Consumer News: Home sales slow in August, how much Americans are expected to spend on Halloween and more
CNN– The U.S. housing market’s hot streak may be losing some steam. Home sales in August fell 2% from July, according to the National Associations of Realtors. That’s down 1.5% from July 2020, ending a two month run of increases. While sales might be slowing, costs are still rising. The median home price last month was nearly $357,000, about a 15% hike from the previous year. Home prices have been spiking for over 9 years now.
Americans are expected to spend a record $10 billion on Halloween this year. The National Retail Federations says people will spend $2 billion more this year than 2020 on candy, decorations and costumes for adults, kids and even pets. Most of the spending, more than $3.3 billion, will go towards costumes alone. On average, consumers are expected to fork out a little more than $102 to retailers.
A critical week to avoid a government shutdown at the end of the month and increase the borrowing limit, but Republicans saying they won’t help raise the federal debt limit. This means the U.S. could default on its debt for the first time ever and set off a domino effect of negative impacts on the economy. Jenn Sullivan takes a closer look at how this debt ceiling showdown could impact you directly.
According to the U.S. Treasury, the country currently has nearly $29 trillion in debt. Roughly $8 trillion of that is from the Trump era, including the early COVID-19 stimulus plans. This is what Congress says it is faced with paying for right now.