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US single-family homebuilding rebounded in September, boosted by demand for new construction amid an acute housing shortage, but the highest mortgage rates in nearly 23 years could slow momentum and delay the overall housing market recovery.

That was flagged by other data on Wednesday showing applications for loans to purchase a home plunged last week to levels last seen in 1995. In addition, the jump in housing starts partially recouped the decline in August.

The rebound in homebuilding probably reflected permits approved several months ago before mortgage rates broke above 7%. A survey this week showed confidence among single-family homebuilders slumped to a nine-month low in October, with builders reporting lower levels of traffic.

“In the very short-term, single-family construction activity is likely to increase with permits rising in every month of 2023 thus far, but at some point mortgage rates are likely to put a lid on new construction activity for home purchase,” said Conrad DeQuadros, senior economic advisor at Brean Capital in New York.

Single-family housing starts, which account for the bulk of homebuilding, increased 3.2% to a seasonally adjusted annual rate of 963,000 units last month, the Commerce Department said. Data for August was revised to show starts dropping to a rate of 933,000 units instead of 941,000 units as previously reported.

Single-family starts rose in the Midwest, West and the densely populated South, but plunged 19.0% in the Northeast.

The housing market had shown signs of stabilizing before mortgage rates resumed their upward trend late in the summer, with the rate on the popular 30-year fixed mortgage vaulting above 7% in August. According to the Mortgage Bankers Association, the average contract interest rate on a 30-year fixed-rate mortgage rose 3 basis points to 7.70% last week, the highest since November 2000.

Mortgage rates have risen in tandem with the yield on the benchmark 10-year Treasury note, which has spiked to more than a 16-year high, mostly because of expectations that the Federal Reserve will keep interest rates higher for longer in response to the economy’s resilience. Since March 2022, the central bank has raised its benchmark overnight interest rate by 525 basis points to the current 5.25%-5.50% range.

Residential investment has contracted for nine straight quarters, the longest such stretch since the housing market bubble burst, triggering the 2008 global financial crisis and the Great Recession. That downturn probably extended into the third quarter, though overall gross domestic product growth last quarter was likely the fastest since late 2021, thanks to a tight labor market that is underpinning consumer spending.

Stocks on Wall Street were trading lower amid mounting tensions in the Middle East. The dollar rose against a basket of currencies. U.S Treasury prices fell, with the yield on the 10-year bond rising to the highest level since July 2007.

Financial markets expect the Fed will leave rates unchanged at its Oct. 31-Nov. 1 policy meeting, according to CME Group’s FedWatch Tool, given the surge in Treasury yields.

Starts for housing projects with five units or more soared 17.1% to a rate of 383,000 units in September. Overall housing starts accelerated 7.0% to a rate of 1.358 million units in September. Economists polled by Reuters had forecast starts rebounding to a rate of 1.380 million units.

Permits for future construction of single-family homes rose 1.8% to a rate of 965,000 units, the highest since May 2022. Though permits are a leading indicator, economists cautioned against being too optimistic about homebuilding prospects, citing the soaring mortgage rates and souring builder sentiment.

“It’s not lights out for homebuilding, but we don’t know how many more body blows with the Fed’s interest-rate hammer the nation’s housing sector can withstand,” said Christopher Rupkey, chief economist at FWDBONDS in New York.

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Entertainment

Rapper charged with GBH – after singer Chris Brown remanded in custody over ‘bottle attack’

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Rapper charged with GBH - after singer Chris Brown remanded in custody over 'bottle attack'

A second man has been charged with grievous bodily harm with intent after an incident at a London nightclub that allegedly involved US singer Chris Brown.

The Metropolitan Police said Omololu Akinlolu, 38, will appear at Manchester Magistrates’ Court on Saturday.

Better known by his stage name HoodyBaby, the American rapper has been charged in connection with an alleged assault at the Tape nightclub in central London in February 2023.

Brown, 36, was charged on Thursday with grievous bodily harm with intent and was remanded in custody by judge in Manchester until 13 June.

He is accused of attacking music producer Abraham Diaw with a bottle during the incident in February.

During a hearing at Manchester Magistrates’ Court on Friday, Brown watched intently as brief details of the case against him were outlined by prosecutor Hannah Nicholls.

She accused Brown of committing “an unprovoked attack with a weapon in a nightclub full of people”.

Brown spoke to confirm his name and date of birth, but did not enter a plea.

He will appear for a plea and trial preparation hearing in London on 13 June.

Read more from Sky News:
Trump says ex-FBI director’s seashells post ‘meant assassination’
Seven men on run after ‘Shawshank’ escape from jail

Brown – known for hits such as “Loyal”, “Run It” and “Under the Influence” – was arrested at a hotel in Manchester in the early hours of Thursday by detectives from the Metropolitan Police.

The Grammy Award-winning singer was due to tour the UK in June and July, with dates in Manchester, Cardiff, London, Glasgow and Birmingham.

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Environment

Bollinger Motors circles the drain as court cases, debts pull it down

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Bollinger Motors circles the drain as court cases, debts pull it down

A federal court judge in Michigan has placed the once-promising electric truck brand Bollinger Motors’ assets into receivership following claims that the company’s owners still owe its founder, Robert Bollinger, more than $10 million.

Bollinger Motors first came to fame in the “draw a truck, get a billion dollars” stage of the EV revolution that saw Nikola rise to a higher market cap than Ford for a brief time. Robert Bollinger wasn’t able to capitalize quickly enough to get his trucks into production, though – and a late stage pivot to sell the brand to Mullen Automotive and launch a medium-duty commercial truck doesn’t appear to have been enough to save it.

Now, Automotive News is reporting on some of the more convoluted details of the Mullen purchase deal, with Robert (for ease of distinguishing the man from the brand) claiming that Mullen Automotive owes him more than $10 million for a loan he made to the company in 2024.

Just how Robert ended up giving Mullen Automotive $10 million to take his eponymous truck brand off his hands is probably one of those capitalistic mysteries that I’ll never understand, but Mullen’s response was perfectly clear: they didn’t even bother to show up to court.

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Bollinger claims that at least two suppliers are also suing Mullen for unpaid debts. As such, the Honorable Terrence G. Berg has put the Bollinger brand into receivership, and its assets have been frozen in preparation for everything being liquidated. Worse, for Bollinger, the official court filings reveal a company that is really very much doing not awesome:

The testimony and evidence—which Defendant’s counsel conceded accurately reflected Defendant’s finances—showed that Defendant is in crisis. For months Defendant has owed more than twenty million dollars to suppliers, contractors, service providers, and owners of physical space. These debts are owed to parties who are critical for Defendant’s functioning. CEO Bryan Chambers testified that Defendant was locked out of its production facilities on May 5, 2025, and that the owner of the production facilities was seeking to permanently evict Defendant. The Court heard that Defendant had been prevented from accessing its critical manufacturing accounting system for a short time at the end of April 2025, before making a partial payment to restart services.

US DISTRICT COURT EASTERN DISTRICT OF MICHIGAN

I’m not sure if you caught all that, but Bollinger’s CEO has been locked out the company’s facilities and getting evicted, the company is more than $20 million in debt, and that debt is owed to people Bollinger absolutely needs in order to keep going.

You can read the full court decision, which I’ve embedded here, below. Once you’ve taken it all in, feel free to rush into the comments to say you told me so, since I really thought hoped the Bollinger B1 had a shot. Silly me.

Bollinger v. Bollinger case

SOURCES: Automotive News, Justia, Yahoo!.

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Science

New Study Reveals Recent Ice Gains in Antarctica, But Long-Term Melting Continues

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New Study Reveals Recent Ice Gains in Antarctica, But Long-Term Melting Continues

Global warming and climate change have been subjects of major concern for a long time. One of the key indicators of this phenomenon is the melting of ice in the polar regions. Researchers from Tongji University in Shanghai have been using NASA satellite data to track changes in Antarctica’s ice sheet over more than two decades. Their newest study states that despite the increase in global temperature, Antarctica has gained ice in recent years. However, it cannot be considered as a miraculous reversal in global warming because over these two decades, the overall trend is substantial ice loss. Most of the gains have been caused by unusual increased precipitation over Antarctica.

About the New study

According to the new study , NASA’s Gravity Recovery And Climate Experiment (GRACE) and GRACE Follow-On satellites have been monitoring this ice sheet since 2002. The ice sheet covering Antarctica is the largest mass of ice on Earth

The satellite data revealed that the sheet experienced a sustained period of ice loss between 2002 and 2020. The ice loss accelerated in the latter half of that period, increasing from an average loss of about 81 billion tons (74 billion metric tons) per year between 2002 and 2010, to a loss of about 157 billion tons (142 billion metric tons) between 2011 and 2020, according to the study. However, the trend then shifted.

The ice sheet gained mass from 2021 to 2023 at an average rate of about 119 billion tons (108 metric tons) per year. Four glaciers in eastern Antarctica also flipped from accelerated ice loss to significant mass gain.

General Trend in global warming

Climate change doesn’t mean that everywhere on Earth will get hotter at the same rate, so a single region will never tell the whole story of our warming world.

Historically, temperatures over much of Antarctica have remained relatively stable, particularly compared to the Arctic. Antarctica’s sea ice has also been much more stable relative to the Arctic, but that’s been changing in recent years.

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