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Sales of previously occupied U.S. homes fell sharply in January as higher home prices and possibly harsh winter weather kept many prospective homebuyers on the sidelines despite easing mortgage rates. Existing home sales sank 8.4% last month from December to a seasonally adjusted annual rate of 3.91 million units, the National Association of Realtors said Thursday. That’s the biggest monthly decline in nearly four years and the slowest annualized sales pace in more than two years. Sales fell 4.4% compared with January last year. The latest sales figure fell short of the 4.105 million pace economists were expecting, according to FactSet. “The decrease in sales …

Japanese automaker Honda reported a 7% decline in profit for the nine months that ended in December on Thursday as it terminated talks on integrating its business with Nissan. Tokyo-based Honda Motor Co. said its motorcycles business was strong, but its auto sales suffered in China and Japan, while demand stayed solid in the U.S. Honda’s April-December 2024 profit totaled 805 billion yen ($5 billion), down from 869.6 billion yen the same period in 2023. Nine-month sales gained nearly 9% to 16.3 trillion yen ($106 billion). Honda and Japanese rival Nissan Motor Corp., along with the smaller Mitsubishi Motors Corp., said in December that they were in talks to set up a j…

American Honda issued a major recall over engine concerns this week. On Wednesday, the company recalled 295,000 vehicles, including Honda and Acura models. In the announcement, Honda said owners of the recalled vehicles need to update the field injection control unit (FI-ECU) software due to the fact that the system could cause the engine to spontaneously malfunction. Honda explained in a news release, “Due to improper programming of the FI-ECU, sudden changes in the throttle could illuminate the check engine light and cause the engine to lose drive power, hesitate and/or stall, increasing the risk of a crash or injury. American Honda self-diagnosed this issue by mon…

Honda says its refreshed H logo represents a “second founding” for the company. Honda 2.0, then, is designed to look like it’s from the future. The Japanese automaker announced on January 13 that it’s adopting a new logo across its automobile business. The company has had some sort of an H mark since 1963, and its new mark is wider than its last, with stems that slant outward as they move upward. The logo is now freed from being inside a frame, and Honda compares it to “two outstretched hands.” It’s meant to evoke a shape, not just a letter. As the automotive industry electrifies and upgrades its tech, automakers including Audi, Kia, and Tesla have turned to d…

Honeywell, one of the last remaining U.S. industrial conglomerates, will split into three independent companies, following in the footsteps of manufacturing giants like General Electric and Alcoa. The company said Thursday that it will separate from its automation and aerospace technologies businesses. Including plans announced earlier to spin off its advanced materials business, Honeywell will consist of three smaller entities in hopes that they will each be more agile. “The formation of three independent, industry-leading companies builds on the powerful foundation we have created, positioning each to pursue tailored growth strategies, and unlock significant value for…

Hooters of America, LLC, owner of the Hooters restaurant chain, has announced that it has filed for Chapter 11 bankruptcy protection. The bankruptcy filing is aimed at helping the company restructure itself so it can transition from a company-owned restaurant chain to a franchisee-owned chain. Here’s what you need to know about Hooter’s bankruptcy and whether any locations will close. Hooters to transition to franchisee-owned model Most people think of Hooters as just one company, but the restaurant chain currently operates under a hybrid model. Hooters of America, LLC, owns the restaurant’s brand intellectual property and currently operates numerous Hooters lo…

The University of California Irvine’s new healthcare campus has a long list of innovative features, from its combined inpatient-outpatient surgical suite to its outdoor chemotherapy infusion terrace to an entire floor dedicated to staff only. The one thing it doesn’t have is a gas line. The multi-building healthcare campus with 144 hospital beds officially opened in December as one of a very few major hospitals around the world that runs entirely on electricity. CO Architects, which designed the all-electric hospital alongside design-build partner Hensel Phelps, claims it’s the only hospital larger than 500,000 square feet to pull this off. “Healthcare is just…

Shares in two closely watched AI-adjacent companies, Nvidia Corporation and Palantir Technologies, are falling this morning. Currently, Nvidia shares are down more than 2.2% and Palantir shares are down more than 6%. The share price drops of two of the most prominent AI companies come as investors seem increasingly worried that the AI boom is starting to look more like an AI bubble, reminiscent of the dotcom bubble of the late ’90s and early 2000s. In part due to these concerns, an increasing number of investors have recently begun betting against the stocks of companies benefitting from the artificial intelligence boom—including Michael Burry, the investor who b…

The stock market survived the longest government shutdown in U.S. history with minimal impact. But it tumbled on Thursday, November 13, amid a sell-off of tech stocks as worries about overinflated values and interest rate cuts grew. Take the S&P 500, which shrank 1.66% to 6,739.49, or the Dow Jones Industrial average, which went down by 1.65% to 47,457.22—both at their lowest in over a month. It was only the day before that the Dow had surpassed 48,000, reaching a new record high. The Nasdaq composite met a similar fate, dropping 2.29% to its month low of 22,870.36. Many tech stocks felt the effect. Shares of electric vehicle maker Tesla (Nasdaq:TSLA) dr…

As a nearly 60-year-old brand, Hot Wheels has been a playroom staple for generations of children. But while the tiny cars and buildable track sets have managed to find their way into the playrooms of millions of children, the looping, curving track pieces have always been a bit of a challenge to actually put together. Mattel, which created the Hot Wheels brand in 1968, knows this is a pain point, especially at the younger end of their target market. Recent research found that less than a third of kids aged 3 to 6 are able to assemble Hot Wheels track sets without help. “That to us was a really big call to say that we need to approach this in a different manner,” says …

More buildings are being converted into apartments in the U.S. than ever before, and it’s not just old offices that are finding new use. After the COVID-19 pandemic disrupted relocation patterns and work arrangements nationwide, suddenly vacant city office space seemed like prime real estate for housing. But it’s actually hotels more than any other building type that are driving the spike in conversions now: Hotels made up 37% of all apartment conversions in 2024, followed by offices at 24%, industrial at 19%, schools at 8%, and other at 12%. New sourcing to meet newfound growth This shift in sourcing comes at a time when a record number of converted apartments…

Early this morning, the House voted 215–214 to pass a sweeping budget reconciliation bill with provisions that include a cancellation or phaseout for just about everything that was in the Inflation Reduction Act. The measure, which now heads to the Senate, is being described by clean energy and environmental groups as a monumental betrayal of the country that will cost jobs and increase electricity bills. But during the floor debate overnight, the energy parts of the bill were an afterthought to higher priority issues for members of both parties, such as tax cuts, revisions to Medicaid, and a desire to support or oppose the agenda of President Donald The President…

Want more housing market stories from Lance Lambert’s ResiClub in your inbox? Subscribe to the ResiClub newsletter. Since mortgage rates spiked in 2022, many large homebuilders have tried to make homes more affordable by shrinking them, stripping them down, or pushing buyers farther out. Allan Merrill, CEO of Atlanta-based Beazer Homes—a publicly traded builder with a $710 million market capitalization and the 23rd-largest single-family homebuilder last year—believes that’s the wrong approach. “The way I think about it is, I don’t want to sell you a cheaper home,” Merrill told ResiClub last week. “I want to sell you a home that costs you less every month to live i…

Want more housing market stories from Lance Lambert’s ResiClub in your inbox? Subscribe to the ResiClub newsletter. Pandemic era adoption of work-from-home and hybrid work models has left many office spaces unused, triggering a surge in expired leases and vacant office buildings. Simultaneously, the residential housing market remains resilient, with the number of active homes for sale in January 2025 sitting 25% below the levels recorded in January 2019. It’d only make sense that many of these offices over time get converted into condos and apartments, right? To gain a comprehensive understanding of the current office-to-apartment conversions landscape, ResiCl…

Want more housing market stories from Lance Lambert’s ResiClub in your inbox? Subscribe to the ResiClub newsletter. D.R. Horton, America’s largest homebuilder, is doubling down on mortgage rate buydowns to keep its sales volumes up amidst an affordability-strained housing market. On its October 28 earnings call, the builder said 73% of its homebuyers in fiscal Q4 2025 received a mortgage rate buydown—up slightly from 72% in the previous quarter. “As we anticipated on our last call, we did expect to lean in more heavily to the offering of 3.99% [mortgage rate buydown],” said Jessica Hansen, D.R. Horton’s senior vice president of investor relations. “That is som…

Want more housing market stories from Lance Lambert’s ResiClub in your inbox? Subscribe to the ResiClub newsletter. U.S. existing-home sales totaled just 4.06 million in 2024—the lowest annual level since 1995, according to the National Association of Realtors. That’s far below the 5.3 million in pre-pandemic 2019. But here’s the thing: Today’s housing market is even more constrained when you consider that the U.S. now has 76.3 million more people and 33.2 million more households than it did in 1995. To illustrate this point, ResiClub created the following chart: U.S. existing home sales adjusted for population size. (We used total household counts instead of …