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☆ How a tax break of up to $3,200 can help heat your home more efficiently this winter
▼ + stars: | 2023-11-30 | by ( Greg Iacurci | ) www.cnbc.com time to read: +2 min

Steve Smith | Tetra Images | Getty ImagesHow the tax break worksWestend61 | Westend61 | Getty ImagesThe Inflation Reduction Act, which President Joe Biden signed into law in August 2022, extended and enhanced a prior tax credit available for home efficiency upgrades. The tax credit is worth 30% of the cost of qualifying projects. The combined tax break for these projects is capped at $1,200 a year. Altogether, taxpayers can get a maximum overall credit of $3,200 a year, if they combine projects worth up to $1,200 and $2,000. The IRS published a fact sheet that gives examples of the overall tax break consumers can expect for specific upgrades.

Persons: Steve Smith, Joe Biden, Kara Saul, Rinaldi, Saul Organizations: Westend61, AnnDyl, Environmental Protection Agency, IRS

☆ Consider getting trained to become an electrician — and fast
▼ + stars: | 2023-11-18 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +5 min

Sign up for our newsletter to get the latest on the culture & business of sustainability — delivered weekly to your inbox. AdvertisementFederal data indicates electrician jobs are growing faster than the average of all occupations, with 73,500 openings expected each year over the next decade. "The education system is still built on getting every student to go to college," Shmelzer said. Over four years, students earn a wage and log the thousands of work hours required to become a licensed electrician. Shmelzer said there are many "career circuits" for electricians, including indoor construction and utility work as well as project management and design.

Persons: Grant Shmelzer, Tom Bowen, Bowen, they're, Gen Zers, Shmelzer Organizations: Service, Independent Electrical Contractors, Maryland -, Industry, Chesapeake, Labor, Brotherhood of Electrical Workers Locations: America, Chesapeake, Maryland, Maryland - Virginia, In California, Irvine, Canada, Virginia

☆ Homebuilder stocks could get another boost from rate hikes ending
▼ + stars: | 2023-11-17 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —For over a year, the red-hot housing market has been at the mercy of the Federal Reserve’s rate hikes, which have driven mortgage rates to sky-high levels. Mortgage rates have hovered above 7% since August, according to Freddie Mac data. Both those factors have helped create a scorching-hot housing market and a boom in homebuilder stocks, as Americans turned to building as a buying alternative. Moderating bond yields could change the narrative for the housing market. Tight supply and elevated mortgage rates this year made home purchases the least affordable they’ve been since 1984.

Persons: Bell, Freddie Mac, Toll, DR Horton, Lennar, Price, Steve Sosnick, ”, John Petrofsky, Chris Isidore, Danielle Wiener, Bronner, haven’t, Clare Duffy, Donie, Meta Organizations: CNN Business, Bell, New, New York CNN, Homeowners, DR, Federal, Treasury, Interactive, National Association of Home Builders, FBB Capital Partners, Starbucks, United Auto Workers, SAG, Writers Guild of America, Starbucks Workers United, Facebook, Street, Washington Post Locations: New York, Wells Fargo, Buffalo , New York, United States, Brazil, Israel, Italy

☆ UK household wealth has tanked and it's a sign of what could happen in the US
▼ + stars: | 2023-11-01 | by ( Cork Gaines | ) www.businessinsider.com time to read: +7 min

UK's household wealth dropped due to rising interest rates, with regions like Scotland hit hardest. The US faces a similar risk with many Americans' wealth tied up in home equity and retirement accounts. Decline in UK household wealth since the start of 2022. Scotland, Wales, and the North of England had the biggest drops of 24% to 26% in total household wealth. Similar factors are seen in the USThe factors leading to declining household wealth in the UK cast a long shadow over the US.

Persons: —, Jeremy Grantham, Grantham, Daniel Bustamante, boomers Organizations: Service, Bank of England, Foundation, Federal Reserve's Survey, Consumer Finances, Treasury, Brigade, Bustamante, Co Locations: Scotland, Wales, England, East, North

☆ In some states, it's 'nearly impossible' to buy a home that isn't part of a homeowners association, expert says
▼ + stars: | 2023-10-31 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +8 min

These communities are usually overseen by homeowners associations. Homeowners associations, also known as HOAs, are self-governing organizations that implement rules for homeowners and renters within common-interest communities. The board may choose to hire a management company, many of which are for-profit, to help run day-to-day operations. Roughly 84% of newly built, single-family homes sold in 2022 belonged to homeowners associations, according to the U.S. Census Bureau. "But it seemed like [the deal] never got to the management [company] or homeowners association," Enrique Inostroza said.

Persons: Jewel Inostroza, Enrique, Gen Z, it's, Deborah Goonan, Inostroza, Enrique Inostroza, Mark Licea, HOA, Bradley, Tom Skiba, Skiba, Steve Horvath Organizations: Homeowners, Finance, . Census, Communities, CNBC, Management, HOA, Sentry Management, Community Associations Institute, Economics, Rocket Mortgage, HOA United Locations: Newnan , Georgia, HOA, U.S

☆ As the market enters correction territory, don't blame the American consumer
▼ + stars: | 2023-10-29 | by ( Tim Mullaney | ) www.cnbc.com time to read: +14 min

Amazon.com Inc | ReutersThe initial third-quarter report on gross domestic product showed consumer spending zooming higher by 4% percent a year, after inflation, the best in almost two years. How is this possible with interest rates on everything from credit cards to cars and homes soaring? But they were below expectations at electric-vehicle leader Tesla , which blamed high interest rates, and at Ford . "And as interest rates rise, the proportion of that monthly payment that is interest increases." At American Express , which saw U.S. consumer spending rise 9%, the mild surprise was the company's disclosure that young consumers are adding Amex cards faster than any other group.

Persons: Bill Ackman, CFRA, Sam Stovall, Ryan Marshall, Wells, Jackie Benson, Tesla, Elon Musk, GM, Mary Barra, Paul Jacobson, John Lawler, Musk, Brian Moynihan, Jeremy Barnum, Sachin Mehra, Zers, Guess they're, Stovall, chargeoffs, John Greene, Morgan Stanley, Ravi Shanker, Spirit, Sundaram, Ethan Allen, they've, Marc Bitzer, Arun Sundaram, Amanda Agati, there's Organizations: Amazon.com Inc, Delta Air Lines, United Airlines, Coldwell, Ford, General Motors, GM, United Auto Workers, UAW, Cox Automotive, Bank of America, JPMorgan Chase, MasterCard, American Express, Discover Financial Services, JetBlue, Whirlpool, Amazon, PNC, Federal, Asset Management Locations: Shakopee , Minnesota, U.S, Covid, PulteGroup, Vermont

That has allowed forests to become four to seven times more densely wooded than they once were, Safford said. Fire scientists advocate more deliberate burning at low-to-moderate severity to clear vegetation that makes forests susceptible to big fires. Susan Britting, executive director of one of the groups, Sierra Forest Legacy, acknowledged any cutting triggers skepticism because loggers historically took the largest, most marketable trees. But she said thinning trees up to a certain diameter is acceptable, though she prefers prescribed burning. Homeowners are anxious prescribed fires will jump perimeters and destroy houses.

Persons: ” Hugh Safford, Davis, John Muir, What’s, Safford, “ We're, ”, Brandon Collins, Chad Hanson, there's, Hanson, Christy Brigham, ” John Muir, Jeffrey, “ John Muir, ” Safford, gesturing, “, it's, Weeks, Susan Britting, ” Britting, John Muir Project's Hanson, Safford —, that's, what’s Organizations: University of California, Eldorado National, Sierra, U.S ., American Geophysical Union, John Muir Project, Earth Island Institute, Sequoia, National Parks, National Park Service, U.S . Forest Service, Service, Forest Service, Infrastructure Law, Sierra Forest Locations: Calif, Lake, Eldorado, Sierra Nevada, U.S, California, . California, Yosemite, Sequoia, Canyon, —, Berkeley, Lake Tahoe, Safford, New, Sierra

If accurate, that would amount to the fastest quarterly pace in nearly two years and up sharply from a 2.1% growth rate in the April-June quarter. Some economists have estimated that last quarter's annual growth could turn out to be as high as 4.5%. Americans likely drove the economy by stepping up their spending, splurging on everything from cars to concert tickets to restaurant meals. Fed officials have acknowledged the pickup in growth, which could potentially undercut their efforts to fight inflation. With inflation generally easing, the Fed is expected to keep its short-term rate unchanged when it meets next week.

Persons: Biden, Jerome Powell, Powell, “ Organizations: WASHINGTON, Fed, JPMorgan Locations: U.S, United Kingdom, Europe

I'm the last renter among my friends, so I decided to ask them about all the costs of homeownership. But when I saw the long list of hidden fees and expenses they have to pay for, I was in shock. Here are five of the fees I didn't know homeowners owe that made me realize just how much I want to rent forever. However, your property taxes can keep going up (a soaring housing market or city improvements can make this amount increase). However, the big and frequent costs they paid to keep up the appearances of their homes really did add up.

Persons: —, dishwashers, doesn't, it's Organizations: Service

☆ There's never been a better time to be a DINK
▼ + stars: | 2023-10-22 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

One variant of the DINK is the DINKWAD , double income couples without kids — but with a dog. AdvertisementAdvertisement"Some of those savings might ripple into an accumulation and increase in net worth," Heggeness said. What's more, the cost of raising one child to their high school years is estimated to be $310,605 — the bulk of a median DINK's net worth. For instance, single Americans with children have seen their net worth more than double over the last decade, and their net worth is outpacing younger, childless singles. Now, that rise in net worth might be due to the changing dynamics of how single parents are arriving at their destination.

Persons: DINK, —, childlessness, they're, Misty Heggeness, Nobody, weren't, Heggeness, JP Morgan, Nicole Valdez, it's, Jasmen Rogers Organizations: Service, Federal Reserve's Survey, Consumer Finances, University of Kansas, Survey

☆ Home buyers are finally seeing a light at the end of the tunnel, but it is going to be painful for homeowners and sellers
▼ + stars: | 2023-10-10 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

There is no end in sight for high mortgage rates, and sellers are dropping prices. AdvertisementAdvertisementThe housing market is in an ugly place right now for buyers and while things may be stabilizing, that just means pressure will likely shift from buyers to sellers. Redfin CEO Glenn Kelman made headlines in recent weeks with several interviews where he said the housing market had hit "rock bottom." "The housing market is just taking a beating because affordability is at a four-decade low. While the market might not get worse for buyers, sellers are not yet at rock bottom after enjoying years of rising home values.

Persons: —, Glenn Kelman, Kelman, ZIlloq, Paul Bradbury, Zillow, Jeff Tucker, Redfin, Jeremy Grantham, Grantham, David Rosenberg, Rosenberg, Merrill Lynch, Luis M, Alvarez, Tom Barkin, Alou Diarra, Getty Organizations: Service, CNBC, Getty, Cleveland Fed, Altos Research, Rosenberg Research, North, AP, Richmond, Fed Locations: North American

☆ Installing solar isn't the only big financial decision to make about controlling home power
▼ + stars: | 2023-10-07 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +9 min

That means it may be a good time to consider a home backup power storage system. Fossil fuel vs. battery power If you're not opposed to fossil fuel-powered options, there are several categories to consider based on your power needs. EVs as a backup power option for the home Some electrical vehicles can be used to back up essential items, or, in some cases, a whole home. "If you're contemplating spending $10,000 on a whole home gas generator system, why not think about an EV with this capability instead?" Some states provide additional solar battery incentives.

Persons: Ian Thomas Jansen, Lonnquist, Benjamin R, Dierker, Vikram Aggarwal, EnergySage, it's, Aggarwal, EVs, Ford's, Jim Farley, Stephen Pantano, Pantano, Sarah Delisle, Ted Tiffany, Tiffany Organizations: Motors Inc, Bloomberg, Getty, Alliance for Innovation, National Centers for Environmental, Consumers, GM, Ford, Swell Energy, Decarbonization Coalition, of Energy, Homeowners, Energy Department Locations: United States, California , Texas, Louisiana, California, California , Vermont , Massachusetts, New York, America

Florida and California homeowners have been dealing with high property insurance premiums due to severe weather. Louisiana is now the third-most expensive state for insurance according to Insurify , an insurance comparison website. The average annual premium for Louisiana is $5,353, which is three times the national average homeowners insurance cost. Car insurance and flood insurance premiums are also rising within the state. Louisiana has the least affordable car insurance rates in the nation, according to the Insurance Research Council .

Persons: Mark Friedlander Organizations: Farm, Allstate, Service, Privacy, Insurance, Institute ., Insurance Research Locations: Florida, California, Louisiana, Wall, Silicon, Institute . Florida, Louisiana Louisiana, . Louisiana, Hawaii —

☆ Here are 3 costly financial surprises for first-time homebuyers — and how to prepare for them
▼ + stars: | 2023-09-01 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Jonathan Ernst | ReutersWith record-high home prices and soaring mortgage interest rates, homeownership has become increasingly unaffordable — and hidden costs can surprise first-time buyers, experts say. Here are three of the most common surprise homeownership expenses and how to prepare for each one, according to experts. Property taxesAs a first-time homebuyer, it's easy to overlook property taxes since you've never paid those levies directly. Home maintenanceThe cost of home repairs and maintenance can also be a hidden expense for first-time homebuyers. As a first-time homebuyer, you need to make sure you have a sufficient cushion for surprises — I'd argue 5% of the home's purchase price at least.

Persons: Jonathan Ernst, homeownership, Vince Darling, you've, Richard Auxier, Kevin Brady, — I'd, Nicole Sullivan Organizations: Reuters, Stonebridge, Urban, Brookings Tax, Wealthspire Advisors, Prism Planning Locations: Alexandria , Virginia, Zillow, Forest Lake , Minnesota, New York

A view of a damaged house after the arrival of Hurricane Idalia, in Cedar Key, Florida, U.S., August 31, 2023. REUTERS/Marco Bello Acquire Licensing RightsAug 31 (Reuters) - Florida-only insurers such as Citizens Property Insurance anticipate fewer losses from Hurricane Idalia than from previous storms in the state, even as industry experts expect further insurer pullback from the market. "This certainly will not help with ongoing challenges to Florida's insurance market, but it could have been a lot worse," said Steve Bowen, chief science officer at reinsurer broker Gallagher Re. The top 10 U.S. homeowners insurers such as State Farm and Allstate Corp (ALL.N) average only about 4.1% of their premiums in Florida, Moody's said. Reuters GraphicsThe exit of insurers from Florida comes amid a broader pullback from the market, including from reinsurers, according to an Aug. 24 Fitch report.

Persons: Hurricane Idalia, Marco Bello, Ian, Idalia, Moody's, Steve Bowen, Gallagher, Fitch, Noor Zainab Hussain, Manya, Matt Tracy, Shinjini Ganguli, Megan Davies, Matthew Lewis Organizations: REUTERS, Property Insurance, Hurricane, Reuters, Citizens, UBS, Insurance Information Institute, Gallagher Re, Farmers Insurance, Bankers Insurance, Lexington Insurance, AIG, Farmers, Bankers, Farm, Allstate Corp, Insurance, Institute, Manya Saini, Thomson Locations: Cedar Key , Florida, U.S, Florida, Florida's, Coast, Tampa Bay, Jacksonville, Idalia, USA, Lexington, reinsurers, South Carolina, Bengaluru, Washington

☆ Florida’s already-volatile insurance industry is bracing for Hurricane Idalia
▼ + stars: | 2023-08-29 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +5 min

New York CNN —As it churns toward the disaster-prone Sunshine State, Hurricane Idalia could be a litmus test for Florida’s increasingly volatile and expensive insurance landscape. Despite several insurance companies exiting Florida, experts say the state’s residents are still mostly covered this hurricane season. “Florida’s property insurance market remains very volatile, but the insurance industry is well-capitalized to pay Idalia claims,” he added. Enrollment in flood insurance has seen a steady uptick every month since October 2022, according to the latest FEMA data. While Florida has the highest flood insurance enrollment rate of any state, Friedlander said only 18% have flood insurance through either federal or private insurers.

Persons: ”, Matthew Carletti, It’s, Hurricane Ian, Ian, Mark Friedlander, Friedlander Organizations: New, New York CNN, JMP Securities, Jacksonville —, CNN, Hurricane, Swiss, Insurance, Institute, Insurance Information Institute, Farmers Insurance, Farmers, Federal Emergency Management Agency, FEMA Locations: New York, Sunshine State, Hurricane, Florida, Tampa, Gulf Coast, Gainesville, Jacksonville, “

☆ American homes are shrinking, but it isn't making houses any more affordable
▼ + stars: | 2023-08-28 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +4 min

Yet, the cost per square foot has markedly accelerated over the same period, data from John Burns Research and Consulting shows. We saw increased prices across the board, and that's showing up in that increased price per square foot." Not only are prices per square foot going up, data suggests that contractors are less likely to build homes with a lower price per square foot. AdvertisementAdvertisementFurther double-digit jumps in price per square foot are less likely to materialize in the current environment. But as floor plans get smaller, price per square foot could stay stubbornly high.

Persons: John Burns, That's, Chris Porter, demographer, Porter, Redfin Organizations: Census, John, John Burns Research, Consulting, Builders, Service, Homeowners, Wall Street Journal Locations: Wall, Silicon, Indiana, Zillow

☆ New home sales rose to a 17-month high in July
▼ + stars: | 2023-08-23 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —New home sales rose in July from the month before, beating estimates and reaching a 17-month high, as buyers continue to look to new construction as an option in the face of a historically low supply of existing homes. While new home sales have been trending higher over the past year, sales of existing homes have been down for the past few months. Sales in the Midwest surged 47.4% from a month ago and sales in the West were up 21.5% from June. Meanwhile, sales in the Northeast declined by 2.9% from last month and dropped by 6.3% in the South. “When existing homes are hard to find, new homes at the right price are a good substitute.”

Persons: Kelly Mangold, ”, George Ratiu, Odeta Kushi Organizations: DC CNN, US Department of Housing, Urban Development, Census, Real Estate Consulting, ”, Midwest, National Association of Realtors, “ Builders, Builders, First Locations: Washington, –

☆ Goldman Sachs: 20 Cities With Highest and Lowest Home-Price Growth
▼ + stars: | 2023-08-17 | by ( Laila Maidan | ) www.businessinsider.com time to read: +2 min

Goldman Sachs says determined home buyers aren't being deterred by higher interest rates. Strategists at Goldman Sachs no longer expect home prices to drop for the full year 2023. Homeowners who are locked into lower rates aren't likely to give that up in exchange for new property. Housing affordability has returned to its historic 2007 lows, according to Goldman Sachs' Housing Affordability Index. This means smaller, more affordable homes are increasing demand, leading to higher price growth in that part of the housing market.

Persons: Goldman Sachs, Roger Ashworth, Goldman Locations: Charlotte, Atlanta

☆ Tourists lost their summer vacations. Maui’s locals lost everything
▼ + stars: | 2023-08-15 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +8 min

In an aerial view, homes and businesses are seen that were destroyed by a wildfire on August 11, 2023 in Lahaina, Hawaii. In an aerial view, homes and businesses are seen that were destroyed by a wildfire on August 11, 2023 in Lahaina, Hawaii. CNN Business Writer Catherine Thorbecke (center) with her late grandparents in Lahaina, Hawaii, circa 2013. People looking down to downtown Lahaina from Lahaina Bypass in Lahaina, Hawaii on August 13, 2023. A woman digs through rubble of a home destroyed by a wildfire on Friday, Aug. 11, 2023, in Lahaina, Hawaii.

Persons: Rick Avila, ”, –, ” Avila, Avila, Justin Sullivan, Mike Cicchino, “, Cicchino, Catherine Thorbecke, Josh Green’s, Mengshin Lin, ALICE, Rick Bowmer, it’s, ” Gionson, “ It’s Organizations: CNN, Lahaina, ”, Washington Post, “, Aloha United Way, Bank of Hawaii, Hawaii’s Department of Commerce, Consumer Affairs, Hawaii Tourism Authority Locations: Lahaina , Hawaii, Lahaina, Maui, Kingdom of Hawaii, Okinawa, Japan, Hawaii, Maui County, Las Vegas, Oahu, –

☆ Retailers take center stage in the week ahead, as Wall Street turns to the consumer for a much-needed boost
▼ + stars: | 2023-08-11 | by ( Sarah Min | ) www.cnbc.com time to read: +8 min

A raft of economic data and big retail earnings reports next week will give traders insight into the strength of the consumer after a mixed batch of inflation data. "Next week is all about the consumer," said Shannon Saccocia, investment chief at NB Private Wealth. The Nasdaq Composite fell for a second straight week for the first time in 2023 after mixed inflation data this week, as well as Moody's downgrading several regional banks. July's consumer price index came in weaker than expected, but continued to show some underlying stickiness. Housing data expected to show strength Investors will also watch data on what has been a strong housing market.

Persons: Shannon Saccocia, Saccocia, —, we've, John Porter, it's, Wealth's Saccocia, Kate Spade, Stuart Weitzman, Versace, Jimmy Choo, Michael Kors, That's, Sam Stovall, Stovall, CFRA's Stovall, Estee Organizations: Home Depot, Walmart, Federal Reserve, Nasdaq, Dow Jones, Newton Investment Management, FactSet, . Discount, TJX Companies, Ross, Homeowners, Price, Retail, Health, Home, Agilent Technologies, Housing, Manufacturing, TJX, Target, Cisco Systems, Philadelphia Fed, Applied, Deere, Co, Companies, Palo Alto Locations: U.S, NAHB, Housing States

☆ Why it's so hard to build homes in your neighborhood
▼ + stars: | 2023-08-05 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +12 min

Single-family homes in Arlington, Massachusetts. Around 75% of residential land in the United States is zoned for single-family homes only. This has had the effect of encouraging ever-larger single-family homes and limiting housing options, like smaller houses. “You can’t just do it all with zoning reform,” Walla Walla City Manager Elizabeth Chamberlain told CNN. The second wave of single-family zoning laws spread during the 1970s, historians say, and the policies became more restrictive.

Persons: Suzanne Kreiter, ”, Jenny Schuetz, “, —, Ben McCanna, Joe Biden’s, Richard Kahlenberg, Kathy Hochul’s, Elizabeth Chamberlain, “ It’s, Nancy Kaye, William Fischel, Fischel, Carlos Avila Gonzalez, Yonah Freemark, we’re, ” Freemark Organizations: New, New York CNN, Boston Globe, Brookings Metro, Republicans, Portland Press Herald, Getty Images, ”, CNN, Homes, “, Dartmouth University, Homeowners, San Francisco Chronicle, AP, Pew Charitable Locations: New York, Arlington , Massachusetts, United States, “, Maine, Getty Images Minneapolis, Arlington , Gainesville, Charlotte, Walla Walla , Washington, Oregon , California, Washington , Montana, Connecticut , Arizona, ” Walla Walla City, Cities, Louisville , Kentucky, Flushing , Queens, America, San Francisco, Los Angeles , New York City, Seattle, Chicago , Philadelphia, Portland, Washington, Walnut Creek , California, Minneapolis, Portland , New Rochelle , New York, , Virginia, Towns, Walla, Walla Walla

☆ Wall Street landlords are selling homes back to Main Street. Here's what it might mean for runaway housing prices.
▼ + stars: | 2023-08-03 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +8 min

The companies — Invitation Homes and AMH — have already sold 1003 homes this year, through July, to non-corporate buyers, according to Insider's analysis of data from real estate tracker Attom Data. The group, which has included Wall Street firms like Blackstone (which spun off Invitation Homes), has been blamed for exacerbating the housing shortage that has pushed real-estate prices sky-high. One exception might be in 2019 when Invitation Homes sold 785 homes to non-corporate buyers, versus 225 sales through July of this year. The lack of housing supply, which has kept prices high even as mortgage rates rise, makes selling homes in markets that cost more to operate rentals a profitable play. In reporting earnings last week, Invitation Homes increased its core revenue guidance for the rest half of the year because its rent prices actually outperformed expectations.

Persons: —, AMH, Jon Olsen, execs, Dallas Tanner, Tanner, Gary Beasley, Roofstock, Beasley, He's, Dave Singelyn, Singelyn Organizations: Attom, Wall, Blackstone, Invitation Homes, SFR, Invitation, MLS, Homes, Sun, Wall Street, Homeowners, Seller Services Locations: SFR, New York City, America

☆ New home sales dropped in June after May’s surge
▼ + stars: | 2023-07-26 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Homeowners with ultra-low mortgage rates are reluctant to sell and buy another home at a much higher mortgage rate. Sales of existing homes have been down for the past few months, while new home sales have been rising. This increase in mortgage rates cooled mortgage applications. New home sales boosted by low inventory of existing homesAlthough sales were down from May, the trajectory of new home sales is generally positive, said Kelly Mangold of RCLCO Real Estate Consulting. By comparison, the inventory of existing homes for sale at the end of June was only a little over 1 million homes.

Persons: Freddie Mac, Kelly Mangold, “ Buyers, ” Mangold, ”, George Ratiu, Charlotte , Organizations: DC CNN, US Department of Housing, Urban Development, Census, Real Estate Consulting, “, National Association of Realtors Locations: Washington, Houston, Dallas, Atlanta, Charlotte, Charlotte , North Carolina, Austin , Texas, Orlando , Florida, Southern

To calculate 28% of your monthly income, multiply your gross monthly income (that's your income before taxes) by 0.28. If you like to spend a large chunk of your paycheck on traveling, for example, a large monthly mortgage payment might not fit into your lifestyle. 1,000 ÷ 5,000 = 0.2To get a conventional mortgage, the maximum DTI you can have is typically 50%, including your proposed monthly mortgage payment. How much house can I afford frequently asked questionsHow much do you have to make a year to afford a $400,000 house? Mortgage interest rates can have a big impact on how much house you can afford.

Persons: you've, You'll, it's, Freddie Mac, Fannie Mae, you'll, homebuyers Organizations: National Association of Insurance, PMI Locations: Chevron, Arkansas, North Carolina

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