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Tag: approach

US existing home sales approach 14-year high; prices scale record peak

WASHINGTON: US home sales surged to their highest level in nearly 14 years in August as the housing market continued to outperform the overall economy, but record high home prices could squeeze first-time buyers out of the market.

The report from the National Association of Realtors confirmed home sales had recovered after slumping when the economy almost ground to a halt as businesses were shuttered in mid-March in an effort to slow the spread of COVID-19.

Demand for housing is being fuelled by record-low mortgage rates and a pandemic-fuelled migration to suburbs and low-density areas in search of more spacious accommodation as many people work from home. Federal Reserve Chair Jerome Powell told a congressional panel on Tuesday that the economy has shown “marked improvement” since plunging into recession in February, though the path ahead remains uncertain.

“The housing market has continued its remarkable recovery amidst an otherwise

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Ohio contractor awarded $111M contract to rebuild approach walls at Soo Locks

SAULT STE. MARIE, MI – An Ohio contractor has been awarded a $111 million contract to complete phase two of massive, multiyear project to build a new lock at the Soo Locks.

The U.S. Army Corps of Engineers announced Thursday that Kokosing Alberici LLC of Westerville, Ohio will stabilize the existing approach walls, allowing modern vessels to tie up and wait their turn to pass through the new lock. Construction will begin in spring 2021 and take about two years to complete.

“The Corps looks forward to beginning construction on the upstream approach walls next spring, and we continue to work hard to maintain the pace and meet all milestones in bringing our nation’s New Lock at the Soo to fruition,” said Detroit District Commander Lt. Col. Scott Katalenich.

The project’s first phase to deepen the upstream channel began this summer and is expected to be completed by November 2021.

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U.S. existing home sales approach 14-year high; prices scale record peak

By Lucia Mutikani

WASHINGTON (Reuters) – U.S. home sales surged to their highest level in nearly 14 years in August as the housing market continued to outperform the overall economy, but record high home prices could squeeze first-time buyers out of the market.

The report from the National Association of Realtors confirmed home sales had recovered after slumping when the economy almost ground to a halt as businesses were shuttered in mid-March in an effort to slow the spread of COVID-19.

Demand for housing is being fueled by record-low mortgage rates and a pandemic-fueled migration to suburbs and low-density areas in search of more spacious accommodation as many people work from home. Federal Reserve Chair Jerome Powell told a congressional panel on Tuesday that the economy has shown “marked improvement” since plunging into recession in February, though the path ahead remains uncertain.

“The housing market has continued its remarkable recovery

Read More