The latest annual bridge report from the American Road & Transportation Builders Association reveals a concerning statistic – one-third of bridges in the U.S. are in need of repair or replacement. This translates to nearly 221,800 bridges requiring major repairs, with 76,175 bridges in urgent need of replacement. The report, based on the U.S. Department
Inventory
The landscape of consumer behavior is evolving, with more Americans opting to rent rather than own their possessions. According to a report by Intuit Credit Karma, affordability is a key driver behind this shift, leading individuals to rent everything from cars and apartments to clothing and furniture. The rental industry has expanded significantly in recent
The recent news of falling mortgage rates for the fourth consecutive week has garnered mixed reactions from both current homeowners and potential homebuyers. Despite the decrease in average contract interest rates for 30-year fixed-rate mortgages, the response has been somewhat underwhelming. While there was a slight uptick of 0.5% in total mortgage application volume, this
As mortgage interest rates continue to rise, the housing market is experiencing record-high prices, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index. In June, prices were 5.4% higher than the previous year, marking the highest level ever for the index. However, this annual gain was slightly lower than the previous month’s increase
Despite a modest 1.3% increase in closed sales of previously owned homes in July compared to June, the National Association of Realtors reported that sales were still 2.5% lower than the same time last year. Lawrence Yun, NAR’s chief economist, acknowledged this sluggishness in the market and attributed it to several factors. Regional Disparities in
The construction boom in the U.S. has had a significant impact on the rental market, resulting in lower rents and other benefits for renters. The record levels of construction activity following the pandemic have led to an increase in the supply of empty units, making more inventory available for potential renters. In fact, more multifamily
The recent drop in mortgage interest rates to the lowest level since May 2023 has led to a surge in mortgage demand from both homebuyers and current homeowners. According to the Mortgage Bankers Association’s seasonally adjusted index, total mortgage application volume rose 6.9% last week compared to the previous week, reaching its highest level since
Recent data from the Mortgage Bankers Association suggests that home affordability has slightly improved for buyers this summer. The report indicates that the median new mortgage payment in June was $2,167, reflecting a 2.4% decline from May. This improvement in affordability can be attributed to a decrease in the index that measures how new monthly
In a groundbreaking move, LandX Finance and Dominion Blockchain Solutions Ltd. have joined forces to revolutionize grain inventory financing. This strategic partnership aims to bring about a significant shift in the landscape of decentralized finance, leveraging cutting-edge blockchain technology to bridge the gap in agricultural financing. At the core of this collaboration lies LandX Credit
The real estate market saw a significant decline in the sales of previously owned homes in June, with a 5.4% drop compared to May. This slow sales pace, the slowest since December, was influenced by the increase in the average rate on the 30-year fixed mortgage, which reached above 7% in April and May. This