Facebook Parent Meta Agrees to End Alleged Discriminatory Practices in Housing Ads

WASHINGTON—Facebook parent Meta Platforms agreed Tuesday to adopt new online advertising practices to settle an investigation by federal officials, who said its ads discriminated against users by race, gender and other factors. In a filing in federal district court in New York, the Justice Department and federal housing officials said they would settle housing discrimination … Read more

U.S. Existing-Home Sale Prices Hit Record of $407,600 in May

The relentless climb in U.S. home values continued in May, when median prices shot above $400,000 for the first time while sales activity slowed under pressure from higher mortgage costs. Rapidly rising interest rates are rippling through U.S. markets as the Federal Reserve tries to combat inflation. Stocks entered a bear market this month, consumer … Read more

Empty Wall Street Offices to Be Revived as Apartments

A venture of two New York developers has purchased a one-third empty office building in the city’s financial district with plans to convert it into apartments, one of the largest such conversion schemes to be launched during the pandemic. The venture, which includes Silverstein Properties and Metro Loft, has agreed to pay $180 million for … Read more

Labor Shortage Stymies Construction Work as $1 Trillion Infrastructure Spending Kicks In

WASHINGTON—Construction projects across the U.S. are running short on labor just as $1 trillion in federal infrastructure money starts to kick in, leading companies to get creative in their quest to attract and retain workers. In Southern states, contractors advertise sunny weather and 12 months of work on help-wanted websites in the frostier Northeast and … Read more

Home-Building, Retail Spending Drops Add to Signs U.S. Economy is Slowing

Residential construction declined sharply in May, adding to signs that U.S. economic growth is slowing. Housing starts, a measure of U.S. home-building activity, decreased 14.4% in May compared with the previous month, to a seasonally adjusted annual rate of 1.55 million—the lowest level since April 2021—the Commerce Department said Thursday. Residential building permits, an indicator … Read more

Prices for New Homes in China Slide Further

A decline in Chinese new-home prices accelerated in May, despite efforts by local governments and banks to increase support for a real-estate sector that has been plagued by developer defaults and weak home-buyer demand. Data released on Thursday by China’s National Bureau of Statistics showed that average new-home prices in 70 major Chinese cities declined … Read more

Prologis to Buy Duke Realty in $26 Billion Deal, Including Debt

Prologis Inc., PLD -7.51% the world’s largest warehouse operator, agreed to buy rival Duke Realty Corp. DRE 0.98% in a $26 billion deal that highlights a widening gulf between those who think e-commerce growth has a long way to go and those who think it is running out of steam. The deal marks the largest … Read more

Target Warns of Weaker Profit as it Faces Overstuffed Stores, Inflation-Weary Shoppers

Big retailers benefited over the past two years from the pandemic rush to buy patio furniture, laptops and home décor, as shoppers were buoyed by savings and government stimulus checks. Now many of those same stores are grappling with a swift reversal of buying behavior, with consumers spending less on goods in favor of services … Read more

Biden Administration to Waive Solar Import Tariffs for Two Years

Seeking to resolve a conflict in the solar industry, the White House plans to waive some tariffs on solar imports to ensure steady supplies while invoking the Defense Production Act to boost domestic manufacturing of solar parts. “It is going to put wind in the sails of construction projects all across the country,” a senior … Read more

Housing Boom Fails to Lift All Homes Above Previous Cycle’s Peak

The housing boom of the past two years propelled U.S. home prices to record highs throughout the country. But in hundreds of cities, the red-hot market hasn’t yet brought back prices to where they stood about 15 years ago. Prices fell so hard during the subprime crisis or climbed back so gradually in these cities … Read more