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☆ California's housing market is cooling off faster than any other US state, even though it's still really costly to buy a home there
▼ + stars: | 2022-12-03 | by ( Alcynna Lloyd | Madison Hoff | ) www.businessinsider.com time to read: +5 min

However, several cities, including San Francisco, Los Angeles and Sacramento, have all seen home prices fall by more than 5% from peak sale prices. Additionally, Stockton has seen its median sale price drop 4.8% from its peak. That brings California's total to seven metros out of the top 20 for the nation that have seen the most severe drop in housing prices. So far it appears that 2023 is likely to be an even slower year for the state's housing market, especially if locals continue to leave and move to more affordable states. The pullback in demand could ultimately result in the state's median home price declining 8.8% to $758,600, the report adds.

Any conversion to a whole life insurance product goes through the same application as a new life insurance policy. Simplified Term Life Insurance: Enjoy quick and easy application (no medical exam life insurance) and approval (subject to health history) with this no-nonsense option. Whole Life Insurance: A whole life policy delivers life insurance coverage for an individual's entire life. A licensed life insurance agent is always the best resource for purchasing an appropriate life insurance plan. Seeing the limits on American Family life insurance policies, you might buy multiple life policies.

Pros Check mark icon A check mark. If you're a Bank of America Preferred Rewards customer, you can get discounts Check mark icon A check mark. Pros Check mark icon A check mark. Advanced tool for seeing personalized rates and payments Check mark icon A check mark. Variety of home loans, including a specialized buydown loan or I CAN loan Check mark icon A check mark.

☆ Mortgage rates fall for the third week in a row as inflation fears ease
▼ + stars: | 2022-12-01 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

CNN —Mortgage rates dipped again this week, marking the third straight week of falling rates. Mortgage rates have risen throughout most of 2022, spurred by the Federal Reserve’s unprecedented campaign of hiking interest rates in order to tame soaring inflation. But in the last couple of weeks, mortgage rates have tumbled following reports that indicated inflation may have finally reached its peak. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Taken together with yesterday’s news from Powell, US Treasury yields fell, suggesting mortgage rates are likely to go in the same direction.

☆ How almost $427 million in taxpayer money is locked away in a forgotten government fund — and lawmakers won't spend it or return it
▼ + stars: | 2022-11-30 | by ( Dave Levinthal | ) www.businessinsider.com time to read: +12 min

The intended beneficiaries of the taxpayer-fueled Presidential Election Campaign Fund — presidential candidates — don't want it, as they're soured by its restrictions on their election fundraising and spending. An accounting of the Presidential Election Campaign Fund, as of October 31, 2022. Several nonprofit leaders told Insider that Congress could use the Presidential Election Campaign Fund money to immediately ease suffering, particularly in light of the COVID-19 pandemic. During the 2019-20 congressional session, two Republican lawmakers sponsored similar bills that attempted to kill the Presidential Election Campaign Fund. Until that or any other repurposing decision comes down, the FEC continues to spend taxpayer resources keeping the Presidential Election Campaign Fund alive.

☆ Did you believe falling home prices would make buying a house more affordable in 2023? You're wrong.
▼ + stars: | 2022-11-30 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

Home prices are falling at the fastest rate in 15 years, according to data firm Black Knight. Higher mortgage rates offset any affordability that might be gained from slowing price appreciation. As the Fed raises interest rates in an attempt to bring the economy into equilibrium, mortgage rates have reached levels — peaking at more than 7% — not seen since the mid-2000s. Indeed, data from Realtor.com shows that the typical monthly mortgage payment is expected to climb by 28% in 2023. Buyers will have to contend with the still-high prices and higher borrowing costs.

☆ What is a Home Equity Line of Credit?
▼ + stars: | 2022-11-28 | by ( ) www.wsj.com time to read: +9 min

Heloc interest rates are usually in line with mortgage rates. If interest rates climbed to 7% a year later, your payment would rise to $58 a month until the end of the draw period—unless interest rates move again. Helocs vs. credit cardsHelocs and credit cards are both ways to set up a so-called “revolving” line of credit which allows you to take whatever you need, whenever you need it—up to a certain limit. Helocs vs. home equity loansHome equity loans and Helocs are strategies for pulling cash out of your home. Consolidating credit card debt is another common use, since rates on credit cards can be as much as double what they are on home equity loans.

☆ I'm a financial planner who works with first-generation Americans, and I always recommend the same strategy to clients who support their extended family
▼ + stars: | 2022-11-28 | by ( Pamela Capalad | Read More | Read Less | ) www.businessinsider.com time to read: +5 min

I recommend building a "family savings fund" for relatives so you always know what you can offer. How the 'family savings fund' worksThe family savings fund is a simple but powerful tool that allows you to give to family members, set personal boundaries, and make space for your family values. Then, open a separate savings account (feel free to even label it "family savings fund") and set up regular transfers into this account. Having a family savings fund set up means you can plan for these unexpected emergencies. The family savings fund has given many of my first-generation clients (including my family!)

☆ Gen Zers increasingly fear that homeownership is a hopeless dream
▼ + stars: | 2022-11-23 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +4 min

Gen Z's outlook on homeownership has darkened since 2019 , according to mortgage buyer Freddie Mac. , according to mortgage buyer Freddie Mac. The weight of student debt was among the top complaints fielded by Freddie Mac. Younger Americans are also looking particularly overextended with their credit card debt, according to the Federal Reserve Bank of New York. Still, the majority of Gen Z can't seem to get its finances up to snuff, as some numbers bear out.

☆ The 10 U.S. cities where the first year of homeownership is the cheapest
▼ + stars: | 2022-11-22 | by ( Molly Schiff | ) www.cnbc.com time to read: +1 min

But in many other U.S. cities, the first year of homeownership is more affordable. Recent data from SmartAsset shows the average cost of the first year of owning a home in several major cities. The study anaylized data for the 20 largest cities in the U.S., specifically considering two categories: upfront costs and annual recurring costs. Annual recurring costs include mortgage payments, average property tax and homeowners' insurance. But within the list of major cities, here are the 10 places where the first year of homeownership is the least expensive.

☆ You need to earn over $200,000 to afford a typical home in these 8 U.S. cities
▼ + stars: | 2022-11-20 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

Homeownership costs continue to squeeze out all but the richest buyers, and potential homeowners now need to earn $200,000 or more in eight U.S. cities to afford a typical home, a new study found. U.S. mortgage payments are up by an average of 45.6% in the last year. On average, a homebuyer in the U.S. must earn $107,281 to afford a median monthly mortgage payment of $2,682, which is up from $73,668 a year ago, as of October, Redfin finds. But homeownership costs also vary widely by market, with many cities requiring much more income to afford the monthly mortgage payments for a typical home. Out of the largest 100 metro areas in the U.S., these eight markets ranked as the least affordable, based on income needs.

☆ Here are the 10 people transforming real estate — from the mayor of Atlanta, to the cofounder of Icon
▼ + stars: | 2022-11-20 | by ( Business Insider | ) www.businessinsider.com time to read: 1 min

AJ Barkley, Head of Neighborhood and Community Lending, Bank of AmericaCarrie Allen/InsiderBarkley spends most of her day trying to help people overcome the hurdles they've faced in buying their own home. In the Dallas metro area, where she's based, Barkley hears about the need for this kind of help in everyday interactions. One day, Barkley, who heads Bank of America's neighborhood and community lending, struck up a conversation with a restaurant waiter. The waiter, who had dreamed about homeownership and who'd seen TV ads about BofA's efforts in the area, asked Barkley more about the program, and she left the waiter her business card.

☆ U.S. existing home sales plunge; tight inventory keeps prices rising
▼ + stars: | 2022-11-18 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

"The combination of rising house prices and mortgage rates have sent housing affordability plummeting," said Daniel Vielhaber, an economist at Nationwide in Columbus, Ohio. The 30-year fixed mortgage rate breached 7% in October for the first time since 2002, according to data from mortgage finance agency Freddie Mac. "A deteriorating housing market, nagging inflation and an aggressive Fed puts the economy on unsure footing for 2023." Even as demand weakens, housing supply remains tight, limiting the slowdown in house price inflation. The median existing house price increased 6.6% from a year earlier to $379,100 in October.

☆ U.S. existing home sales dive; tight supply keeps prices elevated
▼ + stars: | 2022-11-18 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

"Higher mortgage rates and still-elevated prices remain key constraints for home sales," said Rubeela Farooqi, chief U.S. economist at High Frequency Economics in White Plains, New York. Existing home sales dropped 5.9% to a seasonally adjusted annual rate of 4.43 million units last month. Economists polled by Reuters had forecast home sales would tumble to a rate of 4.38 million units. The 30-year fixed mortgage rate breached 7% in October for the first time since 2002, according to data from mortgage finance agency Freddie Mac. At October's sales pace, it would take 3.3 months to exhaust the current inventory of existing homes, up from 2.4 months a year ago.

☆ The middle class is getting left behind as low earners win higher wages and the richest see their wealth grow
▼ + stars: | 2022-11-17 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +4 min

In recent years, wealthy Americans got wealthier and low-wage workers bargained for higher pay. But middle-class Americans have seen their wages stall, economists found. Being able to pay for food and groceries also ranks high, and higher than when people were polled in March. On top of that, middle-class Americans are losing access to real estate as their most reliable source for wealth building. Plus, an ever-growing real estate market is not a guarantee, as Yale economist James Choi recently told Insider.

☆ Democrats who want to 'stop Wall Street landlords' and rein in the $4.4 trillion single-family-rental industry will likely be foiled by Republicans who will soon run the House
▼ + stars: | 2022-11-16 | by ( James Rodriguez | ) www.businessinsider.com time to read: +6 min

A recently introduced bill promises to rein in corporate owners of single-family rental homes. They scooped up thousands more during the COVID-19 pandemic as interest rates dropped and demand for rental housing soared. The introduction of the Stop Wall Street Landlords Act marks the latest escalation. "Low- and middle-income families in my district and across the country are being pushed out because of profiteering and unfair practices by large corporate landlords." But the watchful eye of federal lawmakers is sparking concern among large SFR companies.

☆ If you can't afford to buy a home right now, a 'renter for life' Yale economist explains why renting forever might be the smarter option anyway
▼ + stars: | 2022-11-15 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

A Yale economist says, for some Americans, renting might be the better financial decision anyway. That's according to Yale economist James Choi, who said on a recent Freakonomics Radio podcast that he's a "renter for life." It comes as rent prices are also beginning to fall across the US. This makes it difficult to assess a home's "financial risks," Choi says. While Choi is a "renter for life," he acknowledges that for many Americans, owning a home is about more than just the investment itself.

☆ Mackenzie Scott announces another $2 billion in donations
▼ + stars: | 2022-11-14 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN Business —Billionaire philanthropist Mackenzie Scott has donated almost $2 billion to more than 300 organizations in the last 7 months, she said in a Medium post Monday. Since her divorce from Bezos, Forbes estimates Scott has now given away $14.4 billion to more than 1,500 organizations. And though Bezos did not specify his donations, he said would devote most of his wealth toward combating climate change and unifying humanity. Last month, Girl Scouts of the USA said it received its largest ever single individual donation from Scott, totaling $84.5 million. Scott noted many of the 343 organizations she donated to are funds, meaning they “pool donations and spread them across a diverse group of smaller organizations working toward a common cause.”

Waste water from the city sewage pipe is flowing onto the drainless floor and washing away my short-lived homeowner's honeymoon. Insider's Featured Homeowner Insurance Companies Lemonade Homeowners InsuranceAllstate Homeowners InsuranceNationwide Homeowners Insurance Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Bright and early the next morning, the plumbers, excavators, and insurance man arrived and set to work ripping up my driveway. I'm reminded of my baptism of fire — or, more accurately, baptism of waste water — every time I see that driveway. If it hadn't been for the safety net of my homeowners insurance, telling the harrowing tale of the first week in my new home would have been more tragedy than comedy.

☆ When the bakery under my apartment caught fire, my renters insurance covered everything — including a new couch I couldn't have otherwise afforded
▼ + stars: | 2022-11-11 | by ( Hannah Van Sickle | Read More | Read Less | ) www.businessinsider.com time to read: +7 min

When I was in my 20s, my boyfriend's dad all but insisted we get renters insurance. In hindsight, renters insurance turned out to be a game-changer. Here's what's covered by renters insuranceSo what's included in renters insurance rates? Insider's Featured Renters Insurance Companies Lemonade Renters InsuranceProgressive Renters InsuranceAllstate Renters Insurance Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. ), my experience with renters insurance lingers as a positive one.

☆ Mortgage rates rise back above 7%
▼ + stars: | 2022-11-10 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Mortgage rates have jumped back above 7%, after dropping last week. Mortgage rates have risen throughout most of 2022, spurred by the Federal Reserve’s unprecedented campaign of hiking interest rates in order to tame soaring inflation. Mortgage rates tend to track the yield on 10-year US Treasury bonds. As investors see or anticipate rate hikes, they make moves which send yields higher and mortgage rates rise. Affordability is not improvingWith mortgage rates up four percentage points from a year ago, buyers’ purchasing power has plummeted.

☆ How Hurricane Sandy transformed the Jersey Shore into 'a playground for the rich'
▼ + stars: | 2022-11-09 | by ( Zoe Rosenberg | Dan Latu | ) www.businessinsider.com time to read: +17 min

Jersey Shore residents battled through a patchwork of programs to rebuild after Hurricane Sandy. Even 10 years after Hurricane Sandy, Barbara is still reminded daily of the mental and financial toll it took on her. Courtesy of BarbaraThe bureaucratic red tape around flood insurance and rebuild programs linked to Hurricane Sandy deepened the divide between the haves and have-nots of the Jersey Shore. Milliman, an actuarial company that works with FEMA's National Flood Insurance Program, found that about 47% of coastal dwellers had flood insurance, The Inquirer reported. "After Sandy, there was a lot more money coming in," Mery, who has built Jersey Shore homes for 15 years, told Insider.

☆ The typical first-time homebuyer in America is older than ever before and overwhelmingly white — plus, sky-high prices and grueling rates mean that there are fewer than ever before
▼ + stars: | 2022-11-09 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +3 min

The typical first-time homebuyer is 36, white, and partnered, the NAR found. First-time buyers just couldn't catch a break. The average age of first-time buyers increased to 36 years old in the NAR survey period — a survey high — compared with 33 in the previous 12 months. And people who bought homes as prices skyrocketed mostly did so with a partner, which suggests two incomes were needed. Finally, 82% of the first-time buyers were white, the report found, which suggests that the racial disparities in homeownership persist despite laws outlawing such discrimination nearly 50 years ago.

☆ The 10 U.S. cities where the first year of homeownership is the most expensive
▼ + stars: | 2022-11-08 | by ( Molly Schiff | ) www.cnbc.com time to read: +1 min

And the first year of homeownership in particular can be especially costly between a down payment, closing costs, mortgage payments, homeowners insurance and property taxes. New data from SmartAsset reveals how expensive the first year of homeownership typically is in major U.S. cities. SmartAsset looked at data for the 20 largest cities in the U.S., specifically considering two categories: upfront costs and annual recurring costs. Annual recurring costs include mortgage payments, average property tax and homeowners insurance. These are the 10 cities where the first year of homeownership is the most expensive:

☆ JPMorgan is the latest company to try to profit by taking old-school rent checks online
▼ + stars: | 2022-11-08 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +7 min

More than 100 million people in the US pay a total of $500 billion in rent each year, per JPMorgan. JPMorgan and many startups are taking the rent check online to get a cut of that pool of money. Historically, America's 44.2 million renters have written checks to their landlords and kissed that cash goodbye. Renters living at one of the 2.5 million "Bilt Alliance" properties, have the ability to report their rent payments to Experian, TransUnion, and Equifax. Once enrolled, renters can earn Pinata Cash that can be spent at retailers like Starbucks, Amazon, and Target, and also have their rent payments reported to TransUnion.

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