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Sales of new homes fell short of expectations in October as mortgage rates hovered near 8 percent amid wider stresses in the U.S. housing market.
New single‐family homes sales came in at a seasonally adjusted annual rate of 679,000, compared to a predicted 725,000, according to data released Monday by the Census Bureau and the Department of Housing and Urban Development (HUD).
The numbers for October were 5.6 percent lower than for September but 17.7 percent higher than last year. That’s off a recent high of more than 1 million homes sold in October of 2020.
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The median sales price for a new house was $409,300, and the average price was $487,000, the Census Bureau reported.
The numbers come as existing home sales dropped in September to their lowest pace since 2010, according to HUD data.
September sales of existing homes fell 2 percent to a seasonally adjusted 3.96 million units from 4 million in August, dropping by 15.4 percent on the year, HUD reported, citing National Association of Realtors (NAR) data.
“Month-to-month house prices have increased modestly in the last several months, but mortgage rates have trended up recently, and inventories of existing homes for sale are still lean,” the agency said.
Following more than a year of interest rate hikes by the Federal Reserve in response to elevated prices throughout the economy, mortgage rates touched 8 percent in October, the highest level in more than 20 years.
Mortgage rates are affected by the level of interest rates, which now stand at a range of 5.25 to 5.5 percent, but they more closely follow the yield on 10-year U.S. treasuries.
The rate for a 30-year fixed mortgage has eased slightly since last month to 7.73 percent, according to financial data company Bankrate.
Sky-high mortgages have contributed to lower affordability of housing in general.
The Case-Schiller national home price index is now at the highest level on record, its trend line having steepened dramatically since the onset of the pandemic in 2020.
Both the NAR’s homeownership affordability index and HUD’s rental affordability index are at their lowest levels in decades.
The Fed has held off on further rate hikes at its last two meetings as inflation has decelerated throughout the economy.
After peaking at around a 9 percent annual increase last June, the consumer price index (CPI) fell to a 3.2-percent increase in October.
But shelter inflation is still high. Despite peaking in March at an 8.2 percent annual increase, costs have come down only slightly and are still up 6.7 percent year-over-year.
While the pace of price increases has abated, the overall level of many individual prices in the economy is still much higher than it was before inflation took off in the wake of the pandemic.
Prices are about 20 percent higher overall than they were before the pandemic, according to calculations released Monday by Bloomberg Economics.
“Groceries are up 25 percent since January 2020. Same with electricity. Used-car prices have climbed 35 percent, auto insurance 33 percent and rents roughly 20 percent,” the financial data service found.
“The government data reports that show easing inflation are cold comfort, because they simply indicate prices are growing at a slower pace, not that they are returning to early 2020 levels,” it said.
Housing activists and tenants rights organizations are letting lawmakers know they’re displeased with the state of housing and their rental burdens.
Tenants groups, including the Homes Guarantee, the Louisville Tenants Union and Neighbor to Neighbor, met with Rep. Pramila Jayapal (D-Wash.) on Capitol Hill earlier this month to advocate that more stringent tenant protections be attached to federal financing for housing.
“It’s not right that I work hard every single day, living paycheck to paycheck to make corporate landlords like Starwood Capital and Barry [Sternlicht] even richer. It’s not right that the federal government is in business with the slumlords who would have us live in squalor while they brag about raising our rents,” Louisville Tenant Union member Elizabeth Olvera Perez said in a statement earlier this month.
“The rent is too damn high,” Jayapal wrote online Nov. 15. “It’s time to end the housing crisis and deliver for Americans.”
Amid much speculation that the Fed’s rate-setting committee is now done raising interest rates, the U.S. central bank is still officially predicting one more quarter-point rate hike this year, to max out at a range of 5.5 to 5.75 percent.
Whether or not the Fed makes good on that prediction, some investors are already betting on cuts, and that markets are pricing them in.
The Wall Street Journal reported Monday that interest-rate futures indicated 60-40 odds that “the Fed will lower rates by a quarter-of-a-percentage point by its May 2024 policy meeting.”
That’s up from 29 percent at the end of October, according to CME Group data, the Journal reported.
Business, News, Policy, Census Bureau, Department of Housing and Urban Development, Housing, housing market, housing prices, Pramila Jayapal Sales of new homes fell short of expectations in October as mortgage rates hovered near 8 percent amid wider stresses in the U.S. housing market. New single‐family homes sales came in at a seasonally adjusted annual rate of 679,000, compared to a predicted 725,000, according to data released Monday by the Census Bureau and the…

Google has tentatively agreed to a $28 million settlement in a California class‑action lawsuit alleging that white and Asian employees were routinely paid more and placed on faster career tracks than colleagues from other racial and ethnic backgrounds.
- A Santa Clara County Superior Court judge has granted preliminary approval, calling the deal “fair” and noting that it could cover more than 6,600 current and former Google workers employed in the state between 2018 and 2024.

The lawsuit was brought by former Google employee Ana Cantu, who identifies as Mexican and racially Indigenous and worked in people operations and cloud departments for about seven years. Cantu alleges that despite strong performance, she remained stuck at the same level while white and Asian colleagues doing similar work received higher pay, higher “levels,” and more frequent promotions.
Cantu’s complaint claims that Latino, Indigenous, Native American, Native Hawaiian, Pacific Islander, and Alaska Native employees were systematically underpaid compared with white and Asian coworkers performing substantially similar roles. The suit also says employees who raised concerns about pay and leveling saw raises and promotions withheld, reinforcing what plaintiffs describe as a two‑tiered system inside the company.
Cantu’s legal team ultimately agreed to narrow the class to employees whose race and ethnicity were “most closely aligned” with hers, a condition that cleared the path to the current settlement.

The judge noted that Black employees were explicitly excluded from the settlement class after negotiations, meaning they will not share in the $28 million payout even though they were named in earlier versions of the case. Separate litigation on behalf of Black Google employees alleging racial bias in pay and promotions remains pending, leaving their claims to be resolved in a different forum.
Of the $28 million total, about $20.4 million is expected to be distributed to eligible class members after legal fees and penalties are deducted. Eligible workers include those in California who self‑identified as Hispanic, Latinx, Indigenous, Native American, American Indian, Native Hawaiian, Pacific Islander, and/or Alaska Native during the covered period.
Beyond cash payments, Google has also agreed to take steps aimed at addressing the alleged disparities, including reviewing pay and leveling practices for racial and ethnic gaps. The settlement still needs final court approval at a hearing scheduled for later this year, and affected employees will have a chance to opt out or object before any money is distributed.
A Google spokesperson has said the company disputes the allegations but chose to settle in order to move forward, while reiterating its public commitment to fair pay, hiring, and advancement for all employees. The company has emphasized ongoing internal audits and equity initiatives, though plaintiffs argue those efforts did not prevent or correct the disparities outlined in the lawsuit.
For many observers, the exclusion of Black workers from the settlement highlights the legal and strategic complexities of class‑action discrimination cases, especially in large, diverse workplaces. The outcome of the remaining lawsuit brought on behalf of Black employees, alongside this $28 million deal, will help define how one of the world’s most powerful tech companies is held accountable for alleged racial inequities in pay and promotion.

At just 29, Luana Lopes Lara has taken a title that usually belongs to pop stars and consumer‑app founders.
Multiple business outlets now recognize her as the world’s youngest self‑made woman billionaire, after her company Kalshi hit an 11 billion dollar valuation in a new funding round.
That round, a 1 billion dollar Series E led by Paradigm with Sequoia Capital, Andreessen Horowitz, CapitalG and others participating, instantly pushed both co‑founders into the three‑comma club. Estimates place Luana’s personal stake at roughly 12 percent of Kalshi, valuing her net worth at about 1.3 billion dollars—wealth tied directly to equity she helped create rather than inheritance.

Kalshi itself is a big part of why her ascent matters.
Founded in 2019, the New York–based company runs a federally regulated prediction‑market exchange where users trade yes‑or‑no contracts on real‑world events, from inflation reports to elections and sports outcomes.
As of late 2025, the platform has reached around 50 billion dollars in annualized trading volume, a thousand‑fold jump from roughly 300 million the year before, according to figures cited in TechCrunch and other financial press. That hyper‑growth convinced investors that event contracts are more than a niche curiosity, and it is this conviction—expressed in billions of dollars of new capital—that turned Luana’s share of Kalshi into a billion‑dollar fortune almost overnight.
Her path to that point is unusually demanding even by founder standards. Luana grew up in Brazil and trained at the Bolshoi Theater School’s Brazilian campus, where reports say she spent up to 13 hours a day in class and rehearsal, competing for places in a program that accepts fewer than 3 percent of applicants. After a stint dancing professionally in Austria, she pivoted into academics, enrolling at the Massachusetts Institute of Technology to study computer science and mathematics and later completing a master’s in engineering.
During summers she interned at major firms including Bridgewater Associates and Citadel, gaining a front‑row view of how global macro traders constantly bet on future events—but without a simple, regulated way for ordinary people to do the same.

That realization shaped Kalshi’s founding thesis and ultimately her billionaire status. Together with co‑founder Tarek Mansour, whom she met at MIT, Luana spent years persuading lawyers and U.S. regulators that a fully legal event‑trading exchange could exist under commodities law. Reports say more than 60 law firms turned them down before one agreed to help, and the company then spent roughly three years in licensing discussions with the Commodity Futures Trading Commission before gaining approval. The payoff is visible in 2025’s numbers: an 11‑billion‑dollar valuation, a 1‑billion‑dollar fresh capital injection, and a founder’s stake that makes Luana Lopes Lara not just a compelling story but a data point in how fast wealth can now be created at the intersection of finance, regulation, and software.

America’s job market is facing an unprecedented crisis—and nowhere is this more painfully obvious than at Harvard, the world’s gold standard for elite education. A stunning 25% of Harvard’s MBA class of 2025 remains unemployed months after graduation, the highest rate recorded in university history. The Ivy League dream has become a harsh wakeup call, and it’s sending shockwaves across the professional landscape.

For decades, a Harvard diploma was considered a golden ticket. Now, graduates send out hundreds of résumés, often from their parents’ homes, only to get ghosted or auto-rejected by machines. Only 30% of all 2025 graduates nationally have found full-time work in their field, and nearly half feel unprepared for the workforce. “Go to college, get a good job“—that promise is slipping away, even for the smartest and most driven.
Applicant tracking systems (ATS) and AI algorithms have become ruthless gatekeepers. If a résumé doesn’t perfectly match the keywords or formatting demanded by the bots, it never reaches human eyes. The age of human connection is gone—now, you’re just a data point to be sorted and discarded.
AI screening has gone beyond basic qualifications. New tools “read” for inferred personality and tone, rejecting candidates for reasons they never see. Worse, up to half of online job listings may be fake—created simply to collect résumés, pad company metrics, or fulfill compliance without ever intending to fill the role.
It’s not just Harvard grads who are hurting. Entry-level roles demand years of experience, unpaid internships, and portfolios that resemble a seasoned professional, not a fresh graduate. A bachelor’s degree, once the key to entry, is now just the price of admission. Overqualified candidates compete for underpaid jobs, often just to survive.
One Harvard MBA described applying to 1,000 jobs with no results. Companies, inundated by applications, are now so selective that only those who precisely “game the system” have a shot. This has fundamentally flipped the hiring pyramid: enormous demand for experience, shrinking chances for new entrants, and a brutal gauntlet for anyone not perfectly groomed by internships and coaching.
The cost is more than financial—mental health and optimism are collapsing among the newest generation of workers. Many come out of elite programs and immediately end up in jobs that don’t require degrees, or take positions far below their qualifications just to pay the bills. There’s a sense of burnout before careers even begin, trapping talent in a cycle of exhaustion, frustration, and disillusionment.
What’s really broken? The culture of hiring itself. Companies have traded trust, mentorship, and relationships for metrics, optimizations, and cost-cutting. Managers no longer hire on potential—they rely on machines, rankings, and personality tests that filter out individuality and reward those who play the algorithmic game best.
AI has automated the very entry-level work that used to build careers—research, drafting, and analysis—and erased the first rung of the professional ladder for thousands of new graduates. The result is a workforce filled with people who know how to pass tests, not necessarily solve problems or drive innovation.
Up to half of all listings for entry-level jobs may be “ghost jobs”—positions posted online for optics, compliance, or future needs, but never intended for real hiring. This means millions of job seekers spend hours on applications destined for digital purgatory, further fueling exhaustion and cynicism.
Despite the headlines, the new class of unemployed graduates is not lazy or entitled—they are overqualified, underleveraged, and battered by a broken process. Harvard’s brand means less to AI and ATS systems than the right keyword or résumé format. Human judgment has been sidelined; individuality is filtered out.

Unless companies rediscover the value of human potential, mentorship, and relationships, the job search will remain a brutal numbers game—one that even the “best and brightest” struggle to win. The current system doesn’t just hurt workers—it holds companies back from hiring bold, creative talent who don’t fit perfect digital boxes.
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This is not just a Harvard problem. It’s a sign that America’s job engine is running on empty, and it’s time to reboot—before another generation is locked out.

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