Category: Economy

Average Long-Term Mortgage Rises to 6.94 Percent in Fourth Consecutive Weekly Increase

South Carolina Sun Staff
Financial Meeting

On Thursday, the average long-term mortgage rate in the United States rose for the fourth week in a row, in a setback for Americans looking to potentially buy a home in the traditional homebuying season of spring.

According to ABC News, mortgage buyer Freddie Mac announced that the average rate on a 30-year mortgage rose from 6.90% to 6.94%. Although this is slightly less than the recent high of 6.95% in December, it is still higher than what it was at the same time one year ago, when the average rate was 6.65%.

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Army Cutting Thousands of Jobs in Preparation for Possible Future War

South Carolina Sun Staff
Army Members

The United States Army is reducing its size by about 5%, cutting roughly 24,000 jobs, as part of a restructuring plan that is ostensibly meant to better prepare for a possible war in the future.

As ABC News reports, the cuts will mostly affect posts that are already empty, such as counterinsurgency jobs that were previously needed in countries like Iraq and Afghanistan but no longer needed today, as well as about 3,000 jobs in the Army special operations forces.

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Report: US EV Manufacturing Faces ‘Extinction-Level Event’

The Center Square
Electric Vehicle Factory

An Alliance for American Manufacturing report called for tariffs to protect the U.S. electric vehicle market from an “extinction-level event” caused by Chinese competitors.

The report follows Chinese EV maker BYD, the world’s largest EV maker, releasing a $14,000 EV in February that could “demolish” domestic EVs, often $40,000 more expensive.

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Home Prices in America’s Top 10 Biggest Cities Rose in 2023

South Carolina Sun Staff
Home for Sale

Home prices for the 10 largest cities in the U.S. rose by 7.0% year-over-year in December, up from 6.3% in the previous month, according to Standard and Poor’s Case-Shiller home price index report.

The top 20 cities had a slightly less pronounced increase, with prices rising 6.1% year-over-year as of December, up from 5.4% in November, according to the index. The increase in costs is coupled with a rise in the average for a 30-year mortgage rate, which ticked up to 6.90% the week of Feb. 22 after declining slightly from the recent peak of 7.80% that was seen in October, according to the Federal Reserve Bank of St. Louis.

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Commercial Foreclosures Increase 97 Percent from Last Year to Near Decade-High

Just the News
Commercial Shopping Space for Lease

Commercial real estate foreclosures increased 97 percent in January 2024 compared to last year, reaching a high that has not been seen in nearly a decade, according to new data.

With 635 commercial foreclosures in January 2024, foreclosures increased 17 percent from December 2023 and 97 percent from January 2023, according to a report last week from property data analyst ATTOM.

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New Drug Prices Spiked in 2023 as Biden Admin Seeks to Keep Costs Down

South Carolina Sun Staff
Joe Biden Drug Costs

Pharmaceutical companies set median starting list prices 35% higher in 2023 than the previous year, despite the Biden administration’s ongoing efforts to tamp down on surging costs, Reuters reported Friday.

The median list price for a drug being placed on the market, many of which were for rare diseases, was $300,000 in 2023, which is up from a median price of $222,000 in 2022, according to an analysis by Reuters of 47 drugs. The Biden administration has made it a goal to tame drug prices, announcing steps like imposing automatic rebates to Medicare for drugmakers that raise their prices faster than the rate of inflation, which does not cover the starting list price.

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Commentary: Foreign Cash Could Be the Culprit Turning Our Kids into Terrorist Sympathizers

South Carolina Sun Staff
Texas A&M

Shortly after Hamas’ Oct. 7 attack on Israel, a Harvard CAPS-Harris X poll found that 48 percent of Americans ages 18-24 supported Hamas over Israel. This is in direct contrast to 95 percent of Americans 65 years of age and older who sided with Israel. This stark difference begs the question: why do half of young Americans support a group that has been designated by the State Department as a Foreign Terrorist Organization since October 1997? Our ongoing fight for transparency suggests at least some of the answers lie in Qatar’s pocketbooks.

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Commentary: How to Build a ‘Results in Advance’ Plan for Your Retirement

South Carolina Sun Staff
Retired Couple

Creating a solid retirement plan is essential for a worry-free and stable future. Still, many people lack the knowledge to achieve a successful retirement plan. 

Here’s a can’t-lose, three-step strategy to assist you in developing an effective “Results in Advance” plan for your retirement.

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