US Rents Climbed 1.5 Times Faster Than Wages in Last Four Years
Rents in most major US metropolitan areas have risen some 1.5 times faster than wages in the last four years, according to an analysis by Zillow Group Inc.
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Rents in most major US metropolitan areas have risen some 1.5 times faster than wages in the last four years, according to an analysis by Zillow Group Inc.
Places like New York City and San Francisco still have fewer workers now than they did before the pandemic, which continues to impact their labor market recovery, according to an analysis by the Federal Reserve Bank of New York out Tuesday found.
Guggenheim Partners is talking to lenders, including private credit firms, to gauge their interest in financing the potential $6.6 billion buyout of US department store chain Macy’s Inc. by investment firms Arkhouse Management Co. and Brigade Capital Management.
OQ Chemicals has appointed Hans-Joachim Ziems as chief restructuring officer, according to a person familiar, as the Germany-based firm faces nearly $1 billion in loan maturities this year.
For sale: Steel skeletons of three towers in downtown Los Angeles, erected by a Chinese developer that spent $1.2 billion before running into financial troubles.
Apr 8, 2021
The Associated Press
MCLEAN, Va. -- Mortgage rates fell for the first time in more than two months as buyers continue to be stifled by high prices and limited supply.
Mortgage buyer Freddie Mac reported Thursday that the benchmark 30-year loan rate dipped to 3.13 per cent this week from 3.18 per cent last week. At this time last year, the long-term rate was 3.33 per cent.
The rate for a 15-year loan, popular among those looking to refinance, fell to 2.42 per cent from 2.45 per cent last week. One year ago it was 2.77 per cent.
Mortgage rates have been historically low for years, but strong demand and low inventory have pushed prices higher.
Last week the National Association of Realtors reported that its index of pending home sales tumbled 10.6 per cent to 110.3 in February, its lowest level since May of 2020. Contract signings are now slightly behind where they were last year after eight straight months of year-over-year gains.
Meanwhile, U.S. home prices rose at the fastest pace in seven years in January, according to the S&P CoreLogic Case-Shiller 20-city home price index. The pandemic has fueled demand for single-family homes as people look for more space.
Economists expect home loan rates to remain low as the Federal Reserve says it intends to keep its main borrowing rate near zero until the economy recovers from the coronavirus pandemic.
Also Thursday, the Labor Department reported that the number of Americans applying for unemployment benefits rose last week to 744,000, signalling that many employers are still cutting jobs even as more people are vaccinated against COVID-19 and state and local governments lift virus restrictions.