Big central bank rate cuts slow, tariffs and politics in focus
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The dollar headed for its first monthly rise of 2025 on Thursday, fuelled by investor confidence in the resilience of the U.S. economy as trade war fears fade, while a more upbeat signal from the Bank of Japan unsettled the yen.
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Daily Mail
22 minutes ago
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Zillow CEO reveals what he thinks caused America's 'housing crisis'
Americans everywhere are struggling to purchase homes, with sales reaching a 30 year low in 2024. Despite the tribulations of the housing market itself, the number one real estate site in the country - Zillow - is thriving. CEO Jeremy Wacksman sat down with The New York Times to discuss what may be causing the dip in the housing market and what keeps Zillow afloat amidst it all. The Seattle resident was appointed as CEO a year ago, but has been with the company since 2009. Wacksman added that the major issue with homebuying in the United States is that there is an availability problem. 'We have an affordability crisis, which is driven by an availability crisis. It is a supply-side problem,' he said. While many complain about increasing mortgage rates, he said that it's only a small factor. 'The real problem for a home buyer is home prices are up 30, 50, 70, 100 percent, depending on the market, from pre-pandemic levels. Incomes are not up that much.' According to the US Social Security Office , the average yearly income in 2023 was $66,621, only increasing 4 percent from the year prior. Wacksman noted that if the housing industry had continued to build new properties to keep up with buyer demand, it may not have become the 'crisis' it is today. 'We have been chronically under-building since, really, the global financial crisis,' he said. 'Less supply and a lot of demand is going to keep home prices elevated.' According to Zillow , the average home value is almost $370,000 with just 1.3 million homes in the for-sale inventory. Despite the dip in purchasing and sky-high prices, Zillow is seeing hundreds of millions of unique visitors every month. The company has seen a jump in revenue and its stock is up more than 60 percent. The top site for real-estate listings in the country attracts what the internet has dubbed 'Zillow Surfers.' Those with little to no intention of purchasing a home browse on the website everyday. Wacksman welcomes such browsers. ''Zillow Surfing' is pretty pervasive, regardless of if it's a buyer's market or a seller's market,' he said. 'You spend all this time window shopping and escaping and dreaming. You are getting a little smarter about what you might want, and then something happens and you pull the trigger. 'As a marketer, I don't think you could have a stronger brand endorsement than all of the usage you get from people escaping on your platform.' The way Zillow makes money is by selling ads to real estate companies who want to reach those endlessly scrolling Zillow-surfers. The company requires agents to post listings within 24 hours of being on the market . If not, it's never allowed on the site at all. Real estate companies like Compass have grown wary of Zillow, and even filed a lawsuit claiming they maintain a monopoly, calling it a 'Zillow ban.' But Wacksman said that the lawsuit itself speaks to the larger issues of seller transparency within the United States housing market. 'The heart of the issue is the U.S. real estate market currently exists with a unique amount of transparency,' he said. 'So you and I, as a buyer and seller, can see all available listings, and that empowers us to shop on our own. There are a few companies that are looking to put the internet back in a box and hide inventory and force you to pay them. 'The lawsuit is about challenging that consumer benefit and that transparency.' Now, Zillow is trying to shift toward a 'super app' structure that allows buyers to be connected with any resources that they may need. That includes mortgage providers and rental properties as well as any other related services.
Daily Mail
22 minutes ago
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These two stocks have DOUBLED since I tipped them. Here are two more British firms you should invest in before they soar, reveals our money guru
The UK has been on a losing streak for too long. But the clouds seem to be lifting and Britons are beginning to win again. The Lionesses roared to victory in Europe, the British and Irish Lions dominated the Australia rugby test series and the International Monetary Fund says the UK will be the G7 's third fastest growing economy this year and next.
Daily Mail
22 minutes ago
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In-N-Out humiliated by little-known underdog in best fast food burger rankings
In-N-Out Burger's standings in the fast food industry keep sinking now that its Double-Double has The Double-Double's ranking dropped two places to number four on USA Today's list of best fast food burgers. The In-N-Out Burger offering made with two slices of cheese and beef patties along with onions, tomato, lettuce and signature sauce finished behind Jack in the Box, A&W, and Habit Burger & Grill. Like last year, Habit Burger & Grill topped the list with its fan favorite Double Char, which comes with two hamburgers, onions, lettuce, tomato and pickles. A&W and Jack in the Box were praised for its Papa Burger and Jumbo Jack Cheeseburger, coming in at number three and four respectively. Culver's rounded up the top 5 with its double ButterBurger with cheese after missing out on the list last year. Multiple chains have had its financial up and downs this year including Jack in the Box, which is planning to shutter between 150 and 200 locations. While In-N-Out has beaten the odds and expanded, CEO Lynsi Snyder sparked outrage after deciding to move the company to Tennessee. Five Guys' cheeseburgers were kicked out of the top five this year even though it continuers to be a popular offering. Shake Shack also created a massive shakeup by ranking seventh with its ShakeBurger, made with lettuce, tomato, cheese and signature sauce. Freddy's Frozen Custard and Steakburgers' Original Double jumped into the list at number 8. Made with steakburger patties, cheese, onion, pickles and mustard, the offering has been a longtime fan favorite order. Burger King managed to finish ninth in the ranking with its Whopper, even after experiencing a 1.3 percent drop in North American sales. However, its signature item continues to be popular, and may have helped now-shuttered restaurants rake in earnings. Whataburger finished the top 10 with its signature Double Meat Whataburger, made with never-frozen meat, tomato, lettuce, onions, pickles and mustard. Multiple chains in this year's ranking kicked out prominent brands like White Castle, Carl's Jr. and BurgerFi, a top brand that filed for bankruptcy last year. In-N-Out's Double-Double ranking dropped to number four in this year's ranking of best fast food burgers With over 400 locations nationwide, In-N-Out has shown no signs of slowing down despite the downfall of restaurant chains. Habit Burger & Grill has been busy expanding its nearly 400 restaurant count, and is focusing on growth in Asia. Jack in the Box on the other hand as been looking to get back on track with earnings and customer traffic. An example of its plan is to downsize, and it's even looking for buyers to purchase Del Taco, a struggling brand with a franchisee that filed for bankruptcy in July. Culver's and Shake Shack are expanding and revamping menus while accepting their top three ranking in this year's list of the nation's priciest fast-food chains. Despite its number 10 ranking, Whataburger is looking to grow its 1,100+ store count, and hopes to do that with former McDonald's executive Todd Ewen, the chain's senior vice president and chief development officer.
