Tarpon Island, a private island in Palm Beach, Florida, sold for $150 million in May 2024. CNBC A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. Sales of ultra-luxury homes surged in
Month: September 2024
DUBAI, United Arab Emirates — Dubai’s property scene is showing no sign of cooling off, as 2024 is on track to be another record year in terms of sales figures and property values, according to local real estate firms. Increasing demand for property, especially in the luxury space, is boosting prices not just of homes,
LARKSPUR, CALIFORNIA – NOVEMBER 30: A sign is posted in front of a home for sale on November 30, 2023 in Larkspur, California. According to a report by the National Association of Realtors, pending home sales fell 1.5 percent in October to their lowest level in 20 years. (Photo by Justin Sullivan/Getty Images) Justin Sullivan
Grace Cary | Moment | Getty Images Inflation continued to throttle back in August, signaling that the fast-rising prices that plagued the U.S. economy for the better part of the three years during the pandemic era are increasingly shifting into the rearview mirror. Overall inflationary pressures are “dissipating,” said Sarah House, senior economist at Wells
Thanks to the run up in housing prices, homeowners now have more than $32 trillion in home equity as of the first quarter of 2024, according to the St. Louis Federal Reserve — an all-time high. “It’s one of the very few things we can say about today’s housing market that is, more or less, positive,” said
Rgstudio | E+ | Getty Images Owning a home makes some people feel more confident about their prospects for retirement — but that may be misguided, some experts say. About 37% of polled workers — including those with part- or full-time jobs, or who are self-employed or business owners — say they are “ahead of
We started buying Home Depot shares last week as a play on housing and interest rates. Our initial 50-share buy was around $362. We bought 50 more shares Wednesday a few dollars higher. The Dow stock is having a mixed year — up about 7% compared to the S & P 500 ‘s more than
People walk along London Bridge past the City of London skyline. Sopa Images | Lightrocket | Getty Images LONDON — The U.K. is leading a recovery in Europe’s long subdued office real estate market, with overall investment in the sector expected to pick up further in the second half of the year. Britain recorded 4.1
Recent signs of cooling inflation are paving the way for the Federal Reserve to cut rates when it meets next week, which is welcome news for Americans struggling to keep up with the elevated cost of living and sky-high interest charges. “Consumers should feel good about [an interest rate reduction] but it’s not going to
MISSOULA, Mont. — In a subdivision near the northern edge of town, a number of condos and duplexes have popped up in the past three years. It’s part of a larger effort, including new zoning laws, to help provide affordable housing to Montanans who have found themselves priced out of the market, said DJ Smith,
Municipals were little changed outside of cuts on the one-year Thursday while inflows into municipal bond mutual funds topped $1 billion, clocking in at the second highest total this year. U.S. Treasuries were slightly weaker and equities ended up. Investors added $1.258 billion to funds — the second-largest inflow figure year-to-date after $1.413 billion for
Over a storied career, Mark Page has crafted more than his share of public finance innovations. As deputy director and general counsel of New York City’s Office of Management and Budget, he led the first tobacco settlement securitization. As OMB director during former Mayor Michael Bloomberg’s administration, Page helped form the World Trade Center Captive
California’s massive size and tax structure has long given it municipal bond market protection against credit challenges like its well-known tax revenue volatility. The state government’s strengths, providing relatively liquid paper through high volume in a specialty state with high marginal tax rates, often outweigh its credit weaknesses for investors. But massive deficits during the
The Indiana Budget Committee last month approved $101 million more for an innovation development district in the city of Lebanon, including $50 million in seed funding for a bond-financed water pipeline from Indianapolis to Lebanon, where the Indiana Economic Development Corporation wants to bring more tenants to one of the state’s two IDDs. The Lebanon
A $70 million bond issue for a central Arizona town is the target of a lawsuit that claims the debt’s approval last month violated the state constitution. Council members in Payson, a town of about 16,680 in Gila County, passed a resolution for the sale of the tax-exempt, fixed-rate “pledged revenue obligations” in a 6-1
The Senate Finance Committee kicked off next year’s looming tax debate Thursday during a hearing that highlighted the Democrats’ priority of eliminating tax-avoidance strategies employed by high earners and the Republican pledge to extend tax breaks built into the 2017 Tax Cuts and Jobs Act. “In a matter of months, the Congress will begin a
The NAFOA, founded as the Native American Finance Officers Association, announced that Cory M. Blankenship will take over the helm as the organization pushes the Tribal Tax & Investment Reform Act, which would free up tribal bond issuance. “NAFOA has been working with Congresswoman Gwen Moore D-Wisc. and Congressman David Schweikert’s R-Ariz. offices to help
The muni bond market grew in the second quarter as ownership by household and exchange-traded funds grew, while U.S. banks and insurers continued to reduce their holdings, the latest Federal Reserve data shows. The face amount of munis outstanding ticked up to $4.129 trillion, a 1.1% increase from the first quarter of this year and
After just 20 months on the job, Federal Highway Administration head Shailen Bhatt has departed for the private sector. Bhatt announced Thursday that he’s taken a position at Montreal-based engineering services firm AtkinsRéalis. He joins as senior vice president and chief operating officer for the U.S., Latin America and Minerals & Metals. Current FHWA Deputy
Municipals were lightly traded and little changed Friday ahead of a much smaller calendar and the Federal Open Market Committee meeting during which the first rate cut in four years is expected. U.S. Treasuries and equities closed out a volatile week in the black. Triple-A muni yields barely budged across the yield curve while USTs
Unlock the US Election Countdown newsletter for free The stories that matter on money and politics in the race for the White House Former president Donald Trump is safe after what the FBI is investigating as an apparent assassination attempt against him in Florida. The agency said in a statement on Sunday that it “has