U.S. construction spending unexpectedly fell in August amid a sharp drop in outlays on single-family housing projects, but declining borrowing costs could stimulate activity in the months ahead.The Commerce Department's Census Bureau said on Tuesday construction spending dipped 0.1% after a downwardly revised 0.5% drop in July. Economists polled by Reuters had forecast construction spending would edge up 0.1% after a previously reported 0.3% decr
“Functional elegance” is the new mantra in kitchen design.All-white and gray-hued kitchens are fading in popularity. Instead, warmer and darker woods and mixed metals are “creating quiet and understated luxury in the space,” Anna Gibson, owner and chief designer at AKG Design Studio, told the home remodeling site Fixr for its 2024 kitchen trends report.Fixr surveyed about 70 top interior designers and home staging experts to uncover
Even though borrowing costs are falling, many businesses might still face a squeezeWhether interest-rate cuts from the Federal Reserve help engineer a soft landing depends only partly on how much weakness is under the hood of the U.S. economy. Success also depends on lower borrowing costs spurring new investment and spending to counteract any slowdown.Fed Chair Jerome Powell cast last week’s half-point reduction in interest rates as a show
The typical borrower could save more than $300 on a monthly mortgage payment compared to just a few months ago.Mortgage rates moved lower again this week, offering up more potential savings to home buyers. The 30-year fixed-rate mortgage averaged 6.08% this week, the lowest weekly average since September 2022, Freddie Mac reports.Rates also are now considerably lower from just a year ago when they pushed above 7%. A home buyer purchasing a $400,0
While buyers face off for homes, real estate professionals compete for business, NAR data shows.Despite a sluggish summer for home sales, potential buyers are still facing pockets of steep competition in some parts of the housing market.Sixty percent of home sellers nationwide sold their home in less than a month, a sign of strong buyer demand, according to the latest REALTORS® Confidence Index, a survey of 1,600 NAR members. But the marke
Pending home sales edged up 0.6% in August, as declining mortgage rates made home purchases more affordable, according to data released Thursday by the National Association of RealtorsPending home sales edged up modestly in August, as declining mortgage rates made home purchases more affordable, according to new data released Thursday by the National Association of Realtors (NAR).The Pending Home Sales Index (PHSI) rose 0.6 percent to 70.6 in Au
Sales of new U.S. single-family homes fell less than expected in August and could regain momentum in the months ahead as declining mortgage rates and house prices stimulate demand.The report from the Commerce Department on Wednesday also showed new home sales were higher than previously estimated in the prior three months. The Federal Reserve last week cut interest rates by 50 basis points to the 4.75%-5.00% range, the first reduction in borrow
A modest improvement in housing affordability may motivate more home buyers to make a move. Read more from NAR’s latest housing report.Pending home sales rose slightly in August as lower mortgage rates provided some motivation to prospective home buyers. But buyers continue to face challenges such as high home prices, and many may be holding out for even lower rates, surveys show.The National Association of REALTORS®’ Pending Home Sales Ind
Consumers’ view on the economy tumbled in September, falling by the largest level in more than three years as fears grew about jobs and business conditions, the Conference Board reported Tuesday.The board’s consumer confidence index slid to 98.7, down from 105.6 in August, the biggest one-month decline since August 2021. The Dow Jones consensus forecast was for a reading of 104. By contrast, the index had a reading of 132.6 in Febru
The Chicago Fed National Activity Index improved to 0.12 in August from minus 0.42 in July Economic growth rebounded a little last month in the U.S., according to a monthly index set out Monday, though the broader trend remains weak amid high borrowing costs and political uncertainty.The Chicago Fed National Activity Index improved to 0.12 in August from minus 0.42 in July, the Federal Reserve Bank of Chicago said. A reading above zero is associa
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