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Home prices post third straight month of record gains

Work release inmate in Jefferson County dies in corrections housing.

A Jefferson County work-release inmate who was housed in a community corrections program died Tuesday, according to the sheriff’s office.

Damion Jeffcastle White, 26, was found unresponsive in Intervention Community Corrections Services housing during the early morning, according to a new release. He was pronounced dead at the scene.

White was in custody since July 1 and was being held on a third-degree domestic assault charge, according to the release. He was transferred to community corrections on July 14.

The Jefferson County Coroner’s Office will determine the cause and manner of his death.

 

European Economics Preview: German Unemployment Data Due

Unemployment from Germany and flash consumer prices from euro area are due on Tuesday, headlining a busy day for the European economic news.

At 2.00 am ET, Destatis releases Germany’s import prices and unemployment reports. Economists forecast import prices to gain 13.6 percent annually in July after rising 12.9 percent in June.

At 2.45 am ET, France Insee publishes GDP, flash consumer prices and household spending data. Consumer price inflation is seen rising to 1.7 percent in August from 1.2 percent in July.

At 3.55 am ET, Germany’s unemployment data is due. The jobless rate is forecast to fall to 5.6 percent in August from 5.7 percent in July.

At 4.00 am ET, GDP data is due from Italy and Poland. Italy’s final GDP is expected to grow 2.7 percent sequentially in the second quarter.

Half an hour later, the Bank of England publishes mortgage approvals data for July. The number of mortgages approved in July is seen at 79,000 versus 81,340 in June.

At 5.00 am ET, Eurostat publishes euro area flash consumer prices. Inflation is expected to rise to 2.7 percent in August from 2.2 percent in July.

U.S. Consumer Confidence Slumps More Than Expected In February

Consumer confidence in the U.S. saw a substantial deterioration in the month of August, according to a report released by the Conference Board on Tuesday.

The Conference Board said its consumer confidence index tumbled to 113.8 in August from a downwardly revised 125.1 in July.

Economists had expected the consumer confidence index to drop to 123.0 from the 129.1 originally reported for the previous month.

With the bigger than expected decrease, the index slumped to its lowest level since hitting 95.2 in February of 2021.

“Concerns about the Delta variant—and, to a lesser degree, rising gas and food prices—resulted in a less favorable view of current economic conditions and short-term growth prospects,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board.

She added, “While the resurgence of COVID-19 and inflation concerns have dampened confidence, it is too soon to conclude this decline will result in consumers significantly curtailing their spending in the months ahead.”

The report also showed the present situation index slid to 147.3 in August from 157.2 in July, while the expectations index fell to 91.4 from 103.8.

The Best Movies and TV Shows Coming to Amazon, HBO, Hulu and More in September

Every month, streaming services add movies and TV shows to its library. Here are our favorites for September.

By Noel Murray

Intuit in talks to buy Mailchimp for over $10B: report

Fox Business Flash top headlines for Aug. 31

Check out what’s clicking on FoxBusiness.com.

Intuit Inc. is in talks to buy email marketing company Mailchimp for more than $10 billion, according to Bloomberg News.

Intuit is the developer of TurboTax and QuickBooks software.

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Nothing has been decided yet and talks could still fall apart, according to people familiar with the situation.

Other buyers may even emerge for Mailchimp.

Mailchimp concentrates on digital marketing services.

Both companies provide services for small businesses.

TURBOTAX MAKER INTUIT TO BUY CREDIT KARMA IN $7.1B DEAL

Intuit bought Credit Karma last year in a $7.1 billion deal, according to Bloomberg.

If a deal between Intuit and Mailchimp goes through, it would be Intuit's largest deal to date, according to the report.

TickerSecurityLastChangeChange %
INTUINTUIT, INC.566.11+0.54+0.10%

The companies have not responded to requests for comment.

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Bloomberg had reported in August that Mailchimp was exploring a possible sale and was also considering selling a minority stake.

Home prices post third straight month of record gains

Housing market still seeing high demand despite sales drop: Home building executive

Tri Pointe Homes CEO Doug Bauer comments on the drop in new home sales across the nation.

U.S. home prices accelerated at a record pace for the third consecutive month in June as homebuyers bid up prices to overcome the hurdle of low inventory.

Home prices rose 18.6% year over year, the fastest on record, according to the national Case-Shiller index. Prices are now 41.3% above their 2006 peak. 

PENDING HOME SALES SLIDE FOR SECOND MONTH AS HOUSING MARKET COOLS

"The last several months have been extraordinary not only in the level of price gains, but in the consistency of gains across the country," said Craig Lazzara, managing director and global head of index investment strategy at S&P Dow Jones Indices.

Price gains in July quickened from June in every city within the 20-City Composite index which grew 19.1% from the same period last year. 

Phoenix paced the gains with a 29.3% year-over-year price increase, followed by San Diego with a 27.1% gain and Seattle with a 25% rise. All cities within the index except for Chicago saw prices reach record levels. 

However, analysts warn the record-setting price gains may be nearing an end as competition for homes wanes and more inventory hits the market.  

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"Going forward, home price growth may ease off but stay in the double digits through year-end," said CoreLogic deputy chief economist Selma Hepp.