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New home sales in US jump to fastest pace in three years

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Sales of new homes in the US surged by more than expected last month as builders ramped up discounts to lure buyers sitting on the sidelines.

New single family home sales rose 20.5% in August to an annualised rate of 800,000 units, the US Census Bureau reported on Wednesday. It was the fastest pace since early 2022 and well above economists’ forecasts, signalling a burst of activity in a frozen housing market.

Analysts said the uptick was propelled by price discounts and and other sales incentives from builders, who are grappling with an oversupply of newly-built homes for sale.

Easing borrowing costs, ahead of the Federal Reserve’s interest rate cut, also supported the surge, economists noted.

But new homes only account for about 14% of the US home sales. The housing market, more broadly, remains persistently frozen as affordability constraints shut out prospective buyers.

Nancy Vanden Houten, a lead US economist at Oxford Economics, cautioned that the jump in new home sales in August “likely overstates any improvement in housing activity”. New home sales tend to be volatile month-to-month, she said.

“Take the gain with a huge grain of salt,” economists at Wells Fargo wrote in a research note.

“New home sales are prone to heavy revisions. A flat-ish trend in sales, similar to what has been evident all year, seems more likely,” they added.

In a report from the National Association of Home Builders and Wells Fargo this month, 39% of homebuilders said they had cut prices – the highest since the coronavirus pandemic. Other incentives might include helping buyers secure a lower mortgage rate or offering to pay some closing costs.

At the same time, mortgage rates started to inch down last month, as financial markets priced in expectations for an interest rate cut from the US central bank.

Lower borrowing costs contributed to the spike in new home sales, Thomas Ryan, a North America economist at Capital Economics, said in a research note.

The average rate on the 30-year mortgage, the most popular home loan in the US, has fallen even further this month. It dropped to 6.26% last week, according to Freddie Mac, an ongoing decline that could prompt even more new home sales activity in the coming months, Mr Ryan said.

Chen Zhao, the head of economics research at Redfin, said new home sales – which are based on contract signings, rather than completed sales – might be an early indicator of reaction to lower mortgage rates. But the data tends to be “noisy”, she said, and “you do want to see another month of data before you really hang your hat on this”.

Mortgage rates still remain roughly double what many homeowners secured during the pandemic. A weakening labour market, combined with persistent home affordability challenges, could keep the housing market in a state of paralysis.

“There is pent-up demand in housing, but affordability remains out of reach for many first-time homeowners,” said Eric Teal, chief investment officer at Comerica Wealth Management.

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Bank of Ireland makes unlikely dash to IT winners’ circle

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Irish banking apps are a source of endless frustration to customers, even in the absence of periodic service disruptions.

But Bank of Ireland’s has come in for particular stick, described, for example, over the summer by comparison website Bonkers.ie as feeling “dated” and “clunky” – and lagging behind that of AIB’s “by no means perfect” offering.

The app was the most visible customer-facing outcome of the €1.15 billion technology investment programme that ran between 2016 and 2021. But even various subsequent app upgrades – including spending alerts and improvements in how customers can manage new statements – have left a lot be desired.

It may come as a surprise, therefore, that Bank of Ireland’s technology has been listed by Autonomous, the international financial sector research firm (owned by AllianceBernstein), as up there with the best in Europe.

Autonomous said in the 8th annual edition of its ranking of technology in retail banks that Bank of Ireland is now in the “winners’ quadrant this year”, in a list otherwise dominated by UK, Austrian and Benelux banks.

The ranking is based of hundreds of variables drawn from an in depth survey of individual banks, market data, banks financial and public sources, Autonomous said.

Strangely, AIB, which would be widely viewed by analysts to have been a more consistent spender on IT than its rival over the past two decades, has languished in Autonomous’s “relative laggards” column among 30 banks studied for the report.

Irish banks in a deathmatch with RevolutOpens in new window ]

Where exactly Bank of Ireland scored well is not entirely clear from the report – but it made the top 25 per cent of the banks in terms of current state of digitisation and the outlook for ongoing transformation. Autonomous said it looked at things from mobile app and information technology (IT) spend to board and executive management focus on IT, and movements in staff focused on IT development.

Is it possible the staffing variable was skewed by the insourcing last year of previously outsourced IT work?

And is Bank of Ireland also getting the benefit in advance of significant upgrade of its mobile app, set to be rolled-out by the end of the year? It promises to be more user friendly and easier for the bank to add new features (such as the Zippay instant payments service the three Irish banks plan to launch early next year)? Here’s hoping.

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‘Anti-ICE’ message on ammunition at Dallas shooting that killed immigration detainee

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1 hour ago

Ben HattonWashington DC

A detainee has died and two others are critically injured after a rooftop sniper opened fire at an Immigration and Customs Enforcement (ICE) centre in Dallas, Texas, officials say.

The gunman fired indiscriminately at the ICE facility and at a nearby unmarked van, law enforcement officials say, before dying from a self-inflicted gunshot wound.

No law enforcement were injured. FBI Director Kash Patel posted a photo on X of unused ammunition recovered from the scene. One casing has the phrase “ANTI-ICE” on it.

It is the latest in a string of attacks on ICE facilities in recent months as the agency ramps up efforts to deliver on US President Donald Trump’s pledge for mass deportations.

imageKash Patel/FBI An unused ammunition clip showing five bullets, with "ANTI-ICE" written on oneKash Patel/FBI

“While the investigation is ongoing, an initial review of the evidence shows an ideological motive behind this attack,” Patel wrote on X.

“These despicable, politically motivated attacks against law enforcement are not a one-off.”

Dallas police said officers responded to an assist officer call at the facility around 06:40 local time (11:40  GMT).

The Department of Homeland Security (DHS) said three detainees were shot. One has died, and two were critically injured, it said. They remain in critical condition, officials later said.

The department had initially said two people had died in addition to the shooter, only to revise that information conditions hours later.

One injured detainee is a Mexican national, the Mexican foreign ministry said.

Acting ICE director Todd Lyons identified the shooter as 29-year-old Joshua Jahn, the BBC’s US partner, CBS News reported. He died of a self-inflicted gunshot wound, authorities said.

Voter records indicate he was registered as an independent and last voted in the general election in 2024.

Jahn had cannabis related charges in Texas dating back to 2016, according to records seen by the BBC.

FBI special agent Joe Rothrock told a news conference that rounds found near the gunman contained “messages that are anti-ICE in nature”.

“This is just the most recent example of this type of attack,” he said, adding the FBI was investigating it as “an act of targeted violence”.

Dallas police said a preliminary investigation determined the suspect had opened fire from an adjacent building.

“The shooter fired indiscriminately at the ICE building, including at a van in the sallyport where the victims were shot,” DHS said in a statement.

The Reuters news agency reported that the building targeted is an ICE field office used for short-term processing of recently arrested detainees, and is not used as a detention facility.

Lyons told CBS News on Wednesday that the shooter deliberately targeted law enforcement with a “high-powered rifle”.

He said given the time are area of the shooting, it could have been more deadly.

The suspect “could have, in his indiscriminate fire, hit people traveling to work, civilians on the ground,” he said.

Edwin Cardona, a Dallas resident from Venezuela, told local media he was entering the building for an appointment when he heard gunfire.

“I was afraid for my family because my family was outside. I felt terrible because I thought something could happen to them. Thank God no,” he said.

Acting director of the Dallas ICE office Joshua Johnson told the news conference it was the second time he has had to stand in front of the media and talk about a gunman at one of his facilities.

“The takeaway from all of this is that the rhetoric has to stop,” he said.

Texas Senator Ted Cruz also spoke at the news conference, condemning “politically motivated violence”.

“Your political opponents are not Nazis,” he said, urging people not to demonise each other for partisan reasons. “The divisive rhetoric, tragically, has real consequences.”

While the shooter’s motive remains unclear, the attack comes amid growing concerns in the US about political violence in the wake of the killing of conservative activist Charlie Kirk this month.

US President Donald Trump, in a lengthy post on social media on Wednesday evening, said ICE officers are facing “an unprecedented increase in threats” and accused “Radical Left Democrats” of “constantly demonizing Law Enforcement”.

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Trump noted on Monday he signed an executive order designating Antifa a terrorist organisation, and added he would sign another this week to “dismantle these Domestic Terrorism Networks”.

No information has been released by officials to suggest Antifa – a loosely organised, leftist movement that opposes far-right, racist and fascist groups – has any connection to the shooting.

Homeland Security Secretary Kristi Noem said in a statement: “This shooting must serve as a wake-up call to the far-left that their rhetoric about ICE has consequences.”

Democratic lawmakers also condemned the shooting, including Senator Cory Booker who called it “an unacceptable act of violence”.

“While we don’t know all of the details yet, what we can, and all should, agree on is that the vilification of any group of people endangers them. It makes them targets. And it must stop,” he said on X.

Republican Governor of Texas Greg Abbott said on X the shooting would “NOT slow our arrest, detention, & deportation of illegal immigrants”.

The ICE field office in Dallas has been targeted by a series of protests this summer.

A man was arrested in August after he entered the facility claiming to have a bomb in his backpack, according to the DHS.

The 36-year-old US citizen, Bratton Dean Wilkinson, had shown the building’s security staff a device on his wrist that he described as a bomb “detonator,” the DHS said.

Last month shots were fired at ICE offices in San Antonio, Texas. No injuries were reported in that incident, which ICE blamed on “political rhetoric”.

Another shooting occurred on the 4 July public holiday at an ICE facility in Alvarado, Texas, after a protest escalated into a face-off with police. An officer was shot in the neck, and survived. Eleven people have been charged over that attack.

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Colombia’s president calls US attacks on alleged drug boats ‘act of tyranny’

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US airstrikes on alleged drug-trafficking boats in the Caribbean Sea are an “act of tyranny”, Colombia’s President Gustavo Petro told the BBC in an interview where he also called for criminal proceedings against US officials if investigations find Colombians were killed in the attacks.

President Donald Trump has cast the strikes, which have reportedly killed 17 since they began this month, as needed to stop the flow of fentanyl and other illegal narcotics into the US.

Legal experts and lawmakers, though, have questioned if they violate international human rights laws.

“Why launch a missile if you could simply stop the boat and arrest the crew?” said Petro. “That’s what one would call murder.”

Speaking to the BBC on Wednesday, Petro said there should be “zero deaths” in stopping speedboats believed to be involved in drug smuggling.

“We have a long history of collaborating with American agencies and other agencies of carrying out maritime seizures of cocaine,” he said. “No one has ever died before. There is no need to kill anyone.”

He added that the principle of the proportionality of force is violated “if you use anything more than a pistol”.

The strikes in international waters have primarily focused on Colombia’s neighbour Venezuela, according to the Trump administration, but the US has provided little details about the targets and the individuals killed, and its reports that members of the Tren de Aragua gang were on the first attacked boat are in dispute.

Democratic lawmakers in Washington have demanded answers from the White House over the legality of the strikes, which United Nations experts have described as extrajudicial executions.

Asked about Petro’s comments, the White House said Trump was “prepared to use every element of American power to stop drugs from flooding into our country and to bring those responsible to justice”.

In the interview, conducted in New York where dignitaries from around the world have gathered for an annual high-profile United Nations meeting, Petro also accused the Trump administration of humiliating his people and said South American nations like his would not “bow down to the king”.

After returning to office in January, Trump toughened his talk, as well as his trade policies, for all of Latin America as he began a major deportation sweep of people he says have illegally crossed the US southern border.

Earlier this year he began designating some Latin American criminal gangs and drug cartels as foreign terrorist organisations.

Petro has repeatedly sparred with his US counterpart. Pressed on whether he now risked further isolating his country, Petro said it was Trump who was isolating the United States with his foreign policies.

“Trump had already insulted me during a presidential campaign, he called me a terrorist,” he said.

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