Tag: jun 1 2021

As the price of single-family homes leaves more and more prospective buyers behind, the record price of lumber is raising costs and, therefore, rental rates for new flats. Many apartment blocks are made of metal and concrete, but wood still figures prominently in cabinets, trim, flooring, and some structural components. The cost of building materials,...

Rental rates in March for single-family homes in the U.S. reached their highest since September 2006, when the housing market crashed at the outset of the Great Recession, data firm CoreLogic reported in a study released 25 May. Average rents climbed 4.3 percent year on year in March, the company said. Rates are steadily rising...

Invitation Homes, a subsidiary of the Blackstone Group asset management firm and now among the largest owner of single-family rental homes in the U.S., will add another $1 billion in rental houses to its inventory this year, the company has said. Home prices are at record levels, pricing many prospective buyers out of the market....

The number of U.S. homes for sale is the lowest in almost 50 years, and the imbalance between eager buyers and available houses will last for several years, Goldman Sachs analysts wrote in a 2 May research note. About 1.3 million households will form annually through 2024, the bank estimates. The typical age at which...

Sales of existing homes in April fell 2.7 percent year-over-year, the third consecutive month of decline, the National Association of Realtors (NAR) reported. Rising mortgage rates and record home prices, now averaging $341,000, have pushed even more potential buyers out of the market, analysts said. More homes came on the market in April, bringing the...

The U.S. economy will not achieve full employment – a key benchmark the U.S. Federal Reserve has said it will use in deciding when to raise interest rates – until at least the fourth quarter of 2022, Fitch Ratings predicted in a note to clients. To reach full employment, the economy needs to add about...

The 0.5-percent gain in consumer spending in April resulted from a 1.1-percent jump in spending on services such as hair styling and gym visits, the U.S. Commerce Department reported. Spending on merchandise slid 0.6 percent during the month. However, the rise in the amount of money spent came as the result of inflation, which bumped...

In 26 May testimony before Congress, the CEOs of three major U.S. banks said their institutions remain at arm’s length from cryptocurrencies. American banks face pressure from customers and consumers to open their doors to private digital currencies but worry about dealing in assets that are unregulated and regularly experience unpredictable gyrations in price. Cryptocurrencies...