Many Americans lack knowledge of basic concepts about home ownership, including misconceptions about mortgage terms and knowledge about home buying, maintenance, and renovation, as well as home building, a new study has revealed. The study was conducted in May by Lombardo Homes, a Midwest home builder specializing in new construction in Michigan and Missouri, which surveyed…
US Mortgage Rates Fall in Biggest Decline Since March
July 21, 2023
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U.S. mortgage rates dropped from an eight-month high, after nearing 7 percent last week, as inflation slows ahead of next week’s Federal Reserve policy meeting. The Fed’s aggressive interest-rate hike policy sent mortgage rates well above 7 percent last year, causing the once booming housing market to crash. Rates have been slow to decline from the nearly two-decade high,…
NASDAQ Dips Over 2 Percent on Thursday for Worst Performance in Five Months
NASDAQ registered one of its worst daily performances in months on July 20 as the index got dragged down by the crashing stocks of Tesla and Netflix. On Thursday, NASDAQ declined by 295 points, or 2.05 percent, which is the biggest daily percentage decline since Feb. 21, when the index fell by 2.5 percent. The…
Google Testing New AI Tool That Can Write News Articles
July 20, 2023
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Google is testing a new artificial intelligence tool that can write helpful news articles, in the latest sign that the technology may transform or potentially replace some white-collar professions. Google’s upcoming “Genesis” AI tool is being designed to act as a helpmate for journalists in the newsroom, anonymous sources told The New York Times in an exclusive July…
JPMorgan Chase CEO Jamie Dimon Lists a Number of Threats to the US Economy
July 20, 2023
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JPMorgan Chase CEO Jamie Dimon listed three major threats to the U.S. economy in a recent comment during the bank’s second-quarter earnings call, according to the transcript. The banking giant’s July 14 second-quarter results showed revenue and earnings exceeding economists’ expectations, but the JPMorgan chief stands on the side of caution. JPMorgan reported net income…
Housing Starts Tumble Despite Signs of an Improving Home Sales Market
July 20, 2023
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The number of housing starts tumbled last month, despite signs that the home sales market is heating up again after falling. Housing starts take into account the change in the number of new residential buildings beginning construction. New single-family home construction fell 8 percent from May to June, according to July 19 report from the U.S. Census…
J&J Sues Biden Administration to Block Medicare Drug Price Negotiations
July 19, 2023
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Johnson & Johnson sued to stop the U.S. government from empowering Health and Human Services (HHS) to negotiate lower drug prices for Medicare recipients. The major drugmaker became the third player in the industry attempting to halt the Medicare drug-price negotiations established by the Inflation Reduction Act (IRA), in a claim filed in the U.S. District…
US Corporate Debt Defaults in 2023 Surpass Last Year’s Total: Moody’s
July 19, 2023
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The total amount of corporate debt defaults in the United States this year have already exceeded the amount seen in 2022. Experts have been warning of a wave of defaults to hit the economy for some time due to higher borrowing rates. At least fifty-five American-based companies defaulted on their loans in the first half…
American Startups Facing a Tough Situation in 2023, With Little Sign of Relief
July 18, 2023
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It is becoming more apparent that American startups are facing a bad year, and financial relief is far from coming. Higher interest rates, a shaky U.S. economy, and the recent banking crisis have led to a shortage of funds for capital-hungry startups in their early stages, along with less opportunity for those in late-stage development…
Treasury Secretary Yellen Doesn’t Expect a Recession in US
July 18, 2023
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U.S. Treasury Secretary Janet Yellen said during an interview that the U.S. economy would not be hit by a recession. While Ms. Yellen was in attendance at a G-20 summit in Gandhinagar, India, she told Bloomberg on July 17 that the United States was making good progress in bringing inflation down this year. Ms. Yellen…
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