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☆ The state that left millennials behind
▼ + stars: | 2024-01-04 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +3 min

Millennials might be stuck California dreaming — and not able to do much more than fantasize. In the Golden State, homeownership is becoming more elusive, especially for millennials. In California, just about 38% of people ages 35 to 45 can say the same. That's not to say that millennials outside California are experiencing completely smooth sailing. A RentCafe analysis found that just over half of millennials now own, not rent.

Persons: Millennials —, That's, millennials, Insider's Kelsey Neubauer, Noah Sheidlower, Texas's Organizations: Golden State, Terner Center, Housing Innovation, UC Berkeley, National Association of Realtors, Survey Locations: California, Golden, it's, New York, Midwest, Texas , Arizona, Florida, Texas

☆ People are moving to Canada dreaming of a utopia with free healthcare and more tolerance. But the reality is Canada has its own set of problems.
▼ + stars: | 2023-12-05 | by ( Jordan Pandy | Alcynna Lloyd | ) www.businessinsider.com time to read: +7 min

Two Americans who moved to Canada told Business Insider they did so to escape polarized and divisive politics, inadequate healthcare, and to feel safer in their communities. A lot of the characteristics Ouellet was looking for in New Zealand, he said, he found in British Columbia. Advertisement"In British Columbia, the regulations for being able to own a gun are extremely tight," he said. He added that there is still an opioid crisis in British Columbia, but it's not as striking as it is in Portland. Ouellet has no regrets about moving to British Columbia, but Canada's housing crisis sidelined his dreams of homeownership.

Persons: —, Rae Johnson, Johnson, Donald Trump, Hillary Clinton, wasn't, Joe Biden, Roe, Wade, Michael Niren, couldn't, Niren, United States —, Canada Chris Ouellet, Ouellet, hasn't, it's, he's Organizations: Service, Business, Trump, Ministry of Health Locations: Canada, Los Angeles, California, United States, American, Portland , Oregon, Victoria, British Columbia, Wellington , New Zealand, New Zealand, Pacific Northwest, Portland, Chicago

☆ More US home buyers willing to purchase despite high rates -BofA study
▼ + stars: | 2023-12-04 | by ( Nupur Anand | Thomson Reuters | Nupur Anand Is A U.S. Banking Correspondent At Reuters In New York. She Focuses On Jpmorgan Chase | ) www.reuters.com time to read: +2 min

REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsNEW YORK, Dec 4 (Reuters) - U.S. home buyers are becoming more willing to purchase properties even as interest rates stay high, according to a study by Bank of America (BAC.N) published on Monday. That compares with average 30-year fixed mortgage rates that surged to 8% in October, the highest in more than two decades, which deterred buyers. They also sold their homes for career or family reasons or to seek a lower cost of living. New-home sales dropped 5.6% to a seasonally adjusted annual rate of 679,000 units last month as mortgage rates squeezed out buyers. Reporting by Nupur Anand in New York; Editing by Lananh Nguyen and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Sarah Silbiger, Matt Vernon, “, ”, Vernon, Nupur Anand, Lananh Nguyen, Leslie Adler Organizations: REUTERS, Bank of America, Reuters, Federal Reserve, Homeowners, U.S, Wall, Thomson Locations: Washington , U.S, U.S, Vernon, New York

☆ 50 cities showing where rents are surging or dropping compared to home values — and how to determine whether it's worth buying or renting, according to experts
▼ + stars: | 2023-11-30 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

But home prices are still on the rise, according to a November 28 note from Selma Hepp, the chief economist at CoreLogic. The outcome is that many remain renters, which drives up demand for rental property and the cost of rent. If the cost of rent is 20% below the price of owning a home monthly, then it may be comparable. Rent prices are based on listings from Rent.com. For example, take the cost of rent over five years; let's say it's $3,000 x 12 months = $36,000 annually.

Persons: Selma Hepp, they'll, Suzanne Miller, Miller, Price, Shmuel Shayowitz, Shayowitz Organizations: Business, Home, Empire State, Seattle -, Dallas, Fort, Redfin, Kansas, Jacksonville, Birmingham, NA Milwaukee, Phoenix, Boston, Orlando, Virginia, KY, UT, Oklahoma Locations: Redfin . Metro, Seattle, Dallas, Seattle - Tacoma, Bellevue, Everett, Tacoma, Fort Worth, Metro, Columbus, Providence, RI, Kansas City, Angeles, Buffalo, NY, Indianapolis, York, Hartford, Jose, Antonio, Minneapolis, Detroit, MI, Virginia Beach, Louis, Washington, San Diego, Atlanta, Richmond, Cincinnati, San Francisco, Philadelphia, Tampa, WA, Denver, Riverside, CA, Cleveland, Baltimore, Pittsburgh, Charlotte, NC, Orleans, LA, Nashville, TN, Memphis, Raleigh, Louisville, Jefferson County, Houston, Salt Lake City, Miami, Chicago, Sacramento, Vegas, Portland, Austin, New York City

☆ Average homebuyers are beating out Wall Street landlords
▼ + stars: | 2023-11-29 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

The shutdowns of 2020 created a perfect storm for the housing market — and supercharged the clash between Wall Street and regular homebuyers. Given the attention these markets received during the pandemic, it's no wonder that the battle between Wall Street and Main Street became the dominant story of COVID-era homebuying. Advertisement"If Wall Street was really gobbling up Main Street," Sharga told me, "we would see homeownership rates go down." Wall Street landlords have also been increasingly selling off homes to regular people, a Business Insider analysis found. Still circlingWhile average homebuyers have staged a comeback over the past three years, Wall Street isn't ready to jump out of the housing market altogether.

Persons: homebuyers, That's, Wall, elbowed, Rick Sharga, CJ Patrick Company, they're, who've, Axios, Sharga, CoreLogic, Pretium —, John Voorheis, Voorheis, —, Freddie Mac, James Rodriguez Organizations: Rage, Federal Reserve Bank of Philadelphia, Parcl Labs, Labs, National Association of Realtors, Wall Street, Investor, Wall, Tricon, Associates, Investors, Center for Economic Studies, Census Locations: Phoenix, Chicago, homebuilders, homeownership, Dallas, Charlotte, North Carolina, Atlanta

☆ How much the typical first-time home buyer puts toward a down payment and where they get the money
▼ + stars: | 2023-11-28 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

The typical first-time home buyer made a down payment of 8% and relied on their savings to do so. Why has the typical down payment for first-time buyers reached an over two-decade high when the housing market is so expensive? In part, it's because wealthier first-time buyers — who can more easily afford a higher down payment — have been particularly active in the housing market. In 2023, the typical first-time homebuyer had a household income of $96,000, up from $71,000 in 2022. Last year, the share of first-time homebuyers reached 26% , the lowest level since the survey began in 1981.

Persons: —, homebuyer, Jessica Lautz, it's, homebuyers Organizations: Service, National Association of, NAR

☆ 'Same as ever:' Lessons on wealth, greed and happiness from Morgan Housel
▼ + stars: | 2023-11-27 | by ( Bob Pisani | ) www.cnbc.com time to read: +13 min

Morgan Housel(Note: Morgan Housel will be on HalfTime Report today at 12:35 PM ET and on ETF Edge at 1:10 PM. To give you an idea of how big that is, a typical financial book will sell roughly 5,000 copies. Now Housel is back with a second book, "Same As Ever: Timeless Lesson on Wealth, Greed and Happiness." Housel cites Charlie Munger, who noted that the world isn't driven by greed, it's driven by envy. Today's economy is good at generating three things: wealth, the ability to show off wealth, and great envy for other people's wealth."

Persons: Morgan Housel, Twain, Bill Gates, Gates, Morgan, Housel, Charlie Munger, Nassim Taleb, Elon Musk, Steve Jobs, Walt Disney, — Organizations: Collaborative Fund, Edge, Lakeside High School, National War Labor Board, Rolex Locations: Seattle, California

☆ Americans ditched big cities during the pandemic. Now many are regretting it.
▼ + stars: | 2023-11-27 | by ( Kelli María Korducki | ) www.businessinsider.com time to read: +12 min

Susan, a 30-something artist, lived in New York City when the pandemic struck. The pair had talked about moving to a smaller town someday — the pandemic just shortened their timeline. As rent prices in big cities shot up and jobs went remote, cash-strapped people were quick to take advantage of an unprecedented situation and try someplace new. It was also a favor to her husband, who never felt at peace in the bustle of the big city. A few months ago, she and her husband found a renter for their house and returned to the city.

Persons: Susan, Eager, Riordan Frost, Millennials, Frost, Alex Gatien, he's, Gatien, Alexander von Hoffman, von Hoffman, Sandro Galea, Galea, Kelli María Korducki Organizations: Harvard's, for Housing Studies, National Association of Realtors, New, Boston University School of Public, Boston University School of Public Health Locations: New York City, McMansions, Toronto, St, Lawrence, Canada, New York

☆ Can money buy happiness? 60% of Americans say yes — and the price tag is $1.2 million
▼ + stars: | 2023-11-27 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

watch nowYoung adults put the price of happiness even higherWhen broken down by generation, millennials put the number much higher — more than $500,000 — according to the report. Millennials and Gen Z were also more likely to say money can buy happiness. In addition to soaring food and housing costs, millennials and Gen Z face other financial challenges their parents did not as young adults. Not only are their wages lower than their parents' earnings when they were in their 20s and 30s, but today's young adults are also carrying larger student loan balances. More than half said they would need more than $3 million, and one-third said it would take more than $5 million, according to a report by Edelman Financial Engines.

Persons: millennials, Millennials, Gen, Gen Zers, —, Jason Friday, It's Organizations: Bank of America, Edelman Financial, Wealth Management

☆ Gen Z, millennials are ‘house hacking’ to become homeowners in a tough market. How the strategy can help
▼ + stars: | 2023-11-26 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Gen Z and millennials are "hacking" the housing market as high prices and interest rates make affordability difficult. The term "house hacking" refers to the practice of renting out a portion of your home or an entire property for an additional stream of income. Almost 4 in 10, 39%, of recent homebuyers say the practice represents a "very" or "extremely" important opportunity, according to a new report by housing market site Zillow. In Zillow's survey, more than half of millennial, 55%, and Gen Z home buyers, 51%, expressed positive views on house hacking. The average rate for 30-year mortgages hit 8% in October, the highest level seen in 23 years, according to Bankrate.

Persons: Z, Gen, Zillow, homeownership, Manny Garcia Organizations: Finance, Homebuyers Locations: U.S

☆ It's never been harder to build wealth. Blame high interest rates and the US housing market.
▼ + stars: | 2023-11-25 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

That's largely because it's become much harder to buy a home, the "big ticket" to wealth for most Americans. Less wealthy Americans have also been slammed by high inflation, high borrowing costs, and meager wage gains. An inaccessible housing market spells trouble for those looking to build up their nest eggs, according to BankRate senior industry analyst Ted Rossman. With ever-more Americans priced out of the housing market, that gap could grow wider. The struggle to build wealth — by way of the housing market or other means — has been reflected in the latest economic data.

Persons: It's, it's, —, Ted Rossman, Rossman, aren't, Fannie Mae, Michael Neal, Neal, Bankrate's Rossman Organizations: Service, Federal Reserve, Business, Federal, National Association of Realtors, Realtor.com, Urban Institute Locations: –

☆ Home prices are tumbling in these 25 cities, giving hope to buyers while costing owners who bought at the peak up to $223 per day
▼ + stars: | 2023-11-25 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Many aspiring homeowners have been priced out of the market this year by lofty listing prices and crippling mortgage rates, and they just endured the worst quarter for home affordability since 1985 . Restrictive rates are crushing demand since buyers either can't afford a mortgage or don't want to pay up, while many owners are reluctant to sell since they'd then become buyers. A lack of willing buyers has put significant downward pressure on home prices for the first time since 2015 . "As mortgage rates choke buyers' attempts at homeownership, home prices ground to a halt in many cities, and they're dropping fast in others," Hopulele wrote. At that point, the Federal Reserve may be willing to cut interest rates, which would trickle down to mortgage rates .

Persons: Buyers, Andra Hopulele, they'd, Hopulele, Mike Skordeles, it's Organizations: Business, overpaying, Federal Locations: San Francisco, homeownership, Truist

☆ How Buying a New Home Could Save You Money
▼ + stars: | 2023-11-19 | by ( Aly J. Yale | ) www.wsj.com time to read: +5 min

As the median payment on a new mortgage creeps toward $2,200, most buyers are desperate to save cash wherever they can. They’re offering lower mortgage ratesIf slashed prices aren’t enough to get a mortgage payment in your budget, builders have another offer: A lower mortgage rate. (Essentially, the builder prepays the lender the interest for the years the mortgage rate is reduced). NAHB’s data shows that 29% of builders offered mortgage rate buydowns in October. “Many builders are using sales incentives—including mortgage rate buydowns—as a method of addressing housing affordability headwinds,” says Robert Dietz, chief economist at NAHB.

Persons: Aly J, ”, Nick Bailey, Max, Robert Dietz, buydowns —, Lennar, what’s, Angel Conlin, Pat Howard Organizations: Yale, Builders, National Association of Home Builders, “, NAHB, Kin Insurance Locations: Denver, Chicago, “, Policygenius

☆ Opinion: Bad behavior test isn’t just about George Santos
▼ + stars: | 2023-11-19 | by ( Michael Ryan | Richard Galant | ) edition.cnn.com time to read: +19 min

What they do results from neurons firing in assorted regions of the brain, the product of an array of causes they can’t control. Every now and then someone bursts out crying — a member of his family has been killed, or his house destroyed. • Join us on Twitter and FacebookThere was no visible sign of progress on the wars in Gaza and Ukraine. Writing before the summit, Frida Ghitis noted, “Biden may want Xi to help bring down the temperature on the world’s ongoing wars and help prevent new ones from igniting. “Today’s miseries of flying derive from this choice to deregulate airlines and unleash them into the Hunger Games of ordinary incentives.

Persons: Robert M, Sapolsky, ”, Sen, Bernie Sanders, Douglas Heye, Tim Burchett, Kevin McCarthy, elbowing, McCarthy, Heye, Burchett, tortuously, Mike Johnson, Johnson, George Santos, “, ” Drew Sheneman, Julian Zelizer, Santos, ” “ Santos, Trump, ” Zelizer, John Avlon, Clay Jones, Nikki Haley’s, Nikki Haley's, Nikki Haley, Haley, she’d, Cupp, Hussein Ibish, ” “, Israel —, Abbas —, Fatma, Khan Younis, there’s, —, Jessica Rosenberg, Joe Biden, ” Biden, Rosenberg, “ Biden, “ Aviva Klompas, speechwriting, Laden, Osama bin Laden, Peter Bergen ,, bin, bin Laden, ’, Walt Handelsman, Joan Steinau Lester, Xi Dana Summers, Biden, Xi Jinping, Frida Ghitis, Xi, ” Peter Bergen, Juvenal, Stephen I, Vladeck, they’ll, Stephen Brobeck, ” Trump’s, Donald Trump, Dean Obeidallah, “ I’m, Barack Obama, Peter Bergen, Megan Fox, Mike Coppola, Megan Fox isn’t, Patricia Grisafi, Tupac Shakur, Billy Corgan, Alicia Keys, Mary Lambert, Florence Welch, Halsey, Lana del Rey, Bob Dylan, Grisafi, Ganesh Sitaraman, Sitaraman, ” Don’t, Fareed Zakaria, Jill Filipovic, Travis Kelce, Taylor Swift Judi Ketteler, Noah Berlatsky, Nicolas, Elizabeth Debicki, Diana, Daniel Escale, Holly Thomas, Princess Diana, irresistibly, ” Thomas, Prince Charles ’, Camilla Parker, Bowles, Mohamed Al, Dodi, Spencer, Diana cavorting Organizations: CNN, Teamsters, House Republican, “ Tennessee Republican, Democrats, George Santos of New, Content Agency Santos, Long Island Republicans, GOP, Guinness, World Records, Democrat, CNN Former UN, New Hampshire, Trump, Fox News, West Bank, Gulf States Institute, Fatah, Palestinian Authority, Palestine Liberation Organization, PLO, “ Aviva, United Nations, Guardian, Agency, Biden, San Francisco Wednesday, China, Twitter, Consumer Federation of America, Democratic, Fox, “, Hunger Games, Liberty ’, Netflix Locations: George Santos of, George Santos of New York, Las Vegas, Atlantic City, New, Israel, Gaza, Washington, Gaza City, Minneapolis, Iran, United States, America, al Qaeda, San, Ukraine, China, Mexico, Kansas City , Missouri, New Hampshire, Nazi Germany, Ohio, Al

☆ Living in a ski town sounds like a dream. But the reality is crushingly expensive.
▼ + stars: | 2023-11-19 | by ( Dan Latu | ) www.businessinsider.com time to read: +5 min

Ski towns are so expensive that workers struggle to afford local housing and stay in their jobs. Vail, Colorado has spent $17 million paying homeowners to rent to local workers, according to the Wall Street Journal. The typical home value in Breckenridge was $1.1 million in October, while in Vail, 40 miles west, it was $1.6 million, according to Zillow. He told Business Insider earlier this year that the worker exodus from Vail has forced his business to stop offering lunch some days. Advertisement"Teachers, like myself, want to stay here in the community, but doing so requires the stability that homeownership can offer," Weibel told Business Insider.

Persons: —, Callie Kuchan, Business Insider's Jordan Pandy, Kuchan, Pandy, Vail, George Ruther, Ruther, he's, Paul Anders, Anders, Allison Weibel, Weibel Organizations: Wall Street, Service, Business, Street Journal, US Department of Housing, Urban, Policy Development, Research, Vail Daily, Vail Locations: Vail , Colorado, Breckenridge , Colorado, Illinois, Chicago, Breckenridge, Vail, Aspen, , Montana

☆ Baby boomers got rich off real estate and they are in perfect position to do it again
▼ + stars: | 2023-11-19 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

Nearly one-fourth of that was built through real estate equity. With less pressure from interest rates, they can take advantage of the current real estate market, too. They're also in the perfect position to help themselves by taking advantage of the current real estate market. However, boomers can make stronger bids on homes for sale because of their savings and real estate equity. AdvertisementMeanwhile, more than one-third of house purchases in September were all-cash, according to the real estate broker RedFin.

Persons: —, They're, Jessica Lautz, RedFin, Jeremy Grantham, Grantham, David Rosenberg, Rosenberg, Merrill Lynch Organizations: Service, National Association of Realtors, NAR, Brigade, Census Bureau, Federal, Rosenberg Research, North, Federal Reserve Locations: North American

☆ Homebuyers struggling to score a house right now have a glimmer of hope
▼ + stars: | 2023-11-14 | by ( Josée Rose | Zoe Rosenberg | ) www.businessinsider.com time to read: +4 min

Taylor Morrison's COO said builders can often offer homebuyers better rates on a newly built house. High mortgage rates, home prices teetering near an all-time high, and historically low inventory are keeping many buyers — and sellers — on the sidelines. The larger share of new homes on the market means paying a mortgage rate around 7% isn't the only way into a home. During its third-quarter earnings call , Taylor Morrison explained that it's attracting "well-qualified consumers even among our first-time homebuyers" and 88% of its buyers are using its financing assistance. As Business Insider previously reported, would-be buyers may have more luck securing a lower rate if they buy a new-construction home.

Persons: Taylor, Erik Heuser, Heuser, —, homebuilder Taylor Morrison, Taylor Morrison, Freddie Mac, Tawn Kelley, It's, they're Organizations: Service, Finance Locations: Florida , Texas, North Carolina, Georgia, Arizona, Washington, Nevada

☆ You can thank China and record US oil output for lower gas prices
▼ + stars: | 2023-11-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But the cost of crude oil has been largely declining since the middle of October. The average for a gallon of gas in the United States, meanwhile, dropped to $3.37, according to AAA. This “steady, if slow” decline in gas prices, said an AAA spokesperson, may soon gain speed if oil prices continue their descent. They’re more concerned with economic weakness in China and an increase in oil production in the United States. In the first week of November, US crude oil production reached a new record of 13.2 million barrels per day.

Persons: ” David Kelly, ”, ” David Morrison, refiners, ” Craig Erlam, Brent, Chris Isidore, “, Ted Decker, Refinitiv, Read, Homebuyers Organizations: CNN Business, Bell, New York CNN, AAA, Asset Management, Federal Reserve, Trade, China’s National Bureau of Statistics, . West Texas Intermediate, International Energy Agency, Revenue, National Association of Realtors, Census Locations: New York, Europe, Saudi Arabia, Russia, United States, China, Iran, America, United

☆ Here’s how much you need to make to afford a home in America
▼ + stars: | 2023-11-13 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

“First-time buyers tiptoed back into the market this year with less competition and fewer multiple-offer scenarios,” said Lautz. The age of the typical repeat buyer also dropped slightly to 58 from an all-time high of 59 last year. In comparison, the typical downpayment for repeat buyers was 19%, which is the highest share since 2005, when the typical downpayment was 21%. First-time buyers increased their reliance on financial assets this year, which grew to 24% from 20% last year. Of recent homebuyers, 7% were Latino, 7% were Black, 6% were Asian or Pacific Islander and 6% identified as some other race.

Persons: ”, Jessica Lautz, today’s, homebuyers, downpayment, Homebuyers, “ Organizations: DC CNN, National Association of Realtors, Census Locations: Washington, United, United States

☆ Home prices are falling fastest in these 25 cities, helping buyers escape the least affordable housing market since 1985
▼ + stars: | 2023-11-12 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Would-be buyers remain out of luck as property prices steadily climb. The median US home cost $406,900 in Q3, which was 2.2% higher than last year, according to the NAR's Q3 US housing market report released on November 9. 25 cities where home prices receded in Q3Contrary to some pundits' predictions , property prices didn't crater due to lofty mortgage rates. Even more striking is that 11% of metropolitan areas saw prices grow by double digits, which was more than double the prior quarter's 5% rate. Thirty-eight metro areas saw prices fall from 2022 in Q3, and 25 of those saw significant drops of over 1%.

Persons: Lawrence Yun, Yun Organizations: National Association of Realtors, NAR, Homeowners Locations: Northeast, Midwest, West

☆ 31% of millionaires say they're part of the middle class, survey finds. 'People feel squeezed,' advisor explains
▼ + stars: | 2023-11-10 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Roughly 60% of investors with $1 million or more of investable assets said they are more likely upper middle class, according to a recent Ameriprise Financial survey of more than 3,000 adults. "Many people feel squeezed between higher prices and lower asset prices," said Kim Maez, a certified financial planner and private wealth advisor at Ameriprise. Some even said they feel poor, according to a separate survey conducted by Bloomberg. Of those making more than $175,000 a year, or roughly the top 10% of tax filers, one-quarter said they were either "very poor," "poor" or "getting by but things are tight." Despite their high-net worth, just 44% all millionaires felt "very comfortable," another report by Edelman Financial Engines found.

Persons: Kim Maez, it's, — Organizations: Finance, Bloomberg, Edelman Financial Locations: Ameriprise

☆ Why the Bronx Voted Republican for the First Time in a Generation
▼ + stars: | 2023-11-10 | by ( Ginia Bellafante | More About Ginia Bellafante | ) www.nytimes.com time to read: +2 min

But a City Council race on Tuesday managed to bring uncommon suspense. By Wednesday the contest had been called in favor of an X-ray technician who became the first Republican to win public office in the Bronx in nearly 20 years, a place where Democrats outnumber Republicans by more than 10 to 1. With the support of Ms. Velázquez, the plan moved forward to unanimous approval by the City Council. A few days before the vote, they protested outside her office demanding that she be voted out. At one point a billboard truck drove by attacking her as the “Benedict Arnold” of Throgs Neck.

Persons: Marjorie Velázquez, Velázquez, Benedict Arnold ” Organizations: Council, Republican, Country Club, City Council Locations: New York, Bronx, Bruckner

☆ Mortgage rates just plunged—see how much you'd pay for a house at current rates
▼ + stars: | 2023-11-09 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

Homebuyers finally got some relief as 30-year fixed mortgage rates dropped significantly last week. After steadily climbing for most of the year, rates slid from 7.86% to 7.61% — the largest one-week decline in over a year — according to the Mortgage Bankers Association. Lenders tend to lower mortgage rates when there's a sign of an economic slowdown or recession. With mortgage rates dropping, monthly homeownership costs will become more affordable. Assuming that you can afford a 20% down payment on a $431,000 home, the monthly payments for a 30-year fixed mortgage with a 7.61% rate work out to $2,437.

Persons: Homebuyers Organizations: Mortgage, Association, Census

☆ Americans say the economy stinks. But they’re spending like it’s great
▼ + stars: | 2023-11-08 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

There’s a conundrum that economists and political strategists have been chewing on for more than a year: The economy is good, but Americans say it’s lousy. Just 2% of voters say the economy is excellent, according to a New York Times-Siena College poll. But there’s a conundrum within the conundrum, which is that, despite what Americans say, they are not behaving like a people particularly worried about the economy. That’s why Americans are pulling money from their 401(k)s at an alarming rate to pay the bills. For young people living paycheck to paycheck, the dream of homeownership (and the financial security that comes with it) feels frustratingly out of reach.

Persons: CNN Business ’, Bidenomics, Taylor Swift, they’re, It’s, Jay Powell, it’s squishy, don’t Organizations: New, New York CNN, CNN Business, New York Times, Siena, Starbucks Locations: New York, pollsters

☆ This is the least affordable housing market since 1984. It’s getting worse
▼ + stars: | 2023-11-07 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

Wannabe homebuyers are getting hammered by a painful combination of high mortgage rates and high home prices. For the first time, monthly payments are above $2,500 – and that doesn’t even include taxes, insurance or other fees. Turmoil in the bond market and the Federal Reserve’s war on inflation have driven up mortgage rates to levels unseen since 2000. Aided by emergency action from the Fed, mortgage rates briefly tumbled below 2.7% in late 2020 and early 2021. At today’s rates, monthly payments on a $500,000 home would stand at roughly $3,265 after putting 20% down.

Persons: Ronald Reagan, Andy Walden, They’ve, Freddie Mac Organizations: New, New York CNN, Intercontinental Exchange, ICE, New York Stock Exchange Locations: New York, homeownership

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