Articles

The Federal Reserve cut interest rates on Wednesday for the first time since early 2020, the clearest signal yet that central bankers believe they are winning their years long battle against rapid inflation. Fed officials slashed borrowing costs by half a percentage point, an unusually large reduction. The decision lowers rates to about 4.9 percent, down from a more than two-decade high. Read More

With mortgage rates declining by more than one-half of a percentage point from early August through mid-September, per Freddie Mac, builder sentiment edged higher this month even as builders continue to grapple with rising costs. Read More

Builder confidence in the market for newly built single-family homes was 41 in September, up two points from a reading of 39 in August, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). This breaks a string of four consecutive monthly declines. Read More

In the first seven months of the year, total U.S. imports of ceramic tile were 105.8 million square meters, a decline of 3% from the same period in 2023 when imports were 109 million square meters, according to Grosser Consulting. Read More

The International Trade Administration (ITA) in the Ceramic Tile from India Antidumping (AD) and Countervailing Duty (CVD) cases, Case Nos. A-533-928 and C-533-929, respectively, has extended the deadlines for issuance of its preliminary decisions in both cases, reports the Ceramic Tile Distributors Association. Read More

LL Flooring, formerly Lumber Liquidators, has reversed course on shutting down all stores and has agreed to sell 219 stores to F9 Investments, which will run the stores on an ongoing basis. Read More

"LL Flooring is going completely out of business,” reports Richmond Biz Sense. “Two weeks after the Henrico-based retailer sought bankruptcy protection to shutter about a quarter of its stores and find a buyer that might keep the rest of the chain afloat, it has now pivoted into a full-scale liquidation. Read More

A lack of resale homes and pent-up demand more than offset high mortgage rates and contributed to solid single-family permit growth across nearly all geographic regions in the second quarter. However, multifamily construction permit activity continued its slide downward across the board to start 2024. Read More

Consumer sentiment rose 2.3% in August to 67.9, according to final results from the University of Michigan Survey of Consumers. Read More

The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today: Personal income increased $75.1 billion (0.3 percent at a monthly rate) in July. Disposable personal income (DPI)—personal income less personal current taxes—increased $54.8 billion (0.3 percent). Read More