Business News

NWQWM Morning Financial Report

Americans are canceling deals to buy homes at the highest rate since the start of the pandemic.  The share of sale agreements on existing homes canceled in June was just under 15% of all homes that went under contract, according to a new report from Redfin. That is the highest share since early 2020, when homebuying paused.  Higher mortgage rates and surging inflation are causing many potential homebuyers to reconsider their purchases. Higher mortgage rates have also caused some borrowers to no longer qualify for the loans they want.

For the first time in 20 years, the exchange rate between the euro and the US dollar is nearly the same -- the two currencies are less than one cent away from parity.  The euro is down nearly 15% since the start of the year. Fears of recession on the continent abound, stoked by high inflation and energy supply uncertainty caused by Russia's invasion of Ukraine.  Now is the time for Americans to plan that European vacation.

Some good news for inflation-weary Americans: There will be no price hike on Costco’s hot dogs.  During a CNBC interview the Costco CEO was asked if he would raise the signature food court item’s price:  His answer was no, never.

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