Latest Recessions and depressions News

Argentina's inflation edges up in June, breaking a months-long streak in a blow to President Milei

Jul. 12, 2024 22:17 PM EDT

BUENOS AIRES, Argentina (AP) — A closely watched measure of inflation in Argentina was stronger than the libertarian government of President Javier Milei would have hoped on Friday, as the official statistics agency reported prices edging up in June and breaking a months-long streak of declines....

Average rate on a 30-year mortgage falls slightly, easing borrowing costs for home shoppers

Jul. 11, 2024 13:42 PM EDT

LOS ANGELES (AP) — The average rate on a 30-year mortgage fell slightly this week, providing modest relief for home shoppers facing record-high home prices. The rate fell to 6.89% from 6.95% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.96%. ...

Chileans confront a homelessness crisis, a first for one of South America's richest countries

Jul. 11, 2024 12:02 PM EDT

SANTIAGO, Chile (AP) — The presidential residence of Gabriel Boric, the leftist millennial leader of Chile elected three years ago in the wake of public unrest over income inequality, shares a street in downtown Santiago with an overwhelmed homeless shelter. The sight of cardboard...

An Oahu teacher’s futile apartment hunt shows how bad the rental market is

Jul. 08, 2024 12:49 PM EDT

Helen Lau’s life was recently upended by a note on her door. “I regret to inform you that I will not be extending your rental agreement,” wrote Suzi Rim, the owner of the condo that Lau’s been living in since October 2020. Lau had 45 days to move out, the note said. ...

The US housing slump deepened this spring. Where does that leave home shoppers and sellers?

Jul. 08, 2024 07:36 AM EDT

LOS ANGELES (AP) — The housing market shows few signs of busting out of its three-year funk after a disappointing spring season and amid a gloomy outlook for the summer and fall. Home shoppers came into 2024 with optimism that mortgage rates would ease further after a decline late...

New Zealand will radically ease zoning rules to try to relieve its stubborn housing shortage

Jul. 04, 2024 22:57 PM EDT

WELLINGTON, New Zealand (AP) — New Zealand will drastically ease zoning restrictions in a bid to “flood the market” with land for homes and override the powers of local councils to curb development, the nation's housing minister said in announcing reforms to what he called one of the...

Average rate on a 30-year mortgage climbs for the first time since late May to just under 7%

Jul. 03, 2024 17:39 PM EDT

LOS ANGELES (AP) — The average rate on a 30-year mortgage rose this week, pushing up borrowing costs on a home loan for the first time since late May. The rate rose to 6.95% from 6.86% last week, mortgage buyer Freddie Mac said Wednesday. A year ago, the rate averaged 6.81%. ...

Small businesses could find filing for bankruptcy more difficult as government program expires

Jul. 02, 2024 20:03 PM EDT

NEW YORK (AP) — A type of bankruptcy protection filing that made it easier for small businesses to seek relief has expired, which will complicate filing for small businesses with more than $3 million in debt. The filing type, known as Subchapter V, is cheaper and less...

Rhode Island tackles housing shortage by making it easier to add rental units on to homes

Jul. 02, 2024 17:18 PM EDT

BOSTON (AP) — A new state law designed to streamline the process of developing accessory dwelling units — also known as “granny flats” or “in-law apartments” — is being hailed by advocates as a way to create affordable living spaces amid an ongoing housing crunch. The...

TV personality Carlos Watson testifies in his trial over collapse of startup Ozy Media

Jul. 01, 2024 18:40 PM EDT

NEW YORK (AP) — Former TV host Carlos Watson told a jury Monday he never schemed to con backers of his Ozy Media, a once high-flying startup that crashed in a storm of doubt about its business tactics and claims of success. “Mr. Watson, did you conspire to commit securities...