- Foreign Purchases of U.S. Homes Fall to New Low “Foreign purchases of U.S. homes slid for a fifth straight year as the pandemic continued to limit international travel and the dollar strengthened. Foreigners bought 98,600 U.S. homes in the year ended in March, down 7.9% from the prior year, according to a report released Monday by the National Association of Realtors. That is the lowest level on record since NAR began collecting the data in 2009. But the dollar volume of residential real estate purchased by international buyers rose 8.5% to $59 billion, reflecting a large increase in U.S. home prices, NAR said.” (The Wall Street Journal)
- Real Estate Investing Giant Fundrise Breaks into Venture Capital “Investing in private markets has long been reserved for the ultra-rich. Thanks to tech startups, though, the process is becoming much more accessible for those who aren’t members of the “one percent” of wealthiest Americans. Fundrise, a company that allows anyone to invest in real estate with a minimum investment of just $10, is making a splashy entry into the venture capital market with the goal of raising a new $1 billion growth equity fund to invest in late-stage tech startups, it announced today.” (TechCrunch)
- Meta, Amazon Bail on NYC Office Expansions “Meta and Amazon backed off plans for New York City office footprint additions in potential deals with Vornado and JPMorgan Chase.” (The Real Deal)
- What Inflation: Consumers Don’t Want to Cut Back on Dining Out, Vacations “The restaurant and hospitality industries can be pleased with a recent consumer survey about the things Americans would least like to give up. Dining out topped the list (49%), according to a HomeServe survey, followed by streaming TV at 47% – which might not bode well for movie theaters – and vacations at 45%. Conversely, the two things consumers were most willing to give up included regular pet grooming (16%) followed by club/golf/pool membership (18%).” (GlobeSt.com)
- Ross Stores Expands into New Markets in June, July “Ross Stores continue to grow the footprint of its two banners. The off-price retailer opened 21 Ross Dress for Lessand eight dd's Discounts stores across 12 different states in June and July. The openings included locations in the company’s largest markets of California, Florida, and Texas, along with newer states, including North Carolina for dd's and Ohio for Ross.” (Chain Store Age)
- Move Thousands of Homeless People into Landmark L.A. Sears Building? Some Say No Way “Some felt aggrieved that their community, already reeling from COVID-19 deaths and environmental pollution, was now supposed to ‘fix’ Los Angeles’ massive homelessness crisis. Others lamented that basic services they’ve demanded from city and county officials — street cleaning, affordable housing and better security — continued to be neglected, while homelessness has taken center stage. Several speakers lambasted local elected representatives for skipping the meeting.” (Los Angeles Times)
- H&M to Exit Russia, Citing ‘Impossible’ Situation “Fast fashion giant Hennes & Mauritz HM.B AB said it would exit Russia, citing the operational challenges and unpredictable future in the country, becoming the latest Western company to withdraw completely as the war in Ukraine continues. The Swedish company paused all sales in Russia at the beginning of March in the wake of Moscow’s invasion of Ukraine and on Monday said it would now initiate a process of winding down its business in the country. ‘After careful consideration, we see it as impossible given the current situation to continue our business in Russia,’ Chief Executive Helena Helmersson said.” (The Wall Street Journal)
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