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Month: June 2025

Data: First-time home buyers faced greater headwinds in Q1

Data: First-time home buyers faced greater headwinds in Q1

By Elizabeth Renter, NerdWallet

Buying a home is no walk in the park— and in today’s market, it’s especially challenging for first-time buyers.

Although inflation-adjusted list prices decreased slightly in the first quarter of 2025, interest rates rose. For the vast majority of first-time home buyers who depend on a loan for their home purchase, this meant little relief in the way of affordability in the first months of the year.

List prices dip slightly

Across the nation, inflation-adjusted list prices in the first quarter fell slightly (-2%) compared with the last quarter of 2024. Looking at adjusted prices tells us that buyers’ money could go a bit further toward the sticker price on their home.

But the number of homes changing hands remains historically low, according to data from the National Association of Realtors. Some of this may be seasonal — home sales are typically lackluster in the first quarter of the year. But high prices, high mortgage rates and an uncertain economic outlook are likely also playing a role. read more

Fans around the world queue up in long lines for the highly anticipated Nintendo Switch 2 launch

Fans around the world queue up in long lines for the highly anticipated Nintendo Switch 2 launch

By AYAKA McGILL

TOKYO (AP) — Throngs of gamers stood in long lines outside of stores hours before they opened Thursday from Tokyo to New York City in hopes of snaring a long-awaited Nintendo Switch 2 video game console.

Enthusiasts have been clamoring for an upgrade to Nintendo’s eight-year-old predecessor for years. Nintendo, which is counting on the Switch 2 to boost sagging sales, has added new social features meant to lure players into online gaming.

The much anticipated Switch 2, being released around the world Thursday, is an upgrade to its eight-year-old predecessor with new social features meant to draw players into online gaming. Nintendo is counting on the Switch 2 to boost sagging sales.

In the U.S., a chaotic pre-order process in April left some fans frustrated after the consoles quickly sold out. People lined up early Thursday at stores in hopes of buying one.

“I’m just rolling the dice here,” said Edgar Huo, who was in a line of about 25 outside of a Target in the Tribeca neighborhood of Manhattan, New York. Many of those waiting for the store to open had ordered online, but a few like Huo hoped for a chance at purchasing any extra inventory the store had. read more

Average rate on a 30-year mortgage in the US falls to 6.85% this week, first decline in a month

Average rate on a 30-year mortgage in the US falls to 6.85% this week, first decline in a month

By MATT OTT, AP Business Writer

WASHINGTON (AP) — The average rate on a 30-year mortgage in the U.S. fell this week for the first time in a month, but borrowing costs for homebuyers remain elevated.

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The long-term rate dipped to 6.85% from 6.89% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.99%.

Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also came down. The average rate fell to 5.99% from 6.03% last week and 6.29% a year ago, Freddie Mac said. read more

US stocks slip as Wall Street makes its final moves ahead of Friday’s jobs report

US stocks slip as Wall Street makes its final moves ahead of Friday’s jobs report

By STAN CHOE, AP Business Writer

NEW YORK (AP) — U.S. stocks drifted lower on Thursday as financial markets locked in their final moves before a highly anticipated update coming Friday about the U.S. job market.

The S&P 500 fell 0.5% for its first drop in four days. After sprinting through May and rallying within a couple good days’ worth of gains of its all-time high, the index at the center of many 401(k) accounts has lost momentum.

The Dow Jones Industrial Average dropped 108 points, or 0.3%, and the Nasdaq composite sank 0.8%.

Trading activity in options markets suggests investors believe the next big move for the S&P 500 could come on Friday, when the U.S. Labor Department will say how many more jobs U.S. employers created than destroyed during May. The expectation on Wall Street is for a slowdown in hiring from April.

A resilient job market has been one of the linchpins that’s propped up the U.S. economy, and the worry is that all the uncertainty created by President Donald Trump’s on-and-off tariffs could push businesses to freeze their hiring. read more

Dogs, cats and strip clubs? Manatee adopts ban on new pet stores, stricter breeder rules

Dogs, cats and strip clubs? Manatee adopts ban on new pet stores, stricter breeder rules

No new stores that sell certain pets will be allowed to open in Manatee County and existing pet sellers and breeders will face stricter regulations under new rules passed unanimously Tuesday by county leaders.

Supporters of the ban say that pet sales for profit lead to the mistreatment of animals and discourage adoption of shelter dogs and cats.

Despite extensive debate and concerns from some commissioners over parts of the ban, the board voted 7-0 in favor.

Several commissioners said the new ban has flaws but argued it’s a starting place to address concerns about animal welfare.

Commissioner Amanda Ballard compared it to the county regulating “sexually-oriented businesses” like strip clubs. Commissioner Jason Bearden questioned whether a retail pet sale ban was constitutional.

Mike Beltran, a former state representative and Tampa-based attorney, spoke during public comment on behalf of Petland. Two of the three stores that sell cats and dogs in Manatee are Petland franchises. “This is a compromise, which we appreciate,” Beltran said. read more