Bloomberg A group led by US real estate investor Blackstone Group LP, the world’s largest manager of alternative assets, said second-quarter profit rose 2 percent as it earned more from real estate sales and its credit portfolio gained. Economic net income, a measure of earnings that reflects both realized and unrealized investment gains, increased to $520 million, or 44 …

  DETROIT / AP A two-storey, wood-frame house became the 10,000th vacant building torn down under Detroit Mayor Mike Duggan’s massive plan to eliminate blight as the city continues dealing with abandoned properties following a population decline. An excavator was used to quickly tear down the house on Marlowe Street on Detroit’s northwest side. The demolition of 10,000 buildings is …

  Bloomberg US home prices rose 5.6 percent in May from a year earlier as buyers competed for a scarcity of listings. Prices climbed 0.2 percent on a seasonally adjusted basis from April, the Federal Housing Finance Agency (FHFA) said in a report from Washington. The average estimate of 18 economists was for a 0.4 percent gain, according to the …