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New York (AFP) - Ousted WeWork co-founder Adam Neumann recently bid more than $500 million to buy back the struggling office-sharing group, according to media reports Monday. Neumann recently submitted the offer, but it was not clear how he would finance such a deal, The Wall Street Journal and CNBC reported, citing sources close to the matter. Neumann is seeking to buy the company out of bankruptcy, according to a letter to WeWork seen by AFP last month. WeWork went into bankruptcy in November with its major creditors set to take control of the company. At its height, WeWork was the biggest p...
AFP
Washington (AFP) - US new home sales ticked down surprisingly in February, according to government data released Monday, after January's rate was revised higher. New single-family home sales were at an annual rate of 662,000 last month, seasonally adjusted, 0.3 percent down from the revised 664,000 figure for January, said the Commerce Department. The median sales price of new properties sold was $400,500, lower than the month prior as well. The slight decreases come as mortgage rates remain at a much higher level than in recent years. But the situation has also made homeowners reluctant to en...
AFP
Washington (AFP) - Sales of existing homes made the biggest jump in a year last month on improved housing supply, according to industry data released Thursday, as mortgage rates held at slightly lower levels. Existing home sales advanced 9.5 percent in February from January to an annual rate of 4.38 million, seasonally adjusted, the National Association of Realtors (NAR) said. "Additional housing supply is helping to satisfy market demand," said NAR chief economist Lawrence Yun. This was the highest rate since February 2023, with sales of previously owned homes bogged down by elevated mortgage...
AFP
Washington (AFP) - The popularity of remote work in the United States has emptied office buildings, a cause for worry as their value falls and owners risk losses on property loans -- in turn putting pressure on smaller banks. "There will be bank failures, but this is not the big banks," said US Federal Reserve Chair Jerome Powell on Thursday. In San Francisco, Washington and even New York, offices have been seeing half the number of people as before the pandemic, with white-collar workers reluctant to return to commuting. Office vacancy rates across the country have risen to 13.5 percent in 20...
AFP
Washington (AFP) - Sales of new homes in the United States picked up less than anticipated in January, while the median price also climbed, according to government data released on Monday. New single-family home sales logged a seasonally adjusted annual rate of 661,000 last month, up 1.5 percent from December's revised figure, the Commerce Department said. This was also 1.8 percent above the level a year ago, but below the consensus forecast by Briefing.com at 690,000. Meanwhile, the median sales price of new houses last month came in at $420,700, up from $413,100 in December. The market for n...
AFP
Washington (AFP) - Existing home sales in the United States crept up in January, according to industry data released Thursday, on slightly higher listings and demand as buyers made the most of cooler mortgage rates. Sales of previously owned homes rose 3.1 percent from December to January, to a seasonally adjusted annual rate of 4.0 million, said the National Association of Realtors (NAR). This was the strongest since August 2023, as mortgage rates edged down slightly in the month. Levels soared in recent years as the Federal Reserve rapidly lifted the benchmark lending rate to fight inflation...
AFP
Washington (AFP) - US Treasury Secretary Janet Yellen expressed concern Tuesday about the commercial real estate sector in the current environment of higher interest rates -- but added that the overall situation should be "manageable." Speaking before the House Financial Services Committee, Yellen noted that banking supervisors are looking to help institutions manage these conditions. She added that the Financial Stability Oversight Council (FSOC) -- bringing together financial and state regulators -- is focused on the sector. For now, interest rates stand at an elevated level while property o...
AFP
Washington (AFP) - Sales of new US homes jumped in 2023, government data showed Thursday -- a result that reflects a lack of inventory in the existing homes market, as mortgage rates remained elevated. An estimated 668,000 new homes were sold last year, representing a 4.2 percent rise from the 2022 figure, the Commerce Department said. December sales beat expectations to log a seasonally adjusted annual rate of 664,000 -- 8.0 percent above the revised November pace. Compared to the same month a year ago, December's pace was up 4.4 percent. Key factors encouraging buyers were a dip in mortgage ...
AFP
Washington (AFP) - US existing home sales fell in the final month of 2023, ending a tough year for real estate as full-year sales hit the lowest level since 1995, said industry data released Friday. For all of last year, sales of existing homes, which form the vast majority of the market, came in at 4.09 million, said the National Association of Realtors (NAR). This was significantly below 2022's 5.03 million figure, as the interest-sensitive real estate sector struggled in the wake of rapid interest rate hikes by the Federal Reserve. The median sales price also reached a record high of $389,8...
AFP
Washington (AFP) - Sales of new US homes cooled more than anticipated in November, slipping to the lowest level in a year, according to government data released Friday. The market for new properties has been boosted in recent months by a lack of existing homes, as high mortgage rates dissuaded homeowners -- who previously locked in lower rates -- from putting their real estate up for sale. Last month, sales of new single‐family houses came in at a seasonally adjusted annual rate of 590,000, around 12 percent below October's figure, the Commerce Department said. This was slightly above November...
AFP
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