US home sales fall to their lowest since 2010 as mortgage rates stay above 7%, but the typical price still rises to $416,700

The stories

20 on this beat today.

Every story told the same way: what happened, who is involved, why it matters, how it works, the truth and the good news.

1. 01

   US home sales fall to their lowest since 2010 as mortgage rates stay above 7%, but the typical price still rises to $416,700

   3.75 million

   US homes sold, at October's yearly pace

   the slowest since August 2010 [1]

   $416,700

   the typical US home's sale price in October

   up 0.4% on a year, 40 months of yearly rises [2]

   2%

   of sales forced by repossession or debt

   in 2010 a mortgage crisis left homes for sale everywhere [3]

   5.1 months

   to sell every home on the market at October's pace

   the longest in 11 years [4]

   What happened

   • Americans bought existing homes at a yearly pace of 3.75 million in October, the slowest since August 2010. [1]
   • That is 8.8% fewer than a year earlier, says the National Association of Realtors, the US estate agents' body. [1]
   • Yet the typical home sold for $416,700, up 0.4% on a year ago. [2] Prices have now risen on a year for 40 months running. [2]
   • The average 30-year fixed mortgage rate was 7.33% in October, up from 6.86% in September. [4]
   • A higher rate raises the monthly payment and shrinks the loan a buyer can get. [7]
   • It wants less borrowing and buying, to bring inflation down, so some of the slowdown is by design. [6]
   • First-time buyers made up 29% of sales, down from 32% a year earlier. [2]
   • Buyers paying all cash also made up 29%, up from 27% in September. [2] Realtor.com links that to the record value owners hold in their homes. [4]
   • Unsold homes rose to 1.59 million, the most in seven years, Realtor.com reports. [4]
   • At October's pace that stock would take 5.1 months to sell, the longest in 11 years. [4]
   • Sales fell over the year in all 4 US regions: 14.5% in the West and 4.1% in the Northeast. [2]
   • They fell even for homes over $1 million, which had held up before. [4]
   • Today only 2% of sales are distressed: homes sold through repossession, or for less than the loan. [1]
   • Yun says most of the 88 million US homeowners are comfortable, thanks to the value built up in their homes. [1]
   • Rates have eased since: Freddie Mac, which tracks US mortgage rates, put the weekly average at 7.11% on November 12. [7]
   • That is the lowest in seven weeks, against 6.24% a year ago. [7] Rates had fallen below 6% in February. [5]

   16-year lowHome sales

   vsvs

   $416,700Typical price

   Who is involved

   Lawrence Yun, NAR's chief economist, blamed mortgage rates at their highest since 2000, bar one month in 2023. [1]

   • Lawrence Yun NAR's chief economist; he blamed rates at their highest since 2000, bar one month
   • National Association of Realtors the US estate agents' body; it counts home sales each month and reported the 16-year low
   • The US central bank it sets the main US interest rate; it raised it in September and may again in December
   • Redfin a US home-sales website; its own count shows prices slightly down, not up

   How it unfolded

   The US central bank raised its interest rate in September, its first rise since 2023. [5]

   In 2010, sales bottomed after a mortgage crisis left houses for sale across the country. [3]

   1. 2023 last US rate rise
   2. September the next rise
   3. 2010 crisis, many forced sales
   4. Now few forced sales
   5. November 12 rate at 7.11%
   6. December US rate decision
   7. Aug 2010 home sales hit the last low, amid a glut of homes for sale [3]
   8. Feb 2026 the 30-year rate falls below 6% [5]
   9. Sep 2026 the US central bank raises its rate [5]
   10. Oct 8 mortgage rates peak at 7.40% [4]
   11. Nov 12 NAR reports sales at a 16-year low [1]

   Why it matters

   Homes got harder to afford over the year, Realtor.com says. [4] NAR's affordability measure fell from 107.3 to 100.7. [2]

   Buyers who stepped back at 7.4% in mid-October will show up as missing sales later. [2] Zonda's Sean Fergus expects that in November and December closings. [2]

   How it works

   Housing economists call this downward price stickiness: home prices fall slowly, because owners can refuse to sell.

   Owners who need not move have equity and little pressure to sell, so many hold off listing, Redfin says. [9] So sales fell while prices still rose. [2]

   Seen it before

   A car boot seller who does not need the cash takes the bike home rather than cut the price.

   The truth

   • What is really going on Americans bought the fewest existing homes since 2010 in October, yet the typical price still rose 0.4% to $416,700. [2]Only 2% of sales were forced, and Redfin says owners with equity feel little pressure to sell. [1][9]
   • Redfin counts the typical sale price down 0.9% on a year, at $388,613, over four weeks to November 8. [8]
   • Who gains US buyers paying cash — With no loan, a rate above 7% does not touch them, and they took 29% of October sales. [2]
   • Who pays US first-time home buyers — As homes grew less affordable, their share of sales fell to 29% from 31% in September. [4]
   • Nobody knows yet

     Whether US home prices are rising or falling.

     NAR counts October closings and finds the typical price up 0.4% to $416,700. [2] Redfin counts four weeks to November 8 and finds $388,613, down 0.9%. [8] MarketWatch puts NAR's figure at $414,900. [3]

   • Nobody knows yet

     How low sales will go before buyers return.

     Buyers who stepped back at 7.4% in October will not show up as missing sales until November and December closings. [2]

   • Nobody knows yet

     Which mortgage rate is the right one this week.

     Freddie Mac's weekly average was 7.11%. [7] Zillow's rates gave NerdWallet 6.99%. [28] Redfin's weekly average was 7.18%. [8]

   Good news

   • Only 2% of US home sales in October were forced by repossession or debt, against the last low in 2010, when a mortgage crisis left homes for sale everywhere.

   What comes next

   The US central bank is expected to raise its rate again in December. [5] Markets put the odds of a quarter-point rise above 93%. [7]

1. 02

   Sellers outnumber buyers by 70%

   What happened

   • In October the US had 70.5% more home sellers than buyers, Redfin, a home-sales website, estimates. [9]
   • That is the widest gap in Redfin's records, which start in 2013. [9]
   • The number of buyers fell to a record low. [9] Sellers rose to their most since March 2020. [9]
   • Just 3 of the 50 biggest US metro areas favoured sellers, all of them in the Northeast. [9]
   • Prices rose 3.3% in those 3 areas, against 0.3% in the 41 areas that favour buyers. [9]

   Seller's markets3.3%

   Buyer's markets0.3%

   How it unfolded

   1. 2013 Redfin's records begin
   2. October the widest gap yet

   Why it matters

   US buyers have more bargaining power than at any time in Redfin's records. [9]

   How it works

   Economists call this a buyer's market: when sellers outnumber buyers, the buyers set the terms.

   Some owners gave up waiting for lower rates and listed anyway, so sellers piled up as buyers left. [9]

   Seen it before

   When ten children sell lemonade on one street, the thirsty customer picks the cheapest cup.

   Why US home sales can hit a 16-year low while prices hit a record

   Housing economists say prices are sticky downward: owners who do not have to sell wait rather than cut, so sales fall long before prices do.

   The twist

   Home prices fall fast mostly when owners have to sell. When owners can wait, a slump shows up as fewer sales, not lower prices.

   The picture

   2010many forced sales

   vsvs

   October 20262% forced sales

   Step by step

   1. 1 Mortgage rates rise, so buyers can afford less
   2. 2 Owners who do not have to sell wait rather than cut
   3. 3 Homes sit unsold, and sales fall
   4. 4 Prices fall fast only when many owners are forced to sell

   The same force, elsewhere today

   Where this chain is also running, in today's other stories.

   • Sellers outnumber buyers by 70%

     Redfin says owners with plenty of equity feel little pressure to sell, so in buyer's markets prices still rose 0.3% while unsold homes piled up.

   • New York mails its second-home tax bills

     Facing a new yearly charge, owners changed how many homes they put up for sale first: new listings of $1 million to $3 million condos fell 11% since July.

   Where you've seen this

   Pay in a downturn

   employers often cut jobs and hours before they cut anyone's hourly pay

   Art auctions

   a painting that does not reach the owner's lowest price goes home unsold

   Second-hand cars

   a private seller with no hurry leaves the car listed at the same price for months

   The catch

   It holds only while owners can afford to wait. When job losses or loan payments force them to sell, as in 2010, prices fall fast.

   And the whole of it

   Each owner who waits is making a sensible choice for one family. Added together, those choices decide how many first-time buyers get a home this year, and no single owner can see that.

   The truth

   • Redfin counts sellers from listings, but estimates buyers from its own data on tours and sales. [9]
   • Nobody knows yet

     How many US home buyers there really are.

     Redfin counts sellers from listings but estimates buyers from its own data on tours and sales. [9]

1. 03

   US raises the 401(k) savings limit

   What happened

   • The IRS, the US tax agency, raised the yearly limit for 401(k) workplace retirement plans to $25,500 for 2027. [11]
   • The limit is $24,500 in 2026. [11]
   • Savers aged 50 and over may add $8,500 more, up from $8,000. [10] Those aged 60 to 63 may add $11,750 instead. [10]
   • The limit for an Individual Retirement Account, or IRA, stays at $7,500. [11]

   How it unfolded

   It follows the yearly inflation updates to US tax brackets a week earlier. [10]

   1. A week earlier tax brackets updated
   2. This week savings limits updated

   Why it matters

   Vanguard's yearly study of about 5 million savers found only 14% put in the full amount in 2025. [10]

   How it works

   The IRS calls these cost-of-living adjustments: limits rise with prices each year, so inflation does not shrink them. [11]

   A higher limit changes things only for savers who already reach the old one, which 14% did. [10]

   Seen it before

   A school that raises the lunch allowance as food costs rise keeps the same lunch on the tray.

   The truth

   • The IRS's chief executive said the rise will "help American families keep more of their hard-earned income". [11] Most savers do not reach the limit. [10]
2. 04

   EU home energy got cheaper, for now

   What happened

   • EU households paid 2.2% less for electricity in the first half of 2026 than in late 2025, Eurostat figures show. [12]
   • Household gas fell 10.2% over the same months. [12]
   • That happened even though the Iran war had pushed up wholesale gas prices from late February. [12]
   • A unit of power cost 38.7 euros per 100 kWh in Ireland, against 11.4 in Hungary. [12]

   How it unfolded

   Many homes are on fixed-price deals, so suppliers cannot pass on higher costs until those deals end. [12]

   1. February tracking starts
   2. September gas up 12%

   Why it matters

   Xiaoyi Mu, a University of Dundee professor, expects higher bills later in 2026, and more in early 2027. [12]

   How it works

   Energy economists call the gap a lag: wholesale price changes reach household bills months later. [12]

   Suppliers often buy energy in advance, which can delay a wholesale rise reaching household bills. [12]

   Seen it before

   A shop that bought its stock in spring keeps the old price on the shelf until the stock runs out.

   The truth

   • The figures cover only about 4 months of the war, so the full rise is not in them yet. [12]
   • Nobody knows yet

     How big EU household energy bills will get in 2027.

     Eurostat's figures stop at June, about 4 months into the war, and fixed deals delay the rise. [12]

   Good news

   • EU households paid 10.2% less for gas and 2.2% less for electricity in the first half of 2026 than in late 2025.

   What comes next

   Prices tracked in EU capitals show gas up 12% between February and September. [12]

3. 05

   Australian petrol falls 22 cents a litre

   What happened

   • Australia's average price for regular unleaded petrol has fallen almost 22 cents since late October, to $2.23 a litre. [13]
   • Diesel fell more than 20 cents, to $2.71 a litre, the NRMA's figures show. [13]
   • For the first time since August, petrol and diesel prices are falling across the country. [13]
   • The cost of Tapis, the crude oil price Australia uses, dropped 20% in two weeks. [13]
   • Brent, the world's main oil price, was near $120 a barrel at the end of October. [13] This week it fell as low as $90. [13]

   Why it matters

   Unleaded still costs almost 58 cents a litre more than before the war, the NRMA says. [13]

   The same fuel varies by up to $1.06 a litre across Sydney, Melbourne and Brisbane. [13]

   The truth

   • Claudio Galimberti of Rystad Energy, a research firm, says markets treat the US vote as ending the Iran war. [13] It has not, he says. [13]

   Good news

   • Australian unleaded petrol has fallen almost 22 cents a litre since late October, to $2.23, and at some stations it is back below $2.
4. 06

   Jersey gas bills to rise 5%

   What happened

   • Island Energy will raise gas prices for homes and firms in Jersey by about 5% from 1 December. [14]
   • Its tariffs rise by 1p for each kilowatt hour, the unit gas is sold in. [14]
   • The firm blamed dearer wholesale gas, after the Iran conflict disrupted Middle East exports and shipping. [14]

   Why it matters

   Chief executive Graeme Millar said any rise is unwelcome, "particularly during winter". [14]

   How it works

   Energy firms call buying fuel ahead hedging: it fixes today's price for fuel used later.

   Buying fuel ahead at lower prices held the rise down, Millar said. [14] But it cannot fully protect customers from a long rise. [14]

   Seen it before

   A family that buys a year's bus pass in August pays the old fare until the pass runs out.

   The truth

   • Who pays Jersey gas customers — Their tariff rises 1p a kilowatt hour from 1 December, as winter starts. [14]
5. 07

   Poundland gets ten more days

   What happened

   • A court gave Poundland, a UK discount chain, 10 more days to find a buyer. [15]
   • The deadline had been due to run out at midnight. [15]
   • Its owner, the investment firm Gordon Brothers, released another 11 million pounds, on top of 10 million earlier. [15]
   • About 50 million pounds had been frozen, so shops could not be restocked. [15]

   Who is involved

   Liam Byrne, who chairs MPs' business committee, likened the firm to "a wolf on Wall Street". [15]

   How it unfolded

   Gordon Brothers bought the chain for 1 pound last year. [15]

   1. Midnight deadline due
   2. Now 10 more days

   Why it matters

   Poundland's 11,000 jobs and 600 shops ride on the outcome. [15]

   The truth

   • Poundland's boss says sales rose 11.4%. [15] Its owner calls the chain vulnerable to any downturn. [15]
   • Who pays Poundland's 11,000 staff — Their jobs depend on a buyer found within 10 days, while the owner weighs selling it in pieces. [15]
   • Nobody knows yet

     Who will buy Poundland, and whether it stays one chain.

     Its owner is talking to 3 parties for the whole business, and also has offers for parts of it. [15]

   What comes next

   Gordon Brothers says it is talking to 3 possible buyers for the whole chain. [15]

6. 08

   UK pension charge cap may loosen

   What happened

   • The FCA, the UK's financial regulator, wants some pension fees to sit outside the cap on charges. [16]
   • The cap limits what default funds in workplace pensions may charge savers. [16]
   • The fees in question are linked to how well an investment does. [16] They are common in private equity and private credit. [16]
   • The FCA says the change is "not a licence to charge more". [16]

   How it unfolded

   Pension schemes run by trustees have had the same exemption since 2023. [16]

   1. 2023 trust-based schemes exempt
   2. Now FCA plans the same
   3. 14 January 2027 responses due
   4. Summer 2027 final rules

   Why it matters

   Savers in default funds would pay those fees wherever their provider uses the exemption. [16]

   How it works

   Economists call a price cap a ceiling: it stops charges rising, and can also shut out dearer products.

   The cap counts these fees, so the FCA says exempting them lets providers reach a wider range of investments. [16]

   Seen it before

   A canteen with a 3-pound price cap cannot sell the 4-pound sandwich, even to pupils who want it.

   The truth

   • The FCA's proposal gives no estimate of how much more savers might pay. [16]
   • Who gains UK pension providers — The FCA plan would let them buy funds that charge performance fees without breaking the cap. [16]
   • Nobody knows yet

     How much more UK pension savers would pay if performance fees leave the cap.

     The FCA's proposal gives no estimate, and final rules are not due until summer 2027. [16]

   What comes next

   Responses are due by 14 January 2027, with final rules expected in summer 2027. [16]

7. 09

   Australians keep spending despite rate rises

   What happened

   • Australian households keep spending, even after 5 interest rate rises this year. [17]
   • CBA, Australia's biggest bank, says spending on non-essentials in September was up nearly 7% on a year. [17]
   • Most Australians' loan rates move with the Reserve Bank's cash rate, so rises cut what borrowers have left. [17]
   • Older people with paid-off homes and big savings are better off as rates rise. [17]
   • Others pay more for things they cannot cut, such as fuel, food and power. [17]

   Why it matters

   The Reserve Bank needs spending to slow to bring price rises back to its 2-3% target. [17]

   How it works

   Economists call this a collective action problem: everyone gains from lower inflation, but nobody gains by cutting alone. [17]

   One household that cuts back bears the cost, and prices fall only if enough others cut too. [17]

   Seen it before

   One pupil going quiet does not quiet a noisy class; the room goes quiet only when most do.

   The truth

   • CBA's economist Ashwin Clarke says rate rises take time to reach mortgage payments. [17]
   • Who gains Older Australians with paid-off homes and savings — Each rate rise pays them more interest while costing them nothing on a loan. [17]
8. 10

   New York mails its second-home tax bills

   What happened

   • New York City will mail its first bills for a new tax on expensive second homes in the coming days. [18]
   • Realtor.com, a home-listings site, found 24,218 homes that could owe it. [18]
   • For condos and co-ops, the charge starts at 4% of the city's value, from $1 million. [18] Houses face 0.8% from $5 million. [18]
   • Either way, the yearly charge starts at about $40,000. [18]

   Who is involved

   The tax fits Mayor Zohran Mamdani's plan to tax the rich, Realtor.com says. [18]

   • Zohran Mamdani New York City's mayor

   Why it matters

   New listings of condos priced $1 million to $3 million fell 11% on a year, from July to early November. [18]

   How it works

   Tax economists call a jump at one value a notch: one dollar more can cost thousands.

   In one building, 2 flats valued $6,009 apart could face charges $37,813 apart. [18]

   Seen it before

   A bag one gram over the airline's limit pays the whole excess fee, not a gram's worth.

   Facing a new yearly charge, owners changed how many homes they put up for sale first: new listings of $1 million to $3 million condos fell 11% since July.

   The idea, in story 02: Why US home sales can hit a 16-year low while prices hit a record →

   The truth

   • Owners near a line can dispute the city's valuation, and a small cut could remove the charge. [18]
9. 11

   Millennials pay more of their pay for homes

   What happened

   • Millennials who bought homes after 2022 spend up to 35% of their income on the mortgage, Redfin finds. [19]
   • Baby boomers spent about 25% at the same age. [19]
   • Millennials earn more, partly because two incomes are more common. [19] At 37, their typical household earned $100,000, against $88,000 for boomers. [19]
   • Millennials who bought before 2022 locked in rates near 3%. [19] Those who bought later paid nearly 7%. [19]

   Millennials35%

   Boomers25%

   How it unfolded

   Boomers faced mortgage rates over 16% in 1981, but rates then fell for decades. [19]

   1. 1981 rates over 16%
   2. Later decades rates fall

   Why it matters

   Redfin says the gap is about timing: when someone bought matters more than what they earn. [19]

   How it works

   Economists call this a cohort effect: people born around the same time share the same luck.

   Seen it before

   Two pupils who know the same can get different grades if one sat an easier year.

   The truth

   • Redfin's figures come from a national household survey, so they show typical homes, not every buyer. [19]
   • Who gains Millennials who bought before 2022 — They locked in rates near 3% before rates rose to nearly 7%. [19]
   • Who pays Millennials who bought after 2022 — They spend up to 35% of income on the mortgage, against about 25% for boomers at that age. [19]
10. 12

    California court to rule on insurer overcharges

    What happened

    • California's Supreme Court will decide whether customers can sue insurers over illegal overcharges. [20] USAA argues state insurance laws shield it from suits for refunds. [20]
    • The case says USAA, an insurer for the military, charged enlisted members more than officers for car cover. [20]
    • About 200,000 enlisted USAA customers were overcharged, the plaintiffs' lawyers say. [20]

    How it unfolded

    Proposition 103, passed by California voters 38 years ago, requires a 20% discount for good drivers. [20]

    A federal appeals court asked the state's top court to settle the law. [20]

    1. Federal court case starts
    2. Now state Supreme Court decides

    Why it matters

    The ruling will affect millions of Californians who insure cars, homes and businesses, Consumer Watchdog says. [20]

    How it works

    Lawyers call this the filed-rate argument: a price a regulator approved cannot be challenged in court.

    Some California courts have said such suits fail if the state insurance commissioner approved the rates. [20]

    Seen it before

    A player cannot be punished for a move the referee already allowed, even if the rulebook says otherwise.

    The truth

    • This account comes from Consumer Watchdog, a group that represents the enlisted customers in the case. [20]
    • Who pays Enlisted military customers of USAA in California — Their lawyers say they paid more than officers for the same car cover, and must wait for a court. [20]
11. 13

    Pakistan court limits insurance complaints

    What happened

    • Pakistan's Lahore High Court ruled that consumer courts cannot hear complaints from insurance policyholders. [21]
    • The case came from United Insurance Company of Pakistan, against a consumer court in Bhakkar. [21]
    • The judge pointed to Section 122 of Pakistan's Insurance Ordinance. [21]

    Who is involved

    Justice Jawad Hassan said such claims belong to a specialised insurance tribunal. [21]

    • Justice Jawad Hassan Lahore High Court judge

    How it unfolded

    1. Now case sent back
    2. Within a month fresh decision

    Why it matters

    Policyholders with a claim against an insurer must now go to the tribunal instead. [21]

    How it works

    Lawyers call this jurisdiction: which court has the power to hear which kind of case.

    A special law on insurance outranks the general consumer law, the judge held, so the special forum wins. [21]

    Seen it before

    A complaint about an exam mark goes to the exam board, not to the head of sport.

    What comes next

    He sent the case back to the consumer court to decide again within a month. [21]

12. 14

    Colorado refunds 27,000 speeding tickets

    What happened

    • Colorado must refund more than $1.1 million in camera speeding fines near Pueblo. [22]
    • All 27,000 tickets came from a 3-mile stretch of Interstate 25 through a construction zone. [22]
    • As the work zone moved along the road, nobody updated its legal description in the paperwork. [22]
    • So the places on the tickets did not match the filed zone, and every ticket is void. [22]

    How it unfolded

    1. Now cameras off
    2. Later back on, paperwork fixed

    Why it matters

    Drivers who have not paid can throw the notice away, state officials said. [22]

    How it works

    Lawyers call it due process: a state must follow its own rules before it fines anyone.

    Here the rule was the filed zone, so a fine outside it had no legal basis. [22]

    Seen it before

    A parking ticket with the wrong street name gets thrown out, even if the car was badly parked.

    The truth

    • Who gains Colorado drivers fined near Pueblo — A paperwork error voids all 27,000 tickets, and those who paid get refunds by post. [22]

    Good news

    • Drivers who already paid will get refunds by post, with no forms to fill in. [22]

    What comes next

    The cameras will go live again once the paperwork is fixed, officials say. [22]

13. 15

    Gen Z skips rent for holiday spending

    What happened

    • In a new survey, 46% of Gen Z adults said they had delayed or skipped rent or mortgage payments. [23] They did it to pay for holidays. [23]
    • That compares with 28% of millennials, 14% of Gen X and 3% of baby boomers. [23]
    • 67% of Gen Z have taken on holiday debt this year, or expect to. [23]
    • Nearly 15% of Americans are still paying off last year's holiday debt. [23]

    Gen Z46%

    Millennials28%

    Gen X14%

    Boomers3%

    Why it matters

    In the US, a mortgage payment 30 days late can be reported to credit bureaus and hurt a credit score. [23]

    US rules mean a lender cannot usually start repossessing until a borrower is 120 days behind, a lawyer says. [23]

    The truth

    • The survey is by Accredited Debt Relief, a debt-relief company, and the article gives no sample size. [23]
14. 16

    AI-edited photos mislead UK home buyers

    What happened

    • UK estate agents are using AI to make homes look better in online listings, a trend called housefishing. [24]
    • In a survey of 906 UK buyers, 1 in 5 had viewed a home whose photos were digitally enhanced. [24]
    • One London buyer found smaller rooms and windows than the photos on Rightmove, Zoopla and Winkworth showed. [24]
    • All three firms took the images down and say they have strict guidelines. [24]

    Why it matters

    Trading Standards says adding a window or hiding features could mislead buyers and break the law. [24]

    Basic touch-ups and virtual furniture are allowed if the listing says AI was used, it says. [24]

    How it works

    Consumer law calls this a misleading omission: leaving out a fact a buyer needs to decide.

    One listing removed a pillar and added a window, changing what a buyer thought they would get. [24]

    Seen it before

    A burger advert showing twice the meat that is in the box is the same trick.

    The truth

    • The Guild of Property Professionals, a group of estate agents, says it is hard to measure how common this is. [24]
    • Nobody knows yet

      How common AI-edited property photos are in the UK.

      The Guild of Property Professionals says it is difficult to measure, and the survey asked only 906 buyers. [24]

15. 17

    Lost-pet scams use AI photos

    What happened

    • Scammers use AI to make fake photos of lost pets, then ask the owners for money, Coveron warns. [25]
    • Its demo text asked for $765 to reveal the clinic holding the puppy. [25]
    • An Arizona woman lost $1,300 to a fake police officer who claimed to have found her dog. [25]

    Who is involved

    Coveron, a scam-protection service from Nord Security, showed a public AI app turning a beagle's photo into a fake injury. [25]

    • Coveron scam-protection service, Nord Security

    How it unfolded

    The US Federal Trade Commission warned about such schemes in June. [25]

    1. June FTC warning
    2. This week Coveron alert

    Why it matters

    Owners searching for a pet post clear photos online, which hands scammers what they need. [25]

    How it works

    Fraud researchers call this pretexting: a made-up story that makes a demand for money feel urgent.

    A worried owner pays fast, before checking the clinic exists, which is what the scam counts on. [25]

    Seen it before

    A 'your parcel is stuck' text works best on someone already waiting for a parcel.

    The truth

    • Coveron sells scam protection, so its warning also promotes its own service. [25]
    • Who pays Pet owners searching online — The photos they post to find a pet are what scammers copy to fake a rescue. [25]
16. 18

    US central bank raises cheque fees

    What happened

    • The US central bank will raise its fees to banks for payment services by about 1.4% on average in 2027. [26]
    • It also raises the fees banks and credit unions pay it to process cheques. [26]
    • Cheque numbers are falling, but many people and firms still use them, the Federal Reserve says. [26]

    How it unfolded

    By law, it must set fees that cover its costs over time. [26]

    Why it matters

    It says people can still pay with and receive cheques as before. [26]

    How it works

    Public bodies that charge for a service often price for cost recovery: fees set to cover what it costs.

    The Fed expects to recover 101.5% of its costs in 2027. [26] As cheque numbers fall, it is raising the fee on each one. [26]

    Seen it before

    A school club with fewer members must charge each one more to pay for the same hall.

    The truth

    • It did not say whether banks will pass the higher fees on to customers. [26]
17. 19

    Two US states back taxes on top earners

    What happened

    • Voters in Washington state kept a new 9.9% income tax on household income above $1 million. [27]
    • It is the state's first personal income tax, signed into law earlier in 2026. [27]
    • Colorado voters approved Amendment 87, which raises rates on incomes over $500,000. [27] They rejected a 4.4% cap on the income tax rate. [27]

    How it unfolded

    California voters rejected Proposition 40, a one-time 5% tax on billionaires' wealth. [27]

    Billionaires spent nearly $400 million campaigning against it. [27]

    Why it matters

    3 ballot measures aimed to raise or keep income taxes on the rich, and all 3 passed. [27]

    How it works

    Public finance separates two taxes: an income tax is on what you earn, a wealth tax on what you own.

    Voters backed taxing high incomes while rejecting a tax on billionaires' wealth. [27]

    Seen it before

    Counting pocket money each week is easier than valuing everything in each piggy bank.

    The truth

    • The count is by a law professor who wrote a book on wealth inequality. [27]
18. 20

    Western Australia's patients pay to fly

    What happened

    • Short regional flights in Australia cost on average 173% more per kilometre than major routes, a Productivity Commission report found. [29]
    • Western Australia relies more and more on fly-in doctors for specialist care in country towns. [29]
    • The same flights, often run by a single operator, carry those specialists to regional clinics. [29]
    • Kim Simpson of Karratha, in the Pilbara, must fly to Perth for skin cancer surgery. [29]

    Who is involved

    Latrice Porter manages a specialist centre in Albany, 400km south of Perth. [29] She says flight costs make visiting doctors harder to book. [29]

    • Latrice Porter practice manager, Great Southern Specialist Centre

    How it unfolded

    1. This week interim report
    2. April final report

    Why it matters

    Porter expects specialists to pass their travel costs on to patients if fares keep rising. [29]

    Western Australia's Patient Assisted Travel Scheme pays one of the country's lowest rebates for fuel and accommodation. [29]

    How it works

    Economists call a route with one seller a monopoly: with no rival, the seller can keep prices high.

    With a route often served by one operator, a patient flying to Perth has no cheaper airline to switch to. [29]

    Seen it before

    A school with one tuck shop sets its own price on crisps, because pupils cannot go elsewhere at break.

    The truth

    • The commission also found regional flights cost more to run, from fuel and maintenance to airport fees. [29]

    What comes next

    The commission's final report on regional airfares is due in April. [29]