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New-Home Sales Stall Despite Highest For-Sale Supply In 16 Years

There Are Plenty Of Newly Built Homes For Sale These Days—and Fewer Takers.The Rate Of Sales For Newly Built Houses Fell 0.6% Bet...

Investopedia 9

There are plenty of newly built homes for sale these days—and fewer takers.The rate of sales for newly built houses fell 0.6% between May and June to an annual rate of 617,000, down 7.4% from the same month last year, the Census Bureau said Wednesday. That was despite the number of homes for sale ticking up to a fresh high of 476,000, the most since February 2008.

Sales fell short of the annual rate of 640,000 forecasters had expected, according to a survey of economists by and .

The slump in sales for newly-built homes despite rising inventories echoes the trend in sales of existing homes. The data may reflect a standoff where sellers are holding firm on price, while many buyers are waiting to purchase a home until it become more affordable—either through price cuts or lower interest rates on home loans.

“Building inventory has done little to stoke buyer demand as prices remain stubbornly high,” Hannah Jones, senior economic research analyst at Realtor.com, wrote in a commentary. “Many buyers are holding off on jumping into the market, hoping to see lower mortgage rates or lower home prices later this year.”

The median newly constructed home sold for $417,300 in June, an uptick from $407,100 in May. That was down from the peak of $460,300 hit in October 2022, but around $100,000 more than typical pre-pandemic prices.

Buyers may in fact be seeing some relief on the mortgage front: the average rate offered for a 30-year mortgage last week was 6.77%, the lowest since March, according to Freddie Mac.

Overall, sellers may be losing the upper hand in the housing market, where low for-sale inventories have bolstered sellers’ pricing power for both new and existing homes. That’s changing as the number of houses for sale rises. As of June, it would take a little more than nine months of sales to exhaust the available inventory, the highest in nearly two years.

Forecasters at Pantheon Macroeconomics expect the number of new homes for sale “will increase further, putting downward pressure on prices and homebuilders’ margins.”

“New home prices typically fall when inventory is greater than about eight months’ sales,” Ian Shepherdson, chief economist at Pantheon, wrote in a commentary.

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Leaky Spurs Leave Postecoglou Facing Date With Destiny

If Ange Postecoglou Is On The Hunt For Leaks At Tottenham Hotspur, His Search Should Start With Those Running Through His Midfield...

Futbol 3.9k

If Ange Postecoglou is on the hunt for leaks at Tottenham Hotspur, his search should start with those running through his midfield and defence that have been left unattended to place his job in jeopardy. Postecoglou revealed on Friday that there was a mole inside his club filtering out classified information into the public domain. But what is no secret is Spurs are a soft touch for opponents with even the slightest hint of threat. It was proved again in a 4-2 defeat by Wolves at Molineux - a masterclass in every reason why Postecoglou's side have lost 17 Premier League games out of 32, more than in any other season, and why they languish down in 15th place. Their afternoon was encapsulated by Djed Spence's farcical own goal, as keeper Guglielmo Vicario palmed the ball against the backtracking full-back and into the net, to give Wolves a two-goal lead in a dispiriting first half. Postecoglou's expression of thunder turned to one of complete disbelief when he went back to the bench to review the moment on a monitor. It was an X-rated horror show. It is a flaw the Australian has simply been unable to cure, undermining all his fine attacking principles that prompted such optimism and hope in the early months of his reign. Since Postecoglou took over before the 2023-24 campaign, only West Ham and Sheffield United (seven each) have scored more Premier League own goals than the six by Spurs. And only the current bottom three clubs – Southampton (26), Leicester (22) and Ipswich (19) – have lost more league games than their 17 this season. It is the most defeats Spurs have suffered in a league campaign since 2003-04 (19) when they finished 14th. There does have to be some context applied to this defeat, though. Postecoglou's priorities, perfectly understandably, lie with the Europa League quarter-final second leg away to Eintracht Frankfurt on Thursday after a 1-1 draw in the first meeting at home. It explained the six changes that saw Son Heung-min, Micky van de Ven, Pedro Porro and Destiny Udogie kept back, while Rodrigo Bentancur came on as substitute. The big bonus was the return of Dejan Kulusevski after injury for a 15-minute run-out. There is also a worrying downside to that context too. If there is any repeat of the carelessness and general incompetence that scarred this display, then Spurs' trophy hopes will be over for another season and so, in all probability, will be Postecoglou's spell in charge. What cannot be explained away is the slapdash manner and lack of basic organisation that allowed rejuvenated Wolves to record a fourth straight top-flight success for the first time since January 1972. It started inside two minutes, when keeper Vicario's tame punch from a corner found Wolves defender Rayan Ait-Nouri unmarked from the set-piece on the edge of the area. He accepted the invitation to score. The second was another calamity, Vicario again culpable when he turned home striker Marshall Munetsi's tame header on to Spence when he could have held on, the ball rebounded back into his own goal. And even when Mathys Tel offered hope just before the hour with his second league goal in successive games, Cristian Romero flouted his status as a World Cup winner with a shocking piece of defending. The Argentina centre-back was robbed and beaten by Ait-Nouri, who crossed for Jorgen Strand Larsen to score with ease, and for a fourth successive game. It went on. Spurs inflicted more of their own wounds after Richarlison thought he had set up a tense finale with five minutes left. Lucas Bergvall, instrumental in Spurs' first goal, then coughed up possession too easily in an instant, leaving Matheus Cunha to race clear and score just a minute later. There has to be a measure of sympathy for Postecoglou, who looked a disconsolate figure as he made his way across towards those Spurs supporters who were left after the final whistle, because some of these errors were the sort for which no manager can legislate. Postecoglou defended his players saying: "The goals weren't lapses or anything, they were individual errors, which is unusual for us to give goals away like that. But that's what happens and we got punished and makes it difficult for us to get an outcome." It was a very generous interpretation from a manager who has taken so much heat himself – but the volume of these mistakes, and the regularity with which they have happened in this dismal season, point to a deeper problem. On the individual errors by Romero and Bergvall, he added: "It's not like they're doing it on purpose. Those two are pretty reliable in those situations. Today was a collection of events that were unusual and that makes it difficult to get anything out of the game." Those who sit in judgement on Postecoglou's future, and in the stands at Molineux, may beg to differ given the number of times Spurs have been similarly exposed this season. And, with his usual honesty, Postecoglou added: "Mistakes are part of football, I'm not going to be holding anyone to account, the only person who gets held to account is me. "I thought we played pretty well but conceded some pretty poor goals. Individual errors cost us. It's disappointing to lose." The backdrop to it all was the sight of thousands of discontented Spurs fans stretched along one side of Molineux. They did not aim their ire in the direction of Postecoglou, but chairman Daniel Levy, with loud chants of "We Want Levy Out" after only eight minutes, while holding up banners emblazoned with the message "Time For Change". The status quo remains for now but it all comes down, as it has for some time, to the Europa League as Postecoglou's final chance to fulfil his promise of winning a trophy in his second season. It may be his final chance. Full stop. There is much to admire about Postecoglou and his purist footballing principles, but in reality it has all come down to events in Frankfurt this Thursday night. It is now or never for Postecoglou and Spurs.

All thanks to BBC Sport

TRENDING VIDEO: #EDO2024 - Obaseki's Empty Words Can't Hide 8 Years Of Inaction. Okpebholo's Deeds Speak Louder Edo Deserves A Leader Who Delivers!

Senator Monday Okpebholo: A Beacon Of Hope For Edo State's Future As The Political Landscape In Edo State Continues To Evolve,

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Senator Monday Okpebholo: A Beacon of Hope for Edo State's Future

As the political landscape in Edo State continues to evolve, one name stands out prominently—Senator Monday Okpebholo. His actions and commitment to development have resonated with many, positioning him as a potential transformative leader for the state. In recent months, Senator Okpebholo's proactive approach to governance has drawn significant attention, sparking a wave of optimism and comparisons to the current administration under Governor Godwin Obaseki.

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Unveiling Projects Despite Limited Capacity

Senator Okpebholo has been relentless in his efforts to deliver on his promises, despite the constraints of his current position. His recent unveiling of various projects across Edo State has not only showcased his dedication but also highlighted his ability to navigate challenges and deliver tangible results. From infrastructure development to community empowerment initiatives, Okpebholo's actions have been a breath of fresh air for many Edo citizens who have grown weary of political rhetoric without follow-through.

His supporters argue that if he can achieve so much as a senator, his potential as the next Governor of Edo State could bring unprecedented progress. The sentiment "Monday Okpebholo's actions speak louder than 100 million Obaseki's words" encapsulates the growing frustration with the incumbent governor and the hope that Okpebholo represents a new era of effective leadership.

Growing Discontent with Governor Obaseki

Governor Godwin Obaseki's administration has faced increasing criticism, particularly for what many perceive as ineffective public relations and lackluster performance. Detractors argue that Obaseki's speeches are filled with "old grammar" and "expired lies," which fail to translate into real development for the state. The sentiment on the ground reflects a growing disillusionment with the current administration, as citizens express their frustrations over unfulfilled promises and perceived inaction.

The discontent is not limited to casual observers. The Edo State APC Chairman has openly criticized Obaseki, accusing him of using his political position to benefit personally rather than working toward winning elections or genuinely serving the public. The chairman highlighted Obaseki's reliance on his political associate, Asue Ighodalo, as a tactic to siphon resources from the PDP, suggesting that the governor's true intentions lie far from genuine public service.

The Voice of Edo Youths

The youth of Edo State, particularly active on social media, have been vocal in their dissatisfaction with Governor Obaseki. Their critiques range from the governor's failure to repair state roads to his alleged reliance on "oyinbo lies" (foreign or fabricated stories) to mask inefficiencies. Many young people feel that Obaseki's eight years in office have been marked by inaction and missed opportunities, leaving the state stagnant and unprepared for future challenges.

One notable comment from Social Media user @samson_osagie encapsulates the prevailing sentiment: "Edo people are naturally outspoken. Forget that talk. Edo is not Lagos." This statement reflects a desire for leadership that genuinely understands and addresses the unique needs and challenges of Edo State, rather than adopting a one-size-fits-all approach.

Another user, @Halimat_Osamudia, criticized Obaseki's governance, saying, "Your old grammar is outdated. Your 8 years as Governor have been a waste of time." This sharp critique underscores the frustration with what is perceived as a lack of meaningful progress during Obaseki's tenure.

Finally, @Shallipapixx_ expressed the desire for change, stating, "Obaseki, we have seen through you. Make you and your houseboy rest, abeg. We're not looking for numbs; we want someone who will do the work for Edo State." This comment points to a broader dissatisfaction with superficial solutions and a call for genuine, actionable governance.

A Call for Change

As the 2024 gubernatorial elections approach, the political climate in Edo State is charged with anticipation and uncertainty. Senator Monday Okpebholo's rising profile suggests a potential shift in the state's leadership dynamics. His hands-on approach and commitment to development have not gone unnoticed, and many Edo citizens are eager to see if he can deliver on a larger scale.

The upcoming elections will be a crucial moment for Edo State. Voters will have to decide whether to continue with the current administration or opt for a new leader who promises to prioritize action over rhetoric. As the debates intensify and campaigns heat up, one thing is clear: the people of Edo State are ready for change, and they are looking closely at those who promise to bring it.

In the words of one enthusiastic supporter, "Let's try Okpebholo, at least we're seeing his efforts." This statement captures the growing sentiment that actions indeed speak louder than words, and that the future of Edo State may very well rest in the hands of those willing to roll up their sleeves and get to work

Police Rescue 10 Kidnapped Students In Edo

The Edo State Police Command On Friday Said It Rescued 10 Kidnapped Students Who Were On Their Way To The Babcock University Annua...

News_Naija 24

The Edo State Police Command on Friday said it rescued 10 kidnapped students who were on their way to the Babcock University Annual GYC Africa Conference on Wednesday at a location bordering Edo and Delta states. The Command Spokesperson, Moses Yamu, stated this in a statement on Friday. Yamu said the police neutralised one of the kidnappers while others escaped with gunshot wounds. The statement read, “The Command wishes to update the general public of the unfortunate kidnapping of some students who were on their way to Babcock University for the Annual GYC Africa Conference on 16/04/2025 at a location bordering Edo and Ondo States. “On receipt of this information, the Commissioner of Police, Monday Agbonika, immediately deployed operatives of the Ohosu Division, IRT, tactical teams alongside vigilantes and hunters into the bushes for possible rescue of the victims and arrest of suspects. During the operation, operatives engaged in a gun duel with these kidnappers. In the process, one of the kidnappers was neutralised, while others escaped with bullet wounds. “The operatives were cautious to avoid collateral damage as the kidnappers used the victims as a human shield. Unfortunately, an Inspector of Police sustained a gunshot injury and is currently receiving treatment. This rescue effort eventually paid off as the 10 kidnapped students, comprising eight males and two females, were released due to intense pressure mounted on the kidnappers. “In a related development, two suspects, Binigolo Ebimene (25 years) and Mathew Denwei (27 years) were arrested following a distress call that they robbed their victim of his motorcycle and his phones at Malim Camp Gbelebu community in Ovia South West Local Government Area. ” He added, “Preliminary investigation revealed that these suspects who were arrested with a locally fabricated pistol and two headlamps as well as the motorcycle earlier robbed, have been terrorising farmers and commuters in that axis of the State. “The suspects have confessed to the crime and will be charged in court as soon as the investigation is concluded.” Yamu said the CP also warned all miscreants in the state that there is no hiding place for them, noting that the CP urged them to repent, relocate from his area of responsibility, or face the consequences. He noted that the CP has reassured the good people of the state to shun crime and report suspicious persons, movement, or objects to the police.

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New-Home Sales Stall Despite Highest For-Sale Supply In 16 Years

Leaky Spurs Leave Postecoglou Facing Date With Destiny

TRENDING VIDEO: #EDO2024 - Obaseki's Empty Words Can't Hide 8 Years Of Inaction. Okpebholo's Deeds Speak Louder Edo Deserves A Leader Who Delivers!

Police Rescue 10 Kidnapped Students In Edo