More see value in buying a home now
The homeownership rate in the U.S. increased in the third quarter, a sign that first-time buyers may be seeing the cooldown in housing as a buying opportunity.
The share was 64.4 percent, according to a Census Bureau report Tuesday. It was up from 64.3 percent in the previous three months and 63.9 percent a year earlier.
The fevered price gains of the past six years are slowing, meaning more buyers can take their time to find the best deal without the pressure of bidding wars. The recent jump in mortgage rates has also taken the edge off demand. With such a large population of Americans under 45, the homeownership rate can still rise as more renters make their first purchase, said Tian Liu, chief economist at Genworth Mortgage Insurance, before the announcement.
“There is a benefit to potential first-time buyers in the market today: There is less competition for available homes,” Liu said in a phone interview. “Now, they may be able to afford — through slower home-price growth — a more desirable home than before.”
Harley-Davidson to recall 26 models
Harley-Davidson is recalling nearly 178,000 motorcycles in the U.S. because they can get stuck in gear due to a clutch problem.
The recall covers 26 models from the 2017 and 2018 model years.
Documents posted Tuesday by the National Highway Traffic Safety Administration say clutches can leak fluid internally, making it so the clutch doesn’t have enough lift to disengage the bikes from gears. The safety agency says that can cause riders to lose control and increase the risk of a crash.
Harley says in documents that it has reports of five crashes with no injuries.
Dealers will install a new secondary clutch actuator piston assembly at no cost to owners. The recall is expected to start on Nov. 5.
Everglades highway project gets funding
Florida’s Republican governor has directed $3.5 million in state transportation funds to finish raising a highway across the Everglades.
Gov. Rick Scott announced the funding Tuesday atop a new 2.6-mile span of the elevated Tamiami Trail.
The completed project will allow water to flow under nearly 6 miles of the highway into Everglades National Park.
Scott also directed the Florida Department of Environmental Protection to request $40 million more in state money to complete the project.
EU antitrust agency probes steel merger
The European Union’s antitrust watchdog is launching a probe into a planned joint venture by German steelmaker Thyssenkrupp and India’s Tata Steel, saying it might reduce competition.
The two companies said in June they had signed a deal to merge their European steel operations into a new Netherlandsbased firm called Thyssenkrupp Tata Steel B.V. in which they would both hold a 50 percent stake.
EU Competition Commissioner Margrethe Vestager announced the investigation Tuesday.
The merger, if it gets the green light, would create Europe’s second-largest steel company after ArcelorMittal. It would employ about 48,000 people in Germany, Britain and the Netherlands.
Egypt police raiding potato hoarders
Egypt’s police are stepping in to fight a potato shortage that has caused prices for the staple to double at a time when Egyptians are struggling with steadily rising food costs.
Pro-government newspapers and TV stations have been publicizing raids on warehouses where authorities say businessmen are hoarding potatoes to try to drive up prices.
For the first time, the Interior Ministry, which runs the police, has begun selling potatoes at reduced prices at temporary outlets, drawing long lines of customers.
The potato crisis has showcased the lengths to which authorities are willing to go to prevent popular discontent from boiling over as they impose a raft of austerity measures intended to reform the economy.
Musk buys back $20M in Tesla stock
Tesla CEO Elon Musk has added nearly $10 million worth of company stock to his portfolio.
Musk’s trust bought nearly 30,000 shares on the open market Monday. The purchases were disclosed in a filing Tuesday with the U.S. Securities and Exchange Commission.
The filing says Musk will buy another $20 million worth of stock in a transaction with the automaker that should close by next week.
Musk disclosed the $20 million purchase in an Oct. 16 filing about court approval of a deal to settle an SEC fraud case. The case involved tweets by Musk saying he had secured funding to take the company private when the deal wasn’t final. Tesla and Musk each agreed to pay $20 million in penalties.
Musk now owns about 20 percent of Tesla.