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Mortgage demand drops for the first time in 5 weeks, after interest rates rise
Jeff Greenberg | Universal Images Group | Getty Images Mortgage rates moved markedly higher last week, causing overall mortgage demand to drop. Total application volume fell 0.7% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. That was the first decline in five weeks. The average contract interest rate for…
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California high court allows extra time for briefing in pension debt case
Laura Dougherty, staff attorney for the Howard Jarvis Association, was granted a one-month extension to Jan. 31 to file briefs in the case against San Jose.Howard Jarvis Taxpayer Association The California Supreme Court agreed to an extension for filing briefs in San Jose v. Howard Jarvis Taxpayer Association, the primary case challenging cities’ use of…
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De Beers amasses biggest diamond stockpile since 2008 financial crisis
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. De Beers Group has amassed its biggest stockpile of diamonds since the 2008 financial crisis, laying bare the group’s challenge in reviving demand for jewels long seen as the pinnacle of luxury. A slump in…
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Moody’s says Chicago’s 2025 budget doesn’t change credit trajectory
Chicago’s 2025 budget does not materially alter its credit profile, Moody’s Ratings said this week.Bloomberg News Chicago’s 2025 budget that passed the City Council this month will not materially alter the city’s credit profile, Moody’s Ratings said in a Monday statement. The final 2025 budget featured no property tax hike, and received criticism for using…
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‘Waste of time’: how Starmer fumbled his first months of power
Sir Keir Starmer’s friends say the prime minister needs a holiday. After a year of electoral triumph followed by a precipitous drop in support — with no time off in between — the UK Labour party’s high command appears exhausted. “He needs a break, they all need a break,” said one confidant. “These are people…
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These are the top 10 ‘housing hot spots’ for 2025 — none are in Florida
Eyecrave Productions | E+ | Getty Images Buying a house is not easy or cheap, especially in today’s market. But while it’s too soon to tell whether the housing market is going to favor buyers or sellers next year, some areas will offer more favorable market conditions than others, according to a new report by…
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Signals point to a better bid muni market to close out 2024
<img src=”https://public.flourish.studio/visualisation/20935176/thumbnail” width=”100%” alt=”chart visualization” /> Municipals were steady to slightly weaker Tuesday as U.S. Treasuries closed the session a bit stronger while equities were in the black. The two-year municipal to UST ratio Tuesday was at 65%, the five-year at 65%, the 10-year at 67% and the 30-year at 82%, according to Municipal Market…
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Defaults on leveraged loans soar to highest in 4 years
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. US companies are defaulting on junk loans at the fastest rate in four years, as they struggle to refinance a wave of cheap borrowing that followed the Covid pandemic. Defaults in the global leveraged loan…
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San Francisco loses second triple-A rating
The aerial view of San Francisco was taken during better times in 2015 when the city’s tech industry was thriving and commercial rents were skyrocketing.David Paul Morris/Bloomberg San Francisco’s continuing weakened economic trends and deficit spending have resulted in a one-notch downgrade to AA-plus from AAA of its long-term rating and a negative outlook from…
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Matt Gaetz accused of paying for sex and using drugs by US congressional panel
Unlock the White House Watch newsletter for free Your guide to what the 2024 US election means for Washington and the world Matt Gaetz, Donald Trump’s former pick for US attorney-general, was accused by the House ethics committee of having sex with an underaged girl, paying women for sex and using illegal drugs in an…
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Activist Jana calls on Markel to focus on insurance. Here’s how the firm can help create value
Timon Schneider | SOPA Images | AP Company: Markel Group (MKL) Business: Markel Group is a holding company comprised of different businesses and investments. Its segments include Specialty Insurance, Investing and Markel Ventures. The Specialty Insurance segment includes the company’s insurance and reinsurance capacities within its underwriting operations, as well as insurance-linked securities and all…
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American homeowners are wasting more space than ever before
Tim Kitchen | The Image Bank | Getty Images There may not be a lot of homes for sale these days, but there is a lot of housing space sitting empty. In fact, the most in recorded history. The number of extra bedrooms, which is defined as a bedroom in excess of the number of…
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Munis outperform UST losses, sit back after large selloff
<img src=”https://public.flourish.studio/visualisation/20924481/thumbnail” width=”100%” alt=”chart visualization” /> Municipals were little changed Monday ahead of the holidays as U.S. Treasury yields rose and equities were mixed. The two-year municipal to UST ratio Monday was at 64%, the five-year at 65%, the 10-year at 67% and the 30-year at 82%, according to Municipal Market Data’s 3 p.m. EST…
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UK economy unexpectedly failed to grow in third quarter
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. The UK economy failed to grow in the third quarter, in the latest blow to a government already under fire from businesses for its tax-raising Budget. GDP did not register any growth in the three…
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Hospitals could be hurting if Trump, GOP slash Medicaid
A California hospital during the pandemic in early 2021. Hospital sector recovery from COVID-19 may be turned around by Medicaid cuts under Trump, industry analysts say.Bloomberg News If President-elect Trump’s ideas for healthcare move forward, California’s budget as well its hospitals are likely to face challenges. The Golden State wouldn’t be alone, as the proposed changes…
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Nick Candy vows to help Reform disrupt British politics ‘like we have never seen’
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Nick Candy, the new treasurer of Nigel Farage’s rightwing Reform party, has promised Britain “political disruption like we have never seen before” as he claimed to have several other billionaire backers in addition to Elon…
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Top Wall Street analysts recommend these dividend stocks for higher returns
In this article ARES GLPI WMT Follow your favorite stocksCREATE FREE ACCOUNT A Walmart Supercenter during Walmart’s multiweek Annual Deals Shopping Event in Burbank, California, on Nov. 21, 2024. Allen J. Schaben | Los Angeles Times | Getty Images Investors can benefit by creating a diversified portfolio of growth and dividend stocks, enhancing their overall…
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November home sales surged more than expected, boosted by lower mortgage rates
Investors own more than 131,000 homes in the Las Vegas Valley now. Las Vegas Review-journal | Tribune News Service | Getty Images Sales of previously owned homes rose 4.8% in November compared with October, according to the National Association of Realtors. That put them at a seasonally adjusted, annualized rate of 4.15 million units. Sales…
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Common reserve bond funds spurring investment
“The whole goal of the bond fund was, ‘how can we further extend economic development,’ said Craig Teamer, director of finance and special projects for the Toledo-Lucas County Port Authority. ”If you’re looking to amplify some additional investment in economic development, a bond fund could be considered, and it’s also could be a revenue stream. There…
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Record $600bn pours into global bond funds in 2024
Stay informed with free updates Simply sign up to the Sovereign bonds myFT Digest — delivered directly to your inbox. Investors poured record amounts into global bond funds this year as they bet on a shift towards easier monetary policy by major central banks. Bond funds attracted more than $600bn in inflows so far this…
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