BusinessThe Street•6 hours agoHere are the most overvalued U.S. home markets
Homes are increasingly running on the expensive side across the U.S., but many of those prices are greatly inflated. Lack of inventory, largely caused by weak growth in home building since the recession, is the culprit responsible for the 1.8% decline in existing home sales in June compared to May, says Joseph Kirchner, senior economist at Realtor.com. "Though we continue to see record-high demand, sales of existing homes are up by only 0.7% compared to last year," Kirchner says. That demand is driving U.S. home prices up this summer, with some properties in select states seeing home values rise by 10%-or-more this year (the U.S. median home appreciation growth stands at 6.5% right now.). Some
FinanceReuters•3 hours agoBoeing takes aim at its avionics suppliers, sending stocks down
Boeing Co said on Monday it set up an avionics group to make aircraft controls and electronics that compete with its own suppliers such as Rockwell Collins Inc , Honeywell International Inc and United Technologies Corp , whose shares fell. The world's largest plane maker said the unit had started work and aims to bring systems for military, civil and space vehicles into service after 2020, capturing more of an avionics market worth hundreds of millions of dollars a year. Boeing's aim is to "further drive cost down and value up for our customers," Boeing Chief Executive Officer Dennis Muilenburg said in an internal statement to employees that was seen by Reuters.
- NewsMarketWatch•10 hours ago
Where did baby boomers go wrong? This generation isn’t financially prepared for retirement
Retirement is right around the corner for baby boomers — if they haven’t already entered it — yet so many are financially unprepared. Baby boomers, or those born between 1946 and 1964, expect they’ll need $658,000 in their defined contribution plans by the time they retire, but the average in those employer-sponsored plans is $263,000, according to a survey of 900 investors by financial services firm Legg Mason. Older boomers, who are 65 to 74, have an average of $300,000. Their asset allocation for all of their investments are also conservative, according to QS Investors, an investment management firm Legg Mason acquired in 2014, with 30% in cash, 24% in equities, 22% in fixed income, 4% in
