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26% payment spike pushes US housing affordability to record low

Published Tue, 25 Feb 2025 01:25:46 GMT

American house hunters continue to bend under the weight of soaring mortgage rates and sticky house prices.The National Association of Realtors affordability index decreased to 91.7 in August, marking the lowest level in data back to 1989, according to data out Friday. A level below 100 means a household with a median income doesn’t earn enough to qualify for a mortgage on a median-priced home.Ponder the plight of the typical American house hunter over the past year through August …Median price: Rose 3.7% to $413,500.Mortgage rates: 7.15% from 5.29%.Estimated payment: Up 26% to $2,234 a month, assuming 20% downpayment.Payment share of incomes: 27.3%, up  from 22.6%.Qualifying income: Up 26% to $107,232.“The highest mortgage rate in two decades is detrimentally limiting the homeownership opportunity for many middle-class households,” Lawrence Yun, NAR’s chief economist, said in an emailed statement. “Unintentionally, no doubt, the Federal Reserve is widening social inequality with on...

Costco’s CEO Craig Jelinek stepping down

Published Tue, 25 Feb 2025 01:25:46 GMT

Costco Wholesale Corp. said Chief Executive Officer Craig Jelinek is stepping down Jan. 1 and will be succeeded by Chief Operating Officer Ron Vachris.Jelinek has been at the helm of Costco since 2012, and before that served as president and COO. The company’s shares have grown by more than 500% over his 11-year tenure, and revenue has more than doubled.Vachris, who was elevated to the COO role in February 2022, was considered a leading candidate for the CEO role. He started at the company 40 years ago as a forklift driver and has subsequently served “in every major role related to Costco’s business operations and merchandising activities,” Costco said in a statement.Related ArticlesBusiness | Bay Area maker of Jelly Belly jelly beans sold to Chicago based firm Business | 31 stores in California on Rite Aid closure list Business | Rite Aid files for bankruptcy, will close more stores Business | Head into shopping season read...

Atlantic Union: Q3 Earnings Snapshot

Published Tue, 25 Feb 2025 01:25:46 GMT

RICHMOND, Va. (AP) — RICHMOND, Va. (AP) — Atlantic Union Bankshares Corporation (AUB) on Thursday reported third-quarter net income of $54 million.The Richmond, Virginia-based bank said it had earnings of 68 cents per share. Earnings, adjusted for non-recurring costs, came to 80 cents per share.The holding company for Atlantic Union Bank posted revenue of $274.3 million in the period. Its revenue net of interest expense was $182.8 million, which topped Street forecasts.Atlantic Union shares have decreased 17% since the beginning of the year. The stock has fallen 14% in the last 12 months._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AUB at https://www.zacks.com/ap/AUBSource

Stock market today: World shares follow Wall Street lower

Published Tue, 25 Feb 2025 01:25:46 GMT

BANGKOK (AP) — World shares tumbled Thursday following a retreat on Wall Street after big U.S. companies delivered mixed profit reports and Treasury yields added pressure on stocks. Worries about war in the Middle East also are dragging on markets. Germany’s DAX edged 0.1% lower to 15,181.00 and the CAC 40 in Paris gave up 0.4%, to 6,936.76. Britain’s FTSE 100 declined 0.7% to 7,538.99. The future for the S&P 500 was up less than 0.1% while that for the Dow industrials was almost unchanged. Japan reported its exports swung into positive territory in September as vehicle shipments surged. Exports rose 4.3% while imports sank 16.3% in September and the trade balance swung to a surplus of 62.4 trillion yen ($410 billion). Exports to the U.S. were up 13% while those to the rest of Asia declined 4.3%. Imports fell as the price of oil moderated for a short time before surging once again with the start of fighting following the Oct. 7 surprise attack by the militant group H...

Ashleigh Buhai shoots 10-under 62 to take 1st-round lead at LPGA tournament in South Korea

Published Tue, 25 Feb 2025 01:25:46 GMT

SEOUL, South Korea (AP) — Ashleigh Buhai shot a bogey-free 10-under 62 to take a one-stroke lead Thursday after the first round of the LPGA tournament in South Korea.Buhai, the 2022 Women’s British Open winner from South Africa, took advantage of calm morning conditions on the newly-renovated Seowon Valley Country Club course outside Seoul. But it was a day for low scores — only 10 players in the 78-player, no-cut field were over par.American Alison Lee was in second place after a 63, followed a stroke back by Ayaka Furue of Japan and Minjee Lee of Australia with 64s.Defending champion and South Korean-born New Zealander Lydia Ko shot 67. Brooke Henderson had a 68 and No. 1- ranked Lilia Vu shot 69.“My wedge play was really solid today. Just about every time I had a wedge in my hand, I hit it to a couple feet,” Buhai said. “So, I didn’t have to think too hard on those putts.”Lee’s 63 was a career low. She is comfortable in Korean events, finishing in the top 10 in both p...

Insteel Industries: Fiscal Q4 Earnings Snapshot

Published Tue, 25 Feb 2025 01:25:46 GMT

MOUNT AIRY, N.C. (AP) — MOUNT AIRY, N.C. (AP) — Insteel Industries Inc. (IIIN) on Thursday reported earnings of $5.6 million in its fiscal fourth quarter.On a per-share basis, the Mount Airy, North Carolina-based company said it had net income of 29 cents.The maker of steel wire reinforcing for the concrete and construction industry posted revenue of $157.5 million in the period.For the year, the company reported profit of $32.4 million, or $1.66 per share. Revenue was reported as $649.2 million._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IIIN at https://www.zacks.com/ap/IIINSource

Biden plans to use Oval Office address to make case for wartime aid to Israel and Ukraine

Published Tue, 25 Feb 2025 01:25:46 GMT

(CNN) — President Joe Biden plans to make a direct appeal to the American people to continue funding Ukraine and Israel amid their war efforts in an Oval Office address Thursday, according to two administration officials.The primetime address will take place on the eve of the White House requesting north of $100 billion from Congress to deliver aid and resources to Ukraine, Israel, Taiwan, and the US border with Mexico. Biden is expected to make the argument that supporting Ukraine and Israel is a matter of US national security when the world is at an inflection point.“He’s going to make the case that the cost of inaction and the cost of walking away is much higher,” according to one official.The Biden administration in August delivered its last so-called supplemental funding request, which encapsulates unique requests beyond traditional government programs. The proposal requested $24.1 billion to aid Ukraine through the end of the year, but Congress failed to approve it during a pr...

ANÁLISIS | De Rusia a Medio Oriente: por qué China no puede permitirse otro gran conflicto

Published Tue, 25 Feb 2025 01:25:46 GMT

(CNN) — Una vez más, Beijing intenta hacer las dos cosas.Ha pasado más de un año moviéndose de puntillas ante la guerra de Rusia en Ucrania. La superpotencia asiática se ha negado a condenar la invasión y, en cambio, ha proporcionado a Moscú el apoyo diplomático y económico que tanto necesita.Ahora, mientras la guerra de Israel contra el grupo extremista palestino Hamas amenaza con convertirse en un conflicto más amplio que podría hacer añicos la estabilidad en Medio Oriente, China ha pedido un alto el fuego al tiempo que critica las acciones de Israel. Es evidente que tampoco ha condenado a Hamas por llevar a cabo lo que se ha llamado la peor masacre de judíos en un solo día desde el Holocausto, al tiempo que ha expresado su apoyo a una solución de dos Estados para Palestina e Israel.La postura está en consonancia con el apoyo de China durante décadas a la creación de un Estado palestino, pero también subraya las marcadas divisiones entre China y Estados Unidos, que ha respal...

¿Hamas usó armas norcoreanos en su ataque a Israel? Estas pruebas lo demostrarían

Published Tue, 25 Feb 2025 01:25:46 GMT

Los combatientes de Hamas probablemente emplearon armas norcoreanas en su ataque del 7 de octubre a Israel, según muestran un video de los milicianos y armas confiscadas por Israel, pese a las afirmaciones de Pyongyang de que no vende armas al grupo miliciano.El video fue analizado por dos expertos en armas norcoreanas. Junto con un análisis de Associated Press de las armas capturadas en el campo de batalla y la inteligencia militar surcoreana, el video indica que Hamas utilizó granadas propulsadas F-7, un arma que se dispara desde el hombro y que los combatientes suelen utilizar contra vehículos blindados.Las pruebas arrojan luz sobre el oscuro mundo de los cargamentos ilícitos de armas que Corea del Norte, un país bajo fuertes sanciones internacionales, utiliza para financiar sus programas armamentísticos. EEUU atribuye a grupo extremista palestino el mortal bombardeo a hospital de Gaza Israel y Hamas en guerra: ya son casi 5,000 muertos en...

Snap-On: Q3 Earnings Snapshot

Published Tue, 25 Feb 2025 01:25:46 GMT

KENOSHA, Wis. (AP) — KENOSHA, Wis. (AP) — Snap-On Inc. (SNA) on Thursday reported third-quarter earnings of $243.1 million.On a per-share basis, the Kenosha, Wisconsin-based company said it had net income of $4.51.The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $4.39 per share.The tool and diagnostic equipment maker posted revenue of $1.16 billion in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $1.14 billion._____This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SNA at https://www.zacks.com/ap/SNASource