Gina Heeb

Years of higher inflation and interest rates have left consumers mired in debt, even as the overall economy hums.

New York Community Bancorp (NYCB) shares dropped about 10% after the regional bank disclosed another quarterly net loss and girded for further trouble in commercial real estate lending. NYCB logged a second-quarter loss of $323 million, compared with net income of more than $400 million a year earlier. The Hicksville, N.Y.-based bank said more loans in commercial real estate had gone bad and that it had added to its reserves for potential future losses.

Shares of KeyCorp jumped, after the Ohio-based regional lender said it would shore up its balance sheet by selling a minority stake to Bank of Nova Scotia for $2.8 billion. Scotiabank plans to buy a 14.9% stake for $17.17 per share. The Canadian bank will get two Key board seats, which will be filled by one senior officer of Scotiabank and one third-party director.

So-called credit-builder cards let users deposit money to pay bills. The fintechs say this counts as borrowing. The companies that create credit scores and reports aren’t so sure.

While still relatively small in number, millionaire renters in the U.S. are on the rise, a reflection of how the calculus around homeownership has changed for even the wealthiest in the U.S.

While still relatively small in number, millionaire renters in the U.S. are on the rise, a reflection of how the calculus around homeownership has changed for even the wealthiest in the U.S.

A lot of high-end real estate is in parts of the country that have become hotbeds for climate disasters in recent years.

Existing-home sales in September fell 3.5% from a year earlier.

President-elect Donald Trump’s immigration and trade policies put home builders in a vulnerable position.

Wells Fargo is set to sell its San Francisco headquarters, part of a broader shift in the bank’s power base to the East Coast. The office at 420 Montgomery St. in San Francisco’s Financial District could be put on the market as soon as this month, people familiar with the matter said. Wells Fargo has hired as an adviser the real-estate investment bank Eastdil Secured, which it sold in 2019 and still owns a minority stake in.