Why Cuba has lost 4% of its population in the last two years

Marketplace All-in-One

Marketplace

News, Business

4.8 • 1.3K Ratings

🗓️ 22 December 2023

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

Cubans are fleeing their country in droves, with nearly 400,000 coming to the U.S. in the past two years. The wave has a lot to do with the deteriorating economic situation there, as the economy struggling to bounce back to pre-pandemic levels. We examine the exodus. But first, we’ll get new home sales data this morning, so let’s check in on housing and mortgage rates.

Transcript

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0:00.0	Why Cuba has lost 4% of its population in the last two years.
0:07.0	From Marketplace, I'm Sabrie Beneshore, in for David Brancaccio.
0:10.0	Cuba, in a moment, first, let's talk Holmes. A lot of people are kind of stuck. you. new house with a new high mortgage rate. That means a lot of the supply on the market
0:25.4	is coming from newly built homes. We're going to find out how those newly
0:29.6	home sales are doing later this morning from the Commerce Department.
0:32.9	The expectation is that they will have increased as mortgage rates have come down by a percentage
0:37.5	point in the last couple of months.
0:39.1	Marketplace's Nova Safo has more.
0:41.5	The average interest rate on a 30-year home loan is now at 6.8% the lowest since June.
0:47.0	Mortgage rates are tied to the benchmark 10-year Treasury yield, which itself responds to changes in the Federal Reserve's overnight funds rate.
0:55.2	Fed officials have been raising that interest rate now holding it steady and expected to start
0:59.7	reducing it sometime next year.
1:02.2	In anticipation, the 10-year Treasury yield has been
1:04.5	falling too and with it mortgage rates. They hit a high in late October, the
1:08.9	average rate on a 30-year home loan was at almost 8%. It has since been falling. That's been good news for the
1:14.6	housing market. Existing home sales in November rose after five straight months of
1:19.3	declines. I'm Novasafo for Marketplace. China is taking on its online gaming industry, with new restrictions aimed at limiting
1:28.0	in-game purchases and compulsive playing behavior.
1:31.0	The announcement wiped nearly $ billion dollars in market value
1:34.9	from China's two biggest gaming companies, 10 cent and net ease. Here's the BBC's
1:38.9	Monica Miller in Singapore. This is basically Beijing officials trying to raid in what they see as a growing trend of gaming addiction particularly among young people.
1:49.0	So what these new rules require are online games to set spending limits.
	...

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