Mortgage demand flattens even as interest rates hit the lowest level since March

Real Estate
File photos: “For Sale” sign Brandon Bell | Getty Images Consumers seemed unimpressed by the latest drop in mortgage rates. Total mortgage application volume rose just 0.9% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550
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Munis steady, upsized $2.5B JFK deal prices

Bonds
Municipals were steady in secondary trading Tuesday as a heavy new-issue calendar took focus in the primary, led by an upsized $2.55 billion deal for the John F. Kennedy International Airport New Terminal One Project that saw yields bumped upon repricing. U.S. Treasury yields fell and equities were up near the close. The two-year muni-to-Treasury
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DOT needs help from Congress for TOD funding

Bonds
Federal regulations are putting the brakes on U.S. Department of Transportation funding designed to boost transit-oriented development projects near public transit.  “We need to make it easier to build in any way we can,” said Sen. Brian Schatz, D-Hawaii. “Providing low interest capital through TIFIA and RRIF is one means, but for it to work
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Battle over Austin light-rail bonds moves to appeals court

Bonds
The start of a trial to determine whether bonds could be issued to finance a multi-billion-dollar light-rail project in Austin was halted Monday after Texas Attorney General Ken Paxton’s office filed an emergency motion with a state appeals court. A Travis County District Court judge planned to commence the trial before ruling on the attorney
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On AI adoption, Columbus takes a page from corporate America

Bonds
Columbus, Ohio, recently embarked on a technological modernization push that employs artificial intelligence in its payroll, revenue and accounting and operations systems. Columbus Auditor Megan Kilgore said her office now uses AI for everything from reconciling differences between sets of data to visualizing city finances for the mayor or City Council members with almost real-time
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Warren Buffett buys Occidental shares for 9 straight days, pushes his stake to nearly 29%

Investing
In this article BRK.A OXY Follow your favorite stocksCREATE FREE ACCOUNT Warren Buffett walks the floor and meets with Berkshire Hathaway shareholders ahead of their annual meeting in Omaha, Nebraska, on May 3, 2024. David A. Grogan Warren Buffett‘s Berkshire Hathaway has scooped up more shares of Occidental Petroleum over each of the past nine trading sessions, driving
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Top 10 most expensive cities for expats in 2024

Real Estate
Hong Kong retained its pole position as the world’s most expensive city for expats in 2024, according to Mercer. Chunyip Wong | E+ | Getty Images Asia’s biggest financial hubs have once again clinched the top spots for being the costliest cities for international workers to live in, according to Mercer.  Hong Kong was ranked
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Munis somewhat weaker, UST yields rise

Bonds
Municipals were steady to slightly weaker in spots as U.S. Treasury yields rose and equities ended up. Despite some slight weakness Monday, munis continued “their impressive start to June,” with yields falling 10 to 13 basis points last week, Birch Creek strategists said. Munis have rallied roughly 24 to 29 basis points month-to-date, a “complete
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Warren Buffett’s Berkshire Hathaway trims its stake in Chinese EV maker BYD to 6.9%

Investing
In this article ZE594-CN BYDDY BRK.A Follow your favorite stocksCREATE FREE ACCOUNT Warren Buffett speaks during the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 4, 2024.  CNBC Berkshire Hathaway, an early investor in BYD thanks to the late Charlie Munger, continued to trim its massive stake in China’s biggest electric vehicle maker.
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Lackawanna County patches budget gap with scoop-and-toss deal

Bonds
Lackawanna County, Pennsylvania, faced persistent budget gaps patched with one-time revenues, two ratings downgrades since September, and its upcoming scoop-and-toss bond deal will yield spiking debt service costs in the coming years.  But the county believes its upcoming financial plan and hidden economic strengths will turn around its fortunes.  “For anyone who still thinks this
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Singapore’s ‘shophouses’ are catching the eye of the rich, with some forking out tens of millions

Real Estate
Row of shophouses in Singapore’s Katong area. Olivier Chouchana | Gamma-rapho | Getty Images SINGAPORE — The ornate, colorful “shophouses” that line the streets in some old neighborhoods of Singapore are not what immediately comes to mind when people think of the city-state. In a country where land is scarce and public housing can cost
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