Rates drive U.S. existing home sales to 30-year low in 2023
The National Association of Realtors reports 4.09 million existing home sales in 2023, an 18.7 percent drop from 2022, the weakest since 1995 amid high mortgage rates and rising prices. The median price climbed to a record 389,800, while rates hovered near 7.79 percent in late October. Prospects hinge on rate declines and more inventory to spur a rebound.
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National Association of Realtors
NAR
Lawrence Yun
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Bright Mls
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Dodge & Cox Incl
Dodge & Cox
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Vanguard 500IdxAdmil
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Associated Press
Japan lands moon in milestone but faces pinpoint doubt
Japan became the fifth nation to reach the moon when SLIM, the Smart Lander for Investigating Moon, touched down early today. Officials said the craft’s solar panel failed, likely shortening its mission, though data transmission continued and rovers operated as planned.
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Japan
Moon
SLIM
Earth
Hitoshi Kuninaka
Institute of Space and Astronautical Science
Space Agency
United States
Soviet Union
China
India
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Japan Aerospace Exploration Agency
Mission Control
Yamakawa
JAXA
Lunar
Masaki Fujimoto
Hiroshi Yamakawa
Smart Lander
Sagamihara
Wayfair and Macy’s Cutting Large Retail Layoffs
Wayfair plans about 1650 job cuts, 13 percent of global staff, and Macy’s will lay off roughly 2,350 employees, about 3.5 percent, while closing five stores in Arlington Ballston VA, San Leandro CA, Lihue HI, Simi Valley CA, and Tallahassee FL. Chief executive Niraj Shah says Wayfair will rebuild with modified leveling and pursue over $280 million in annual cost savings, with $70–$80 million in restructuring costs expected in early 2024. Macy’s cites shifting consumer needs and new strategy to explain the reductions.
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Macy’s
Niraj Shah
Associated Press
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Virginia
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San Leandro
California
Bay Fair
Lihue
Hawaii
Kukui Grove
Simi Valley
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Tallahassee
Florida
Governor's Square
Macy’s Inc
Wall Street Hits New Highs After Gripping Rally
Wall Street returned to record levels Friday as the S&P 500 rose 1.2 percent to 4839.81 erasing earlier declines since its 2022 high. Inflation fears lingered, but a resilient economy with low unemployment and rising optimism helped stocks regain footing amid aggressive Fed rate hikes. Niladri Neel Mukherjee of TIAA Wealth Management calls the cycle unique and pandemic influenced.
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Ingrid Bergman
Federal Reserve
Mak
U.S
Niladri “Neel’ Mukherjee
TIAA
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AMD
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