Latest news with #Fairweather
Newsweek
28-05-2025
- Business
- Newsweek
Map Shows Cities With Biggest Rise in Home Sale Cancellations
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Home sale cancellations surged across the country in April, as buyers either got cold feet amid growing economic uncertainty or saw a better opportunity on a market that is facing quickly rising inventory levels. In no other U.S. metropolitan area, buyers walked out of pending home purchasing deals as much as in Atlanta, Georgia, where one in five sales fell through, according to a recent Redfin report. Why It Matters While housing inventory levels have risen significantly across the U.S. over the past year, easing the shortage that contributed to skyrocketing prices since the pandemic, buyers are still struggling with historically high mortgage rates and rising costs. Americans trying to buy a home this year are facing more options on the market, but they are not necessarily in a better financial position to purchase them. On top of that, volatility in the markets and widespread fears of a looming recession are pushing buyers on the side of caution, making them think twice about whether they want to make such a big purchase this year. As a result of these dynamics, home sales are dwindling and cancellations are rising, even as inventory is finally growing. What To Know At the national level, roughly 56,000 home sales were canceled in April, equal to 14.3 percent of all purchase agreements that month, up from 13.5 percent a year earlier. In Atlanta, the metro that led the U.S. with the highest number of home sale cancellations in April, 20 percent of home-purchase agreements fell through, up from 17.6 percent last year. "We suspect that since Atlanta has been an investor hotspot in recent years, this could be the impact of investors backing out of deals, which might account for part of this trend," Redfin chief economist Daryl Fairweather told Newsweek. Atlanta was followed by Orlando, Florida (19.4 percent), Tampa, Florida (19.1 percent), Riverside, California (19.1 percent) and Miami, Florida (18.9 percent). Rounding out the top 10 were more Florida and Texas cities, among others, including Fort Lauderdale, Florida (18.9 percent), Fort Worth, Texas (18.7 percent), Jacksonville, Florida (18.4 percent), and San Antonio, Texas (18.2 percent). Las Vegas, Nevada, was at 18.6 percent. "In Florida and Texas, rising insurance costs are giving buyers pause," Fairweather said. "Buyers often don't know their insurance costs until after a deal goes pending, which can cause sticker shot or the inability to get insurance altogether." The biggest increases in home cancellations were reported in Anaheim, California (up 3.1 percentage points from a year earlier), Seattle, Washington (up 2.8 points), Milwaukee, Wisconsin (up 2.7 points), Los Angeles, California (up 2.6 points) and Nashville, Tennessee (up 2.6 points). The lowest cancellations rates, on the other hand, were in Nassau County, New York, (4.8 percent), Boston, Massachusetts (8.1 percent), Montgomery County, Pennsylvania (8.1 percent), Minneapolis, Minnesota (8.4 percent), New York, New York (8.7 percent), Milwaukee, Wisconsin (9.2 percent), Seattle, Washington (9.8 percent), Newark, New Jersey (9.8 percent), Warren, Michigan (10.4 percent) and New Brunswick, New Jersey (10.5 percent). "Demand for homes especially in more affordable Northeast metros has been stable," Fairweather said. "Even though there is economic uncertainty, there is still economic growth, and people want to own homes if they feel like they personally can afford it." What People Are Saying Fairweather told Newsweek about the rise in home sale cancellations: "The economy is uncertain right now, and it's causing buyers to get the jitters. Sometimes, sellers will offer concessions to get a deal to go through, but both parties can't always see eye-to-eye on terms, which causes deals to fall apart." National Association of Realtors chief economist Lawrence Yun said of falling existing home sales in a statement shared with Newsweek: "Pent-up housing demand continues to grow, though not realized. Any meaningful decline in mortgage rates will help release this demand." What Happens Next While the rise in home sale cancellations indicates that many American prospective homebuyers are still struggling, it also suggests that their negotiating power is increasing. Experts said that much of the U.S.—with the exception of areas where the housing shortage is more acute, like the Northeast—is now a buyers' market, meaning that they have the upper hand. Swooping in after a pending home sale has fallen through can be a great way to get a discount from a discouraged seller, Redfin realtors said.
Toronto Sun
23-05-2025
- Toronto Sun
Ontario man says he was hospitalized after eating dessert from 'straggly'-haired stranger
The Port Stanley man alleges baked goods that he ate contained cannabis and landed him in hospital (Getty Images) A man in Port Stanley has warned others not to accept food from strangers after baked goods that he ate allegedly contained cannabis and landed him in hospital. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account In a video posted to social media, Joshua Fairweather, owner of a local clothing company called Lakeside Apparel, said he took a bite of a cookie and brownie given to him by a woman on Saturday evening and soon started feeling side effects. 'Last night, I was unknowingly drugged,' he said in the video, holding up what appeared to be a hospital admission wristband. 'I was tripping out in a huge way.' According to Fairweather, he'd been at an event for his business with his partner Ashley and eight-year-old son that morning when an 'older woman,' roughly five- feet tall with 'straggly' greyish-brown hair and a yellow-green vest, approached them. After a friendly conversation, during which she mentioned she liked to bake, she returned later with a bag of desserts. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. He said she looked at his son and told them the snacks were frozen but would be ready to eat once thawed. Later that evening, Fairweather took a small bite of the cookie and the brownie. His son declined to try them – a decision he said he's now 'so glad' about. Ashley also took a bite but spit it out because of the taste, Fairweather said. 'It smelled a bit funny,' Fairweather said. 'I thought, 'Is this pot?' . . . And it turns out it was pot. I don't know what else it was laced with.' Within 20 minutes, Fairweather said he felt 'paralyzed,' began vomiting, and feared he was going to have a heart attack. 'I couldn't control anything,' he said, describing the effects as 'hyperventilating' as painful. He was eventually taken to hospital, though it's unclear whether by ambulance or another way. This advertisement has not loaded yet, but your article continues below. Cannabis poisoning symptoms include chest pain, rapid heartbeat, nausea, severe anxiety, or psychotic episodes, according to the Ontario government's website. As of Thursday afternoon, Fairweather's video had more than 550 reactions, 260 comments and more than 420 shares. In the comments, Ashley Ewart, identified as Fairweather's fiancée on Facebook, said a toxicology report showed cannabis was the only substance in his system. Fairweather said in the video he's used cannabis before, but was unaware the baked goods contained any. 'She didn't say anything . . . insinuating it was okay for me to give this to my eight-year-old. Think about that.' He ended his video with a familiar warning: 'Don't take candy from strangers.' When reached Thursday by The Free Press , Fairweather declined to comment further but confirmed police are aware of the matter. bwilliams@ @BrianWatLFPress The Local Journalism Initiative is funded by the Government of Canada Canada Editorial Cartoons Toronto Maple Leafs Celebrity Canada
Business Times
22-05-2025
- Business
- Business Times
Chasing money? Read this before you burn out
[SINGAPORE] Will more money make you happier? According to economist Daryl Fairweather and former private equity investor Sahil Bloom, not necessarily. In their respective new books – Hate the Game by Fairweather and The 5 Types of Wealth by Bloom – both authors explore what truly makes life fulfilling. And both come to a similar conclusion: money, while important, is not enough. Without time, health, purpose and meaningful relationships, money loses its value. To be clear, money does make a difference – especially in the early stages of adulthood. If you are fresh out of school, struggling with student debt and just beginning to assert your financial independence, money can be a source of great joy. It pays for groceries, work clothes, insurance premiums and even small luxuries you once thought were out of reach. It buys you freedom, control and the psychological security of knowing that a medical emergency won't break the bank. But beyond that, the emotional returns start to diminish. 'Money matters the most for happiness when you have less of it,' Fairweather writes. 'When you don't have enough money, you worry about how you'll pay for groceries or what will happen if you get sick and can't work.' But once your needs are met, the impact of more money on your overall well-being becomes less meaningful. You do not get happier with each raise – you just get busier. Sahil Bloom's book The Five Types Of Wealth argues for a multi-dimensional framework for wealth – encompassing time, social, physical, mental and financial wealth. To check how 'wealthy' your are, visit PHOTO: SAHIL BLOOM Fairweather holds a doctorate in economics from the University of Chicago, and is currently chief economist at American real estate platform Redfin. Her book Hate the Game critiques the systems and incentives that keep people stuck in a zero-sum pursuit of wealth. Her argument is part economic analysis, part social commentary – a call to stop playing by the rigged rules of capitalism typically designed to benefit those at the top much more than those beneath. Using game theory, Fairweather frames everyday decisions as strategic moves in broader systems 'designed by, and for, the winners', she writes. Yet rather than advising readers to opt out of capitalism, she teaches them how to identify unfair games, assess their starting positions and adjust their strategies accordingly. 'I titled this book Hate The Game because I don't want you to hate yourself for playing the game of capitalism in its current unfair form. Despite the numerous issues with the rules, playing to win does not make you complicit in the system's flaws. The reality is that there are severe economic consequences for losing.' A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up The book offers a sort of survival strategy for the modern world – helping readers navigate capitalism on their own terms, taking what they need without being consumed by it. Daryl Fairweather's new book Hate The Game: Economic Cheat Codes For Life, Love & Work offers a sort of survival strategy for the modern world. PHOTO: UNIVERSITY OF CHICAGO PRESS Bloom's book picks up the conversation from a different angle. His focus differs from Fairweather's, and he goes a step further by offering a new framework for what it means to be truly wealthy. In The 5 Types of Wealth, Bloom proposes that there are five essential forms of capital: financial wealth, time wealth, physical wealth (health), social wealth (relationships) and mental or spiritual wealth (purpose). A Stanford graduate and ex-investor who now writes and speaks on personal development, Bloom knows the draw of chasing money as the ultimate scoreboard. But he also knows the emptiness that can come from achieving financial goals while neglecting everything else. 'Once you've achieved a baseline level of financial well-being,' he writes, 'more money is unlikely to meaningfully affect your overall happiness. The default scoreboard – focused on money – may be a useful asset in the earliest days of your journey, but it is a liability when you're attached to it in the later days.' True wealth, he argues, is not just about net worth – it is about designing a life you do not want to escape from. Can you spend your time as you please? Are you in good health? Do you feel connected to others? Do you wake up each day with a sense of purpose? Without these, a high salary and a big house are little more than polished distractions. In fact, Bloom suggests, they may even mask deeper deficits. A well-paying job with no time, chronic stress and loneliness is not wealth – it is a debt you cannot repay. While much of this may sound familiar – after all, most people instinctively know that money cannot buy love or lasting happiness – Bloom gives language and structure to something that many people feel but have not articulated. By categorising the often-overlooked dimensions of wealth, he creates a framework for self-reflection. Sahil Bloom's book The Five Types of Wealth: A Transformative Guide To Design Your Dream Life gives language and structure to something that many people feel but have not articulated. PHOTOS: BALLANTINE BOOKS Some of the book's most engaging and useful sections are also the most interactive. There is a quiz, for instance, to help readers assess which types of wealth they have in abundance, and which ones they may be neglecting. (The quiz is also available online at – in our view, every working adult should give it a go.) Another highlight is his listicle Seven Pieces of Career Advice I Wish I Had Known When I Was Starting Out, which includes practical nuggets such as: 'Be a remarkable storyteller', 'Be a reliable figure-it-outer', 'Work hard early in your career; work smart later in life' and 'Do the old-fashioned things well – like punctuality, posture, eye contact, handshake and general professionalism'. (The listicle is also available on Bloom's site Taken together, Hate the Game and The 5 Types of Wealth challenge the assumption that financial success is the ultimate measure of a good life. They argue, in different but complementary ways, that fulfilment stems not from how much you earn, but from how well you live – with purpose, connection, health and autonomy. In a culture obsessed with chasing high net-worth status, these books offer a necessary reminder that the richer life you dream of having might just be the one you are too busy to notice. Hate the Game by Daryl Fairweather and The 5 Types of Wealth by Sahil Bloom are available in good bookstores
New York Times
15-05-2025
- Business
- New York Times
Permits to Build New Apartments Have Plummeted
Apartment construction boomed during the pandemic as the transition to remote work allowed more Americans to relocate, fueling rental demand across the country. But two years later, permits to build new units have receded to below prepandemic levels, according to a recent study by Redfin. Researchers compared census data on permits issued for multifamily buildings of five or more units during three time periods: prepandemic (April 2014 to March 2020), mid-pandemic (April 2020 to March 2023), and post-pandemic (April 2024 to March 2025). During the post-pandemic period, developers nationwide have received permits to build about 12 multifamily housing units per 10,000 people — a 6 percent decline from the prepandemic period and a roughly 27 percent decline from the pandemic building boom. Among the 78 U.S. metro areas with populations of at least 750,000, the study found that 63 percent have scaled back on building apartments since March 2023. One exception: high-demand cities in the Sun Belt region. Austin, Texas, topped all metros with about 65 permits issued per 10,000 residents. Cape Coral, Fla., was second, with about 60 permits per 10,000 people. Following were North Port, Fla. (53 permits), Raleigh, N.C. (just over 41), and Orlando, Fla. (just under 41). Why is apartment construction soaring in the Sun Belt and plunging in other areas? In part, because builders there face fewer restrictions. 'Austin is still booming because they are allowing for more types of homes to be built by loosening restrictions on things like minimum lot sizes,' said Daryl Fairweather, Redfin's chief economist. Cape Coral, Fla., is helping to facilitate construction by expanding 'utility access that opens up the opportunity to build housing in places that wouldn't have been possible before,' she said. Economic uncertainty has also played a role in the building decline. Ms. Fairweather said that developers have dialed back because of high interest rates, volatility in the cost of materials because of tariffs, and uncertainty over the effects of deporting construction workers, many of whom are undocumented. New Apartments in Your City? The metros with the most and fewest permits issued for new apartments per 10,000 residents from April 2024 to March 2025. Fewest Most PERMITS PER 10,000 RESIDENTS PERMITS PER 10,000 RESIDENTS METRO METRO Stockton, Calif. Bakersfield, Calif. Providence, R.I. El Paso Baton Rouge, La. Birmingham, Ala. New Orleans Cleveland Fresno, Calf. Tulsa, Okla. 0.0 0.8 1.6 1.6 1.9 2.3 2.5 2.5 3.5 3.6 Austin, Texas Cape Coral, Fla. North Port, Fla. Raleigh, N.C. Orlando, Fla. Columbus, Ohio Omaha Richmond, Va. Charlotte, N.C. Nashville 64.5 59.6 53.3 41.1 40.7 37.9 37.5 35.4 30.0 29.8 Fewest PERMITS PER 10,000 RESIDENTS METRO Stockton, Calif. Bakersfield, Calif. Providence, R.I. El Paso Baton Rouge, La. Birmingham, Ala. New Orleans Cleveland Fresno, Calf. Tulsa, Okla. 0.0 0.8 1.6 1.6 1.9 2.3 2.5 2.5 3.5 3.6 Most PERMITS PER 10,000 RESIDENTS METRO Austin, Texas Cape Coral, Fla. North Port, Fla. Raleigh, N.C. Orlando, Fla. Columbus, Ohio Omaha Richmond, Va. Charlotte, N.C. Nashville 64.5 59.6 53.3 41.1 40.7 37.9 37.5 35.4 30.0 29.8 Source: Redfin By The New York Times For weekly email updates on residential real estate news, sign up here.
Yahoo
14-05-2025
- Business
- Yahoo
Housing market faces 'a lost year' due to tariffs, economist says
Listen and subscribe to Financial Freestyle on Apple Podcasts, Spotify, or wherever you find your favorite podcasts. With President Trump's tariffs threatening to reignite inflation and potentially tip the US economy into a recession, the housing market remains in a precarious position. 'I think it's just kind of going to be another lost year for housing in terms of supply and demand,' Daryl Fairweather, Redfin's chief economist and the author of the forthcoming book 'Hate the Game,' said on Yahoo Finance's Financial Freestyle podcast (see video above or listen below). Fairweather pointed out that limited housing inventory likely won't ease up, noting that 'builders aren't going to want to build when they're facing tariffs on materials and labor shortages because of immigration policy.' This embedded content is not available in your region. While the Trump administration has scaled back its steepest tariffs on goods from China and other trading partners, which has diminished the US recession odds, the overall tariff rate is still much higher than at the start of the year. Economists like Fairweather expect inflation to rise, at least temporarily, which could lead the Federal Reserve to keep interest rates higher for longer. Fairweather cautioned that higher prices could make it harder to build things, which could "spread throughout the economy in unexpected ways." As it stands, housing inflation is one of the most stubborn areas where costs are rising. Read more: What Trump's tariffs mean for the economy and your wallet It's possible that home values could erode in real terms if they increase by less than broader inflation. However, Fairweather doesn't expect a housing crisis like in 2008, when many homeowners were underwater on their mortgages and forced to sell. That, coupled with the low mortgage rates many homeowners secured in recent years, means that some potential sellers will stay put, contributing to lower inventory. 'The housing market [is] in a really tough spot,' Fairweather said. 'And I think if we enter a recession and the trade war looms, it could hurt home values.' Many Americans have already found it particularly difficult to break into the housing market. Add to this increased material costs from tariffs and reduced labor due to Trump's immigration policies, and there may be even fewer points of entry. In its quarterly report last month, homebuilder PulteGroup (PHM) warned that the cost of building materials has already increased. Key components like plumbing fixtures, water heaters, porcelain, HVAC parts, tile flooring, circuit breakers, and load centers are subject to the global 10% tariff rate. While there are tariff carveouts for some building materials like copper and lumber, the higher costs associated with other housing items imported from overseas, such as appliances, are expected to be offloaded on to consumers. Fairweather noted that the Midwest is likely the 'last affordable region in the country' for prospective homeowners. But moving to that region may not be possible for those who need to live in more expensive areas to further their careers. Read more: Should you buy a house? How to know if you're ready. That said, Fairweather said there is still some hope for those looking to make an impact on housing affordability over the long run. She pointed out that the federal government 'doesn't actually control housing policy.' Instead, this responsibility falls to local governments, meaning you can get involved by speaking to your local planning commission. 'It is almost always the state and local government that is determining how much housing can be built,' Fairweather said. 'And this is one area where anybody can get involved. You can show up at your local planning commission and have your voice heard in terms of wanting more housing to be built.' 'This is a great way to advocate for really everyone being better off,' she continued. 'The most vulnerable people are the ones who end up homeless when rents go up. So if you want to make the world a better place, a little small thing you can do is just go complain at your local planning commission.' Every Monday, Financial Freestyle host Ross Mac talks with key guests to discuss their wealth-building journeys and what it takes to build a lasting financial footprint. You can find more episodes on our video hub or watch on your preferred streaming service. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
