The real estate market is facing a significant challenge as sales of previously owned homes hit a 30-year low. In May, existing home sales were virtually unchanged, dropping by 0.7% from April to a seasonally adjusted rate of 4.11 million units. This trend represents a 2.8% decrease compared to the same period last year. The
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Forever 21, once a fast-fashion powerhouse with over 800 global locations, is now asking for a 50% rent reduction from landlords due to declining sales and fierce competition. The company’s failure to adapt to changing consumer trends and manage its inventory efficiently has led to its current predicament. Despite its financial woes, Forever 21 has
Recently, the Supreme Court made a decision on a federal tax challenge involving certain foreign investments. The case in question, Moore v. United States, centered around a Washington state couple who faced taxes due to a one-time levy on earnings and profits in foreign entities. This levy, known as the “mandatory repatriation tax,” was enacted
New York has taken the lead in launching a new program that offers homeowners up to $14,000 in total rebates for energy-efficiency upgrades to their property. This initiative is part of the federal Inflation Reduction Act, which is the largest piece of climate legislation in U.S. history, signed by President Joe Biden in 2022. The
The United Arab Emirates is set to be the world’s leading wealth magnet for the third year in a row, attracting an unprecedented net inflow of 6,700 millionaires from around the world by the end of 2024. This data comes from the Henley Private Wealth Migration Report, signaling a significant shift in the global landscape
Americans have experienced a boost in their buying power over the past year as inflation has decreased and the job market has strengthened. According to the U.S. Bureau of Labor Statistics, the average worker in the private sector has seen their real hourly earnings increase by 0.8% from May 2023 to May 2024. This means
The latest government inflation data indicates a slowdown in the rate of price increases for food items. Despite this, the majority of American consumers still feel the burden of high grocery prices. Over the past few years, 80% of Americans have noticed a significant increase in the cost of groceries. According to a report by
Gen Z is proving to be a generation that is ahead of the curve when it comes to investing. According to the 2024 Schwab Modern Wealth survey, Gen Z adults are starting their investment journey at the young age of 19 on average. This is a stark comparison to the baby boomers who began investing
Adobe’s shares experienced a significant surge of 15% on Friday, marking the biggest gain since March 2020. This surge came after the software maker reported earnings and revenue that exceeded analysts’ estimates. CEO Shantanu Narayen attributed Adobe’s record revenue to its strong growth across Creative Cloud, Document Cloud, and Experience Cloud. Additionally, he highlighted the
The real estate market is currently experiencing a surge in new listings, with an increase of 13% from a year ago. However, despite the rise in properties being listed for sale, homes are taking longer to sell as potential buyers are facing high prices and interest rates. This is creating a situation where the number