Connect with us

Published

on

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.

Continue Reading

Entertainment

Tim Davie used the word ‘proud’ nearly a dozen times in staff call – but they seem fed up of his ‘nothing to see approach’

Published

on

By

Tim Davie used the word 'proud' nearly a dozen times in staff call - but they seem fed up of his 'nothing to see approach'

As he addressed his staff, the BBC’s outgoing director-general Tim Davie sounded remarkably upbeat given the events of the last few days.

Within a matter of minutes, he had said the word “proud” almost a dozen times. Proud of his staff, proud of what the corporation represents.

Having announced his resignation on Sunday, he was keen to stress that he was still in charge at the BBC and that he would ensure a smooth transition for whoever takes over.

Although he admitted it’s “been a rough few days”, quite frankly, it was a little bizarre how chipper he seemed. “This narrative will not be given by our enemies,” he insisted.

BBC crisis latest: What happens next?

Outgoing BBC director-general Tim Davie outside BBC Broadcasting House this morning. Pic: PA
Image:
Outgoing BBC director-general Tim Davie outside BBC Broadcasting House this morning. Pic: PA

You get a sense his own staff are beyond fed up with the “nothing to see here” approach Davie has maintained throughout his tenure.

While the outgoing director-general might be hoping an inspirational quote or two might reassure those working for him, in truth, many of the insiders I’ve spoken to have seemed both weary and relieved that he’s finally on his way.

His departure is “long overdue”, one told me.

Please use Chrome browser for a more accessible video player

‘We’ve must fight for our journalism’

Rumours of a coup and behind the scenes boardroom plotting have been embarrassing as the BBC tries to present a united front. In the same all-staff call, BBC chair Samir Shah was quick to say we shouldn’t believe “conspiracy theories”.

He also suggested criticism of the board was “disrespectful”, when answering a question about whether members demonstrate BBC values.

If the briefing was supposed to be a chance for staff to put their questions to those in charge, it certainly wasn’t that.

Read more:
Eight peple who could replace Tim Davie
The man behind the leaked BBC memo
Trump’s legal threat letter in full

I’m told that while the Q&A had a comments box for questions, any submitted had to be reviewed before everyone could see them.

When questions about the rumoured plotter in chief, board member Sir Robbie Gibb, weren’t getting through, staff started attempting to ask questions in the reply boxes, which were public. A friend of Mr Gibb’s suggested to Deadline that the coup theory was “absolute nonsense”.

It shows BBC staff are angry, and that’s understandable given the battering the organisation has taken in the last week.

While the bosses are keen to stress that if everyone pulls together, the BBC can ride out the storm, it’s going to take more than words to reassure frustrated staff.

Continue Reading

Sports

Thornton, Chara, Keith, Mogilny skate into Hall

Published

on

By

Thornton, Chara, Keith, Mogilny skate into Hall

TORONTO — Joe Thornton always did things his way.

Larger than life on the ice and away from the rink, the big forward with a radiating personality, elite vision, soft hands and a sparkling smile has been unapologetically unique since stepping into the NHL spotlight at age 18.

Now, the man affectionately known as “Jumbo Joe” is a member of the Hockey Hall of Fame.

Thornton was inducted Monday alongside fellow 2025 class members Zdeno Chara, Duncan Keith, Alexander Mogilny, Jennifer Botterill and Brianna Decker in the player category.

Jack Parker and Danièle Sauvageau were enshrined as builders.

Selected first at the 1997 draft by the Boston Bruins, Thornton’s trajectory took off after a trade to the San Jose Sharks. He spent 14 seasons in California, winning the scoring title and Hart Trophy as league MVP in 2005-06, and was the third player to lead the NHL in assists three straight seasons.

“As long as I can remember, my year consisted of going from road hockey right to the backyard rink,” Thornton said of his childhood during a tear-filled speech. “There was only one season for me — it was hockey season.”

Thornton topped San Jose in scoring eight times, including five straight seasons, and helped the Sharks make the 2016 Stanley Cup final.

The 46-year-old, who played 24 NHL seasons and won Olympic gold with Canada in 2010, put up 1,539 points in 1,714 regular-season games in a career that ended with pit stops with the Toronto Maple Leafs and Florida Panthers. He finished 12th in scoring, seventh in assists and sixth in games played.

“Winning the gold medal in Vancouver in 2010 was truly electric,” Thornton said. “I remember leaving the arena and I looked to my left, and I saw a naked woman on the back of a motorcycle waving a Canadian flag.

“I looked to my pregnant wife, and I said, ‘I am so proud to be Canadian.'”

Chara, 48, was drafted by the New York Islanders in 1996 and traded to the Ottawa Senators in 2001 before signing with the Boston Bruins.

The 6-foot-9 blueliner played 14 seasons in Beantown — all as captain — from 2006 through 2020. Boston won the Cup in 2011 and made the final two other times.

The second European captain to hoist hockey’s holy grail, Chara competed at three Olympics and seven world championships. He captured the Norris Trophy as the NHL’s top defenseman in 2009, and finished his career with the Washington Capitals before returning to the Islanders.

“Growing up in small town in Slovakia — Trencin — you don’t dream about nights like this,” Chara said. “You dream about a patch of ice that doesn’t melt before we finish practice. You dream about finding a stick that’s not broken or skates that can still fit for a couple of years.”

Keith played 16 seasons with the Chicago Blackhawks, winning the Cup in 2010, 2013 and 2015. The 42-year-old won Olympic gold for Canada in 2010 before topping the podium again in 2014, twice claimed the Norris Trophy and was awarded the Conn Smythe Trophy as playoff MVP in 2015. Keith played one campaign with the Edmonton Oilers before retiring in 2022.

“You can’t chase a dream alone,” he said. “And you can never lift the Cup or wear a gold medal on your own. You lift it with everybody that ever lifted you.”

Botterill played for Canada at four Olympics, winning three gold medals and a silver. She was part of five championship performances and three second-place finishes at the worlds, including taking MVP honors in 2001.

“My parents said they always knew that the sport of hockey was something special,” the 46-year-old broadcaster said. “Every time I was on the ice playing, they said they could see my smile through the cage. I carried that very same smile throughout my entire career.”

Decker won gold at the 2018 Olympics with the U.S. and owns two silver medals. The 34-year-old forward from Dousman, Wisconsin, also won the worlds six times, along with a couple of second-place finishes.

“Hockey has given me so much,” Decker said. “It’s given me lifelong friendships, unforgettable memories, and now this incredible honor.”

Sauvageau, 63, took part in six Olympics either behind the bench or in management for Canada, including the country’s 2002 run to gold as coach. The Montreal-born trailblazer — the hall’s first female builder — is currently general manager of the Professional Women’s Hockey League’s Victoire in her hometown.

“I dreamt of a life that did not exist,” she said. “And I have lived a life that I could not imagine.”

Parker, 80, led Boston University’s men’s program from 1973 through 2013, winning three national championships. He was also named NCAA coach of the year three times.

Mogilny, who skipped the week of celebrations, defected from the Soviet Union to the United States in 1989. He set career highs with 76 goals and 127 points with the 1992-1993 Buffalo Sabres — the most by a Soviet/Russian player.

The 56-year-old hoisted the Cup with the New Jersey Devils in 2000 in a career that included stints with the Leafs and Vancouver Canucks, finishing with 1,032 points in 990 regular-season games.

“I’m overwhelmed with gratitude,” Mogilny said in a recorded message. “Not just for this honor, but for the incredible journey that brought me here.”

Continue Reading

Sports

Preds’ O’Reilly regrets ‘crybaby’ postgame rant

Published

on

By

Preds' O'Reilly regrets 'crybaby' postgame rant

NEW YORK — Nashville Predators star Ryan O’Reilly said he regrets a frustration-fueled postgame rant last week in which he blamed himself for the team’s struggles.

“I think it came off as, ‘Gosh, you sound like a crybaby,'” he told ESPN on Monday.

After the Predators lost to the Philadelphia Flyers last Thursday, O’Reilly offered a brutal assessment of his own play, saying Nashville won’t have success “if I’m playing pathetic like that” as a No. 1 center. “[I] turn the puck over everywhere. Can’t make a six-foot pass to save my life,” O’Reilly said in a video clip that went viral. “It’s stupid. I’ve had one good year in my career. I don’t have an answer, that’s for sure.”

O’Reilly said that he “should have just bit my tongue” after the game. “Obviously, you don’t want things to get out there and it doesn’t look good on anyone on the team. I think I sound a bit like a baby where I should have politely shut up and be better and then that’s it,” he said.

The 34-year-old center has 6 goals and 6 assists in 17 games this season. His 12 points are second on the team in scoring. This is O’Reilly’s third season with the Predators. He won the Stanley Cup with the St. Louis Blues in 2019, capturing the Conn Smythe Trophy as playoff MVP.

The Predators are 5-8-4 heading into their game at the New York Rangers on Monday night. They were 5-9-3 in their first 17 games last season before eventually finishing 7th in the Central Division, 28 points outside of the last Western Conference playoff spot.

O’Reilly didn’t like that his rant last week brought added attention to a Nashville team that’s once again off to a slow start. “Obviously that [frustration] gets out there and it doesn’t look good on anyone on the team. You don’t want to draw attention to anything like that for our team,” he said.

However, the Predators center was optimistic things are better for Nashville than they were last season at this time.

“I think we’re much better defensively. Bounces aren’t going our way, but it’s a long season. We’re not giving up by any means and we’re going to keep fighting to find it,” he said. “Being a No. 1 center on this team, I think I do have to be better. It’s simple as that. I just maybe could have worded it a little bit better [last week].”

Continue Reading

Trending