The Trump administration is proposing a $27 billion reduction in federal programs that provide rental assistance to low-income individuals. This cut would be part of an overall 44% reduction to HUD’s budget intended to slim down government spending.
World Economy
The world economy grew at a 2.4% annual rate in the first half of this year, around its longer-term trend.
NAR Commissions
A $418 million settlement by the National Association of Realtors last year came in response to a wave of class-action lawsuits in which plaintiffs charged the NAR’s practices unfairly forced home sellers to pay inflated commissions to buyer agents. A recent study found the national average for real estate commissions on the sale of a home was 5.44%, which was up from a 5.32% average in September 2024.
Boomer Homes
About 43% of baby boomers say they will never sell their home, the highest of any generational group. The biggest single reason cited for staying in place is that their home is almost or completely paid off, while others say they like where they live. About 30% say they are staying in their current home because prices are too high and 18% said they are staying because they don’t want to give up their low mortgage interest rate.
Venture Deal Flow
U.S. venture firms invested $69.9 billion across an estimated 4,001 deals, a 25% decline in deal value compared to the previous quarter. Artificial intelligence, national security, defense tech, fintech and crypto — all sectors aligned with the priorities of President Donald Trump's administration — are attracting outsized interest from investors.
401(k) Assets
U.S. defined-contribution plans held $12.4 trillion in assets at the end of 2024.
NYC RevPAR
New York City hotels averaged an occupancy rate of 82% a week for roughly the first half of the year. That is on par with last year—and nearly 20 percentage points higher than the national rate. Revenue per available room is at $238.93 was well above the national average figure of $99.94.
Private Credit Growth
The private-credit business has grown fast in the past two decades, with capital raised for lending to private-equity-backed companies—the biggest part of the market—up more than 100-fold since 2006 to nearly $700 billion in 2024.
Fast Casual Rewards
Consumers may be pulling back on spending, but fast-casual chains have found at least one way to keep diners coming back: rewards programs. From Chipotle and Starbucks to Cava and Sweetgreen, restaurant brands are using loyalty programs to drive sales.
NYC Development
The Kingdom’s Public Investment Fund is teaming with Related Cos., which has said it is planning to build a 1,200-foot tower on a site one block from Central Park, which was purchased last year for more than $600 million. Related initially planned a mixed-use project there with residential, retail and a hotel. But more recently the firm said it has been considering an office building instead to take advantage of the strong demand among businesses for top-quality space in the city. The overall cost for the site and development is expected to be more than $1 billion.