The US economy remained shockingly robust in the fourth quarter to close out a remarkably strong 2023 as consumers and businesses continued to spend, crushing expectations of a recession.Gross domestic product, the broadest measure of economic output, rose at a seasonally and inflation-adjusted annualized rate of 3.3% from October through December, the Commerce Department reported Thursday.That was slower than the blistering 4.9% rate from July t
Lakshman Mody looks at how artificial intelligence is helping shape the way that properties can be marketed like never before.Residential estate agency marketing, traditionally reliant on physical staging, is undergoing a digital revolution and at the forefront of this change is the introduction of virtual furniture staging powered by Artificial Intelligence (AI).The evolution of estate agency marketing has been significantly influenced by t
The number of apartment spaces being created in office buildings across major cities this year has risen to over 55,000, four times higher than the 12,100 under conversion in 2021, according to a new report.The 55,339 office-to-apartment makeovers scheduled for this year mark a record high, according to the RentCafe report released Monday. The report cites surging demand for residential space and nearly $150B in office
Existing-home sales likely bottomed out in December, says NAR’s chief economist, who predicts brighter days ahead.Existing-home sales fell to their lowest level in nearly 30 years in December—but that didn’t cool red-hot home prices, with the median price reaching an all-time high of $389,800, the National Association of REALTORS® reported Friday.Existing-home sales—which include completed transactions for single-family homes, townhomes,
Although U.S. women still trail men when it comes to pay, they are pulling ahead financially in one important way of building wealth: homeownership. A recent study from LendingTree shows that single women own 2.7 million more homes than their male counterparts, with roughly 13% of those women holding the titles to their homes, compared to 10% of men. "A home for most people is going to represent the biggest portion of the
Consumer sentiment gauge posted the largest two-month gain since 1991Americans are rapidly becoming much more upbeat about the economy.Consumer sentiment surged 29% since November, the biggest two-month increase since 1991, the University of Michigan said Friday, adding to gauges showing improving moods. It’s a sharp turn after persistently high inflation, the lingering shock from the pandemic’s destruction and fears that a recessio
Rates continue their downward slide, reaching their lowest level since last May. Home buyers who are delaying their purchase and holding out for lower mortgage rates may want to reconsider that strategy. The 30-year fixed-rate mortgage, which averaged 6.6% this week according to Freddie Mac, is still a far cry from the historical norm of 7.74%. Plus, mortgage rates are expected to slide further throughout the year.“Home buyers should be pleased
Housing starts fell to 1.46 million The numbers: Construction of new homes fell 4.3% in December, as home builders scaled back new projects.So-called housing starts fell to a 1.46 million annual pace from 1.53 million in November, the government said Thursday. That’s how many houses would be built over an entire year if construction took place at the same rate every month as it did in December.Housing starts are down for the first time in
As interest rates fall, growing loans is getting more important, but also trickier Even as the biggest banks have grown and diversified, lending remains a core part of their business. And it looks like that will get tougher this year.The outlooks that banks gave on Friday for 2024 net interest income—a measure of what they earn on yield from cash, loans and securities, minus what they pay in interest costs—were muted. JPMorgan Chase expects
The trend could bode well for the spring homebuying season, the Mortgage Bankers Association said Wednesday, but Federal Reserve policymakers may take their time before cutting rates Falling mortgage rates prompted more prospective homebuyers to apply for a mortgage last week, a trend that could bode well for the spring homebuying season, the Mortgage Bankers Association (MBA) said Wednesday.The MBA’s latest Weekly Mortgage Applications Survey
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