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TENERIFE, SPAIN – 2022/05/17: An orca or killer whale (Orcinus orca) showing its teeth pictured in its enclosure at Loro Parque zoo aquarium. (Photo by Marcos del Mazo/LightRocket via Getty Images) LightRocket via Getty Images Viral videos can take many forms, and not all of them are real. A recent example? There’s a Jessica Radcliffe orca attack video that has popped up on TikTok and Facebook recently, but it’s entirely fake. In fact, there isn’t an orca trainer named Jessica Radcliffe, according to multiple sources. In the video, which I watched on TikTok, an orca trainer is attacked and killed. The hoax was generated by AI and has all of the signs of being computer generated, starting with the fact that the story would have made national news. Most AI-generated videos don’t pass the uncanny valley test, even as they are improving in quality. We are still able to spot something that’s fake, and there are a few giveaways. For starters, when you see a human in a video that seems fake, look at the fingers—the way they move is often not very realistic yet. For companies like TikTok and Facebook, it would seem they have the technology to look for watermarks or other signs that a video is fake. Social media companies have been battling misinformation like this for years, mostly in the AI age because there is so much fake content floating around. While online safety is a critical issue, there seems to be an ebb and flow. Guidelines and procedures for content moderators have changed, although Meta just recently ramped up their efforts to block inappropriate content that targets teens. In this case, the issue has more to do with what makes a video go viral in the first place. Why we are drawn to the Jessica Radcliffe orca attack video? To understand how that works, we really need to look in the mirror. The problem is us. We tend to gravitate toward the sensational. Studies on why social media videos go viral indicate that we are drawn to negative news more than anything, which has been true since the first news report ever aired. If someone is harmed, in pain, or in a car wreck we are more likely to pay attention. Part of the reason for that could have something to do with our own protection instincts. In the book Morbidly Curious: A Scientist Explains Why We Can’t Look Away by Coltan Scrivner, the author explains that we might pay attention to bad news (or slow down to look at a car wreck) because we’re trying to figure out how we would respond in that same situation. We seem to have a fascination with horror and dark thrillers, he writes, because we’re trying to evaluate what we would do if we encountered the same issue. The same might be true of viral videos that feature something gruesome or troubling. We have a fight or flight mechanism in us that is always poised to react, and social media is constantly taking advantage of that impulse. Should TikTok even allow the Jessica Radcliffe orca attack video? This all raises the question about why the video is even on the social media platform in the first place. The cynic in me wonders if many of the worst examples of viral videos are still online because they have such high engagement and high traffic. The most negative and spurious viral videos are the ones that are leading to the most views for advertisers. What could help counteract all of this negativity? It turns out the real responsibility is not with the social media companies but the creators themselves—and the viewers. Producing more engaging viral content that has a positive message, reporting on the more uplifting side of the human condition, and focusing on innovation and progress will help stem the tide of all the negative viral content like the Jessica Radcliffe orca attack video. At least it’s a step in the right direction. Read More

Topline Butter prices in the U.S. jumped to their highest levels in over a year, with dairy prices also rebounding globally—underscoring broader concerns about food inflation among consumers. An employee works at butter packaging plant of AmulFed dairy in Gandhinagar, India, Thursday, Aug. 7, 2025. (AP Photo/Ajit Solanki) Copyright 2025 The Associated Press. All rights reserved. Key Facts U.S. butter prices rose to about $4.80 per pound in June 2025, according to the latest data cited by the St. Louis Fed, up nearly 4% from June 2024—putting prices at their highest since early 2023. Tighter global milk supplies and rising input costs, including labor and packaging, are key drivers of the surge, the Financial Times reported Sunday, with the UN Food and Agriculture Organization’s butter price index at an all-time high. The Financial Times reported that butter futures on international markets have climbed sharply in recent weeks, reflecting similar supply-demand imbalances in the EU, U.S., New Zealand, Argentina and Australia. What Is The Correlation Between Global And U.s. Price Increases? While the recent surge in U.S. butter prices reflects domestic inflation pressures, it’s also closely tied to developments overseas. A tightening in global milk supply—driven by poor weather conditions, herd reductions and rising production costs—has led to higher international butter prices, Bloomberg reported in July. According to the Food and Agriculture Organization of the United Nations, dairy output from major exporters like New Zealand and parts of Europe—which together comprises around 70% of the butter exported around the world—began 2025 with historically low stockpiles that caused prices to spike. Bloomberg reported that New Zealand’s butter prices rose 46.5% through June to about $5.10 per pound. Although the U.S. produces most of its own butter, international price benchmarks influence domestic wholesale and retail pricing. Increased input costs also affect the prices of butter in the U.S., Europe and New Zealand, especially ahead of high-consumption seasons. Butter Prices Underscore Americans’ Inflation Concerns A Reuters/Ipsos survey of over 4,000 adults in April found that nearly 90% of Americans are concerned about rising inflation, with just 32% of Americans approving President Donald Trump’s handling of inflation. The overall Consumer Price Index—the most widely cited inflation metric—has been as low as 2.3% this year, nearly in line with the Federal Reserve’s long-term 2% goal for inflation. That’s significantly below the more than 9% inflation rate reached in June 2022, but Americans’ concerns have persisted as economists have warned Trump’s tariffs will lead to higher consumer prices. Inflation has ticked up slightly in recent months, reaching 2.7% in June, the second month in a row of increases after the 2.3% rate was recorded in April. According to the Consumer Price Index, food-at-home inflation has remained elevated—the St. Louis Fed shows an increase in butter prices beginning in April. What To Watch For The Bureau of Labor Statistics will release July’s CPI on Tuesday, which is reportedly expected to reflect rising inflation. Business Insider reported Monday that this week’s report is likely to show more tariff pressure on prices, with Trump’s efforts likely to reflect price increases for consumers—an expected 0.2% increase from last month and 2.8% year-over-year. Key Background The Financial Times reported an increase in dairy commodity prices, with butter futures in Europe rising in tandem with tighter global milk output. New Zealand’s lower-than-expected milk production and Europe’s heatwave-related farm disruptions are reportedly key contributors to a tighter global supply picture. Demand from food manufacturers in China and Southeast Asia has remained strong, putting further pressure on export markets. The international rebound has driven up wholesale prices, which are now being passed down the supply chain to U.S. retailers and consumers. Read More

Topline The FBI has deployed its agents to conduct night patrols in the nation’s capital, according to multiple reports, as President Donald Trump said that homeless people living in the nation’s capital would “have to move out, IMMEDIATELY,” ahead of a planned press conference where he will address his claims that violent crime is widespread in the nation’s capital, despite federal data indicating crime rates have fallen to historic lows. The president claimed Washington, D.C., had become “one of the most dangerous cities anywhere in the world,” despite federal data indicating crime fell to historic lows. Copyright 2025 The Associated Press. All rights reserved. Key Facts According to the New York Times and the Washington Post, the administration will pull 120 FBI agents, primarily from the agency’s Washington field office, from their regular duty and deploy them on night patrol duty with local law enforcement officers to tackle street crime. Citing unnamed officials, the Post reported that the FBI is also sending in agents from Philadelphia and other offices to help in D.C. and the Secret Service and the U.S. Secret Service Uniformed Division have also been ordered to conduct “special patrols” in the city. A White House press conference on Monday will “essentially stop violent crime” in Washington, D.C., Trump wrote on Truth Social, claiming the city had become “one of the most dangerous” in the world. Trump said the press conference would take place at 10 a.m. on Monday, and would focus on “ending the Crime, Murder, and Death in our Nation’s Capital.” “The Homeless have to move out, IMMEDIATELY,” Trump wrote in a post on Truth Social accompanied by images of a few tents and refuse scattered on the side of the road and the steps of a building, adding “we will give you places to stay, but FAR from the Capital.” Trump said his plans in D.C. include also “beautification” efforts, and took the opportunity again to lambast the Federal Reserve for their yearslong headquarters renovation and ballooning budget of at least $2.5 billion on the project. Trump has claimed in recent months that violent crime was rampant in Washington, D.C., and has threatened to deploy the National Guard and have the city be taken over by the federal government, writing earlier this week that if “D.C. doesn’t get its act together, we will have no choice but to take Federal control of the city.” Will Trump Deploy The National Guard To D.c.? Citing an unnamed U.S. official, Reuters reported that the Trump administration is “preparing to deploy hundreds of National Guard troops” in Washington, D.C. The official said Trump has yet to make a final decision, and the exact number of troops and their exact roles are still being discussed. Earlier this year, Trump deployed about 4,000 National Guardsmen to Los Angeles in response to protests against Immigration and Customs Enforcement raids. Unlike California, where Trump had to federalize the state’s National Guard troops to deploy them—despite opposition from the state’s governor, Gavin Newsom—the president already has direct control over the D.C. National Guard. On Sunday, Muriel Bowser, the mayor of Washington, D.C., said she was concerned that deploying the National Guard would not be the most “efficient” use of their time, adding “they’re not law enforcement officials. These are men and women who leave their families to serve our country, and that is just not their primary role—to enforce local laws.” What Do We Know About The Deployment Of Federal Agents In D.c.? The White House said in a statement that agents from some law enforcement agencies, including the FBI, the U.S. Marshals Service, the Drug Enforcement Administration, immigration police and a dozen other offices were deployed early Friday. It’s not immediately clear where or how many agents were deployed, though the White House said deployment was focused on “high traffic areas and other known hotspots.” Officials will be “identified, in marked units, and highly visible.” Violent Crime Fell To A 30-Year Low In D.c. Last Year—and Rates Are Lower In 2025 Violent crime rates in Washington, D.C., dropped 35% from 2023 to 2024, marking the lowest rates recorded in more than 30 years, according to the Justice Department. According to data released Aug. 8 by the Metropolitan Police Department, violent crime rates have continued to fall in 2025, with violent crime down 26% year-over-year. The MPD said homicide rates have dropped 12% on the year so far, sex abuse by 49%, assault with a dangerous weapon by 20% and robbery by 28%. Property crime rates have also fallen, including burglary (19%), theft from vehicles (4%) and other theft crimes (6%). However, Trump continued to insist Sunday that the crime numbers keep rising. “The Mayor of D.C., Muriel Bowser, is a good person who has tried, but she has been given many chances, and the Crime Numbers get worse, and the City only gets dirtier and less attractive,” the president wrote on Truth Social. “The American Public is not going to put up with it any longer.” Why Does Trump Want A Federal Takeover Of D.c.? Trump previously called for the federal government to take control of Washington, D.C., by falsely claiming violent crime rates were rising in the city. His latest calls follow an attack on a high-ranking member of the Department of Government Efficiency, as Trump wrote on Truth Social that crime in D.C. was “out of control” and the federal government would “put criminals on notice that they’re not going to get away with it anymore.” MPD said two 15-year-old suspects were arrested and charged with unarmed carjacking, after Edward Coristine was assaulted in the early morning of Aug. 3. Bowser said that although the incident was unfortunate, crime in the city was already trending lower for the month. “We had one of the lowest crime levels in shootings in a July in recent history,” the mayor said, later adding that carjackings fell 50% after spiking in 2023, and are still falling this year. Could Trump Order A Federal Takeover

Topline A three-day trial starts Monday to determine whether President Donald Trump violated the 19th century-era Posse Comitatus Act by sending troops to Los Angeles earlier this year, in response to a lawsuit brought by California Gov. Gavin Newsom, a landmark trial that comes as Trump similarly prepares to send the National Guard to Washington, D.C. President Donald Trump shakes hands with California Gov. Gavin Newsom at Los Angeles International Airport in Los Angeles, California, on January 24. AFP via Getty Images Key Facts California federal Judge Charles Breyer will hold a trial Monday through Wednesday in response to Newsom’s request that the court declare Trump violated the Posse Comitatus Act (PCA) by sending the National Guard to LA, purportedly to quell unrest and aid in the administration’s immigration efforts. The PCA was enacted in 1878 in order to keep the military from interfering with the imposition of Jim Crow laws in the South, and broadly bars the federal government from using federal troops to participate in domestic civil law enforcement, unless expressly authorized to do so by Congress or the Constitution. Trump deployed federal troops to Los Angeles in June amid protests against the Trump administration’s mass deportation efforts and immigration raids in the city, sparking broad pushback from Democratic Newsom and the California government, which accused the president of unlawfully sending federal troops to the city. Newsom argues the deployment violated the PCA because federal troops allegedly played a “direct, active role in civilian law enforcement activities” by performing security operations, forming blockades that restrict civilians’ movements and taking direct steps to apprehend and detain protesters. California argued the Trump administration fails previous tests that courts have set out to determine whether acts violate the law, which are based on whether law enforcement made “direct active use” of the military to execute laws, whether federal troops “pervaded [law enforcement’s] activities” and whether the federal troops subjected citizens to “the exercise of military power which was regulatory, proscriptive or compulsory in nature.” The Trump administration argues it didn’t violate the PCA because the president was just “using troops to protect federal personnel and property” and not for law enforcement purposes, also arguing that California can’t sue Trump in civil court for violating the PCA because it’s a criminal statute rather than a civil one. What To Watch For The trial begins Monday at 10 a.m. PDT and is expected to run through Wednesday, though it’s unclear if Breyer will rule from the bench at the end of the trial or issue a decision later on. There will not be a jury at the trial. Tangent The trial will only focus on whether the Trump administration violated the PCA and not on separate aspects of Newsom’s lawsuit that alleged Trump unlawfully federalized the National Guard. Breyer already ruled against the Trump administration on that argument, ruling that Trump exceeded his authority in sending the federal troops and violated the 10th Amendment, ordering the troops to vacate Los Angeles. The dispute is now being appealed, however, and an appeals court has allowed troops to remain in Los Angeles while the litigation plays out. What Does The Posse Comitatus Act Say? The PCA says anyone who “willfully uses any part of the Army or the Air Force as a posse comitatus or otherwise to execute the laws,” without congressional or Constitutional approval, can be punished through a fine and/or up to two years in prison. The phrase “posse comitatus” means “the power of the county” and refers to a group of citizens—or “posse”—that are called upon to help law enforcement with enforcing the law. The law broadly bars the military from being used in law enforcement, though the Brennan Center for Justice notes there are a few exceptions where doing so is allowed. The law only applies to federal troops and excludes the Coast Guard, or the National Guard when it operates under state control, rather than federal control as Trump did. The Navy and Marine Corps are also governed under a different provision of federal law. The president can also legally invoke the military under the Insurrection Act, which allows troops to be deployed in order to curb insurrections. The Department of Defense has also previously argued there are more exceptions to the law, claiming in a 2018 memo that federal military commanders can use federal troops to “engage temporarily in activities that are necessary to quell large-scale, unexpected civil disturbances,” but only in “extraordinary emergency circumstances” where it’s impossible to get presidential authorization. Those arguments have never been tested before in court, however, the Brennan Center notes. News Peg The trial comes as Trump has once again announced the deployment of federal troops to a major U.S. city, saying in a press conference Monday he will deploy the National Guard to Washington, D.C. That’s governed differently than the situation in Los Angeles, however, as Washington’s Home Rule Charter does give the president express authority to take control of the city’s law enforcement for up to 30 days in “emergency” situations. Key Background The Trump administration deployed troops to Los Angeles in June before largely recalling them by the end of July as protests subsided, with only 250 troops remaining in the city as of July 31. Trump issued an executive order June 7 that invoked the military to deal with what he described as “violent protests,” claiming authority to do so under a statute of federal law that allows the president to invoke federal troops if “there is a rebellion or danger of a rebellion against the authority of the Government of the United States.” Thousands of troops were deployed to Los Angeles, with National Guard troops also aiding in immigration enforcement actions and briefly detaining some protesters. The unprecedented step of deploying the military in a major U.S. city drew widespread pushback from Trump critics and sparked a number of other protests throughout the United States. Newsom quickly sued the Trump administration and accused it of unlawfully sending

Topline Archewell Productions, the media company founded by Prince Harry and Meghan Markle, signed a new deal with Netflix and announced its first new project after rumors circulated that Netflix had cut ties with the couple. Prince Harry, Duke of Sussex and Meghan, Duchess of Sussex are seen on April 23, 2025 in New York City. GC Images Key Facts Netflix on Monday announced it renewed its creative partnership with Harry and Meghan (after reports the relationship was ending) with a multi-year, first-look deal that will give the streamer the right of first refusal for all Archewell film and television projects The new deal is structured differently than the $100 million, five-year agreement struck in 2020 in which Netflix paid Herry and Meghan for the exclusive rights to all Archewell content. Under the new agreement, which the New York Times reported is worth less, Netflix has the first option to stream Archewell content. The new deal comes with less commitment from Netflix and reflects the streamer’s move away from all-encompassing agreements (a deal with Barack and Michelle Obama’s production company Higher Ground that was similar to the initial exclusivity arrangement with Archewell transitioned into a first-look deal last year). Netflix also invested in As Ever, the lifestyle brand Markle launched with the streamer last year that sells products like jam, wine and baking mixes, producing some of the products through its consumer product group and sharing in the revenue, according to the Times. Get Forbes Breaking News Text Alerts: We’re launching text message alerts so you’ll always know the biggest stories shaping the day’s headlines. Text “Alerts” to (201) 335-0739 or sign up here: joinsubtext.com/forbes. What’s To Come From Harry And Meghan’s New Netflix Deal? In addition to a second season of “With Love, Meghan,” which has already been made and will debut later this month, Netflix announced it will produce a special holiday episode at the couple’s California home called “With Love, Meghan: Holiday Celebration.” The deal also includes a film adaptation of bestselling novel “Meet Me at the Lake” and includes a documentary short about an orphanage in Uganda, famous for its viral videos, called “Masaka Kids, A Rhythm Within.” Archewell Productions is also in “active development” on additional projects with Netflix and As Ever will expand into new product categories later this year, the streamer said. What Have Harry And Meghan Already Made At Netflix? When its first deal was announced, Archewell and Netflix said they would make “inspirational family programming” including documentaries, docuseries, feature films, scripted shows and children’s television, but it made just five projects in the last five years and none were children’s TV, feature films or scripted shows. The explosive 2022 “Harry & Meghan” docuseries was by far the most successful to come out of the deal and still holds the record for the most viewing time of any Netflix documentary in its debut week. It’s still drawing interest and was watched another 7.3 million hours in the first half of 2025. The deal also produced “Heart of Invictus,” a documentary following athletes participating in the Prince Harry-founded sporting event for wounded veterans; “Live to Lead,” a docuseries on impactful world leaders, “Polo” about the professional sport; and the lifestyle series “With Love, Meghan.” “With Love” spent one week on Netflix’s global top 10 list, at No. 10, with 12.6 million hours viewed in its first week. What Is As Ever? Markle launched a brand called American Riviera Orchard via Instagram on March 14, 2024 with a short video that showed the duchess arranging flowers, baking and standing in a stone walkway wearing a floor-length gown. Company registration documents revealed plans to create an online retail store selling tableware, cutlery, cookbooks, stationary, party decorations and other similar items, but no products were ever sold under the name. A trademark request for the brand was rejected and there were several reports no CEO had been found to run the business. In February, she partnered with Netflix and re-branded the company to be called “As Ever.” A handful of products were released, including two jams, three teas and honey, all of which sold out almost immediately. Since then, As Ever has released a Napa Valley rosé, which is available in a three-bottle pack for $90. The brand was featured in the first season of “With Love, Meghan.” Further Reading ForbesMeghan Markle Renames Lifestyle Brand—Here’s What We Know About ‘As Ever’By Ty RoushForbesPrince Harry And Meghan Markle Buy Rights To Bestseller ‘Meet Me At The Lake’ For NetflixBy Mary Whitfill Roeloffs ForbesHarry And Meghan’s Spotify Podcast Deal EndsBy Alison DurkeeForbesHere’s What We Know About Prince Harry And Meghan Markle’s $135 Million DealsBy Carlie Porterfield Read More

Highlights July 2025 marks a two-year streak of rent decline for 0-2 bedroom properties since trend data began in 2020. Asking rents dipped by $43 (-2.5%) year over year. The median asking rent in the 50 largest metros registered at $1,712,  $47 (-2.7%) lower than its August 2022 peak but $254 (17.4%) higher than the pre-pandemic level.   Median rent declined in all size categories: studio: $1,428, down $21 (-1.4%) year over year; 1-bed: $1,590, down $45 (-2.8%) year over year; 2-bed: $1,899, down $45 (-2.3%) year over year. Multifamily supply is pulling back amid growing headwinds, such as tariffs and compressed profits, with Orlando, FL, Philadelphia, PA, and San Antonio, TX, beginning to show signs of disrupted permitting activity. In July 2025, U.S. median rent recorded its 24th consecutive year-over-year decline, marking a two-year streak of downward momentum. Rent for 0-2 bedroom properties across the 50 largest metropolitan areas dropped by 2.5% compared with the previous year, with the median asking rent at $1,712—just $1 more than the prior month. While this is the fifth consecutive month that rents have trended up—reflecting a typical seasonal uptick as rents tend to rise in the spring and summer, the monthly rent growth has been consistently slower than the same time last year, with a growing year-over-year decline, suggesting a softer rental market. Specifically, the median asking rent was up by 1.2% year to date, slower than the 2.8% seen between January and July 2024. This comes following a quarter in which the rate of renters among U.S. households was at 35%, the highest in nearly six years, and the rental vacancy rate edged down to 7%.  Figure 1: Rents Decline Again, but Nationwide Rent Is 2.7% Below 2022 Peak Despite 24 consecutive months of year-over-year decline, the U.S. median rent was just $48 (-2.7%) less than the peak seen in August 2022. Notably, it was still $268 (18.6%) higher than the same time in 2019 (pre-pandemic), but this increase is somewhat lower than what has occurred in overall consumer prices (up 26% in the six years ending in June 2025) and pales in comparison with the 52.3% increase in median price per square foot of for-sale home listings in the six years ending in July 2025.  All units saw rent declines In July, the median asking rent for two-bedroom units dropped 2.3% year over year, marking the 26th consecutive month of annual declines. The median rent for two bedrooms was $1,898 nationally, $61 (-3.1%) lower than the peak seen in August 2022. Nevertheless, larger unit rents had the highest growth rate over the past six years, up by $303 (19%). The rent for one-bedroom units slipped 2.8% in July 2025 on a year-over-year basis, standing at $1,590, and was the 26th consecutive month of annual declines. It was $68 (-4.1%) lower than the peak observed during August 2022, but still $215 (15.6%) higher than in July 2019. In July 2025, the median asking rent for studios fell by 1.4%, marking the 23rd consecutive month of annual declines. The median rent of studios was $1,428 in July, down by $59 (-4%) from its peak seen in October 2022. Nevertheless, the median asking rent for studios was still $170 (13.5%) higher than six years ago.  Figure 2: All Units Saw Rent Declines Table 1: National Rents by Unit Size Unit Size Median Rent Rent YoY Consecutive Months of Decline Total Decline From Peak Rent Change – 6 Years Overall $1,712 -2.5% 24 -2.7% 17.4% Studio $1,428 -1.4% 23 -4.0% 13.5% 1-Bedroom $1,590 -2.8% 26 -4.1% 15.6% 2-Bedroom $1,898 -2.3% 26 -3.1% 19.0% Multifamily supply pulls back amid growing headwinds In June 2025, multifamily completions for buildings with two or more units fell sharply by 38.1%, dropping from a seasonally adjusted annual rate of 656,000 units in June 2024 to 406,000 units—a significant pullback in new rental supply. While we anticipated some decline in multifamily completions in 2025 as the market grappled with a full pipeline and rent headwinds, we have seen a greater-than-expected slowdown. Regionally, the Midwest experienced the steepest year-over-year decline at -55.7%, followed by the South (-33.5%), Northeast (-33%), and West (-28.9%). The recent slowdown in national multifamily completions signals early signs of strain in the rental housing pipeline. As developers grapple with rising construction costs—exacerbated by new tariffs—and shrinking profit margins amid softening rents, many are growing more cautious about starting new projects. This pullback might now be reflected in local permitting data, where some markets that had previously experienced steady growth are showing signs of notable decline. To identify where developers might be pulling back, we compare quarter-over-quarter changes in multifamily permitting activity. Specifically, we calculate the change in permits from Q1 to Q2 of 2025 and compare it with the Q1-to-Q2 change observed in 2022, 2023, and 2024. This approach helps isolate whether each metro’s typical seasonal permitting trend was disrupted—an early signal of where supply pipelines might be weakening and deeper shortfalls could emerge. Specifically, permitting activity in Orlando, FL, Philadelphia, PA, and San Antonio, TX, recorded their first quarterly permitting declines since 2022—an early indication that developers might be pulling back in response to broader economic headwinds. In addition, Charlotte, NC, and Las Vegas, NV, saw the largest quarterly decline since 2022. While permitting activity in San Francisco grew, as it tends to this time of year, it saw the slowest quarterly growth between the first two quarters since 2022.  Table 2: Markets With Disrupted Permitting Trends Market 5 Units or More, 2025Q2 % Diff 2025Q2 vs. 2025Q1 % Diff 2024Q2 vs. 2024Q1 % Diff 2023Q2 vs. 2023Q1 % Diff 2022Q2 vs. 2022Q1 Orlando-Kissimmee-Sanford, FL 2251 -54.9% 66.9% 44.5% 12.6% Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 937 -28.1% 18.9% 27.9% 72.7% San Antonio-New Braunfels, TX 420 -27.3% 8.3% 57.7% 19.2% Charlotte-Concord-Gastonia, NC-SC 970 -54.8% 178.3% 35.6% -19.8% Las Vegas-Henderson-North Las Vegas, NV 926 -34.3% 60.7% -0.9% -15.0% San Francisco-Oakland-Fremont, CA 1346 15.9% 100.9% 85.4% 38.5% As noted earlier, the recent decline in permitting activity might reflect a range of headwinds,

Consumer Price Index—July 2025 What happened to inflation in July The July Consumer Price Index (CPI) flattened with annual inflation remaining at 2.7%, while core inflation climbed to 3.1%, up from 2.9% in June and reaching its highest level since February. On a month-to-month basis, headline CPI grew 0.2%, while core prices, which exclude more volatile food and energy costs, rose 0.3%.   What else did we see in the July inflation data? While July’s inflation data shows continued moderation in shelter costs, the tariff story may be starting to shift. Indexes for home furnishings and used cars increased, hinting that consumers may be starting to feel the effect of tariffs. For the Federal Reserve, today’s reading comes at a pivotal moment, as several policymakers have signaled growing readiness to cut rates in September. Signs of tariff-driven pressure in core goods or construction inputs could complicate the path down the line, even if the first cut remains in play. What does this mean for homebuyers and sellers? For housing, higher core CPI and PCE inflation (the Fed’s preferred measure) could be key for the future path of mortgage rates. Recently, borrowing costs have ticked down but affordability is still stretched. Importantly, a Fed cut doesn’t guarantee relief, as 10-year Treasury yields, inflation expectations, and other market reactions all factor in. If inflation runs hotter, the path for mortgage rates gets cloudier, with markets likely keeping borrowing costs higher for longer. Read More

Thinking about buying a home, but not sure how to afford it? Welcome to the Down Payment Diaries, where real people spill about how they saved and splurged on their path to homeownership. If you’d like to submit your own Down Payment Diary, please fill out the form here. Today, a small business owner shares how he and his wife used seller financing to buy a primary home with a rental ADU. That property, combined with rentals they already owned, enables this young family to live for free.  The basics Age: 42 Pronouns: He/him Household setup: Married with two kids and a dog Occupation: Small business owner Household income: $200,000 What was your home experience when you were growing up? My parents and my wife’s parents own their homes, along with rental properties. For both of us, owning real estate meant financial freedom.  What was your home experience as a couple? When I met my wife, she owned her house and rented the basement. When we got pregnant, we moved to a new house. What made you start actively looking for your next home? I was hungry to buy another rental property and grow our portfolio. I happened to drive by a “for sale by owner” sign in front of a house. The house wasn’t that special, but the location was fantastic. I told my wife, and we called to find out more. What did you think of that house? We didn’t love it. We told the sellers that we’re a young family who needed more space. They shared that they had a Craftsman-style home next door that they’d owned for 15 years and were about to put on the market. We took a look, and my wife fell in love with that home.  Did you have any non-negotiables? The biggest thing was finding a home that would generate income. After that was the location. This home is across the street from Mt. Tabor Park. We have two small boys and a dog, so it’s nice to have that park nearby. It’s also within walking distance of a grocery store, and a lot of other things that are important in life.  What did you like about this home? It’s a 1911 Craftsman. The sellers had updated most of the home. They installed new double-pane windows and drywall, new Pex plumbing and all new electrical. They also had remodeled the kitchen and bathrooms. We wouldn’t have bought it, though, if it didn’t have the ADU. As soon as we moved in, we had paying tenants. Did you look at any other houses before buying this one? I had seen a few homes and talked to a couple other sellers, but nobody was keen on a seller-financing deal.  How does seller financing work? With seller financing, the seller acts as the bank. These deals are typically done with sellers who have owned the property a long time, and have paid off the mortgage outright.  How did you learn about seller financing? I had been watching YouTube videos to learn how to do a seller-finance deal. It’s all about the terms. There is no right way or wrong way to do it. I learned as much as I could, and then took some advice from my parents, who are immigrants from Poland. They’ve always told me, “Just ask.” Why were the sellers open to this kind of deal? It helped us that the sellers owned several other properties. They sold two of them in the typical fashion, receiving cash outright. It turned out that they hadn’t finished paying off the mortgage of the home we wanted. So, we waited until one of their other homes had sold, allowing them to use some of that cash to pay off this home’s mortgage, and to offer us seller financing. As it turns out, the couple had also bought a house a long time ago where the seller did the same thing for them, which made them more receptive to negotiating terms.  What terms did you negotiate? We agreed to a purchase price of $900,000, with the sellers holding the note. The down payment was $170,000 and we agreed to pay them $2,400 a month for the next 27 years. We also agreed to pay a higher interest rate. At the time we bought, banks were offering a 4.5% interest rate—and we agreed to pay the sellers 6.5%. And we agreed to pay the property taxes on our own.  Where did the down payment come from? Together, my wife and I make $200,000 a year. We’d both been saving up as much as we could. We cleared out our savings accounts to make this down payment.  Did you save money by using seller financing? If we had bought conventional, we would have put down 20%, which would have been $180,000. So we paid $10,000 less there. And we worked directly with the sellers and didn’t pay closing costs, which saved roughly $35,000 to $50,000.  What’s the biggest benefit of this home? We house-hacked our way into living in it for free. The basement of this home rents for $2,200 a month, which offsets the monthly payment of $2,400 to the sellers. Not only that, but we’re also making good money with our rentals. The home my wife owned before we met brings in $400 a month, after we pay that mortgage. Our three-unit property cash flow is $3,300 a month. The goal is to bring in between $20,000 to $40,000 in cash flow every month from our rentals. We’re not there yet, but we’re on our way. The realtor.com® editorial team highlights a curated selection of product recommendations for your consideration; clicking a link to the retailer that sells the product may earn us a commission. Read More

If you’ve been in real estate for any length of time, you’ve probably been pitched a new designation or certification. GRI, CRS, ABR, SRES, the alphabet soup can be overwhelming. Each promises more expertise, more credibility, and, of course, more income. But do those extra letters after your name actually pay off? The answer is yes, if you know what you’re doing. Industry data shows agents with designations typically earn significantly more than those without. But it’s not magic. It’s about what those designations unlock: stronger marketing, wider networks, and the trust that turns contacts into closings. Here’s what the numbers actually say, and how to think strategically about investing in your next credential. Designations = higher income (by the numbers) First, let’s look at the broadest industry stat available: According to a survey highlighted by the Northeast Tennessee Association of REALTORS® (NETAR), REALTORS® with at least one designation or certification report median incomes about 45% higher than those without any credentials. That’s not small change. On a base of $55,000, that’s an extra $25,000 to $30,000 in annual gross income. This is not tied to any one credential; it’s an industry-wide effect. NAR’s surveys consistently show that agents who invest in professional designations and certifications tend to see meaningful financial rewards. Experience, network, and referrals To really understand why designations pay off, you have to look at the way real estate income grows over time. The latest NAR Member Profile shows a striking trend: REALTORS® with two years or less of experience have a median gross income of just $8,100. REALTORS® with 16 years or more earn a median of $92,500, up from $80,700 in 2022. NAR points out that this rise is tied to the growth of an agent’s network of referrals, past clients, and professional contacts. Put simply: Your sphere is your career. Designations don’t magically print commission checks. However, they do help you build and nurture that sphere more quickly. They increase your credibility with potential clients, expand your referral opportunities (especially with other agents), and give you marketing tools you can use to differentiate yourself in a crowded field. It’s about marketing and networking, not just education Many agents think of designations as “just classes.” And sure, education is a part of it. But the real return on investment (ROI) comes from how you leverage that credential: Marketing: Use your designation in listing presentations, business cards, email signatures, and social media. When a client sees that you have specialized training, it builds trust. Networking: Many designations come with built-in referral networks. For example, CRS has a well-known national community of top-producing agents who refer clients to one another. Differentiation: In competitive markets, even a small edge in perceived professionalism can be the difference between winning and losing a listing. Examples of popular designations While broad industry data supports higher income for all designations combined, let’s look at how a few of the most popular ones deliver specific value. Certified Residential Specialist (CRS) Often described as the “gold standard” for residential real estate. CRS designees must complete advanced coursework and have significant transaction experience. The designation’s network is known for generating high-quality agent-to-agent referrals. Industry surveys have cited CRS designees earning roughly three times as much as non-designees, though this is partly because top producers tend to pursue the credential. Graduate, REALTOR® Institute (GRI) A broad-based designation covering everything from marketing to legal issues. Helps newer agents deepen their expertise. Signals professionalism to clients. While there’s no single income multiple published for GRI alone, it’s a major contributor to the 45% overall income boost NAR reports for agents with at least one designation. Accredited Buyer’s Representative (ABR) Focused on better serving buyers. Training emphasizes negotiation, buyer needs analysis, and fiduciary duty. Especially useful for buyer-heavy markets. The ROI depends on how actively you promote it; ABR agents often report higher buyer-side closings, though hard income numbers are less consistent. Niche designations (SRES, CCIM, and others) SRES® (Seniors Real Estate Specialist): Builds trust with older buyers and sellers, great for markets with aging populations. CCIM (Certified Commercial Investment Member): A commercial credential with its own strong income advantages, but in a different space entirely. e-PRO®, GREEN, MRP: These tend to be more niche marketing differentiators. The takeaway: While not all niche designations deliver clear, industry-wide income multiples, they can help you carve out a specialty that pays off in your local market. Not all designations are created equal To truly get your money’s worth, it’s important to be strategic about which credentials you pursue and how you use them. Cost: Some designations are relatively inexpensive; others are major investments. Relevance: Choose designations that match your target market and business plan. Promotion: Even the best designation delivers zero ROI if you don’t market it. Designations work because they help you market yourself better, not because the credential alone is magic. Make your credentials work for you The data is clear: REALTORS® with designations tend to earn significantly more, with industry surveys showing around 45% higher median income. That’s not just about the letters themselves; it’s about what those letters do for you. They help you build trust. They open doors to new referrals. They show clients you’re serious about your craft. If you’re willing to choose carefully, invest the time, and actually use the designation in your marketing and networking, it can be one of the best business investments you make in your real estate career.For more tips to grow your business, visit our Resource Center. Read More

, /PRNewswire/ — Terex Corporation (NYSE: TEX) today announced that it has completed a re-pricing of its term loan that is expected to reduce its cash interest costs by approximately $3 million annually. “We are pleased to announce the re-pricing which increases the efficiency of our capital structure,” said Jennifer Kong-Picarello, Terex Senior Vice President and Chief Financial Officer. “Our term loan rate will now be S+175bps, improving by 25bps what was already an attractive rate.” About Terex  Terex Corporation is a global industrial equipment manufacturer of materials processing machinery, waste and recycling solutions, mobile elevating work platforms (MEWPs), and equipment for the electric utility industry. We design, build, and support products used in maintenance, manufacturing, energy, minerals and materials management, construction, waste and recycling, and the entertainment industry. We provide best-in-class lifecycle support to our customers through our global parts and services organization, and offer complementary digital solutions, designed to help our customers maximize their return on their investment. Certain Terex products and solutions enable customers to reduce their impact on the environment including electric and hybrid offerings that deliver quiet and emission-free performance, products that support renewable energy, and products that aid in the recovery of useful materials from various types of waste. Our products are manufactured in North America, Europe, and Asia Pacific and sold worldwide. For more information, please visit www.terex.com. Contact InformationDerek EverittVP Investor RelationsEmail: InvestorRelations@Terex.com View original content to download multimedia:https://www.prnewswire.com/news-releases/terex-announces-re-pricing-of-term-loan-302525302.html SOURCE Terex Corporation Read More