It is another blow to would-be homebuyers grappling with rising home prices and a stubbornly low supply of properties on the market.
Business
Local, state and national business news from the Kennebec Journal and Morning Sentinel.
Posted inBusiness, Food & Dining
Starbucks’ Pumpkin Spice Latte turns 20, beloved by millions and despised by some
The seasonal beverage has produced a huge – and growing – industry of imitators.
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Posted inBusiness, Maine, News
Soggy, late hay harvest could further imperil struggling farms
Wet weather has prevented farmers from harvesting hay, leaving them with costly or unappealing options to feed their livestock.
Posted inBusiness, Nation & World, News
Massachusetts rent control supporters say ballot question is valid as opposition mounts
The ballot question, filed by state Rep. Mike Connolly, a Cambridge Democrat, scraps a portion of state law banning rent control and replaces it with new language allowing municipalities to set the rules for residential evictions, brokers fees, the removal of housing units from the rental housing market, and rents.
Posted inBusiness
Dollar Tree settles on plan to address safety violations in Maine, nationwide
OSHA will require the company to pay $1.35 million for penalties and to make sweeping, systematic changes to address issues commonly found at stores in Maine and across the U.S.
Posted inBusiness, Nation & World, News
Xi, Putin and other leaders hold private session on how to expand their economic bloc
More than 20 countries have applied to join BRICS, which was formed by Brazil, Russia, India and China in 2009, and added South Africa in 2010.
Posted inBusiness, Nation & World, News
Surprisingly durable U.S. economy poses question: Are we facing higher-for-longer interest rates?
One after another, economists have postponed or reversed their earlier forecasts for a recession.
Posted inBusiness
UPS workers approve 5-year contract, capping contentious negotiations
Under the tentative agreement, workers will get $7.50 more in total by the end of the contract, full-time drivers will make about $170,000 annually and more trucks will be equipped with air conditioning.
Posted inBusiness
Have home prices bottomed? While low housing inventory stymies sales, bidding wars prop up prices
The combination of high borrowing costs and intense competition for affordable homes is keeping many first-time buyers on the sidelines.
Posted inBusiness, News
Maine homebuyers challenged as prices stay high
A small statewide inventory, high buyer demand and rising interest rates keep the pressure on an already hot housing market.