Newly built homes made up almost a third of houses for sale in the U.S. in May, compared to the usual 10 to 20 percent, according to the National Association of Realtors (NAR).
Tag: U.S. economy
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CONSUMERS WAITING “FOR THE OTHER SHOE TO DROP”
Two key surveys of consumers’ views of the economy both posted their most positive results in 18 months or more.
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CHINA’S ECONOMIC WEAKNESS LEAKS ONTO WALL STREET
Stock-watchers expect a raft of disappointing second-quarter earnings reports from tech firms, luxury retailers, and other companies dependent on China, according to Reuters.
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DOLLAR’S VALUE SINKS FURTHER AS BIG BANKS TURN BEARISH
After closing at 99.91 on 17 July, the U.S. dollar regained little ground against an assortment of other major currencies, trading at 101.08 at 5 p.m. U.S. EDT on 21 July.
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ECONOMIC UPDATE – MARKET OVERVIEW
At this point in the stock market game, it’s all about interest rates.
In the U.S., the bet on The Street is that following the Fed’s meeting on Wednesday, there is a 98-percent probability that the central bank will raise interest rates 25-basis points, according to the CME FedWatch Tool.
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HOME SALES, PRICES SLIP IN JUNE: CRASH COMING?
Sales of existing homes, which normally make up most of the housing market, dropped 3.3 percent in June from May to 4.16 million units, down 18.9 percent from a year earlier and the slowest sales pace since January, the National Association of Realtors reported.
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REGULATORS FINE BANK OF AMERICA $250 MILLION OVER FAKE ACCOUNTS
Bank of America (BoA) must pay $250 million in fees after it was found to have opened credit card accounts in customers’ names without their permission and for double-charging some fees.
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BRACE FOR A WAVE OF BANK MERGERS, EXPERTS SAY
High interest rates, tighter regulations, and growing losses on commercial real estate loans will drive an increasing number of small, regional, and mid-size banks to surrender to mergers in coming months, according to a dozen banking industry analysts and executives interviewed by CNBC.
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HOME MORTGAGE RATE TOPS 7 PERCENT
After sliding for the past eight months, U.S. mortgage rates climbed back above 7 percent last week, Bloomberg reported.
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LATE LOAN PAYMENTS ON THE RISE
Many Americans’ credit scores rose as the COVID War set in and people paid down debt when there were fewer options for spending.
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