Zillow Group (Z) and Redfin (RDFN) shares rise as July pending home sales increased 0.9 percent month-over-month, but declined 14 percent year-over-year, according to the National Association of Realtors. Yahoo Finance Live takes a look at how the stocks are reacting.
Video Transcript
BRAD SMITH: All right, guys. We are also watching Zillow and Redfin stocks this morning. Both higher, as housing data shows the real estate market remains resilient despite rising rates. July pending home sales increased at the fastest pace since January. That's up nine tenths of a percent month-over-month, according to the National Association of Realtors Index. Sales, however, they did fall 14% compared to last year, but at a slower rate than the month prior. Shares of these online real estate company sites have soared so far this year to date. Zillow is up over 60%. Redfin is up over 120%, as low existing home inventory keeps prices high and home builders busy.
The Arizona Cardinals cut their roster down on Tuesday. The requirement is to have no more than 53 players. They have 52.
Why 52?
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It suggests there was an unannounced transaction.
While waiver claims are coming, they don’t know who those guys are and there is no guarantee they will get who they want, so it wouldn’t make sense to keep 53 players.
Keeping 52 suggests they either agreed to a trade that was not announced or they have agreed to sign a player who was not already on another team’s roster.
Since they do not have a backup center, a player like former Tennessee Titans starting center Ben Jones, who is unsigned, could be a possibility.
So if the Cardinals announce a free agent signing or a trade, no one should be surprised.
The allottees, who have not paid the dues to the Chandigarh municipal corporation, have violated the terms and conditions, as per a notice issued by the civic body
The Chandigarh municipal corporation on Wednesday asked the defaulting allottees of taxi stands to clear their pending dues. The civic body stated that the occupiers violating payment will lose their stand.
Chandigarh municipal corporation has asked taxi stand allottees to clear pending dues. (HT File)
The civic body’s notice read, “It is hereby notified for the information of the general public and all the concerned that allottees/occupiers of taxi stands in different sectors of Chandigarh allotted by the MC, are not paying their dues. The allottees, who have not paid the dues to the corporation, have violated the terms and conditions. Further, the allotment period of all the taxi stands stand expired.”
“This public notice is hereby given, granting a final opportunity to such allottees/occupiers who have not deposited the dues and/or whose allotment has expired, to deposit their outstanding amount within a period of 20 days from the issuance of this public notice. In case of non-deposition of said outstanding amount, the physical possession of the taxi stands will be taken over by the corporation and legal action will be initiated against them in accordance with provisions of law,” it added.
Earlier, there were attempts by the civic body to float fresh tender for all taxi stands, but following pressure the move was taken back. It is expected the move may soon be revived on account of various reasons, including violation of payment.
The stronger-than-expected showing for pending home sales defied a market expectation that they would drop from June.
However, year-over-year pending transactions fell by 14%.
“The small gain in contract signings shows the potential for further increases in light of the fact that many people have lost out on multiple home buying offers,” said Lawrence Yun, NAR’s chief economist.
Rates are rising because the economy is doing well.
“Jobs are being added, thereby enlarging the pool of prospective home buyers,” Yun said. “However, rising mortgage rates and limited inventory have temporarily hindered the possibility of buying for many.”
There was regional variation in pending home sales according to the index. Pending home sales dropped in the Northeast, down 5.8% from June; and in the Midwest, down 0.4%.
Pending sales rose in the South, up 2% from June; and the West, which was up 6.2% from June.
“The West region experienced a meaningful price decline in the past year and buyers are quickly returning, as a result,” Yun added.
Affordability challenges expected to keep sales cool
Pending home sales or contract signings tend to lead existing home sales by roughly one to two months. An uptick in signed contracts for existing homes is in line with the July trend for new home sales, said Danielle Hale, chief economist for Realtor.com.
“But, unlike the market for new homes, which has recovered convincingly above last year’s lows, pending home sales continue to lag behind year-ago levels,” Hale said. “This means more of the same is ahead for existing home sales, which have bounced back only modestly.”
Stubbornly low housing inventory is hampering sales nationwide. Few homeowners with ultra-low mortgage rates of 3% or 4% are willing to sell their home and buy another one at 7%. This is providing an opportunity for new construction homes, which are supplementing inventory.
“While builders are capturing a greater share of home sales, a lack of affordability resulting from high home prices and mortgage rates has dampened homebuyer demand,” said Hale.
Buyers are proving to be very rate sensitive. When rates climbed over 7%, applications for a mortgage dropped to a 28-year low, according to the Mortgage Bankers Association.
“Today’s data suggests that home sales activity is unlikely to see a strong pick up in the next few months as limited options and significant affordability headwinds weigh on buyers,” Hale said.
“Recent rental trends, which spell relief for renters who have faced several years of soaring prices, could further diminish housing demand,” said Hale.
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(Kitco News) - The gold market continues to hold on to solid gains even as the U.S. housing sector shows signs of stabilizing as more consumers than expected have initiated the process of buying a new home.
The U.S. pending home sales index rose 0.9%, to 77.6 in July, following June's increase of 0.4%, the National Association of Realtors (NAR) said Wednesday. The data was better than expected; according to consensus forecasts, economists expected a 0.8% drop in pending home sales transactions.
However, the report noted a sharp drop compared to last year, with the index falling 14% compared to July 2022.
The gold market is largely ignoring the latest housing market data as the market consolidates near-session highs. December gold futures last traded at $1,973.40 an ounce, up 0.42% on the day.
Economists pay close attention to the pending home sales numbers because the index is seen as a forward-looking barometer for the housing market. A lag of a month or two usually exists between a contract and a completed sale.
"The small gain in contract signings shows the potential for further increases in light of the fact that many people have lost out on multiple home buying offers," said NAR Chief Economist Lawrence Yun in the report. "Jobs are being added and, thereby, enlarging the pool of prospective home buyers. However, rising mortgage rates and limited inventory have temporarily hindered the possibility of buying for many."
Pending home sales for July 0.9% versus -0.6% estimate
Pending home sales index 77.6 vs 76.8 last month.
The Pending Home Sales Index (PHS), a leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops.
Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.
Last month's (June data) increase of 0.3% was the 1st since February. The 2 month increase is the first since Jan-Feb of this year.
However, year-over-year pending transactions fell by 14%.
“The small gain in contract signings shows the potential for further increases in light of the fact that many people have lost out on multiple home buying offers,” said Lawrence Yun, NAR’s chief economist.
Rates are rising because the economy is doing well.
“Jobs are being added, thereby enlarging the pool of prospective home buyers,” Yun said. “However, rising mortgage rates and limited inventory have temporarily hindered the possibility of buying for many.”
There was regional variation in pending home sales according to the index. Pending home sales dropped in the Northeast, down 5.8% from June; and in the Midwest, down 0.4%.
Pending sales rose in the South, up 2% from June; and the West, which was up 6.2% from June.
“The West region experienced a meaningful price decline in the past year and buyers are quickly returning, as a result,” Yun added.
It was the team's longest pass play of the preseason and put the offense in position to score the go-ahead points. The Packers' sideline erupted and celebrated with Bonds on the sideline as Green Bay did indeed take a 19-15 lead four snaps later.
Not long after, the Seahawks were trying to answer and had driven all the way to the Green Bay 12-yard line when undrafted rookie safety Benny Sapp III jumped an ill-advised throw over the middle, picking it off at the goal line to clinch the win with 13 seconds left. That set off an even bigger celebration, as teammates huddled around Sapp behind the Packers' bench.
All that excitement for two roster hopefuls who might be the victims of bad news in the coming days. But it still means something, both for those individuals and in the larger picture.
"I thought that was really cool," LaFleur said. "There's a respect there for how these guys work and show up on a daily basis and quite frankly, those guys have earned that respect by how they practice, by the teammates that they are. We've got a really good locker room."
That actually can make the roster decisions more difficult, as young players have their personal dreams as well as bonds and friendships interrupted. A small silver lining is some of the players released will be back on the practice squad.
Despite these tough few days for General Manager Brian Gutekunst and the personnel department, though, the importance of a tight locker room can't be overstated as the long grind through (at least) 17 games begins.
"I believe it since the day I got here – that is valued in this organization," LaFleur said. "I think Gutey and his staff do an unbelievable job of bringing in high-character people, and that makes a difference. It makes it easier when things do get tough, to be able to weather the storm a little bit and come out the other side."
It was the team's longest pass play of the preseason and put the offense in position to score the go-ahead points. The Packers' sideline erupted and celebrated with Bonds on the sideline as Green Bay did indeed take a 19-15 lead four snaps later.
Not long after, the Seahawks were trying to answer and had driven all the way to the Green Bay 12-yard line when undrafted rookie safety Benny Sapp III jumped an ill-advised throw over the middle, picking it off at the goal line to clinch the win with 13 seconds left. That set off an even bigger celebration, as teammates huddled around Sapp behind the Packers' bench.
All that excitement for two roster hopefuls who might be the victims of bad news in the coming days. But it still means something, both for those individuals and in the larger picture.
"I thought that was really cool," LaFleur said. "There's a respect there for how these guys work and show up on a daily basis and quite frankly, those guys have earned that respect by how they practice, by the teammates that they are. We've got a really good locker room."
That actually can make the roster decisions more difficult, as young players have their personal dreams as well as bonds and friendships interrupted. A small silver lining is some of the players released will be back on the practice squad.
Despite these tough few days for General Manager Brian Gutekunst and the personnel department, though, the importance of a tight locker room can't be overstated as the long grind through (at least) 17 games begins.
"I believe it since the day I got here – that is valued in this organization," LaFleur said. "I think Gutey and his staff do an unbelievable job of bringing in high-character people, and that makes a difference. It makes it easier when things do get tough, to be able to weather the storm a little bit and come out the other side."
NEW CASTLE, Va. – Charges are pending after two individuals were involved in a hit-and-run in New Castle Saturday, according to the Craig County Sheriff’s Office.
According to Sheriff Craddock, in the early morning hours, a deputy attempted to stop a vehicle for speeding, the driver refused to stop, and a high-speed pursuit ensued.
We’re told the suspect’s vehicle crashed into a store sign at the intersection of Salem Avenue and Main Street.
Authorities said the driver and passenger fled on foot and were located a short time later, with charges pending.
Tesla now allows you to view the release notes before installing the new software update Tesla's 2023.26 software update includes another useful feature that wasn't mentioning in Tesla's release notes. Tesla now allows owners to view the release notes of a pending software update directly in their vehicle.
Vehicle updates can take up to 45 minutes to install, and the car can not be used during that time. This makes it more important to be able to see what's in a given update so that you can choose the best time to install it.
While major software updates bring additional features that enhance the vehicle's functionality or safety, many others just provide bug fixes.
Software Update Screen
Once you have an update available for your vehicle, you'll notice the familiar progress bar in the vehicle's Software menu under Controls. But now, to the right of the progress bar, you'll also have a link to the release notes for the upcoming version. The link will open in the new Manual app where you'll be able to view the release notes for your vehicle's current version, as well as the release notes for the pending update.
This new functionality also allows you to view the release notes while the update is downloading, which could be useful for owners who update their vehicles over a cellular hot spot.
Aligning With The App
This new feature in the vehicle brings it in line with the Tesla app, which now also allows you to view release notes for an update before installing it.
Before this functionality, most users had to install an update without knowing what changes were included. While most changes in an update are positive and enhance functionality, there are occasional regressions or situations where features are removed due to licensing or regulatory issues that could be useful to know before an update is installed.
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By Kevin Armstrong
After an intensive two-year probe into Tesla's Autopilot system, the National Highway Traffic Safety Administration (NHTSA) is poised to publicly announce its findings "relatively soon." In a recent interview with Reuters, Acting NHTSA Administrator Ann Carlson hinted at an impending resolution, though specifics remain tightly under wraps.
The Investigation and Tesla's Leading Role
The NHTSA's investigation, focusing on more than a dozen crashes involving stationary emergency vehicles, has spotlighted Autopilot's performance. Carlson acknowledged the complexity of the investigation, stating, "It's complicated."
The probe, which has now escalated into an engineering analysis of 830,000 Tesla vehicles, could reflect Tesla's leadership in cutting-edge technology. Tesla and the NHTSA are seemingly in constant contact, and whenever they are, it produces headlines. You don't see that with too many other brands.
Human Trust in Technology: A Shared Responsibility
While not pointing to Tesla specifically, Carlson spoke about driver assistance systems in general, "It's really important that drivers pay attention. It's also really important that driver monitoring systems take into account that humans over-trust technology."
Autopilot does warn drivers to remain alert and ready to take control. Hearing the shared responsibility angle rather than indicting Tesla's technology is refreshing. This should resonate with the industry's broader need to balance innovation with driver engagement. Tesla's commitment to this balance is evidenced by its ongoing enhancements to Autopilot.
A recent incident in Montgomery County, Texas, involving a Tesla Model X, vividly illustrates this point. Despite receiving 150 warnings from the Autopilot system, an allegedly intoxicated driver failed to take control of the vehicle, resulting in a crash that injured five police officers. Footage revealed that the system detected the police car just 2.5 seconds before impact, disengaged, and expected an alert driver to take over.
Tesla argues that the fault lies with the driver, yet the incident raises critical questions about driver monitoring and how automated systems interact with human behavior. It also emphasizes Tesla's commitment to refining its technology, as evidenced by its recent updates to detect driver alertness.
Previous Investigations and the Path Forward
Tesla's Autopilot system was previously under NHTSA's microscope, with a 2017 investigation closing without any action. This earlier experience reflects positively on Tesla's dedication to safety and innovation.
As the NHTSA wraps up its latest investigation, the outcome could set a precedent for the future of automotive automation. For Tesla, the probe's conclusion may be another milestone in its journey toward revolutionizing transportation.
By Kevin Armstrong
A futuristic blend of entertainment and electric vehicle charging is coming to Hollywood as Tesla gains significant approvals for its state-of-the-art Diner and Drive-In Supercharger project.
According to documents revealed by Teslarati from the LA Department of Building and Safety, Tesla has won permit approval for its Diner and Drive-In Movie Supercharger in Los Angeles. This unique project aims to offer Tesla owners and the public a dining and movie experience while charging their electric vehicles.
Project Background: An Experience Beyond Charging
Elon Musk has hinted at the idea for several years, and the planned facility now has a confirmed location at 7001 W. Santa Monica Boulevard in Hollywood. Featuring 32 Supercharger stalls, two screens for movie clips, and a rooftop-seating restaurant, this entertainment hub marks a new era in EV charging experiences.
Originally planned for Santa Monica, the location shift to Hollywood seems more fitting for the glamorous concept. Eight months after Tesla submitted the applications in November 2022, Los Angeles approved the plan.
A Glimpse into the Future: Tesla's Investor Day Revelation
During Tesla's recent Investor Day, Rebecca Tinucci, Tesla's Senior Director of Charging Infrastructure, offered attendees a sneak peek into the company's visionary plans. Presenting an intriguing slide titled "Can't Forget to Do Cool S***," Tinucci unveiled an illustration that brought Tesla's creative concept to life.
The slide featured a retro-looking Tesla Diner restaurant with a rooftop patio and an old-school drive-in movie screen behind it. The captivating image excited those present and provided a tangible vision of what Tesla's new Supercharger site could look like.
From 24/7 charging and dining to scheduled movie programming, Tesla is set to make waiting for a charge an enjoyable event. With bamboo landscaping and carhop service options, the new location promises a blend of nostalgia and novelty.
Approvals and Progress: On the Road to Reality
After several evaluations, Tesla received the green light for various construction phases. On July 18, the company secured approval for grading the area, building walls, and constructing movie screens.
The initial grading inspection on August 9 was approved, paving the way for Tesla to move forward with this visionary project. Stantec Architecture, based in Chandler, Arizona, is listed as the project’s architect, with PCL Construction Services Inc. out of Glendale, California, handling the contracting.
The Tesla Supercharger Network: More Than Just Charging
While Tesla's Supercharger Network is already the most expansive globally, this new addition brings a creative twist. The changing dynamics of charging technology have reduced customers' time at charging stations, but the desire for unique experiences remains.
Tesla is now offering more than a place to charge by introducing this new concept. As the company looks to enhance the EV owner's experience, the Diner and Drive-In Supercharger may become one of Tesla's most captivating stops.
Tesla's ambitious project showcases the company's forward-thinking approach and promises to redefine how people perceive electric vehicle charging. By marrying technology with leisure, the Hollywood Diner and Drive-In Supercharger site will likely become a landmark for Tesla owners and entertainment enthusiasts.
Highest this year:July pending home sales rose 0.7% from a month earlier to the highest level since the start of the year on a seasonally adjusted basis, but were still only 5.4% above the low point hit in March. That’s according to a new report from real estate brokerage Redfin. Pending sales fell 15.7% year over year, the smallest annual decline since last summer.See the full report.
Juvenile justice:To provide the Baton Rouge community with a more complete and accurate understanding of how area youths are impacted by the juvenile justice system, the LSU Law Juvenile Defense Clinic will present “How are the Children? A Youth Justice Town Hall” on Saturday, Aug. 26. The event will start at 9:30 a.m. at the Dr. Leo S. Butler Community Center on Lorri Burgess Avenue and run until noon.
Available in September:The Centers for Disease Control and Prevention expects updated COVID-19 vaccines from Pfizer, Moderna and Novavax to be available to the public in mid-September, an agency official told reporters Thursday.These are designed to target omicron subvariant XBB.1.5.CNBC has the full story.
Luis Rubiales recently said he won't resign amid the FIFA investigation. (Photo By Oscar J. Barroso/Europa Press via Getty Images)
Spanish soccer federation president Luis Rubiales will be provisionally suspended for 90 days, FIFA announced Saturday, after he forcibly kissed Jenni Hermoso at the 2023 Women's World Cup last Sunday. Rubiales won't be allowed to partake in any football-related activities at the national and international levels during his initial suspension, which is still pending a full disciplinary investigation that began Friday.
FIFA also ordered Rubiales and the Spanish soccer federation (RFEF) to not contact — either personally or through a third party — Hermoso.
"FIFA reiterates its absolute commitment to respect the integrity of all persons and therefore condemns with the utmost vigour any behaviour to the contrary," FIFA said in a statement.
Rubiales kissed Hermoso on the lips soon after Spain won the World Cup last week, an act that Hermoso said was nonconsensual. Rubiales was also seen grabbing his crotch after the final whistle blew. Rubiales later apologized for his actions, though he said the kiss with Hermoso was mutual and not malicious.
"The RFEF and Mr. President will demonstrate each of the lies that are spread either by someone on behalf of the player or, if applicable, by the player herself," the federation said in a statement. "The RFEF and the President, given the seriousness of the content of the press release from the Futpro union, will initiate the corresponding legal actions."
But for now, Rubiales will be away from Spanish soccer for a few months while FIFA continues its investigation.
FIFA suspended Luis Rubiales as president of Spain's football federation on Saturday for kissing Spanish Women's World Cup player Jenni Hermoso on the lips, and banned him from making contact with her.
Issued on: Modified:
3 min
"(We) decided today to provisionally suspend Mr. Luis Rubiales from all football-related activities at national and international level," world football's governing body said in a statement.
FIFA's suspension of Spanish federation (RFEF) president Rubiales will last 90 days, while they undertake disciplinary proceedings against the 46-year-old.
They added that both Rubiales and the RFEF are prohibited from contacting Hermoso and those close to her.
FIFA's move was the latest development in a deepening row between Rubiales and the RFEF and Hermoso and her Spain teammates which the players say has tarnished the glory of their World Cup win in Australia last Sunday.
Hermoso said in a statement on Friday that Rubiales and the federation put "continuous pressure" on her and her family and friends to make her appear alongside Rubiales in a video in which he apologised for his kiss, but she declined.
Rubiales refused to resign at an emergency RFEF meeting on Friday and on Saturday, the federation threatened to take legal action over Hermoso's "lies" about the kiss.
Hermoso said "at no time" did she consent to the kiss following the 1-0 win against England in Sydney, which Rubiales described as "mutual, euphoric and consensual".
The RFEF responded, saying they would "demonstrate each of the lies that have been spread, whether in the name of the player, if that is the case, or by the player herself".
It would take "as many legal actions as necessary to defend the honour of the President of the RFEF."
Hermoso, 33, along with 80 other Spain players, including the entire World Cup winning squad, said they were going on strike and would not play for the national team until the "leadership" changed.
That was a reaction to Rubiales refusing to resign despite unprecedented criticism. He claims he is the target of a "social assassination".
Hermoso hit back strongly against his claims the kiss was consensual, saying she felt "vulnerable and the victim of an assault".
"I want to clarify that at no time did I consent to the kiss that he gave me and in no case did I seek to lift up the president," she said in the statement released through her Futpro union.
The RFEF published a series of images on their website attempting to demonstrate that Hermoso did in fact lift up Rubiales, as "the first demonstration that the facts exposed by Mr. President are absolutely true".
Their threat of legal action appeared targeted at not just Hermoso and Futpro, but anybody who may have damaged "the president's honourability".
The Spanish government confirmed earlier Saturday they had also started a process which may allow them to suspend Rubiales from his post next week.
'Abuse is abuse'
Hermoso's union Futpro said the 81 players were striking to help foster change.
Players from World Cup runners-up England released a statement in support of Hermoso on their social networks, signed "The Lionesses".
"Unacceptable actions allowed to happen by a sexist and patriarchal organisation. Abuse is abuse and we have all seen the truth," it read.
"We all stand with you, Jenni Hermoso, and all players of the Spanish team."
Before the tournament 15 Spain players had taken a similar stance against the federation and coach Jorge Vilda, but many relented and three were part of the World Cup team.
Many players, including double Ballon d'Or winner Alexia Putellas, showed their support for Hermoso on social media on Friday, some including the phrase "it's over" -- potentially referring to Rubiales' leadership of Spanish football.
Now Putellas, Hermoso, the World Cup's player of the tournament Aitana Bonmati and others say they will not play for Spain again until Rubiales and potentially others leave their posts.
In its statement on Saturday, the federation appeared to send a thinly veiled threat to the striking players.
"The RFEF respects, as it has always respected, the decisions of the players who wish to participate or not with the Spanish national team in international matches, although it is clear national team duty is an obligation for all federated persons if they are called up," the RFEF said.
Luis Rubiales recently said he won't resign amid the FIFA investigation. (Photo By Oscar J. Barroso/Europa Press via Getty Images)
Spanish soccer federation president Luis Rubiales will be provisionally suspended for 90 days, FIFA announced Saturday, after he forcibly kissed Jenni Hermoso at the 2023 Women's World Cup last Sunday. Rubiales won't be allowed to partake in any football-related activities at the national and international levels during his initial suspension, which is still pending a full disciplinary investigation that began Friday.
FIFA also ordered Rubiales and the Spanish soccer federation (RFEF) to not contact — either personally or through a third party — Hermoso.
"FIFA reiterates its absolute commitment to respect the integrity of all persons and therefore condemns with the utmost vigour any behaviour to the contrary," FIFA said in a statement.
Rubiales kissed Hermoso on the lips soon after Spain won the World Cup last week, an act that Hermoso said was nonconsensual. Rubiales was also seen grabbing his crotch after the final whistle blew. Rubiales later apologized for his actions, though he said the kiss with Hermoso was mutual and not malicious.
"The RFEF and Mr. President will demonstrate each of the lies that are spread either by someone on behalf of the player or, if applicable, by the player herself," the federation said in a statement. "The RFEF and the President, given the seriousness of the content of the press release from the Futpro union, will initiate the corresponding legal actions."
But for now, Rubiales will be away from Spanish soccer for a few months while FIFA continues its investigation.
Hunter Biden’s ex-business partner Devon Archer can remain free on bail as he appeals his conviction on fraud charges to the Supreme Court, a federal judge ruled Friday.
Archer, 48, was convicted and sentenced in February of last year to a year and one day in prison for his role in a scheme to defraud a Native American tribe of some $60 million in bonds.
“For the same reasons articulated in the Court’s prior order granting Defendant Archer bail pending the resolution of his appeal to the Second Circuit, and in light of the Government’s consent, the Court finds that he is entitled to bail until the Supreme Court rules upon his anticipated petition for certiorari,” District Judge Ronnie Abrams wrote in her Friday ruling.
Abrams also deferred considering any arguments for relief related to a “two-point Sentencing Guidelines calculation error which was not identified by either party at sentencing,” citing Archer’s pending Supreme Court appeal.
Archer testified before the House Oversight Committee in July and told the panel the first son put Joe Biden on speakerphone more than 20 times during business meetings to promote “the brand.” FOX News/Tucker Carlson Tonight
Archer had sought to be resentenced, but prosecutors for the US Attorney’s Office for the Southern District of New York argued that the error identified did not constitute a “fundamental defect which inherently result[ed] in a complete miscarriage of justice.”
Archer, who also served with Hunter on the board of Burisma Holdings, a Ukraine-based energy company, testified before the House Oversight Committee in July and told the panel the first son put Joe Biden on speakerphone more than 20 times during business meetings to promote “the brand.”
House Oversight Committee Chairman James Comer accused the Justice Department of “obstruction of justice” over a letter sent by the US attorney for the Southern District of New York to Abrams – two days before Archer’s testimony – requesting the judge set a date for Archer to start his prison sentence.
Archer further confirmed that then-Vice President Biden attended an April 2015 dinner at Washington’s Cafe Milano with Burisma executive Vadym Pozharskyi and former Moscow first lady Yelena Baturina.AFP via Getty Images
Archer was convicted by a jury of conspiracy to commit securities fraud and securities fraud after a trial in June 2018.
Federal prosecutors argued Archer and his two co-defendants bought more than $60 million in bonds from the Oglala Sioux and used them to “build a financial services mega-company,” rather than for an annuity, according to prosecutors.
Hunter, who was vice chairman of the financial services company and cleared up to $200,000, was not charged in connection with the scheme.
Archer alleged he lost $10 million when the venture collapsed.
Pending sales have stabilized following months of steep declines, but homebuyer demand remains below pre-pandemic levels as house hunters grapple with elevated mortgage rates, high prices and a lack of supply.
Pending home sales inched up in July—rising 0.7% from a month earlier to the highest level since the start of the year on a seasonally adjusted basis. Still, they were only 5.4% above the low point they hit in March. Pending sales fell 15.7% year over year, the smallest annual decline since last summer.
Pending sales have stabilized as the shock of elevated mortgage rates has subsided. They dropped to 367,000 in March—the lowest since the onset of the pandemic—and have been hovering around that level ever since (they clocked in at 387,000 in July) as prospective buyers continue to be discouraged by high housing costs and a lack of homes for sale.
“Home sales hit a bottom in 2022 and haven’t meaningfully budged since,” said Redfin Chief EconomistDaryl Fairweather. “Fading recessionfearsand the prospect of further home price increases have brought some house hunters off the sidelines, but for the most part, buyers remain hesitant to jump into the market because their buying power is so muchlowerthan it was a year ago.”
The average 30-year-fixed mortgage rate was 6.84% in July, up from 6.71% a month earlier and 5.41% a year earlier—and it has climbed even higher since. As of Thursday, it was7.23%—the highest since 2001. That, along with stubbornly high home prices, has sent the typical homebuyer’s monthly mortgage payment upsubstantiallyfrom a year ago.
The median home sale price rose 1.7% year over year to $421,872 in July—the first annual increase since the start of the year. That’s just 2.5% below the record high of $432,476 set in May 2022.
Housing prices have remained high despite sluggish homebuyer demand because there are so few homes on the market, meaning the buyers whoareout there are frequently competing for a small pool of properties. The total number of homes for sale (active listings) fell 3.9% month over month in July to the lowest level on record on a seasonally adjusted basis, and dropped19.5% from a year earlier. That’s the biggest annual decline in more than two years.
“It’s a seller’s market, but only because there’s so little inventory,” said Salt Lake CityRedfin Premierreal estate agentMitch Price. “Buyers are getting hammered by high interest rates, so they’re not just jumping on whatever is available like they were before. They don’t want to overpay, so they’re waiting for the right home. As a seller, if you overprice your home, that’s your doomsday ticket.”
Housing supply is dwindling because high mortgage rates are dissuading homeowners from selling. New listings in July were little changed from a month earlier, rising 0.5% on a seasonally adjusted basis, but they were down 22.2% from a year earlier. NearlyeveryU.S. homeowner with a mortgage has an interest rate below 6%, prompting most to stay put because selling and buying a new home would likely mean taking on a much higher monthly payment.
July 2023 Highlights
July 2023
Month-Over-Month Change
Year-Over-Year Change
Median sale price
$421,872
-0.8%
1.7%
Pending sales, seasonally adjusted
387,374
0.7%
-15.7%
Homes sold, seasonally adjusted
421,244
0.5%
-13.5%
New listings, seasonally adjusted
465,301
0.5%
-22.2%
All homes for sale, seasonally adjusted (active listings)
1,294,987
-3.9%
-19.5%
Months of supply
2.2
0.3
-0.2
Median days on market
29
0
8
Share of for-sale homes with a price drop
16.6%
1.6 ppts
-2.5 ppts
Share of homes sold above final list price
38.2%
-1.5 ppts
-9.0 ppts
Average sale-to-final-list-price ratio
100.1%
-0.2 ppts
-0.9 ppts
Share of home offers written by Redfin agents that faced competition, seasonally adjusted
50.5%
0.0 ppts
2.5 ppts
Pending sales that fell out of contract, as % of overall pending sales
Data in the bullets below came from a list of the 91 U.S. metro areas with populations of at least 750,000. Select metros may be excluded from time to time to ensure data accuracy. A full metro-level data table can be found in the “download” tab of the dashboard embedded below orin the monthly section of the RedfinData Center.Refer to ourmetrics definition pagefor explanations of metrics used in this report. Metro-level data is not seasonally adjusted.
Closed sales:In New Haven, closed home sales dropped 30.5% year over year, more than any other metro Redfin analyzed. Next came Bridgeport (-30.3%) andProvidence, RI(-29.2%). Closed sales rose in just one metro—North Port, FL(4.3%)—and fell least inLas Vegas(-2.2%) andAustin, TX(-3.6%).
Prices:Median sale prices fell from a year earlier in 28 of the metros Redfin analyzed. The biggest declines were in Austin (-10.5%), Detroit (-7%) andHonolulu(-6.2%). The biggest increases were inDayton, OH(12.2%),Miami(11.7%) andCamden, NJ(9.7%).
Listings:New listings fell most from a year earlier in Bridgeport (-51.4%),Greensboro, NC(-50.5%) andHartford, CT(-49.6%). They rose in one metro—McAllen, TX(2.5%)—and fell least in El Paso (-8.1%) andRochester, NY(-10.4%).
Supply:Active listings fell most from a year earlier in Bridgeport (-49.8%), Boise, ID (-47.2%) and Hartford (-46.7%). They rose most inNew Orleans(33.4%), McAllen (30.7%) andCape Coral, FL(18.1%).
Competition:In Rochester, 78.8% of homes sold above their final list price, the highest share among the metros Redfin analyzed. Next came Hartford (74.3%) andBuffalo, NY(71.8%). The shares were lowest in North Port (9.3%), Cape Coral (10.6%) andWest Palm Beach, FL(13.3%).
