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Renters are struggling more than homeowners in America's tough housing market, report says

·3 mins

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Unaffordable Housing Market Impacts Homeowners and Renters in the US #

A recent report from a research center at Harvard University reveals that both homeowners and renters in the US are facing increasing challenges due to rising housing costs. The report highlights the dire situation for renters, who experienced an unprecedented affordability crisis during the pandemic. The number of renters spending over half of their income on housing and utilities reached a record high of 12.1 million in 2022, leaving them vulnerable to unexpected financial issues. The lack of available homes for sale and elevated mortgage rates are exacerbating the housing market struggles. Efforts at the national level to address the housing crisis include proposed tax credits for affordable housing units. Additionally, state and local initiatives aim to create more affordable homes and provide support for down payments to close racial gaps in homeownership.

Apple’s AI Features Face Hurdle in China #

Apple’s plans to boost iPhone sales in China through AI features may face obstacles due to the country’s ban on ChatGPT, an AI tool that Apple intends to integrate into Siri. While Apple aims to catch up with other tech giants by utilizing AI capabilities, China has implemented regulations on generative AI technology and requires companies to seek approval before deploying such services. The ban poses a challenge for Apple as it seeks to compete in the Chinese market, where demand for iPhones has been sluggish. The partnership with OpenAI could help Apple overcome this hurdle and bridge the AI technology gap.

Upcoming Events #

  • Monday: Fed Governor Christopher Waller’s remarks.
  • Tuesday: Earnings reports from FedEx and Carnival, National Activity Index for May by the Chicago Fed, S&P CoreLogic Case-Shiller US National Home Price Index for April by S&P Global, consumer survey for June by The Conference Board, remarks by Fed officials Lisa Cook and Michelle Bowman.
  • Wednesday: Earnings reports from Micron, General Mills, and Levi Strauss, May sales of new single-family homes by the US Commerce Department, results of the annual bank stress test by the Federal Reserve.
  • Thursday: Earnings reports from Nike, McCormick, and Walgreens, new orders of durable goods in May and final estimate of first-quarter gross domestic product by the US Commerce Department, number of new worker filings for jobless benefits in the week ended June 22 by the US Labor Department, home sales based on contract signings in May by the National Association of Realtors.
  • Friday: Remarks by Richmond Fed President Tom Barkin, May figures on household income, spending, and the Fed’s preferred inflation gauge by the US Commerce Department, final reading of consumer sentiment in June by the University of Michigan, remarks by Fed Governor Michelle Bowman.