Anna's Daybreak News

Friday, 5:19 AM

August 30, 2024

Good morning news friend! Keep informed on the latest developments, tracking the ever-shifting tides of current events. 📰🌟

Record Low in US Home Sales

The National Association of Realtors reported a 5.5% drop in the index of contract signings, landing at 70.2. This number represents the lowest level since 2001.

Home sales are also down 8.5% compared to last year. The decline in sales affected all four major US regions.

Meanwhile, the average rate on a 30-year mortgage dropped to 6.35% from 6.46% last week, marking its lowest point since May 2023. A year ago, rates stood at 7.18%. Similarly, the average rate for 15-year fixed-rate mortgages decreased to 5.51% from 5.62%.   

Source: Read More

US Economy Surges as Inflation Eases

In the second quarter of 2024, the GDP grew by 3%. This surpasses the initial estimate of 2.8%. Consumer spending rose by 2.9%, while business investment jumped by 7.5%.

The personal consumption expenditures (PCE) index rose at 2.5%, down from 3.4%. Core PCE inflation, which excludes food and energy, decreased to 2.7%.

Unemployment claims fell by 2,000 to 231,000, which aligns with a low historic average. However, unemployment rate increased to 4.3%.

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OpenAI and Anthropic Partner with US Government

OpenAI and Anthropic signed agreements with the US government to enhance AI safety. These deals allow the US AI Safety Institute to access new AI models from both companies.

OpenAI and Anthropic hope their collaboration with the US AI Safety Institute will establish a framework for responsible AI development.

Meanwhile, OpenAI is in talks for a funding deal that could value it at over $100 billion. This represents a $20 billion increase from its previous valuation eight months ago.

Source: Read More

New Rules to Combat Real Estate Money Laundering

The US Treasury Department laid out new rules to require investment advisers and real estate professionals to report cash sales made to legal entities, trusts, and shell companies.

Previously, cash transactions were money laundering risk. Now, professionals must report vital information, including seller identities and property details.

A 2019 study revealed that money laundering could inflate housing prices by 3.7% to 7.5%.

Tori Syrek from the National Association of Realtors acknowledged that these measures address existing vulnerabilities.

Source: Read More

“Over the long term, you are more likely to fool yourself than others.”

Baked with love,

Anna Eisenberg ❤️