Topline New home sales unexpectedly surged much more than economists projected in August even though same-day data showed prices collapsing due to a dearth in demand—fueling volatility that some experts argue could signal that the housing market slowdown could hike up the odds of a recession. Key Facts About 685,000 new single-family houses were sold
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Share to Facebook Share to Twitter Share to Linkedin On August 16, President Joe Biden signed into law the Inflation Reduction Act, which provides some $370 billion in energy and climate spending and tax breaks over the next decade. It’s the most aggressive federal action to combat climate change in the nation’s history and is
HAYES BARNARD figured out how to make costly green energy affordable—and it has made him one of the richest people in America. By Jonathan Ponciano “What if you were sitting on the antidote for Covid and you didn’t deploy it? That’s how I feel,” says Hayes Barnard as he guides his 2012 Tesla Model S
A decade ago, purists winced when the first references to “NoMad” — denoting the area north and west of Madison Square Park — were first widely circulated. Just what we need, some moaned, a cutesy shorthand buzzword for a made-up Manhattan enclave that had never really been considered a neighborhood before. But in the ensuing
Share to Facebook Share to Twitter Share to Linkedin Dividend stocks are securities that include a regular distribution of the issuing company’s earnings. They operate like ordinary stocks and represent a share of ownership in a company. The stock price may move up or down. As long as the shareholder owns a stock, they receive
As Hurricane Ian rips through Florida as one of the most powerful storms ever recorded in the U.S., CoreLogic, a data analytics provider, estimates that 7.2 million single- and multifamily residences with a combined total reconstruction value of $1.6 trillion are within the moderate and high flash flood risk bands, as forecasted by the National
A penthouse atop the world’s tallest residential building − listed for $250 million − is marking the biggest test of the ultra-luxury real estate market at a time of falling sales and growing economic uncertainty. The three-story mega-home inside Central Park Tower, which spans more than 17,500 square feet, is the country’s most expensive listing.
Noel Hendrickson/Getty Images Even with signs that the housing market is cooling, homebuyers are still feeling the sting of elevated prices and higher interest rates. The average rate on a 30-year fixed-rate mortgage is 6.7% as of Friday, up from 3.3% at the start of 2022, according to Mortgage News Daily. Alongside that, home prices
Steve Pfost | Newsday | Getty Images Amid higher interest rates and a softening housing market, home buyers are continuing to back out of purchase contracts at an elevated rate. About 64,000 home-purchase agreements were canceled in August, according to a new report from Redfin. That’s equal to 15.2% of home contracts initiated during the
The British bond and currency markets have been in turmoil since Finance Minister Kwasi Kwarteng announced his “mini-budget” on Friday. Oli Scarff | Getty Images News | Getty Images LONDON – U.K. lenders Virgin Money, Halifax and Skipton Building Society pulled some of their mortgage deals to customers after the tumult in British bond markets.
Florida is bracing for Hurricane Ian. Hurricane Fiona has just devastated Puerto Rico, flooding the island leaving hundreds of thousands without access to electricity or running water. Meanwhile, flooding in Pakistan has taken over 1,600 lives. To combat the some of the worst impacts of flooding, a new industry of floating infrastructure is emerging. There
A ‘for sale’ sign is displayed outside a single family home on September 22, 2022 in Los Angeles, California. Allison Dinner | Getty Images U.S. home prices cooled in July at the fastest rate in the history of the S&P CoreLogic Case-Shiller Index, according to a report released Tuesday. Home prices in July were still
Mortgage rates drove even higher last week after the Federal Reserve signaled it would continue its aggressive action to cool inflation. That, and rising uncertainty in the overall housing market, caused mortgage application volume to drop 3.7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. After a
Overall, 935 mortgage products were pulled from the market on Tuesday, according to data from money comparison site Moneyfacts. Photo by Richard Baker | In Pictures | Getty Images LONDON – Hundreds of residential mortgage deal offers in the U.K. have been pulled after market chaos sparked concerns about base rates rising as high as
According to Homebuyer.com, Iowa is the cheapest state to buy a house in right now. The Good Brigade | Digitalvision | Getty Images With mortgage rates rising, more people may be asking themselves the age old question: rent or buy? These decisions are particularly pertinent amid bubble-like housing prices, making monthly mortgage payments more difficult
Beneath all the clamor over Russia’s invasion of Ukraine and the efforts to tamp down inflation, investors are largely passing over a huge story in China, famed short-seller Jim Chanos said Wednesday. Troubles in the Chinese real estate market are a distant third to the war and rate hikes targeted at containing inflation. But Chanos,
Municipal triple-A yield curves saw another round of cuts Tuesday amid elevated secondary selling pressure, pushing one-year munis to end the session above 3%. U.S. Treasuries and equities saw losses after more hawkish Fed speak and a continued global bond rout. Triple-A yields rose by as many as seven to eight basis points across the
Under the oversight of a state review board, the troubled finances of West Haven, Connecticut, are moving in the right direction, according to Moody’s Investors Service, which last week affirmed the city’s Baa3 general obligation bond rating after a two-month review. Financial mismanagement and federal corruption charges have dogged the New Haven suburb, which is
The Senate Tuesday advanced a government funding bill ahead of a midnight Friday deadline that includes disaster aid for the water crisis in Jackson, Mississippi, Hurricane Ian’s looming landfall in Florida and other natural disasters. The bill advanced after Sen. Joe Manchin, D-W. Va., agreed to drop his controversial provision to speed up permitting on
Highlighted by Hurricane Ian, which wreaked havoc in the Caribbean and now threatens Florida, the U.S. public power sector faces challenges that are unprecedented but not insurmountable, according to speakers at a recent annual public power community conference in Manhattan. Inflation, the reliability of power grids and the impact of environmental social and governance requirements