership rate. The theory was that homeownership gave people a vested interest in the economy and in their neighborhoods, and that would lead to greater prosperity. But giving out credit to those who didn’t have the wherewithal to afford a home was one factor that led to the failure of the subprime mortgage market. It’s likely, now that policy makers are more aware of the dangers of pushing homeownership, that those rates will remain in the 64% or 65% historical average.

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For the rest of the story, go to Fortune.com.

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