Will you finally be able to buy a home in 2025?
CNN
This year, America’s once-in-a-generation housing slump deepened — but 2025 may not see much improvement. That may be unwelcome news for those who have been priced out of homeownership over the past few years.
This year, America’s once-in-a-generation housing slump deepened — but 2025 may not see much improvement. That may be unwelcome news for those who have been priced out of homeownership over the past few years. “We’re coming into 2025 with a strong sense of déjà vu,” said Skylar Olsen, Zillow’s chief economist. “I think the difficulties of next year are going to be pretty similar to the difficulties of last year.” In 2024, Americans who bought homes were older and richer than ever. That’s because buying a home has grown more difficult amid a lack of affordable options. The median existing-home sales price was $406,100 in November, the 17th consecutive month of year-over-year price increases, according to the National Association of Realtors. In November 2019, before the Covid-19 pandemic, the median sales price was $274,000, according to NAR. The significant jump in home prices made homeowners richer on paper. Meanwhile, rents have also risen, making it increasingly difficult for renters to save money for a down payment. Nearly half of all renters paid more than 30% of their income toward housing costs, according to the US Census Bureau. Homelessness also hit a record high in 2024, driven in part by a lack of affordable housing, according to the Department of Housing and Urban Development. Homeowners have faced financial pressures of their own this year. Those who live in areas vulnerable to natural disasters have seen their home insurance premiums skyrocket, and inflation has caused the cost of home repairs to rise. Borrowing costs play a major role in housing affordability, as well. A few months ago, economists had predicted that mortgage rates would fall below 6% by the end of the year. But this month, the Federal Reserve signaled that it may only cut interest rates twice next year, fewer than expected. That has caused mortgage rates, which track the 10-year US Treasury yield, to climb higher: The average 30-year fixed mortgage rate was 6.85% last week, up from 6.61% this time last year, according to data from Freddie Mac.
One of China’s most popular short-video and streaming platforms was flooded with porn and violent content earlier this week, sparking outrage and bafflement in a nation where the internet is tightly controlled.
An initial reading of third-quarter gross domestic product showed the US economy expanded at an inflation-adjusted annualized rate of 4.3%, a far faster pace than the 3.8% recorded in the second quarter, according to Commerce Department data released Tuesday. That’s the fastest growth rate in two years.
When jobs or inflation data counter President Donald Trump’s preferred economic narrative, he typically offers alternative statistics to shine a more positive light on the economy. But Trump’s latest effort asks Americans to buy in to some puzzling logic.
A new rule by the Federal Communications Commission will make it impossible for US consumers to buy the next generation of foreign made drones, including DJI.
CBS News editor in chief Bari Weiss decided to shelve a planned “60 Minutes” story titled “Inside CECOT,” creating an uproar inside CBS, but the report has reached a worldwide audience anyway.
Earlier this month, after President Donald Trump blasted “60 Minutes” for interviewing Marjorie Taylor Greene, correspondents noticed a change behind the scenes.
Paramount has upped the ante in its hostile takeover bid for Warner Bros. Discovery, announcing Monday that Larry Ellison will personally guarantee the tens of billions of dollars he is putting up to bankroll the transaction. The Ellisons will also let shareholders peer into the finances of their family trust.
Thieves are increasingly targeting the copper wires that keep America’s power grids and phone networks running.
You don’t get labeled the “Oracle of Omaha” for nothing.
An estimated $1.6 billion is up for grabs in Monday’s Powerball draw after the jackpot rolled over on Saturday.
“60 Minutes” just suffered a severe blow to its credibility. Now one of its own correspondents fears the program is being “dismantled,” and some employees are threatening to quit.
Popular Kentucky bourbon maker Jim Beam plans to pause production at its main distillery next year, according to the James B. Beam Distilling Company.
The opening was shy of analysts’ expectations that it could earn more than $100 million, but it also earned roughly $257 million internationally, bringing its global opening to $345 million.