Economy | The Georgia Star News

Voters ID Inflation, Immigration as Top Concerns Ahead of Presidential Election

March 26, 2024 The Center Square

Likely voters are focused on inflation and price increases, illegal immigration and the economy as incumbent President Joe Biden and former President Donald Trump prepared for a rematch of 2020 in November.

The Center Square Voters’ Voice Poll, conducted in conjunction with Noble Predictive Insights, found that given a range of options to identify their top concerns, likely voters said inflation/price increases (45 percent), illegal immigration (44 percent) and the economy/jobs (24 percent) were the issues that matter most to them.

State Financial Officers Urge Treasury to Terminate Internal Revenue Service’s ‘Direct File’ Program

March 25, 2024 Just the News

A group of 21 state financial officers on Monday urged the Department of the Treasury to terminate the IRS’s Direct File pilot program, contending that its shortcomings were likely to lead to problems for filers, cause needless confusion, and result in lost state revenues.

Possible Bankruptcy for EV Maker Fisker as Industry Hit with Declining Consumer Interest

March 25, 2024 Just the News

Fisker electric vehicle on beach with people playing

Electric-vehicle startup Fisker may file for bankruptcy as the declining pace of consumer demand weighs upon the struggling company.

In a March 15 8-K filing with the Securities and Exchange Commission, the company warned investors that “Fisker did not make a required interest payment of approximately $8.4 million payable in cash on March 15, 2024 (the “Interest Payment”) with respect to Fisker’s unsecured 2.50% convertible notes” and that “the Company has a 30-day grace period to make the Interest Payment.”

Georgia’s Unemployment Rate Remains Flat in February

March 25, 2024 The Center Square

Georgia’s February unemployment rate remained unchanged from the revised January rate, labor officials said Thursday.

State officials said the Peach State’s 3.1% unemployment rate is below the national rate of 3.9%. Last week, state officials said Georgia’s January unemployment rate dropped to 3.1%, the first drop in more than a year after holding at 3.2% in 2023.

Congress Probing Whether IRS Plyng AI to Invade Americans’ Financial Privacy

March 25, 2024 Just the News

The House Judiciary Committee has opened an inquiry to whether the IRS is using artificial intelligence to invade Americans’ financial privacy after an agency employee was captured in an undercover tape suggesting there was a widespread surveillance operation underway that might not be constitutional.

Committee Chairman Jim Jordan, R-Ohio, and Rep. Harriet Hageman, R-Wyo., sent a letter last week to Treasury Secretary Janet Yellen demanding documents, and answers as to how the agency is currently employing artificial intelligence to comb through bank records to look for possible tax cheats.

Existing Home Sales Jump 9.5 Percent in February

March 24, 2024 The Center Square

Existing home sales increased 9.5% in February to a seasonally adjusted annual rate of 4.38 million, marking the largest monthly increase since February 2023, but overall sales declined 3.3% from the previous year, according to the National Association of Realtors.

Total existing home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – jumped 9.5% from January to a seasonally adjusted annual rate of 4.38 million in February. Year-over-year, sales slid 3.3% (down from 4.53 million in February 2023).

Commentary: Biden EPA’s Latter-Day Prohibition Targets Auto Industry

March 24, 2024 Georgia Star News Staff

Not since Prohibition has the federal government sought to ban a product as popular as the internal combustion engine.

This week, the Environmental Protection Agency released its final emissions standards rule, requiring that 70% of new vehicle sales be pure battery-powered electric or hybrids by 2032.

Progressives, Conservatives Not Happy with EPA’s New Rule on Vehicle Emissions

March 22, 2024 The Center Square

President Biden driving and electric vehicle

The U.S. Environmental Protection Agency said Wednesday it is finalizing more protective emissions standards that it called the “strongest ever” for light-duty and medium-duty vehicles that it claims will reduce air pollution and be phased in from 2027 through 2032.

In a news release, the EPA claimed the standards would result in a reduction of 7 billion tons of carbon emissions and have a net benefit of $100 billion in terms of public health benefits as well as reduced fuel costs and maintenance and repair costs for drivers.

Poll: 60 Percent of Independents Disapprove of Biden’s Job as President

March 22, 2024 The Center Square

A majority of Americans disapprove of the job President Joe Biden is doing, according to a new poll.

The Center Square Voter’s Voice poll released Wednesday asked voters, “When it comes to President Joe Biden, do you approve or disapprove of how he’s handling his job?”

CBO Reports Grim Long-Term Outlook for Federal Government

March 22, 2024 The Center Square

The Congressional Budget Office on Wednesday released a bleak outlook for the federal government with new projections that show debt levels will reach their highest levels ever in five years.

“Debt held by the public, boosted by the large deficits, reaches its highest level ever in 2029 (measured as a percentage of GDP) and then continues to grow, reaching 166 percent of GDP in 2054 and remaining on track to increase thereafter,” according to the CBO report. “That mounting debt would slow economic growth, push up interest payments to foreign holders of U.S. debt, and pose significant risks to the fiscal and economic outlook; it could also cause lawmakers to feel more constrained in their policy choices.”

Energy Secretary Insists Energy Stockpiles Will Be Refilled in 2024, but Experts are Skeptical

March 21, 2024 Just the News

Energy Secretary Jennifer Granholm said Monday that the nation’s energy stockpiles, which President Joe Biden depleted to its lowest level since the 1980s, will be refilled by the end of 2024.

“By the end of this year we will essentially be back to where we would have been absent the sales,” Granholm said at the CERAWeek energy conference in Houston, Texas, according to AFP.

Bentley Pushes Back Ambitious All-Electric Goals

March 20, 2024 Georgia Star News Staff

British luxury carmaker Bentley Motors is pushing back its plans to have an all-electric vehicle (EV) offering by 2030, following other top vehicle manufacturers, according to CNBC.

Bentley had originally planned to transition all of its vehicle sales to EVs by 2030 but announced that it would be looking to delay that change by a couple of years, continuing to offer hybrids through that time, CEO Adrian Hallmark said in a media briefing following the company’s fourth quarter results, according to CNBC. General Motors, Ford, Mercedes-Benz and Honda have all backed off of previously made EV goals in the past year as low demand and high costs have stifled the commodity’s profitability compared to traditional vehicles.

Layoffs Continue Nationwide as Economic Concerns Rise

March 20, 2024 The Center Square

As the economy worsens, multiple industries continue to shed jobs.

U.S.-based companies laid off 82,307 employees in January, a 136 percent increase from the previous month, according to a report by the business and coaching firm, Challenger, Gray & Christmas, Inc. The Wall Street Journal reported companies are still cutting white-collar jobs in an attempt “to do more with less.”

Georgia Attorney General Leads Coalition Challenging ‘Unlawful’ Rule Demanding Companies Issue Annual Climate Change Reports

March 19, 2024 Tom Pappert

Georgia Attorney General Chris Carr on Thursday announced he is leading a coalition of 10 attorneys general in opposition to a new rule requiring publicly traded companies to create annual climate change reports.

Carr leads a coalition that includes attorneys general serving Georgia, West Virginia, Alabama, Alaska, New Hampshire, Oklahoma, South Carolina, Wyoming and Virginia in a petition for the 11th U.S. Circuit Court of Appeals to review whether the newly-enacted rule should remain.

Retailer Joann Fabrics Files for Bankruptcy as Americans Cut Back on Creature Comforts

March 18, 2024 Georgia Star News Staff

Major fabric and craft retailer Joann announced Monday that it was filing for bankruptcy as consumers pull back on spending due to harsh economic conditions.

The retailer recently reached an agreement with a majority of its financial stakeholders as well as other financing parties, giving the company around $132 million in new financing while also reducing the debt on the company’s balance sheet by around $505 million, according to an announcement from Joann. Retail sales across the U.S. economy have continued to slump in recent months, growing just 0.6 percent month-to-month in February, not including inflation, and declining 1.1 percent in January as consumers pull back on non-essentials as prices rise.

Jeff Bezos’ Charity Spending Millions to Fund Development of Fake Meat

March 18, 2024 Georgia Star News Staff

The charitable foundation of Amazon founder and billionaire Jeff Bezos is pouring tens of millions of dollars into efforts to advance synthetic meat.

The Bezos Earth Fund (BEF) will be spending an initial $60 million to fund research and development of “alternative proteins,” which the University of Melbourne defines as “plant-based and food-technology alternatives to animal protein,” the BEF announced Tuesday. The $60 million commitment is part of the BEF’s $1 billion campaign to transform food systems to fight climate change.

Commentary: Electric Transmission Buildout Could Cost Americans Trillions of Dollars

March 18, 2024 RealClearWire

Though windmills and solar panels get the headlines, the big energy topic in Washington is electric transmission. Whether it is Congress’s newfound interest in permitting reform, the U.S. Department of Energy’s new Grid Deployment Office, or the Federal Energy Regulatory Commission’s (FERC) upcoming final rule on transmission planning and cost allocation, how to build and pay for long-range transmission to connect generators to customers is considered the final piece in the quest to meet net-zero goals.

Like so many issues in Washington, the need for more transmission lines is accepted without question and the costs are not considered. But for American consumers, especially low-income and elderly, as well as small businesses and energy intense manufacturers, building new transmission lines could result in much higher monthly bills and leave them on the hook for stranded assets.

Study: Most Partial Automation Driving Systems Need Work

March 18, 2024 The Center Square

The Insurance Institute for Highway Safety says automakers should incorporate new rating programs into their partial driving automation systems to reduce traffic deaths.

The new IIHS ratings aim to encourage safeguards that can help reduce intentional misuse and prolonged attention lapses.

Inflation Woes: Home Buyers Need 80 Percent More Income to Buy than Four Years Ago

March 17, 2024March 16, 2024 The Center Square

The housing market is not immune from inflationary woes as buyer’s purchasing power has significantly diminished in four years. Home buyers in 2024 need 80% more income to purchase a home than they did in 2020, according to a new report by Zillow.

“The income needed to comfortably afford a home is up 80% since 2020, while median income has risen 23% in that time,” the report states. That equates to $47,000 more than four years ago.

Feds Announce $200 Million for Georgia Projects

March 17, 2024March 16, 2024 The Center Square

The federal government is sending more than $210 million for projects across the state, from building a park over downtown Atlanta’s Connector to removing a flyover ramp in Savannah.

The largest project is a $157.6 million Reconnecting Communities and Neighborhoods Grant award to jumpstart the first phase of construction of the Stitch, a four-acre park over Interstates 75 and 85.

Family Dollar and Dollar Tree to Close 1,000 Stores After $1.71 Billion Net Loss

March 17, 2024 Just the News

Dollar Tree and its subsidiary, Family Dollar, will close 1,000 stores following a net loss of $1.71 billion over three months, the discount retailer said Wednesday.

The company plans to close about 600 Family Dollar stores in the first half of this year and allow about 370 Family Dollar stores and 30 Dollar Tree stores to close over the next few years at the end of their lease terms.

Semiconductor Giant Faces U.S. Delays While Racing Ahead in Japan amid Biden Chips Funding Uncertainty

March 15, 2024 Georgia Star News Staff

A major Taiwanese chip manufacturer’s plan to build a key factory in the U.S. has been plagued with significant delays. Meanwhile, the chipmaker is on schedule to open a separate facility in Japan.

One of the plants Taiwan Semiconductor Manufacturing Company (TSMC) is building in Arizona has delayed manufacturing until 2027 or 2028 instead of 2026 because of uncertainty regarding funding it will receive from President Joe Biden’s administration, according to The New York Times. TSMC’s factory in Japan is on track to operate on schedule as the country’s government has helped the factory by committing billions in funding and assisting with assembling thousands of employees to build it, the WSJ reported.

Biden to Oppose Foreign Acquisition of U.S. Steel in Bid to Sway Blue Collar Voters

March 15, 2024 Georgia Star News Staff

President Joe Biden is expected to announce his opposition to the foreign acquisition of the iconic American company U.S. Steel on Thursday as he looks to win over blue collar voters, according to The Associated Press.

The Japanese Nippon Steel Corporation first announced that it would be acquiring U.S. Steel, the world’s fourth-largest steel producer, in December for around $14.9 billion after entertaining multiple offers, including from American steel company Cleveland Cliffs. The announcement is part of the president’s bid to sway blue-collar voters and union members by positioning himself as supporting American manufacturing, with the remarks to be delivered in the battleground state of Michigan, according to the AP.

Inflation Spiked in February More than Expected

March 15, 2024 The Center Square

Producer prices spiked last month, another sign of rising inflation in the U.S., according to new federal data.

The U.S. Bureau of Labor Statistics on Thursday released its monthly Producer Price Index, a leading marker of inflation, which showed an increase of 0.6% in February, more than expected.

Trump Treasury Secretary Steve Mnuchin Says He’s Looking to Buy TikTok

March 14, 2024 Just the News

Steve Mnuchin, the Treasury secretary under the Trump administration, said Thursday that he is organizing a group to buy TikTok as a bill proceeds through Congress that would force the popular social media app to either be sold or be banned.

Gov. Brian Kemp Acknowledges ‘Disappointing’ Pause to Rivian Electric Vehicles Plant After $1.5 Billion in Subsidies

March 14, 2024March 13, 2024 Tom Pappert

Governor Brian Kemp made public remarks about electric vehicle manufacturer Rivian Automotive announcing plans to pause work on its $5 billion plant in Georgia in a Tuesday press event.

Kemp, whose support for the Rivian deal helped generate $1.5 billion in tax incentives for the company, called the situation “no doubt disappointing” in a press conference.

Commentary: The Financialization of Nature

March 14, 2024 Georgia Star News Staff

Financialization: “A pattern of accumulation in which profit making occurs increasingly through financial channels rather than through trade and commodity production.”
– Greta Krippner, Economic Sociologist, University of Michigan

There are plenty of examples of how America’s economy shifted from a production-based economy to a financially-based economy over the past forty years. Starting around 1980, with the economies of post-World War II Europe and Japan fully rebuilt and roaring, and emerging Asian economies turning into powerhouses of manufacturing as well, America chose financialization as an alternative to rising up to meet the competition.

Border Crisis: Water Scarcity Forces Texas’ Last Sugar Mill to Close

March 14, 2024 The Center Square

The border crisis has taken on many forms in Texas, from crime to fentanyl poisonings to farmers and ranchers losing their livelihoods.

Another casualty of the border crisis is the U.S. State Department’s failure to hold accountable Mexican government authorities to a 1944 Treaty of Utilization of Waters, resulting in Texas’ last sugar mill shut down, the industry contends. The Rio Grande Valley is bracing for an expected initial $100 million in economic losses as a result.

Watchdog: Biden’s 2025 Budget Would Drive National Debt to $45 Trillion in 10 Years, 106 Percent of GDP

March 13, 2024 Just the News

The Committee for a Responsible Federal Budget (CRFB) a budget watchdog group, found that President Joe Biden’s fiscal year 2025 budget would drive the national debt to $45.1 trillion or 106 percent of the U.S. Gross Domestic Product (GDP) by 2034, from $27.4 trillion or about 97 percent of GDP at the present time.

The organization noted that those calculations are based on the Biden administration’s own internal figures. The current $27.4 trillion debt figure is the debt held by the public, not the total national debt including intragovernmental holdings.

‘Unusually High’ Inflation: Consumer Costs Rose Again in February

March 13, 2024 The Center Square

aceless person with cash and calculator app on smartphone

Consumer prices jumped again in February, in part driven by a significant rise in gasoline prices, according to newly released federal inflation data.

The U.S. Bureau of Labor Statistics released its Consumer Price Index Tuesday, a leading marker of inflation, which showed prices rose 0.4 percent in February and 3.2 percent over the past year.

Georgia’s Rivian Project Deserved More Due Diligence, Transparency: Expert

March 12, 2024March 11, 2024 The Center Square

John Mozena hopes that one day he can stop saying “I told you so” about corporate welfare in America.

However, Mozena, president of The Center for Economic Accountability, won’t be able to make such a declaration after Rivian Automotive paused its $5 billion plant in Georgia.

Georgia Tax Collections Decrease 4 Percent amid Calls for Income Tax Cut Acceleration

March 12, 2024March 11, 2024 Tom Pappert

Tax collections in Georgia decreased by about 4 percent in February. The change was driven by sharp decreases in the state’s income tax revenues following Republican-led tax cuts, though Georgia simultaneously saw increased revenue from sales taxes and taxes on corporations.

A press release from the office of Governor Brian Kemp notes the state’s tax revenues fell 4.3 percent in February while the year’s tax collections are down 3.1 percent to date.

Commentary: Unemployment Up Another 760,000 Since December 2022 as Unemployment Rate Jumps to 3.9 Percent

March 11, 2024 Georgia Star News Staff

Don’t look now, but U.S. labor markets appear to be churning in the wrong direction, as the unemployment rate jumped to 3.9 percent in February, and the unemployment level hit a new high for this cycle at almost 6.5 million, up 760,000 from its low this cycle of 5.7 million in Dec. 2022, according to the latest data from the Bureau of Labor Statistics.

Report: Post-Pandemic Remote, Hybrid Work Will Impact Businesses near Offices

March 11, 2024 The Center Square

Remote and hybrid workers will impact more than office vacancy rates, according to an analysis by the Federal Reserve Bank of Kansas City.

The report, “Hybrid Work May Pose Challenge To Bars and Restaurants in Parts of the Tenth Federal Reserve District,” stated hybrid work arrangements and a preference for remote work are here to stay. It quoted research suggesting approximately 30% of working days in 2023 took place at home and office occupancy is down at least 40% compared to pre-pandemic levels.

Government Jobs Continue to Swell Under Biden as Unemployment Ticks Up

March 10, 2024 Georgia Star News Staff

The U.S. set another new record for the total number of government jobs in February, even as overall unemployment ticks up, according to data from the Bureau of Labor Statistics (BLS).

The government added 52,000 positions in February, around the average gain per month seen in the last year, totaling 23,180,000, according to the BLS. The U.S. economy added 275,000 nonfarm payroll jobs in February, far higher than expectations of 200,000, but unemployment shot up from 3.7% to 3.9%.

Job Gains Surge for Another Month as Unemployment Ticks Up

March 9, 2024 Georgia Star News Staff

The U.S. added 275,000 nonfarm payroll jobs in February as the unemployment rate ticked up to 3.9%, according to Bureau of Labor Statistics (BLS) data released Friday.

Economists anticipated that the country would add 200,000 jobs in February compared to the 353,000 that were added in January, and that the unemployment rate would remain at 3.7%, according to Reuters. The job gains were announced two days after Jerome Powell, chair of the Federal Reserve, told the House Financial Services Committee in its semi-annual monetary policy report that he does not believe that there is evidence for a recession, meaning rate cuts could be on the horizon.

Commentary: Americans Are Worse Off than Four Years Ago

March 9, 2024 Georgia Star News Staff

The State of the Union is not strong. Americans are facing a cost-of-living crisis, high crime, and an unsecured southern border as a direct result of Democrats’ failed policies led by perpetrator-in-chief Joe Biden.

Instead of taking accountability for these pressing national challenges, Biden promised more of the same in his State of the Union address Thursday night.

Layoffs Surge for Another Month Despite Job Gains

March 8, 2024March 7, 2024 Georgia Star News Staff

Layoffs at U.S. companies surged for another month as businesses adjusted to current market conditions, despite huge reported job gains, according to outplacement firm Challenger, Gray & Christmas, Inc.

Job cuts increased to 84,638 in February, 3% higher than in January when layoffs also soared, and 9% higher than February last year, which had 77,770 cuts, according to the report. The layoffs are in spite of strong reported job growth, with the U.S. adding 353,000 nonfarm payroll jobs in January, far higher than expectations of 180,000.

Commentary: The Federal Government is Deciding Who Can Start a Small Business

March 8, 2024March 7, 2024 Georgia Star News Staff

Just when it seemed impossible for things to get tougher for small businesses, the federal government decided to make things worse.

Small businesses have had a tough run for the last few years. Record inflation, high interest rates, and workforce shortages have led to widespread pessimism among small businesses. The last thing they need is more government interference, but that is exactly what is happening.

Top Contender to Take over Massive Union Has Repeatedly Been Accused of Union Busting

March 8, 2024 Georgia Star News Staff

The presumptive heir to the position of president of the Service Employees International Union (SEIU) has had employees under her command complain of union-busting tactics and retaliation, according to a report from the Center for Union Facts.

April Verrett, the current secretary treasurer of the SEIU and the former president of SEIU Local 2015, is a top contender to replace the current outgoing president, Mary Kay Henry, according to the report. In both positions, Verrett was reportedly part of the management that faced off with SEIU employees, who had organized separately from the SEIU, about working conditions and contract negotiations.

Struggling Bank Gets Bailed Out with Help from Former Trump Admin Treasury Secretary

March 8, 2024 Georgia Star News Staff

New York Community Bancorp (NYCB) announced on Thursday that it would be getting more than $1 billion from investors to help stabilize the bank, including from a firm run by a former Trump administration Treasury secretary.

The bank will receive $450 million from Mnuchin Liberty Strategic Capital, headed by former Treasury Secretary Steven Mnuchin, as well as a $250 million and $200 million investment from Hudson Bay Capital and Reverence Capital, according to an announcement from the bank. NYCB posted a $252 million loss in the fourth quarter of 2023, sending its stock to the lowest level since 1997 and worrying investors about another potential crisis in the banking sector, accordingto CNN.

Local Restaurants Can’t Keep Up with Minimum Wage Hikes, Inflation

March 5, 2024 Georgia Star News Staff

Minimum wage hikes in many states around the country and sky-high inflation are crushing independent restaurants that don’t want to raise prices on their customers, according to the Wall Street Journal.

In January, 22 states raised their minimum wage for hourly workers, according to the WSJ. Around 59 percent of small business owners said that higher labor costs were the biggest source of inflation in January, requiring price hikes to maintain current revenue levels.

Food Stamp Costs for a Family’s Meal Jump 31 Percent over Last Three Years

March 4, 2024 The Center Square

The monthly costs for the thrifty plan for a family of four participating in the Supplemental Nutrition Assistance Program (SNAP) is increasing by 31% over the last three years.

The United States Department of Agriculture stated the food stamp benefit amounts are based every year upon the cost of the Thrifty Food Plan.

Green: Taxpayers’ $3 Billion Supplying Clean Ports Program

March 3, 2024 The Center Square

The Biden administration’s choice for zero-emissions operations in America’s ports was boosted Wednesday with the opening of applications for $3 billion from taxpayers in the Clean Ports Program.

Equipment and infrastructure needs can be met that “reduce mobile source emissions at U.S. ports,” a release from the U.S. Environmental Protection Agency says. EPA Administrator Michael Regan was in Wilmington, N.C., alongside Gov. Roy Cooper, whose administration he previously worked in, to make the announcement.

Average Long-Term Mortgage Rises to 6.94 Percent in Fourth Consecutive Weekly Increase

March 2, 2024 Georgia Star News Staff

On Thursday, the average long-term mortgage rate in the United States rose for the fourth week in a row, in a setback for Americans looking to potentially buy a home in the traditional homebuying season of spring.

According to ABC News, mortgage buyer Freddie Mac announced that the average rate on a 30-year mortgage rose from 6.90% to 6.94%. Although this is slightly less than the recent high of 6.95% in December, it is still higher than what it was at the same time one year ago, when the average rate was 6.65%.

Federal Data Says Inflation Continues to Rise

March 1, 2024 The Center Square

Newly released federal data showed that inflation continues to rise in the U.S.

The Bureau of Economic Analysis released its Personal Consumption Expenditures marker Thursday, showed inflation rose 0.2% in January, more than many experts had previously expected.

Army Cutting Thousands of Jobs in Preparation for Possible Future War

February 29, 2024 Georgia Star News Staff

The United States Army is reducing its size by about 5%, cutting roughly 24,000 jobs, as part of a restructuring plan that is ostensibly meant to better prepare for a possible war in the future.

As ABC News reports, the cuts will mostly affect posts that are already empty, such as counterinsurgency jobs that were previously needed in countries like Iraq and Afghanistan but no longer needed today, as well as about 3,000 jobs in the Army special operations forces.

Report: US EV Manufacturing Faces ‘Extinction-Level Event’

February 29, 2024 The Center Square

An Alliance for American Manufacturing report called for tariffs to protect the U.S. electric vehicle market from an “extinction-level event” caused by Chinese competitors.

The report follows Chinese EV maker BYD, the world’s largest EV maker, releasing a $14,000 EV in February that could “demolish” domestic EVs, often $40,000 more expensive.

Apple Executives Pull the Plug on the Company’s Electric Vehicle Project

February 29, 2024 Just the News

Apple Inc. has reportedly ended its electric car program.

Citing the company’s unnamed sources, Bloomberg reported Tuesday that the announcement surprised the nearly 2,000 employees working on the project.

Home Prices in America’s Top 10 Biggest Cities Rose in 2023

February 28, 2024 Georgia Star News Staff

Home prices for the 10 largest cities in the U.S. rose by 7.0% year-over-year in December, up from 6.3% in the previous month, according to Standard and Poor’s Case-Shiller home price index report.

The top 20 cities had a slightly less pronounced increase, with prices rising 6.1% year-over-year as of December, up from 5.4% in November, according to the index. The increase in costs is coupled with a rise in the average for a 30-year mortgage rate, which ticked up to 6.90% the week of Feb. 22 after declining slightly from the recent peak of 7.80% that was seen in October, according to the Federal Reserve Bank of St. Louis.