Does a slowing housing market mean homes will get any cheaper?
(CNN)Mortgage rates climbed above 5% again, after dipping below that threshold for the first time in months a week earlier. While the volatility in mortgage rates remains, there are signs that the housing market is starting to stabilize.
The 30-year fixed-rate mortgage averaged 5.22% in the week ending August 11, up from 4.99% the week before, according to Freddie Mac. That is significantly higher than this time last year when it was 2.87%.
Rates rose sharply at the start of the year, hitting a year high of 5.81% in mid-June. But since then, concerns about the economy and the Federal Reserve’s mission to combat inflation have made them more volatile.
“Although rates continue to fluctuate, recent data suggest that the housing market is stabilizing as it transitions from the surge of activity during the pandemic to a more balanced market,” said Sam Khater, Freddie Mac’s chief economist.
Earlier this week, the Consumer Price Index for July indicated the rate of inflation had started to slow, mainly due to lower energy costs. Housing, which comprises roughly a third of the basket of goods and services the CPI tracks, moderated slightly last month but still remains high.
One reason home prices keep climbing is a lack of available homes for sale. “Supply remains fairly tight across most markets,” said Khater. “The consequence is that house prices likely will continue to rise, but at a slower pace for the rest of the summer.”
EMagin Posts Wider Net Loss In Q2
OLED microdisplay maker eMagin Corp. (EMAN) reported Thursday a second-quarter net loss of $1.44 million or $0.02 per share, wider than $0.28 million or $0.00 per share in the prior-year quarter.
Excluding items, adjusted net loss for the quarter were $0.02 per share, compared to adjusted net loss of $0.04 per share in the year-ago quarter.
Total net revenue for the quarter increased 14 percent to $7.16 million from $6.28 million in the same quarter last year.
Total backlog of open orders was $14.3 million on strong bookings.
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Veru Spikes 33%
Veru Inc. (VERU) shares are surging more than 33 percent on Thursday morning trade after the biopharmaceutical company said it submitted an emergency use authorization application for its Sabiabulin for treatment of COVID-19. Further, the company revealed that it has completed a positive Phase 3 COVID-19 study in hospitalized moderate to severe COVID-19 patients at high risk for Acute Respiratory Distress Syndrome or ARDS.
Currently, shares are at $15.33, up 30.25 percent from the previous close of $11.77 on a volume of 40,520,555.
‘Inu-oh’ Review: Dazzling Anime Meets Medieval Epic
This modern riff on “The Tale of the Heike,” from 14th-century Japan, takes some confusing turns. But the animation is undeniably wonderful.
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By Manohla Dargis
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Cerevel Therapeutics Tanks 17% After Announcing Private Offering Of Convertible Senior Notes
Shares of biotechnology company Cerevel Therapeutics Holdings, Inc. (CERE) are down 17 percent on Thursday’s trading after it announced the commencement of a private offering of $250 million aggregate principal amount of convertible senior notes due 2027 pursuant to Rule 144A under the Securities Act of 1933.
In connection with this offering, expects to grant the initial purchasers of the notes a 13-day option to purchase up to an additional $37.5 million aggregate principal amount of the notes.
Currently at $34.06, the stock has traded between $19.86 and $46.16 during the past 52 weeks.
Man Wielding AR-15-Style Rifle Tries to Break Into Cincinnati FBI Office
A gunman tried to enter the FBI’s Cincinnati headquarters Thursday morning and then fled onto a nearly highway, multiple outlets reported. Authorities have closed off a stretch of Interstate 71 in an effort to pursue the suspect.
The bureau’s Cincinnati office wrote on Twitter that “at approximately 9 AM this morning an armed subject attempted to breach the Visitor Screening Facility” and then “fled north onto Interstate 71” after special agents responded. “The FBI, Ohio State Highway Patrol, and local law enforcement partners are on scene near Wilmington, OH trying to resolve this critical incident,” the office confirmed in a separate statement.
Clinton County Emergency Management added that a lockdown is in place and several roads are closed after law enforcement “traded shots with a male suspect who is wearing a gray shirt and body armor.”
NBC News reported that the suspect fired a nail gun at law enforcement when trying to breach the FBI office, then showed an AR-15-style rifle before leaving the scene in a vehicle.
This is a breaking news story and will be updated.
US Daily Covid Cases Cross 200K Mark Again
After a week, daily Covid-positive cases in the United States again crossed the 200000 mark.
With 220566 new cases reporting on Wednesday, the total number of people infected with coronavirus in the country has risen to 92,562,436, as per Johns Hopkins University’s latest data.
962 additional deaths on the same day took the total U.S. Covid casualties to 1,035,549.
North Carolina reported the most number of cases – 30,782 while Georgia reported most deaths – 189.
Covid deaths have increased by 9 percent while cases decreased by 16 percent in the last two weeks, New York Times’ latest tally shows.
Nearly 43000 people are currently in American hospitals with the coronavirus. Nearly 5000 of these patients are admitted in intensive care units.
89,403,777 people have so far recovered from the disease, the Worldometer tally shows.
3598 additional deaths were reported globally on Wednesday, taking the total number of people who lost their lives due to the pandemic so far to 6,428,190.