Saudi Arabia’s economy minister recently addressed rumors about scaling back the $1.5 trillion NEOM megaproject, dismissing reports that suggested a reduction in plans for the futuristic desert development on the Red Sea coast. Faisal Al Ibrahim emphasized that all projects are moving forward as planned, highlighting the unprecedented nature of the endeavor. Despite the minister’s
Real Estate
As the spring housing market continues to face challenges such as low supply, high prices, and rising interest rates, homebuyers are turning their attention towards new construction properties. The appeal of new homes lies in the increased availability and incentives offered by builders. According to Nicole Bachaud, a senior economist at Zillow Group, there is
Over the course of the last week, mortgage rates have seen a steady increase, reaching levels that haven’t been seen since November. This rise in rates has resulted in a 2.7% decrease in mortgage application demand compared to the previous week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances has
FEMA’s Hazard Mitigation Grant Program supports local and state governments in purchasing homes that have been damaged by floods, demolishing them, and turning the property into public land. This initiative, known as floodplain buyouts, helps homeowners move away from areas prone to flooding and into safer environments. By creating open space and areas that can
Purchasing a newly built home can often bring about unexpected costs for buyers. The median sale price for new constructions in the U.S. in February was reported to be $400,500, a number that can shock many potential homeowners. However, certified financial planner Veronica Fuentes emphasizes that the final cost of a newly built home is
Former chair of the U.S. Federal Deposit Insurance Corp, Sheila Bair, has expressed worries about the upcoming earnings reports of regional banks. According to Bair, there are critical weaknesses that could be exposed, especially in terms of their reliance on industry deposits and concentrated commercial real estate exposure. Bair, who led the FDIC during the
Truong My Lan, a Vietnamese property tycoon, was recently sentenced to death for her involvement in the country’s largest financial fraud case. The state media outlet Thanh Nien reported that Lan was found guilty of embezzlement, bribery, and violating banking rules around lending. The court sentenced her to death for the embezzlement charges and to
The real estate market in China plays a significant role in the country’s economic activity. However, recent fluctuations in home prices have raised concerns about the overall health of the economy. As Richard Koo, chief economist at Nomura Research Institute, pointed out, convincing people that home prices are on the rise is crucial to stimulating
Buying a new home is an exciting milestone for many people, but it can also come with some unexpected financial challenges. According to a recent survey from Real Estate Witch, almost 75% of new homeowners have regrets about their purchase, with property taxes being a common source of sticker shock for 33% of them. When
The real estate market in the United States has seen a significant increase in the number of million-dollar cities. According to a recent analysis by Zillow, there are now 550 “million-dollar” cities in the country, marking an increase of 59 cities from the previous year. This surge in million-dollar cities is attributed to the mortgage