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☆ Stock market today: Indexes rise as stocks whipsaw after inflation-fueled decline
▼ + stars: | 2024-09-11 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

US stocks traded mixed as traders reacted to a mixed inflation report. Core consumer prices rose more than expected, reducing chances of a 50 basis-point rate cut. AdvertisementUS stocks traded mixed on Wednesday, with investors staging a recovery after taking in a mixed inflation report. Odds for a 50 basis-point cut have been slashed by more than half to just 15%, according to the CME FedWatch tool. Markets will assess August producer price inflation data and weekly jobless claims on Thursday and fresh retail sales data next Tuesday.

Persons: —, Bill Adams, Jensen Huang, Goldman Sachs Organizations: Service, Dow Jones, Traders, Comercia Bank, Bank of America, Tech, Nvidia, Here's

☆ I landed a 6-figure government job after leaving the military. It's high-stress and comes with many challenges — here's how I manage it.
▼ + stars: | 2024-09-10 | by ( Perri Ormont Blumberg | ) www.businessinsider.com time to read: +5 min

I'm a management and senior policy analyst at the US Department of Housing and Urban Development (HUD) in Washington, DC. After transitioning from military to civilian life in 2012, I worked as a policy analyst and technical writer at Sage Management. I love my new role and would've left to pursue a fully remote role if this didn't happen at HUD. I work around these challenges by building relationships with other program offices within HUD to collaborate and get the work done. Within the HUD Veterans Affinity Group, we established the Women's Group to talk monthly with and support women veterans.

Persons: —, Ebony Grey, It's, I've, would've Organizations: Service, US Department of Housing, Urban Development, Business, Air Force, Sage Management, HUD, Affinity Group, ACT, Education, Federal, Veterans Affinity Group, Blacks, American Federal Executive Association, Young Government Locations: Washington ,, Afghanistan, Government

☆ Maui could soon ban some Airbnbs. Short-term rental owners say it will be financially devastating for them.
▼ + stars: | 2024-09-08 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +9 min

When researching the properties, he confirmed their tax status as short-term rentals on the county site. Jason Gobey, another short-term rental owner, told BI he researched and spoke to real-estate agents as well as others before buying his one-bedroom condo in Kihei in 2019. He also said he confirmed the property's tax status as a short-term rental and had no idea there could be an issue with it. Though some of the Minatoya List properties will likely be converted to long-term rentals, Church said it is not financially feasible for him. But the benefit of adding the Minatoya List properties to the housing stock is that they are already built.

Persons: —, Andrew Church, Mario Tama, Richard Bissen, Church, Jason Gobey, Gobey, Smith, Justin Tyndall, Tyndall, that's, it's Organizations: Service, Business, Church, Owners, Maui, Maui Planning, University of Hawaii Locations: Maui, Lahaina, Barcelona, New York City, South Maui, West Maui, Kihei, Arizona, Manoa

☆ If elected, Trump plans to ban mortgages for undocumented immigrants
▼ + stars: | 2024-09-06 | by ( Tami Luhby | ) edition.cnn.com time to read: +2 min

CNN —Former President Donald Trump plans to ban mortgages for undocumented immigrants, he said in a speech at the Economic Club of New York on Thursday. Trump claimed the measure would help address housing affordability because a “flood” of people entering the country illegally are pushing up housing costs, but undocumented immigrants only make up a tiny portion of the mortgage market. It’s often very difficult for undocumented immigrants to obtain home loans, even though the USA Patriot Act of 2021 allowed banks to accept ITINs as a form of identification. He also said falling interest rates will send mortgage rates down to 3% or even lower, which will make financing less expensive for homebuyers. Trump’s broader views on undocumented immigrants — and his insistence that he would deport millions of them — could also hamper the push to lower home prices.

Persons: Donald Trump, Trump, — Organizations: CNN, Economic, of New, Urban Institute, Social Security, USA Locations: of New York

☆ A Gen Zer left Boston for New York City because housing was expensive and it offered a 'fraction of the life experience'
▼ + stars: | 2024-09-04 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

After spending a few months researching places to live, New York City — the borough of Brooklyn in particular — stood out. "Cities like Boston that used to seem affordable are feeling just as expensive as New York City for a fraction of the experience," she added. Rent in New York City and Boston can vary considerably depending on where one looks, but New York is generally more expensive. The median rent for a one-bedroom apartment in New York City is $3,300 compared to $2,600 in Boston, per Zillow. AdvertisementAside from housing, White said one of the most expensive parts about living in New York City is the costs that come with having a social life.

Persons: Jillian White, White, —, Georgia —, she's, it's, Boston — Organizations: Service, New, Boston University, Business, Apple, New York City —, Boston Locations: New York City, Boston, , New York City, Brooklyn, Brooklyn's Bedford, Stuyvesant, Cities, York City, New York, Florida , Texas , California, North Carolina, Georgia, NYC, York, White, Beacon Hill, Seaport, Fenway, Manhattan

☆ I've spent 50 years in one of the 'best places to live.' I love it, but that doesn't mean moving here is a good idea.
▼ + stars: | 2024-09-03 | by ( Helen Wolkowicz | ) www.businessinsider.com time to read: +10 min

Montreal is a gem of a city: It's safe and walkable, with a vibrant nightlife and a cultural calendar packed with events. It's also one of the fastest-growing cities in Canada, so why wouldn't you want to get in on the action? AdvertisementIt has become harder for Montreal renters to check everything off their wish lists without raising budgets. AdvertisementGiven the condition of Montreal's housing market, our "starter" is now just our forever home. Christopher O'Donnell/ShutterstockBusinesses also have to compete against the city's carousel of construction projects, which can reduce foot traffic, among other issues.

Persons: —, It's, I've, Lisette Jemmott, Anatoli Igolkin, Jemmott, she's, Michael Falduto, isn't, Catherine Zibo, Falduto, it's, Glenn Castanheira, Marc Bruxelle, Yönder, Christopher O'Donnell, Castanheira, Helen Wolkowicz Organizations: Service, Business, The Coalition, Housing Committees, Associations of Quebec, McGill, Concordia, Concordia University, City, Montreal —, Montreal Locations: Finland, Montreal, Canada, Canadian, Toronto, Quebec, City of Montreal

☆ Harris to propose $50,000 tax deduction for small business startup expenses, ahead of Trump debate
▼ + stars: | 2024-09-03 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Under the proposal, new small businesses could spread the deduction out over several years, or delay claiming the $50,000 tax deduction until the company turned a profit. The Internal Revenue Service has previously run into issues ensuring that its small business tax breaks end up in the right pockets, especially during the pandemic, when the agency flagged a spike in fraudulent claims. The Harris campaign did not respond to a request for clarification about which startups and small businesses would be eligible for the tax deduction. On Wednesday, Harris will also set a goal of collecting 25 million new small business applications in her first term if she is elected president. By focusing on small businesses, Harris' tax deduction proposal could help her thread the needle between rebutting Trump's attacks, and keeping up her political crusade against corporate greed.

Persons: Kamala Harris, Harris, Biden, Donald Trump, Trump, Joe Biden, Kamala, TRUMP Organizations: Democratic, U.S, Wednesday, Labor, Internal Revenue Service, Republican, ABC News, White Locations: Savannah , Georgia, U.S, New Hampshire

☆ Thousands of homes on $1 land: The new housing crisis solution sweeping the country
▼ + stars: | 2024-08-31 | by ( Eliza Relman | ) www.businessinsider.com time to read: +10 min

State and local governments often lease or sell land to builders, including affordable housing developers, particularly in areas with high demand for homes. In a rare overlap of goals between the two campaigns, Harris and Trump have both proposed building housing on federal land. Some Republican lawmakers agree that more federal land should be used for homes. The Biden administration has proposed selling hundreds of acres of land in Nevada controlled by the Bureau of Land Management to local governments to build thousands of new homes. But repurposing federal land for new residential communities in Nevada would likely mean more sprawl, which comes with both environmental and economic concerns.

Persons: —, Donald Trump, Kamala Harris, Harris, Trump, Matthew Murphy, doesn't, George McCarthy, McCarthy, MidPen, It's, Abby Goldware Potluri, Harris couldn't, Republican Sen, Mike Lee of, He's, Biden, Maurice Page, Page Organizations: Service, Democratic, Republican, Biden, Business, NYU's Furman Center, Lincoln Institute of Land Policy's, Geospatial Solutions, Lincoln Institute of Land, Center for Geospatial Solutions, Privately, Center, Trump, of Land Management, US Postal Service, Republican Party, General Services Administration, DC, Bureau, Land Management, Las Vegas, Nevada Housing Coalition Locations: State, Nevada, Utah, Massachusetts, Florida, . Massachusetts, San Mateo County, San Francisco, MidPen, Saudi, Mike Lee of Utah, Fort Lauderdale, Las

☆ Opinion | Plan Beats No Plan
▼ + stars: | 2024-08-24 | by ( Binyamin Appelbaum | ) www.nytimes.com time to read: +1 min

There’s no defining issue like tax cuts in 2000 or health care in 2008 or trade in 2016. Democrats are focused on convincing voters that Donald Trump poses an existential threat to the American way of life, and vice versa. But policy remains the purpose of politics, and the choice of a president is also the choice of a housing policy. Kamala Harris has a plan to address the nation’s housing crisis. Donald Trump (kind of) has one, too.

Persons: There’s, Donald Trump, Kamala Harris, Harris

☆ Why Kamala Harris’s Centrism is Working
▼ + stars: | 2024-08-23 | by ( David Leonhardt | ) www.nytimes.com time to read: +1 min

Kamala Harris capped her first month as the Democratic Party’s presidential candidate with a roughly 35-minute convention speech last night that embodied her aggressive efforts to win over swing voters. It was a patriotic speech that was hawkish on foreign policy and border security. She described the United States as the greatest country in the world — a view many Americans hold but most Democratic voters do not — and she ended by saying that being an American was “the greatest privilege on earth.” She promised to confront China, Russia, Iran and Iran-backed terrorists and to make sure that the U.S. military remained the “most lethal fighting force in the world.”She also offered a series of populist promises to help the middle class by reducing the cost of housing and health care — policies that many independents and some Republicans favor. And she spent little if any time on subjects that inspire passion among Democrats but are either secondary or off-putting to many swing voters, such as student debt forgiveness and President Biden’s climate agenda. You can read more about Harris’s speech in this news story, as well as in this article on how she contrasted herself with Donald Trump.

Persons: Kamala Harris, Donald Trump Organizations: Democratic, . Locations: United States, American, China, Russia, Iran

☆ Looking to buy a home? Redfin's research lead says a flood of housing supply is set to hit the market by the end of 2025 as locked-in homeowners finally start selling
▼ + stars: | 2024-08-13 | by ( Christine Ji | ) www.businessinsider.com time to read: +5 min

Read previewProspective homebuyers are painfully aware of just how bad the housing market is right now. Mortgage rates have doubled since 2022 following the Federal Reserve's initiative to raise rates and curb inflation. In an interview with Business Insider, she shared her predictions for the housing market and mortgage rates. Advertisement"That can help to alleviate some of the pain associated with getting a higher rate," Zhao said. The housing market isn't going to unlock overnight, but Zhao is optimistic that conditions will improve for homebuyers going forward.

Persons: —, Chen Zhao, … Zhao, Zhao, it'll, Zhao doesn't Organizations: Service, Federal, Business, Fed, Bank of America Locations: Florida

☆ Looking to buy a home? Redfin's research lead says a flood of housing supply is set to hit the market by the end of 2025 as locked-in homeowners finally start selling.
▼ + stars: | 2024-08-13 | by ( Christine Ji | ) www.businessinsider.com time to read: +6 min

Persons: —, Chen Zhao, … Zhao, Zhao, It's, Zhao doesn't Organizations: Service, Federal, Business, Fed, Bank of America Locations: Florida

☆ Glorious farewell to the Paris Olympics and the U.S. rushes firepower to the Middle East: Morning Rundown
▼ + stars: | 2024-08-12 | by ( Elizabeth Both | Elizabeth Both Is An Associate Platforms Editor For Nbc News | Based In New York. | ) www.nbcnews.com time to read: +9 min

A spectacular closing ceremony hands the Olympic Games over to Los Angeles. And a false JD Vance rumor sparks a misinformation row. A glorious farewell to Paris OlympicsGetty ImagesAu revoir to the Paris Games. Kamala Harris pledged to eliminate taxes on tipped wages for service workers, matching a proposal from former President Donald Trump. Politics in BriefTrump campaign: Former President Donald Trump’s campaign has said it was hacked by an Iranian group.

Persons: Vance, Katie Ledecky, Nick Mead, Tom Cruise, Ledecky, Simone Biles, Suni Lee, dazzled, ” Sha’Carri Richardson, Noah Lyles, Guy ” Stephen Nedoroscik, Yusuf Dikeç, Read, JD, Vic e, tol, stu, ord, ami, Flo, bui, Ken Bak, roa Organizations: Olympic Games, Paris, Paris Games, Stade de France, Team USA, U.S, acc, Uni, NBC Locations: Los Angeles, The U.S, American, U.S, Turkish

☆ People making $200,000 or more are flocking to these 10 states: Florida is No. 1
▼ + stars: | 2024-08-12 | by ( Jade Thomas | ) www.cnbc.com time to read: +2 min

Florida had the biggest net gain of high-earning households, according to a recent SmartAsset study . Using $200,000 of adjusted gross income as a threshold, the study examined the number of high-income households moving into and out of each state to determine the net inflow. More high-income households have left California and New York than moved in, but some states saw the opposite. "I would say that's a little unique, that these smaller-population states are really pulling their weight in attracting or pulling above their weight in attracting high-earning households," DeJohn says. Here are the states that saw the biggest net inflow of high-earning households:

Persons: SmartAsset, Jaclyn DeJohn, SmartAsset's, DeJohn, David Tinsley, Charlie Dougherty, Dougherty, There's Organizations: New Hampshire —, Bank of America Institute, Wells, Wells Fargo Economics Group Locations: North, South Carolina, Arizona . Florida, California, New York, Florida , Texas , Tennessee , Nevada, New Hampshire, Southern, Wells Fargo, Texas, Florida, Area, Los Angeles, Portland, Seattle, Austin, , Texas, United States, Tinsley

Condo owners unable to pay an assessment can be foreclosed on by their condo association. After that, she plans to move back into her Florida condo, but in the meantime, she’s been living with her adult son. But that’s what happens when prior boards don’t do their job.”But the decision ended up pitting the building’s owners against each other, with some owners saying the work was unnecessary. “These guys ruined my early retirement plan.”Lopez, who helped craft the legislation, said she is looking for ways to provide relief to condo owners once Florida’s Legislature reconvenes next year. Stone would like to see the state Legislature give buildings and condo owners more time to comply with the regulations so they would be able to spread out the costs.

Persons: Janet Stone, she’s, ’ ”, Stone, We’ve, ”, Vicki Lopez, “, —, Greg Batista, he’s, reapplied, ” Stone, Krista Goodrich, they’ve, Batista, Joseph Hernandez, Edgardo Defortuna, ” Defortuna, Jeremy Maurice, Maurice, ” Maurice, Steve Davis, Cristian Murray, ” Murray, ” Lopez, reconvenes, “ I’m, I’m Organizations: Florida House, NBC, Yacht, Surfside, Condo, realtors, Statewide, Dade, University of Miami Locations: Florida’s, Las Vegas, Ormond Beach , Florida, Florida, Champlain, Miami, ”, Daytona Beach, Orlando, Miami Beach, Hollywood , Florida, Ormond Beach, Redfin, Volusia County, South, Dade County

☆ A 26-year-old property owner shares his non-traditional approach to breaking into a red-hot housing market — even in one of the most expensive cities in the US
▼ + stars: | 2024-08-11 | by ( Christine Ji | ) www.businessinsider.com time to read: +7 min

His monthly mortgage, property taxes, and HOA fees came out to roughly $3,300 a month, documents viewed by Business Insider show. Advertisement"I knew going in that those TICs or those co-ops were definitely cheaper than an equivalent condo in San Francisco," Kaushik said. At the time, the 30-year average fixed rate was 3.22%, significantly lower than the current 30-year average fixed rate of 6.86%. Kaushik's fixed rate period is seven years, which means that after 2029, the rate could change based on market conditions. However, the fixed rate period allows homeowners to pay a lower mortgage rate than if they had a traditional mortgage.

Persons: —, Gen, pesky, Anirudh Kaushik, Kaushik, Kaushik's, he's, He's Organizations: Service, Business, Fed, San Locations: San Francisco, Bay, Francisco, HOA, New York, California

☆ Barcelona is banning Airbnbs. Other European cities have cracked down already — with some success.
▼ + stars: | 2024-08-11 | by ( Eliza Relman | Dan Latu | ) www.businessinsider.com time to read: +8 min

Many experts say short-term rentals, including Airbnbs, are part of the problem, restricting local housing supply and driving up prices. We took a look at three European hubs — Lisbon, Florence, and Amsterdam — that have imposed relatively strict regulations on short-term rentals. Cities have been worried about the impact of short-term rentals on housing costs for years. Instead of a blanket ban, Amsterdam caps the number of nights hosts can rent out their homes at 30 a year. In an increasingly tight housing market, the dominance of short-term rentals acts as an "amplifier," he said.

Persons: —, Airbnb, Lisbon's, João Pereira dos Santos, Pereira dos Santos, Gregory W, Fuller, Florence, Florence's, Dario Nardella, Antonello Romano, Romano Organizations: Service, Business, New York, School of Economics, Finance, Queen Mary University of London, University of Groningen, Wall Street, University of Pisa Locations: Barcelona, Barcelona's, Spanish, New York, Tokyo, Vancouver, London, Paris, — Lisbon, Florence, Amsterdam, Lisbon, New York City, EU, Portugal, Netherlands, Venice

☆ 'It’s mayhem and craziness': Californians react to Gavin Newsom’s order to remove homeless encampments
▼ + stars: | 2024-08-10 | by ( Elleiana Green | Elleiana Green Is A Digital Politics Intern With Nbc News | ) www.nbcnews.com time to read: +8 min

Gavin Newsom’s recent executive order requiring state agencies to remove homeless encampments on public property, leaving the homeless community caught in the middle and uncertain where they will go. Now it’s time for locals to do their job.”But members of the homeless community say they have nowhere to go. “It’s absolute mayhem and craziness,” said Jeni Shurley, a member of the homeless community in Los Angeles. San Francisco has about 8,000 homeless people — the second most in the state behind Los Angeles, with about 75,000. Barger added that the city was working to maintain the trust of the homeless community while working to dismantle the camps.

Persons: Gavin Newsom’s, Newsom, “, ” Newsom, We’ve, ”, Jeni Shurley, Shurley, that’s, “ I’ve, ” Laura Valdez, Tara Gallegos, Newsom’s, Mayor London Breed, Kathryn Barger, Barger, Darrell Steinberg, Steinberg, they’re, ” Steinberg Organizations: Gov, Department of Housing, Urban Development, Democrat, Supreme, D.C, Public, Institute of California, San Francisco’s Mission, NBC News, Mayor London, Los Angeles County, Supervisors, Republican, NBC, Sacramento Locations: California, New, —, Los Angeles, Oregon , Colorado , Louisiana , Missouri, Washington, San Francisco’s, San Francisco, Los, Sacramento

Democratic vice presidential candidate and Minnesota Governor Tim Walz (L), and Republican Vice Presidential candidate Sen. JD Vance (R-OH). Child tax creditMinnesota's new child tax credit is unusual in its narrowness, but it is the most generous in the nation for low-income households. However, a permanent federal child tax credit expansion could be difficult, particularly amid a divided Congress and increasing concerns over the federal budget deficit. Despite the failed procedural vote, Crapo voiced openness to negotiating a "child tax credit solution that a majority of Republicans can support." Vance was not present for the Senate vote, but has expressed support for the child tax credit.

Persons: Tim Walz, Sen, JD Vance, Walz, Vance, Cowen, Seiberg, Jared Walczak, Mike Crapo, Crapo, Vance's Organizations: Democratic, Minnesota, Republican, Getty, Convention, Senate, U.S, Tax, Republicans, Senate Finance Committee, Democrats, Yale Law School Locations: Harris, Idaho, U.S

☆ We are set up for 'very nice fall' in the housing sector, says Evercore's Stephen Kim
▼ + stars: | 2024-08-09 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe are set up for 'very nice fall' in the housing sector, says Evercore's Stephen KimStephen Kim, Evercore ISI head of housing research, joins 'Money Movers' to discuss the Fed's rate path impact on the housing sector, why homebuilder stocks are incredibly cheap, and what investors should buy at today's levels.

Persons: Evercore's Stephen Kim Stephen Kim, Evercore

michelle goldbergI mean, I’m a huge Walz fan, and I was worried. ross douthatSo, yeah, I mean, I’m having made the case that this pick makes sense in vibes terms. michelle goldbergYeah, I don’t think that he necessarily overperforms among conservative voters strictly defined. You don’t think that there’s a part of the country that just finds joy like a really refreshing change? I’m going there.

Persons: ross douthat I’ve, Bon Iver, Taylor Swift, I’ve, michelle cottle Oh, ross douthat, michelle goldberg, michelle cottle, Vance, I’m Michelle Cottle, Ross Douthat, Ross, Michelle Goldberg, Michelle, Harris, Kamala — Kamala — michelle goldberg Kamala, nomenon, Kamala, Chappell Roan, I’m, Frenchman, we’ll, Kamala Harris, Tim Walz, Josh Shapiro, it’s, Donald, JD Vance, Donald Trump, Biden, Walz, Sarah Longwell, Shapiro, Trump, ross douthat Let’s, It’s, that’s, John Fetterman, we’ve, Michelle Cottle, relatability, Jared Golden, Joe Manchin, Mary Peltola, —, Bernie, you’ve, who’s, Josh Shapiro doesn’t, don’t, you’re, Shapiro wasn’t, JB Pritzker, The New York Times ”, here’s Shapiro, Netanyahu, Donald Trump’s, John Kerry, — ross douthat, “, we’re, Bone, michelle goldberg Ross, George Floyd’s, there’s, George Floyd, That’s, It’s Trump, michelle cottle Ross, Joe Biden, Hillary Clinton, ross, hadn’t, “ Trump, MAGA, michelle cottle It’s, he’s, she’s, Tucker Carlson, — michelle cottle, ross douthat —, doesn’t, chameleons, He’s, McKay Coppins, it’s Kamala, Sarah Palin’s, John McCain, Mike Pence, Dick Cheney, George W, ”, michelle cottle “ Sunny, ” ross douthat, Rashida Jones, — ross, ” michelle goldberg, michelle cottle Juicy, “ Severance, michelle cottle Nice Organizations: “ New York, Minnesota, Twitter, Republican, Trump, Democratic, America, Democratic Party, Dartmouth, Biden, The New York Times, Bone Spurs, Vance, Republicans, Air Force, Atlantic, Democrat Locations: Tay, “, Pennsylvania, Brooklyn , New York, Wisconsin, San Francisco, relatability, America, Maine, Alaska, California, Israel, Palestine, Minnesota, Italy, Minneapolis, Afghanistan, Ukraine, Trump, United States, Michelle, Kyoto, Japan

Following decades of grievances, the federal government on Thursday changed a policy that disqualified some disabled veterans from receiving subsidized housing. Advocates hope a new federal policy will help more disabled homeless veterans get off the streets. A homeless veterans encampment in Los Angeles in 2021. “No matter where veterans are, if we have homeless veterans, we are committed to them,” he said. About 1,834 homeless veterans were counted in Los Angeles this year, compared with 2,696 last year.

Persons: Al Seib, Denis McDonough, Francine Orr, Karen Bass, George Rose, ”, Mark Rosenbaum, Rosenbaum, Terrence Hayes, Hayes Organizations: of Housing, Urban, Veterans, Los Angeles Times, Getty, Veterans Administration, “ Veterans, American Civil Liberties Union of Southern, Los, Los Angeles, HUD Locations: Al, Los Angeles, ”, Westwood, Brentwood, American Civil Liberties Union of Southern California, “, Los Angeles County, U.S

☆ Tim Walz is a YIMBY. He's supported a ton of new housing that's kept rents down in Minnesota.
▼ + stars: | 2024-08-08 | by ( Eliza Relman | ) www.businessinsider.com time to read: +5 min

Walz has overseen a significant push for new housing, including reducing regulatory barriers to construction, and supported progressive efforts to support low-income tenants and homebuyers. In May 2023, he signed a $1 billion housing omnibus law, which included funding for programs ranging from downpayment assistance to workforce housing. A city leading the country on housing policyMinnesota's biggest city — Minneapolis — has long been a national leader on pro-housing policy. A lawsuit in 2022 paused the policy's implementation until the Minnesota state legislature passed a law — signed by Walz — in May allowing the plan to go forward. Over the last decade, Minneapolis has constructed a ton of new and dense housing, which has significantly improved affordability.

Persons: —, Joe Biden, Kamala Harris, Harris, Tim Walz, Walz, Minnesotans, Ezra Klein, Janet Yellen, Yellen, Jenny Schuetz, Daryl Fairweather, Redfin's, Walz — Organizations: Service, Business, Minnesota Gov, New York Times, Democratic, Brookings Institute, Minneapolis —, Twin Locations: Minnesota, Minneapolis, Twin Cities

☆ Mortgage rates plunge to lowest level in more than a year
▼ + stars: | 2024-08-08 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington CNN —US mortgage rates plummeted this week after weaker-than-expected employment data raised the odds of the Federal Reserve cutting interest rates next month. The standard 30-year fixed-rate mortgage averaged 6.47% this week, mortgage financing giant Freddie Mac said Thursday. Mortgage rates have steadily fallen over the past several weeks since reaching a 2024 peak of 7.22% in early May. Mortgage rates track the benchmark 10-year US Treasury yield, which moves in anticipation of the Fed’s decision on interest rates. Lower mortgage rates and a bigger housing stock will eventually entice more buyers to eventually enter the market.

Persons: Freddie Mac, That’s, ”, Sam Khater, Freddie Mac’s, “ Homebuyers, ” Lawrence Yun, Lisa Sturtevant, “ Organizations: Washington CNN, Federal Reserve, Las, P Global, Harvard Joint Center for Housing Studies, CNN, Treasury, National Association of Realtors, Fed, NAR, “, Bright MLS Locations: New York, San Diego, Las Vegas, Tampa, Denver, Minneapolis, United States

☆ JD Vance said migrants are the reason it's so expensive to rent or buy homes. He's wrong.
▼ + stars: | 2024-08-07 | by ( Alcynna Lloyd | Eliza Relman | ) www.businessinsider.com time to read: +5 min

With ongoing affordability challenges exacerbated by high interest rates and inflated home values, housing is a major concern for Americans across the political spectrum. "When I talk to Americans, one of the biggest concerns I hear is, 'Why are housing costs so high?' In the past, Vance has blamed the housing affordability crisis largely on high interest rates. Many economists disagree with Vance's argument about the source of the housing affordability crisis and his solution to it. They've also blamed the current administration for relatively high interest rates, which are determined by the independent Federal Reserve and designed to control inflation.

Persons: —, JD Vance, Vance, Sean Hannity, Kamala Harris, Daryl Fairweather, Fairweather, hasn't, Ned Davis, There's, Donald Trump's, Biden, Harris, They've Organizations: Service, Fox News, Republican, Business, Federal Reserve, Ned Davis Research, Trump Locations: Ukraine

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