Alex Jones asks judge to halt sale of Infowars site to The Onion
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(New York) — Conspiracy theorist Alex Jones accused The Onion and Sandy Hook Elementary School families of “collusive bidding” and asked a bankruptcy court judge to halt the sale of his Infowars platform.
Jones, who defamed the Sandy Hook families by calling the 2012 massacre a hoax and the parents of the 20 first graders actors, called The Onion’s winning $1.75 million bid “sheer nonsense” because it’s half of what the losing bidder offered.
The Onion began a “systematic effort to confuse Mr. Jones’s personal public following with messages espousing gun control in a manner such that Mr Jones’s personal public following would be utterly confused and misled,” Jones said in an overnight court filing.
His request follows a similar push for an injunction by First United American Companies, which is affiliated with Jones through the sale of dietary supplements.
The plaintiffs nor the trustee immediately responded to Jones but the trustee has previously called the auction result legitimate and asked the court for approval.
(NEW YORK) — Homebuyers eager to forget this year’s housing market may ring in 2025 with an extra dash of zeal.
A rapid rise in home prices has coincided with stubbornly high mortgage rates, shutting out potential buyers with daunting costs.
A burst of supply could have eased prices, but no such relief was forthcoming. Instead, homeowners have balked at swapping out their current mortgage rates for higher ones, and construction has failed to make up for a long-standing shortage in new homes.
Unfortunately, next year’s housing market will likely bring more of the same, experts told ABC News.
Home prices may rise at a slower pace, offering a glimmer of hope as high mortgage rates fall slightly but continue to weigh on consumer activity, they said.
Still, the market appears locked into a fundamental mismatch of supply and demand set to frustrate buyers, the experts added.
“I don’t see much sunshine in the forecast,” Ken Johnson, chief of real estate at the University of Mississippi, told ABC News. “It’s going to be gloomy and overcast, but it’s not going to be stormy.”
An unusual trend has beguiled buyers: Home prices are soaring, despite a prolonged stretch of high mortgage rates that, in theory, should crimp demand and push down prices.
Market observers who spoke to ABC News said they expect both price increases and mortgage rates to ease in 2025 — but only a smidge.
The average rate for a 30-year fixed mortgage stands at 6.85%, FreddieMac data last week showed. That figure has ticked up slightly since the start of the year, despite a series of interest rate cuts at the Federal Reserve in recent months.
Earlier this month, Fed Chair Jerome Powell said rate cuts may slow over the course of 2025. Such a policy would leave mortgage rates higher for longer, experts said.
Redfin, a Seattle, Washington-based real estate giant, forecasts average 30-year fixed mortgage rates will remain in the high 6% range over the duration of 2025. Online real estate marketplace Zillow says mortgage rates will fall, but only moderately.
Alongside persistently high mortgage rates, experts predicted a continued, albeit slower, rise in home prices.
In September, Goldman Sachs predicted a 4.4% rise in home prices in 2025, which would mark a slight decline from the 4.5% rise in 2024.
The persistence of high mortgage rates will put some downward pressure on prices, since demand will soften as many consumers forego expensive loans, experts said, but the high rates will also exacerbate a lack of supply that has kept prices soaring.
Current homeowners will want to remain locked into relatively low mortgage rates. Homebuilding will deliver much-needed supply of new homes, but it will fall well short of the amount required to meet demand, experts said.
“I don’t want to be the bearer of bad news, but it doesn’t feel like prices are going to moderate that much,” Marc Norman, associate dean at the New York University School of Professional Studies and Schack Institute of Real Estate, told ABC News. “If you don’t have a lot on the market, that’s going to put pressure on prices.”
Experts who spoke to ABC News acknowledged that economic forces could defy expectations, leaving the housing market in better or worse shape than anticipated.
Faster-than-expected progress in bringing inflation down to the Fed’s target level could free up the central bank to slash interest rates, which in turn would lower mortgage rates, some experts said. An economic downturn would damage household finances and ease demand, likely leading to a drop in home prices, they added.
If inflation proves more stubborn than expected, however, interest rates may stay high for even longer, experts said, which could put the housing market into an even deeper freeze.
For now, the outlook for 2025 appears clear, Christopher Mayer, a real estate professor at the Columbia University Business School, told ABC News.
“My best guess is that next year is a lot like this year,” Mayer said.
(NEW YORK) — If you are nearing retirement, you will soon be able to stash even more money into your nest egg — if you can afford it.
The Internal Revenue Service announced that the maximum amount individuals can contribute to their 401(k) or similar plans in 2025 will increase to $23,500, up from $23,000 for 2024.
The federal government already lets those 50 and older make extra contributions so that they can save more as they near retirement age. This is known as a “catch-up” contribution.
In 2025, the standard catch-up contribution will stay the same, with a max of $7,500, according to the IRS.
But starting next year, workers ages 60 to 63 will be able to make “super” catch-up contributions, up to $11,250 annually, which is an additional $3,750.
That means they can potentially contribute up to $34,750 in total, each year, to a workplace retirement account.
The substantially higher catch-up contributions are part of SECURE 2.0, which President Joe Biden signed into law in 2022 as part of a $1.7 trillion omnibus spending package.
“While anything that encourages more investing is generally a good thing, I’m afraid this rule change probably won’t make a big impact, ” Bankrate’s Senior Industry Analyst Ted Rossman, told ABC News. “There has to be a very small population between the ages of 60 and 63 who were maxing out their accounts and can now go higher.”
In 2023, just 14% of retirement plan participants maxed out their 401(k) limits, according to Vanguard Research.
Even those who have always maxed out their retirement savings contributions may need to reallocate funds as they age and start to face extra expenses, like sending children to college or caring for aging parents.
Aside from 401(k) plans and similar employee-sponsored plans, the limit on annual Individual Retirement Account contributions is unchanged next year, at $7,000, while the catch-up contribution for people 50 and older will remain $1,000.
Those limits apply to both traditional IRAs, which may offer a tax deduction depending on income, and to Roth IRAs, which don’t come with a tax deduction but do offer tax-free growth and withdrawals in retirement.
An aging population, coupled with fewer companies offering pensions, means that a smaller portion of the population overall is prepared for retirement.
The typical household headed by someone ages 55 to 64 has just $10,000 saved in a retirement account, according to an analysis of federal data by the Economic Policy Institute and the Schwartz Center for Economic Policy Analysis.
“Not to discourage investing at any age, but there’s a reason why Einstein said compound interest is the eighth wonder of the world,” Rossman said. “Investing is more powerful when you’re young.”
Still, catch-up contributions can be a valuable way to grow your retirement fund and enjoy the tax benefits.
Rossman said it’s also important to contribute regularly to your 401(k) and gradually increase your contributions. He suggested putting reminders in your calendar to increase your 401(k) contribution every year.
“The idea is that you’re less likely to miss the extra money if you do it gradually or if you do it in tandem with a pay raise,” Rossman said.
For instance, he said, if you’re currently contributing 5% of your salary, could you bump that up to 6% or 7% next year?
“Gradually dialing up your percentage makes it more likely that you’ll stick with the approach,” Rossman added, “and you won’t diminish your standard of living.”
(WASHINGTON) — The Federal Reserve on Thursday will announce its latest decision on the direction of interest rates, setting the path for borrowing costs just two days after the victory of President-Elect Donald Trump.
The Fed cut its benchmark interest rate a half of a percentage point in September, dialing back its yearslong fight against inflation and delivering relief for borrowers saddled with high costs.
The Federal Open Market Committee (FOMC), a policymaking body at the Fed, has forecast further interest rate cuts.
By the end of 2024, interest rates will fall another half of a percentage point from their current level of between 4.75% and 5%, according to FOMC projections. Interest rates will drop another percentage point over the course of 2025, the projections further indicated.
The central bank is widely expected to cut interest rates by another quarter of a percentage point when it meets on Thursday, according to the CME FedWatch Tool, a measure of market sentiment.
In recent months, the U.S. has inched closer to a “soft landing,” in which inflation returns to normal and the economy averts a recession.
Government data released last week showed robust economic growth over a recent three-month period, alongside a continued cooldown of inflation.
U.S. hiring slowed in October, but fallout from hurricanes and labor strikes likely caused an undercount of the nation’s workers, U.S. Bureau of Labor Statistics data on Friday showed.
Since 2021, the Fed has sought to rein in inflation with elevated interest rates. Even after the Federal Reserve cut its benchmark interest in September, it still stands at a historically high level.
Inflation has cooled dramatically from a peak of about 9% in 2022, hovering right near the Federal Reserve’s target rate of 2%.
The trajectory of inflation could shift in the coming months. Trump’s proposals of heightened tariffs and the mass deportation of undocumented immigrants are widely expected to raise consumer prices, experts previously told ABC News.
To be sure, the Fed says it bases its decisions on economic conditions and operates as an independent government body.
When asked previously about the 2024 election at a press conference in Washington, D.C., in December, Powell said, “We don’t think about politics.”
The election of Trump appears to have delivered a boost for the stock market. The U.S. stock market soared at the open of trading on Wednesday, just hours after Trump declared victory.
The Dow Jones Industrial Average climbed more than 1,300 points, amounting to a nearly 3% rise in the index. The S&P 500 and the tech-heavy Nasdaq each jumped more than 2%.
Shares of Tesla, the electric vehicle company headed by Trump ally Elon Musk, spiked about 14.5% in early trading on Wednesday.
