Homeowners are acquiring record amounts of home equity, thanks to fast-rising values in the housing market. People are starting to tap into that cash, mainly to make their homes even more valuable.
Spending on home renovations topped $152 billion in 2017, and is expected to increase almost 5% this year. According to the National Association of Home Builders, projects included regular updates and repairs, as well as large remodeling requests.
Homeowners are using that cash for education expenses and paying down other debt. Additionally, owners are borrowing against their homes and putting cash into other investments such as as stocks and additional real estate.
Big Business This Week is a guided tour through the biggest market stories of the week, from winning stocks to brutal dips to the facts and forecasts generating buzz on Wall Street.
Bristol Myers Squibb agreed to buy schizophrenia drug maker Karuna Therapeutics in a $14 billion deal.
Supermarket chain Ralphs is facing a new lawsuit from the state of California.
Shake Shack is giving out free fried chicken sandwiches, bacon cheese fries and milkshakes nationwide.
The IRS is announcing a voluntary disclosure program.
Lionsgate announced its studio division is going to spin off in a merger with Screaming Eagle Acquisition Corp., which is a special purpose acquisition company.
A new report suggests that it's getting more difficult for an average American to afford a home.
The Food and Drug Administration warned consumers about a copycat version of the diabetes drug Ozempic.
Tesla is reportedly moving forward with its plan to make energy shortage storage batteries in China.
Wells Fargo employees at a branch in New Mexico have voted to unionize.
