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In recent weeks, as mortgage rates closed in on 7%, affordability has worsened. Nationally, it takes about 36% of the median household income to make the average mortgage payment — more than the recommended 30% allowance for housing. The Mortgage Credit Availability Index fell by 3.1% to 96.5 in May, the lowest level since January 2013, and was essentially unchanged in June. The MBA index that tracks jumbo loans — loans that are larger than conforming loan limits — saw its second monthly contraction, as some financial institutions reduce their appetite for larger loans that aren’t backed by the government. Mortgage rates are expected to drop the second half of this year as inflation continues to cool, with economists and housing analysts forecasting rates to end the year around 6%.
Persons: Nick Gaylord, “ I’ve, ” Gaylord, it’s, “ I’m, , Gaylord, , Black Knight, Knight, ” Joel Kan, Department of Veterans Affairs —, Organizations: DC CNN, CNN, Mortgage Bankers Association, ICE Mortgage Technology, Federal Housing Administration, US Department of Agriculture, Department of Veterans Affairs, National Association of Realtors Locations: Washington, Minneapolis
Los Angeles CNN —Strippers at the Star Garden topless dive bar in North Hollywood will soon receive ballots to hold an election for collective bargaining, which may result in the first stripper union in the US in more than a decade. On Nov. 7, the NLRB will count the votes from Star Garden dancers, entertainers and DJs, determining if they will join the Actors Equity Association, a union of performers and other show business professionals. The facts are clear: The workers at Star Garden are entitled to a union election,” said Andrea Hoeschen, assistant executive director and general counsel for Actors’ Equity Association. “Most of the purportedly eligible voters have never been employees of Star Garden; they were in fact, and in law, merely lessees with no employment relationship,” Gaylord and Linker wrote. Since then, the dancers have been picketing most weekends outside the Star Garden, dressed in themed costumes, urging patrons to go to different clubs.
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