In the first quarter of 2026, investors in the U.S. bought fewer homes than they have in several years, reaching the lowest level since 2020. This decline is linked to higher home prices, increased costs, and uncertainty about future profits from real estate investments.
Key Facts
Investors purchased 45,397 homes nationwide from January to March 2026, a 6% drop from the previous year.
Home purchases by investors are at their lowest since 2020, and the lowest in many large U.S. metro areas since 2016.
Condo purchases by investors fell 8% year-over-year, reaching the lowest first-quarter number since 2015.
Factors reducing investor interest include higher home prices (up over 60% since 2019), higher mortgage rates (around 6%), and rising property taxes, insurance, and HOA fees.
Although median profits per home sold by investors rose to about $196,618, this gain is smaller compared to the double-digit profits seen in 2020 and 2021.
The slow pace of home price growth in the past year has decreased investors' confidence in making future profits.
Economic uncertainty, especially related to the Iran war, may be causing investors to hold back on buying more homes.
Some lawmakers are working on rules to limit investors' participation in the housing market.
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Jeff Bezos’ rocket test for Blue Origin failed, causing a delay in the program. Ferrari introduced its first electric car, the Luce, which received mixed reactions online. Meanwhile, Elon Musk and Sam Altman are pushing ambitious goals for their companies SpaceX, Tesla, and OpenAI, sparking debate about their value and impact.
Key Facts
Blue Origin’s New Glenn rocket experienced an “anomaly” during a test on May 28 at Cape Canaveral, damaging the rocket and launchpad but causing no injuries.
This failure will delay Blue Origin’s rocket program for several months.
Ferrari launched the Luce, their first fully electric car, inspired partly by Apple design, costing around $640,000.
The Luce received mixed to negative reactions, with some seeing it as a betrayal of Ferrari’s legacy; Ferrari’s stock dropped 6% after the reveal.
Elon Musk aims to have SpaceX valued between $1.75 trillion and $2 trillion despite ongoing financial losses.
Tesla shareholders approved a pay plan for Musk potentially worth close to $1 trillion if certain ambitious milestones are met.
Sam Altman of OpenAI envisions AI becoming a utility that people pay for like electricity or water.
Critics express concerns about the high costs, secrecy, and impact of these big tech projects on communities and markets.
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Federal Reserve officials warn that the economic costs from artificial intelligence (AI) may come faster than the benefits in productivity. They say that while AI has promise, it is currently driving up costs and inflation more than it is boosting worker efficiency.
Key Facts
Some Federal Reserve leaders caution against relying on AI to reduce inflation quickly.
AI investment is increasing demand for workers, equipment, and infrastructure, pushing prices up.
Inflation remains higher than the Fed’s target, making immediate risks from AI-related costs more pressing.
Productivity gains linked directly to AI are not yet clear or strong enough to affect Fed policy.
Productivity growth has been about 2.4% annually over the last three years, higher than the previous decade but not clearly driven by AI.
A recent survey predicts notable AI-driven productivity gains in most sectors will take another two years.
Companies report high costs to deploy AI but are still unsure of significant efficiency improvements.
Fed officials note that AI-related investments, including roughly $1.5 trillion in data centers, increase demand and prices for key inputs like chips and labor.
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The 2026 FIFA World Cup, hosted partly by the U.S., was expected to bring a large boost to the U.S. economy, but experts now say the financial benefits will likely be much smaller. Factors like high hosting costs, slow ticket sales, and fewer visitors than expected may reduce the economic impact.
Key Facts
A 2025 FIFA study estimated an $80 billion global economic impact from the World Cup, with $30.5 billion for the U.S.
Experts say the actual boost to the U.S. economy could be as low as $17.2 billion, or 0.05% of U.S. GDP.
The "substitution effect" means locals might spend money on tickets instead of other things, limiting new economic activity.
"Crowding out" refers to fewer regular tourists visiting host cities because of crowds, which lowers expected gains.
About 80% of hotels reported reservations below forecasts for host cities.
Thousands of World Cup tickets remained unsold less than two weeks before the event started.
A sudden removal of available tickets from the FIFA website raised concerns about attendance interest.
The Trump administration maintains confidence that the event will be highly successful and safe.
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Oil prices rose sharply due to fighting that threatens the U.S.-Iran ceasefire, reaching $97.22 per barrel for Brent crude. Despite higher oil costs and inflation concerns, U.S. stock markets stayed near record highs, helped by strong gains in major companies like Nvidia.
Key Facts
Brent crude oil price jumped 6.7% to $97.22 per barrel on Monday.
Rising oil prices increase inflation and push up bond yields worldwide.
High interest rates hurt smaller companies more, causing the Russell 2000 index to fall 1%.
The S&P 500 was nearly unchanged near its record high; the Dow Jones fell 0.2%, and Nasdaq stayed flat.
United Airlines and Carnival shares dropped due to their large fuel expenses.
Nvidia’s stock rose 4.8% after announcing progress on its new AI platform called Vera Rubin.
The top 10 companies make up almost half of the S&P 500’s total market value, the highest in 40 years.
Science Applications International Corp. gained 12.8% after reporting better-than-expected profits and raising its financial forecasts.
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A bank account freeze means you cannot access or use your money for a time. Sometimes banks freeze accounts by mistake because of errors or mistaken identity, and fixing this usually requires contacting the bank and providing proof of who you are.
Key Facts
A frozen account restricts actions like withdrawing money, paying bills, or using a debit card.
Banks usually notify account owners about freezes, but notification timing can vary.
Mistaken freezes can happen due to suspected fraud, clerical errors, or confusion with other customers’ accounts.
If your account is frozen by mistake, contact your bank to find out why and what steps to take.
You may need to prove your identity or respond to legal documents to lift the freeze.
Resolving mistaken freezes can take from a day to several weeks depending on the situation.
To avoid future freezes related to debt, it helps to monitor credit and respond to any collection or court notices promptly.
Falling behind on debts is a common cause for banks to freeze accounts legally.
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A study by the Federal Reserve Bank of New York found that remote work has made companies less likely to hire young, less experienced workers, causing higher unemployment for recent college graduates. The study shows that the rise in youth unemployment is linked to remote work, not advances in artificial intelligence.
Key Facts
Remote work jobs (like software development) saw a 1% rise in unemployment for college grads under 29 from 2017-2019 to 2022-2024.
Older workers in remote jobs experienced a slight drop in unemployment during the same period.
In jobs that must be done in person (like nursing), unemployment rates between younger and older grads stayed about the same.
The study found companies hesitate to hire new graduates remotely because it’s harder to train and mentor them outside the office.
Remote work is responsible for almost two-thirds of the increase in young graduates’ unemployment since the pandemic.
The rise in youth unemployment started before AI tools like ChatGPT appeared, and AI has little effect on this trend.
A large tech company’s hiring patterns matched the study’s findings: fewer young hires when working remotely, more after offices reopened.
Unemployment for college grads under 29 rose to 3.7%, with ages 22-27 reaching 5.8% in 2024, the highest outside the pandemic since 2012.
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Overtime pay can be taken by debt collectors through garnishment, just like regular wages. The law treats overtime earnings as part of your total income, and a portion can be withheld to repay debts under certain rules.
Key Facts
Overtime pay counts as "earnings" and can be garnished just like regular wages.
Garnishment applies only to your disposable earnings, which is income left after taxes and required deductions.
For most debts, up to 25% of disposable earnings or the amount over 30 times the federal minimum wage can be garnished, whichever is less.
Earning more through overtime can increase the amount that can be garnished in dollar terms, but not the percentage.
Some debts like child support and federal student loans have different garnishment rules and higher limits.
Debt collectors usually need a court order to garnish wages for consumer debts.
Some states prevent wage garnishment for most consumer debts, protecting overtime pay in those areas.
Wage garnishment rules can vary depending on local state laws, affecting how much overtime pay can be taken.
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A Chicago developer bought a land parcel on Fisher Island, Miami, for $180 million and planned to build expensive condos. The developer later agreed to sell the land to Miami-Dade county for $400 million, aiming to make a $220 million profit without starting construction. The property includes a fuel depot critical to the cruise industry, causing concerns about economic impacts and legal disputes over land control.
Key Facts
The land on Fisher Island sold for $180 million in September 2023 to the HRP Group, a Chicago developer.
HRP planned to build condominium towers costing about $2 billion on this last available development parcel.
The Miami-Dade county agreed to buy this land from HRP for $400 million in early 2024.
The land hosts a fuel depot vital to Miami’s cruise ships, servicing companies like Royal Caribbean and Carnival.
Removing the depot could risk the local cruise industry and related jobs because the closest alternative fuel terminal is 22 miles away.
County officials voted in September 2023 to try legally stopping the land sale to protect the fuel depot.
Fisher Island property owners sued to block the county from taking the land by eminent domain, claiming it is unconstitutional.
HRP’s deal with the county could give it a $220 million profit without building anything on the site.
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Australia’s property market has seen price drops following recent budget changes that limit tax benefits for property investors. These rules, combined with rising interest rates and household pressures, are cooling the market and changing buyer behavior.
Key Facts
The budget limits negative gearing (a tax benefit) on established properties bought after mid-next year.
Auction clearance rates in major cities have dropped below 55%, the lowest since April 2020.
Property prices in some Australian capitals have started to fall, with some forecasts predicting declines up to 10%.
Investors are now focusing more on rental income and growth prospects rather than tax incentives.
Rising interest rates and a tougher global economy also affect property prices.
The reforms aim to make it easier for first-time buyers to compete at auctions.
Some homeowners worry about negative equity if prices drop below their loan amounts.
The policy changes intend to reverse decades of investor dominance and improve housing affordability.
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Barry Diller’s company, People Inc, has offered to buy the casino operator MGM Resorts for more than $18 billion. People owns about 26% of MGM and plans to buy the rest of the company at $48.30 a share in cash, which is about 10.6% higher than MGM’s recent stock price.
Key Facts
People Inc is run by media mogul Barry Diller.
People owns 26.1% of MGM’s common stock.
The offer price is $48.30 per share in cash.
This offer values MGM at over $18 billion.
MGM shares rose more than 10% in early trading after the offer.
MGM owns about 40% of the Las Vegas Strip properties.
MGM has faced slow visitor numbers in Las Vegas but grows through its China properties and digital gambling business BetMGM.
This deal follows another big casino takeover: Tilman Fertitta’s company buying Caesars Entertainment for $17.6 billion.
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The movie "Backrooms," directed by YouTuber Kane Parsons, earned $81.5 million during its first weekend in theaters. This success shows a new path for creators from online platforms to make major Hollywood films.
Key Facts
"Backrooms" is a psychological thriller film.
Kane Parsons, a YouTuber, directed the movie.
The film made $81.5 million in its first weekend.
The movie’s success could influence Hollywood’s future choices.
This shows how online creators can enter traditional film industries.
The report was covered by CBS News and reported by Carter Evan.
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The Kyoto Shinbun Newspaper in Japan is lending out its printing machines to people who make zines, which are small, self-made magazines. This helps because fewer people are buying physical newspapers these days, while zines are becoming more popular in Japan.
Key Facts
The Kyoto Shinbun Newspaper is lending its printing machines to zine creators.
Zines are self-published, do-it-yourself magazines.
Physical newspaper subscriptions are declining in Japan.
Zines have grown more popular recently, with many people attending a zine fair in Tokyo.
This move provides a new use for newspaper printing equipment.
The trend shows a shift from traditional newspapers to more personalized printed media.
The newspaper’s action supports small magazine makers and encourages local creativity.
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Winnie Harlow, a model and businesswoman, released a new children's book called "Simply Winnie." She talks about why the book focuses on self-confidence instead of her skin condition, vitiligo.
Key Facts
Winnie Harlow is both a model and an entrepreneur.
She has published a children’s book titled "Simply Winnie."
The book’s main theme is self-confidence.
Winnie chose not to focus on vitiligo, her skin condition, in the story.
She discussed the book and its message in an interview on "CBS Mornings."
The interview is available on CBS News and the CBS News app.
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Winnie Harlow, a model and businesswoman, has released a new children’s book called "Simply Winnie." She spoke with CBS Mornings about how the book focuses on teaching kids to have confidence in themselves.
Key Facts
Winnie Harlow is a model and entrepreneur.
She wrote a children’s book titled "Simply Winnie."
The book aims to promote self-confidence among children.
Harlow discussed the book in an interview with CBS Mornings.
The interview is available on CBS News and their app.
The book reflects Harlow’s message about believing in oneself.
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Barry Diller's company, People Inc., wants to buy the rest of MGM Resorts after already owning 26.1% of it. They are offering $48.30 per share in cash, which is more than the recent stock price, and value the company at over $18 billion.
Key Facts
People Inc., led by Barry Diller, owns 26.1% of MGM Resorts.
People Inc. plans to buy all the remaining shares of MGM Resorts to take full ownership.
The offer is $48.30 per share, which is 10.6% higher than MGM's stock price last Friday.
MGM Resorts owns famous Las Vegas hotels and casinos like the Bellagio and Luxor.
People Inc. began investing in MGM almost six years ago.
Barry Diller said MGM is attractive because its business offers experiences that artificial intelligence cannot replace.
If the deal succeeds, MGM Resorts will become a private company controlled by People Inc.
The purchase will be funded using cash, debt, and equity financing.
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Newsweek’s New & Noteworthy feature highlights new consumer products in various categories like food, personal care, and household items. This edition introduces items such as a new pancake mix flavor, a powdered drink mix, hair gloss, and more, helping shoppers discover fresh and innovative products.
Key Facts
A-Sha Foods expanded its Hello Kitty Mochi Pancake Mix line with a Banana Macadamia flavor.
Pure Kick offers an alkaline powdered drink mix with low calories and no sugar, designed for hydration on the go.
Suave launched a sulfate-free 5-minute hair gloss that smooths hair and adds shine.
Fly By Jing introduced Creamy Sesame and Roasted Garlic noodle flavors at Whole Foods and online.
Entenmann’s released Pop’ems Cotton Tail, donut holes with a soft center and powdered sugar finish.
Michaels of Brooklyn offers small-batch pizza sauce made with simple ingredients and no preservatives.
The New & Noteworthy series promotes new and innovative products across food, beauty, and household care.
Product makers can submit new products for feature consideration through Newsweek’s platform.
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A new study shows that Americans' financial knowledge has dropped to its lowest point in 10 years. Only 47% of financial literacy questions were answered correctly in 2025, indicating that many people struggle with managing debt, savings, and retirement planning.
Key Facts
U.S. adults answered 47% of financial literacy questions correctly in 2025, down from 52% in 2020.
The share of Americans with very low financial literacy rose from 20% ten years ago to 25% in 2025.
Low financial literacy is linked to difficulties in managing money and higher debt levels.
Women scored 44% correct, while men scored 50%.
Young adults (ages 18-29) scored the lowest at 38%, while baby boomers scored highest at 54%.
Increased financial complexity and misleading social media information may contribute to the decline.
Experts suggest the financial system is too complicated, making it harder for people to understand key products.
Financial companies may make products confusing by hiding important details in small print or long disclosures.
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Australia’s 178 billionaires have grown $25.7 billion richer in the past year, reaching a total wealth of over $686 billion. Meanwhile, more than 3.7 million Australians, including 757,000 children, live in poverty, with many households struggling to afford food.
Key Facts
The total wealth of Australian billionaires grew by $25.67 billion in one year.
Australia has a record 178 billionaires, 17 more than last year.
Over 3.7 million Australians live in poverty, including 757,000 children under 15.
One in three Australian households faced food insecurity last year.
New billionaires gained wealth from artificial intelligence (AI), datacentres, property, mining, and fashion.
The richest 20 Australians hold more wealth than the poorest 3 million households combined.
Oxfam Australia says billionaire wealth could cover costs like lifting nearly one million people out of poverty or paying all household electricity bills for over a year.
Suggested tax reforms include changes to capital gains tax and negative gearing to reduce wealth inequality.
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Tech billionaires have spent hundreds of millions of dollars on California elections ahead of the June 2 primary. They are funding candidates and ballot measures to gain political influence and protect their businesses, especially as the tech industry focuses on developing new technologies like artificial intelligence.
Key Facts
Sergey Brin, co-founder of Google, has spent $66 million since January to oppose a billionaire tax on the November ballot.
Chris Larsen, a cryptocurrency businessman, has funded three Super PACs with $26 million to support various California campaigns.
Matt Mahan, a Democratic candidate for governor, has received the most donations from top tech executives.
Google and Meta together gave $10 million to a Super PAC backing local assembly and senate candidates.
Tech money influences city and state races, including local tax measures.
This spending helps the tech industry avoid strict regulations and expand quickly.
Experts say most of the spending is visible, but tech donors also use untraceable funds called "dark money."
Voters in many California areas have been receiving many campaign ads and messages funded by tech-backed groups.
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