Mortgage rates in the U.S. hit a record low for the sixth time since the coronavirus outbreak began roiling financial markets.
Wells Fargo & Co., the largest employer among U.S. banks, is preparing to cut thousands of jobs starting later this year, potentially setting a bleak precedent for an industry that’s been resisting mass layoffs as the coronavirus pandemic worsens.
Canada Mortgage and Housing Corp. says the annual pace of housing starts rose in June as starts of multi-family projects rose, offsetting a decline in single-detached homes.
Beike Zhaofang, a Chinese online property brokerage backed by SoftBank Group Corp., is planning to raise $2 billion to $3 billion in a U.S. initial public offering in the coming months, Dow Jones reported, citing unidentified people familiar.
The shakeout of the old and the indebted clears the way for new brands and the shift to physical stores by e-tailers.
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