BRICS members call for cross-border payment in BRICS currencies to challenge the U.S. dollar. The BRICS—an acronym for Brazil, Russia, India, China, and South Africa—held a summit on June 23.
Newsfeed: China And Russia Want To Replace US Dollar With BRICS Currencies Read More »
Second quarter profits at big U.S. banks are expected to fall sharply from a year earlier on increased loan loss reserves, as the pandemic recovery gives way to a possible recession.
Newsfeed: Big U.S. banks’ second quarter profits to tumble on higher bad loan reserves Read More »
Housing has become increasingly unaffordable to millions of Americans — with home prices and mortgage rates continuing to rise (see the lowest rates you may qualify for now here).
Just as we warned back in March, housing affordability, as measured by Goldman Sachs, has deteriorated to its worst level on record.
Newsfeed: Housing Crisis Worsens As Affordability Reaches Record Low Read More »
Through the first 24 months of the pandemic, U.S. home prices soared 38.5%. In some markets, like Phoenix and Dallas, home prices grew by more than 50%.
Well, that should have been a wake-up call. The 30-year mortgage rate soared by 24 basis points recently to 6.18%. So the latter now stands at well more than double the 2.65% rate which prevailed just 18 months ago in January 2021, and at the highest level since the tail end of the Great Financial Crisis in 2009.
Newsfeed: David Stockman on Why the Great Reckoning Has Begun Read More »
Commercial real estate values have soared over the past two years, with most property sectors climbing past pre covid values by over …
The average for a 30-year loan fell to 5.3%, the lowest in a month and down from 5.7% last week, Freddie Mac said in a statement Thursday.
Newsfeed: US Mortgage Rates Plunge to 5.3% in Biggest Drop Since 2008 Read More »
After a string of steady increases, mortgage rates fell this past week — a mixed blessing for the fragile U.S. economy. The lower rate on a 30-year fixed mortgage is a relief for home shoppers who have been watching rates climb, but it’s also a sign that a recession could very well be around the corner as the market slows.
Potential homeowners in the United States received a touch of relief this month as Realtor.com released new data stating home inventory increased by 18.7% in June.