Home Depot to Buy Roof-Supply Firm SRS for About $18.25 Billion
Home Depot Inc. is making its biggest acquisition ever to win over more professional contractors as the company looks beyond its do-it-yourself roots to revive growth.
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Home Depot Inc. is making its biggest acquisition ever to win over more professional contractors as the company looks beyond its do-it-yourself roots to revive growth.
Mortgage rates in the US declined, helping to ease affordability challenges for homebuyers.
Country Garden Holdings Co., one of China’s biggest property developers, warned it will miss a deadline for reporting annual results, further complicating plans to restructure its debt following a default last year.
More New Yorkers have stopped paying their property taxes — a troubling trend since the onset of the pandemic that city officials attribute to the end of a tax-lien sales program that punishes delinquency.
US consumer sentiment rose markedly toward the end of March, supported by strong stock-market gains and expectations that inflation will continue to ease.
May 16, 2019
Bloomberg News
,(Bloomberg) -- The U.S. housing slowdown is turning out to be a gift to apartment landlords. After all, those people who aren’t buying still need somewhere to live.
Data from Zillow released Thursday shows that home-price appreciation continued to slow in April from a year earlier, driven in part by softening West Coast metros like San Jose and Seattle. The company also reported the first nationwide monthly price dip in more than seven years -- albeit just 0.1%. At the same time, rent growth accelerated, climbing by 2.6% on an annual basis, after a lull in 2018.
Americans pulled back from home purchases last year after mortgage rates spiked, exposing the underlying affordability problem in the property market. Many people piled into rentals, where landlords were offering concessions after a period of overbuilding higher-end units. That increased demand helped drive up what people were willing to pay for an apartment.
See the Map: NYC apartment rents reach records while sales weaken
Rents and home values tend to move together over the long-term, said Skylar Olsen, Zillow’s director of economic research. “But, in this case, what we’re seeing is a little different.”
More broadly, the challenge for the U.S. housing market is scarcity. As millennials -- one of the largest U.S. generations -- reach prime homebuying age, they’re finding that the supply of entry-level houses hasn’t nearly kept pace with their numbers. That could force them to rent for longer as they save up to buy the homes that are available, Olsen said.
To contact the reporters on this story: Noah Buhayar in Seattle at nbuhayar@bloomberg.net;Prashant Gopal in Boston at pgopal2@bloomberg.net
To contact the editors responsible for this story: Debarati Roy at droy5@bloomberg.net, Christine Maurus, Rob Urban
©2019 Bloomberg L.P.