NBA TheFoxPosts.com

Sales of previously occupied U.S. homes fell for the third month in a row in August, as higher mortgage rates, rising prices and a dearth of properties on the market shut out many would-be homebuyers LOS ANGELES -- Sales of previously occupied U.S. homes fell for the third month in a row in August, as higher mortgage rates, rising prices and a dearth of properties on the market shut out many would-be homebuyers. Existing home sales fell 0.7% last month from July to a seasonally adjusted annual rate of 4.04 million, the National Association of Realtors said Thursday. That’s below the 4.10 million pace that economists were expecting, according to FactSet. Sales slumped 15.3% compared with the same month last year and are down 21% through the first eight months of the year versus the same stretch in 2022. Meanwhile, prices rose again last month, propped up by buyers competing for a near-record low inventory of homes on the market. The national median sales price rose 3.9% from August last...

New figures show that New Zealand’s economy has dipped into recession as higher interest rates take their toll WELLINGTON, New Zealand -- New Zealand's economy has dipped into recession as higher interest rates take their toll, new figures released Thursday show. Gross domestic product fell by 0.1% in the March quarter, following a revised 0.7% fall in the previous quarter, Statistics New Zealand said. That fulfils the nation's definition of a recession , which is at least two consecutive quarters of negative growth. The slowdown comes after New Zealand's central bank raised its benchmark interest rate 12 straight times to 5.5% as it tries to tame inflation. The rate is at its highest level since 2008, making it more expensive for people to borrow money for homes, cars and other purchases. The Reserve Bank of New Zealand has indicated it doesn't plan to raise the rate any further for now and that its next move will be a cut. The downturn in growth was in line wi...