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☆ Who will build new homes in Trump’s America?
▼ + stars: | 2024-11-19 | by ( Samantha Delouya | Julia Vargas Jones | ) edition.cnn.com time to read: +9 min

Trump has said that undocumented immigrants share the blame for America’s once-in-a-generation home affordability crisis, but the president-elect’s deportation plans may backfire, driving up the cost of homebuying even further. There is a need for more construction workers, as well: There were 282,000 construction jobs open as of September, according to the Bureau of Labor Statistics. “Immigrant labor is really important for our ability to continue to build homes affordably,” said Tobin. More than one-third of construction workers in the labor force are foreign-born, according to the US Census Bureau’s 2023 American Community Survey. In some states, that share is much higher: In California, New Jersey and Texas, more than half of construction workers are immigrants.

Persons: CNN — Duewight Garcia overstayed, Garcia, ” Garcia, Donald Trump’s, Trump, America’s, Riordan Frost, Frost, ” Frost, Jim Tobin, ”, Tobin, “, Duewight Garcia, Edward Pinto, ” Pinto, Stan Marek, MAREK, it’s, ” Marek, Trump’s, Ohio Sen, JD Vance, ” Vance, Marek, they’re, Jennie Murray, ” CNN’s Tami Luhby Organizations: CNN, New, Joint Center for Housing Studies of Harvard University, National Association of Home Builders, Bureau of Labor Statistics, Pew Research, Survey, American, National Immigration Forum, Trump, Housing Center, American Enterprise Institute, Labor, The New York Times, National Immigration Locations: Honduras, New York City, America, California , New Jersey, Texas, New York, California, Wells Fargo, Houston

☆ I'm 30 and bought my first home for $375,000 this year. I have a partner but wanted to buy it on my own.
▼ + stars: | 2024-11-17 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +7 min

AdvertisementAyriel Von Schert, 30, wanted to buy a home and didn't want to wait until she was married. Von Schert, a real-estate agent, said she's worked with other single women who have also bought homes alone. Recently, I've helped a couple of other single women buy their own homes. AdvertisementI also don't think it's a good idea to commit to anything permanent with someone you're not in a permanent relationship with. AdvertisementI don't think he minds, because we no longer have a landlord telling us what we can or can't do.

Persons: Von Schert, she's, Ayriel Von Schert, I've, we're, wasn't, it's, I'm Organizations: National Association of Realtors, Mesa , Arizona —, Phoenix, Homeowners Association Locations: Mesa , Arizona, Phoenix

☆ Forget swing states. Here's how the generations flipped on Election Day.
▼ + stars: | 2024-11-09 | by ( Noah Sheidlower | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

Gen X and younger voters shifted right in recent polls, favoring Trump more than they did in 2020. Democrats lost a lot of ground with Gen Z, while Republicans won Gen X by a much wider margin than in 2020. Gen Z favored Vice President Kamala Harris by 11 points, compared to 24 points for President Joe Biden. Gen X already disapproved of Biden the most among generations, per late 2023 polling from NPR, PBS NewsHour, and Marist. Are you a Gen Z who shifted right or a boomer who shifted left?

Persons: X, Gen Xers, Joe Biden, —, Gen Z, Gen, millennials, Zers, Donald Trump, Kamala Harris, Millennials, Harris, Andrew Heyward, Trump, Joe Rogan, Jason Brennan, Brennan, Z's Gen, Gen X, Biden, Amy Walter Organizations: Trump, Service, Democrats, Republicans, Democratic, Boomers, Gallup, Walton Family Foundation, CBS News, New York Times, GOP, Georgetown University's McDonough School of Business, NPR, PBS, Marist, jkaplan

☆ Weekly mortgage demand tanks 11% as interest rates surge higher
▼ + stars: | 2024-11-06 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates rose again last week, pulling demand from both the refinance and purchase markets. Total mortgage application volume dropped 10.8% compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications for a mortgage to purchase a home decreased 5% for the week and were just 2% higher than the same week one year ago. Mortgage rates, however, are pricing some buyers out again, and concern over the economy and the election may have some sitting on the sidelines right now. Mortgage rates were essentially flat to start this week, and whatever the results, or nonresults of the election, will surely play into recent volatility.

Persons: Joel Kan, Kan Organizations: Mortgage, Federal Reserve Locations: Alhambra , California

☆ The typical first-time homebuyer in America is older than ever before
▼ + stars: | 2024-11-04 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

The typical age of a first-time homebuyer in the US has reached an all-time high: 38. First-time buyers make up 24% of all buyers, the lowest level since NAR started tracking in 1981. The changing characteristics of the typical first-time homebuyer in America are proof of the strain. The typical first-time buyer now has a median age of 38 — up from 35 in 2023. The typical first-time homebuyer is richer than ever, too.

Persons: It's, —, — Gen Zers, millennials, haven't, Jorge Argota, Argota, He's Organizations: National Association of Realtors, Service, NAR Locations: America, Miami, Florida

Whoever is elected the 47th president of the United States will start with a rare and clear advantage: a remarkably solid economy. Tuesday’s election will show how much that all matters to voters, who will soon decide which candidate they want to entrust the economy to from here. But to regular American households, it’s more of a “Yes, but” economy: Yes, the job market is strong, but my boss wants me in five days a week, and that doesn’t work for me anymore. Yes, inflation has fallen, but I can’t afford day care. Prices across the rest of the service economy were 4.7% higher overall, and medical care was up 3.9%.

Persons: Kamala Harris, Donald Trump, Spencer Platt, Yuki Iwamura, they’re, Helene, Milton, Patrick T, Fallon, Harris, ”, Greg Valliere, Joe Biden wasn’t, Trump, Karoline Leavitt, “ Kamala Organizations: Investment, Stock, Getty, Consumer, Bloomberg, CNBC, First Street Foundation, NBC, AGF Investments, Biden Locations: United States, Ukraine, Israel

☆ Buying a home in one of these 9 climate-risk states? Here's how to deal with spiking home insurance rates from someone who lives in one
▼ + stars: | 2024-10-31 | by ( Christine Ji | ) www.businessinsider.com time to read: +7 min

As storms and other natural disasters become more destructive, home insurance providers are raising rates or pulling out of certain states altogether, according to insurance company Insurify. Insurance companies in turn are raising prices to cover the higher costs of covering claims and reinsurance, or insurance for insurance companies. AdvertisementAlso important to note is that flood coverage often isn't included in standard homeowners insurance policies. Stephanie purchased flood insurance in addition to her regular homeowners insurance when she purchased a home. For those considering buying a home in a state with high levels of climate risk, taking these precautions during the homebuying process can help you protect your investment.

Persons: Zillow, Holden Lewis, Lewis, Stephanie L, Stephanie, that's, I'm, Stephanie isn't Organizations: Service, Insurance Locations: California, Florida, North Carolina , Tennessee, Virginia , Texas , Oklahoma , Kansas, Nebraska, Oklahoma, Ohio, Texas, , Texas, Jacksonville, Sunshine, North Carolina, Tennessee, Virginia

☆ Inside Realtors' Fight for Control of America's for-Sale Home Listings
▼ + stars: | 2024-10-31 | by ( James Rodriguez | ) www.businessinsider.com time to read: +17 min

Agents might be emboldened to share listings among private networks of in-the-know brokers rather than market them to everyone. And if the goal is a transparent market that prioritizes consumers, the clear-cooperation policy is a flawed tool. Redfin estimated that in the second quarter of 2019, about 1.7% of listings, or some 18,000 homes, were likely pocketed. In a hot market, it's easier for brokers to market a home off the databases and still get it sold. What has changed since the rule went into effect is brokerages' eagerness to control access to home listings.

Persons: Smart, —, they'll, Brian Boero, Goliath, Davids, MLSes, doesn't, weren't, Joe Schmo, Saul Klein, Howard Hanna's, Howard Hanna IV, Robert Reffkin, Mauricio Umansky, Redfin, Glenn Kelman, Kelman, haven't, Victor Lund, There's, Buckle Organizations: MLS, National Association of Realtors, NAR, Coldwell, Network, San Diego, Compass, Service, of Justice

Mortgage rates for October 26, 2024, are hovering in the mid-6% range, according to Zillow data. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile. High mortgage rates pushed many hopeful buyers out of the market, slowing homebuying demand and putting downward pressure on home prices. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: they'll, you'll, they've, Freddie Mac, it's, Fannie Mae Organizations: Federal, Fed, Traders, Zillow, ARM, Federal Housing Administration, Department of Veterans Affairs, Mortgage, Association Locations: Chevron

☆ Here’s why mortgage rates are rising after the Fed’s rate cut
▼ + stars: | 2024-10-24 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Expectations of a Fed rate cut caused mortgage rates to drop to a two-year low of 6.08% in late September, but it failed to spur homebuying activity. Every percentage point on a mortgage rate makes a big difference for that monthly payment. Here’s what’s driving the recent upswing in mortgage rates. Mortgage rates track the 10-year US Treasury yield, which was expected to fall in anticipation of further rate cuts. “I am clearly not going to own any fixed income.”The government’s fiscal situation might already be having an impact on mortgage rates.

Persons: Freddie Mac, pare, what’s, ” Sam Khater, Freddie Mac’s, Robyn Beck, Donald Trump, Kamala Harris, Harris, “ We’re, Paul Tudor Jones, “, ” Lawrence Yun, Kimberly Bradley, Zach, Kimberly, “ I’ve, ” Kimberly, ” Ken Lowrey, Ken Lowrey, “ homeownership, ”, Lowrey Organizations: Washington CNN, Federal Reserve, National Association of Realtors, Mortgage, Association, Treasury, Getty, Federal Budget, Trump, CNBC, US Postal Service Locations: AFP, Manteo , North Carolina, Charleston , South Carolina

☆ Why inflation isn't returning to pre-pandemic levels — and 3 trades to capitalize on an overheating economy
▼ + stars: | 2024-10-23 | by ( Christine Ji | ) www.businessinsider.com time to read: +6 min

The central bank has been aiming to keep the long-run inflation rate at this level to maintain stable prices and a healthy economy. "There is now a higher base inflation rate than there was before COVID for a number of reasons." Related storiesBut there are other factors contributing to an increased long-term inflation rate, many of which Blitz tracked even before the pandemic. AdvertisementChanging demographics in the workplace are also driving increasing debt and higher long-term inflation, according to Blitz. In Blitz's perspective, all of these factors add up to an inflation rate exceeding 2% going forward.

Persons: isn't, Steven Blitz, —, Mark Higgins, Blitz, Bonds Organizations: Service, Fed, stoke, Blitz, Technology, iShares Semiconductor, Index

30-Year Mortgage RatesAverage 30-year mortgage rates are close to 6.20%, according to Zillow data. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile. But now that inflation has decelerated and the Fed is expected to cut rates soon, mortgage rates have trended down. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: they've, Fannie Mae, you'll, Freddie Mac, it's Organizations: Federal, Zillow, ARM, Federal Housing Administration, Department of Veterans Affairs, Fed, Mortgage, Association Locations: homebuyers, Chevron

☆ China pledges more financial support for 'whitelist' real estate projects
▼ + stars: | 2024-10-17 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +4 min

China vowed more financial support for real estate projects that fall under its so-called whitelist and to speed up banks lending of 4 trillion yuan ($561.8 billion) for such projects, according to the nation's housing ministry. A total of 2.23 trillion yuan has been approved in loans to whitelisted developers, and that figure is expected to exceed 4 trillion yuan by the end of this year, according to a senior official from the financial regulator. Real estate was also the leading gainer in Mainland China's CSI 300, advancing by nearly 5%. Days later, officials in a top-level meeting, chaired by Chinese president Xi Jinping, pledged to "halt the real estate market decline and spur a stable recovery." More than 50 cities across China had introduced policies to boost the real estate market, according to Chinese state media citing the housing ministry.

Persons: Ni, HSMPI, Pan Gongsheng, Xi Jinping, Goldman Sachs, —, — CNBC's Evelyn Cheng Organizations: National Financial Regulatory Administration, Investors, China's Ministry of Finance, Mainland, China's CSI, People Bank of China, National Bureau, Statistics Locations: China, Beijing, China's, Guangzhou, Shanghai, Shenzhen

The best way to determine how much house you can afford is by working backward from your current budget. Current mortgage rates: The lower your mortgage rate, the more house you can afford. Where you live can impact home affordabilityHow much house you can afford depends a lot on where you live. How much house can I afford FAQsWhat percentage of my income should I spend on a house? The more debt you have, the less house you'll be able to afford.

Persons: You'll, Brian Walsh, Walsh, you'll, Freddie Mac, that's, it's, homebuyers Organizations: Business, CFP, . Census Bureau, National Association of Insurance, Consulting, homeownership, DTI, Chevron Locations: West Virginia, U.S, Washington, Alabama, New Jersey, Chevron

But mortgage rates are expected to go down next year, so it could be worth waiting if you aren't in a rush. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile. But now that inflation has decelerated and the Fed is expected to cut rates soon, mortgage rates have trended down. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: they're, you'll, they've, Freddie Mac, it's, Fannie Mae Organizations: Zillow, ARM, Federal Housing Administration, Department of Veterans Affairs, Fed, Mortgage, Association Locations: Chevron

This has helped push mortgage rates back up near where they were this summer, when 30-year rates were above 6%. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile. But now that inflation has decelerated and the Fed is expected to cut rates soon, mortgage rates have trended down. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, they've, Freddie Mac, it's, Fannie Mae Organizations: Federal Reserve, Zillow, ARM, Federal Housing Administration, Department of Veterans Affairs, Fed, Mortgage, Association Locations: Chevron

☆ China chip stocks are soaring as excitement grows for another round of stimulus from Beijing
▼ + stars: | 2024-10-07 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +3 min

Chinese chip stocks gained $13 billion on Monday, led by a 22% rise in shares of SMIC. The gains come as traders expect Beijing to extend stimulus support to the semiconductor industry. AdvertisementChinese chip stocks soared Monday, fueled by hopes that Beijing's next round of stimulus will boost the country's semiconductor industry. The new round of stimulus could include support for its chip companies. China first announced its stimulus measures last month, pledging to rescue the economy from a struggling property sector and weak domestic demand.

Persons: —, Beijing's Organizations: Service, Semiconductor Manufacturing International Corp, CSI Locations: SMIC, Beijing, China, Hong Kong

For the whole U.S., the median rent is $1,406 and the median mortgage payment is $1,904. Cost of living comparison: Renting vs. buying by stateIn the U.S., the median rent is $1,406 and the median monthly mortgage payment is $1,904. In New York City, for example, median rent is $1,748, making it more expensive than most states, even though New York state's median rent is only $1,561. Median rent costs as a percentage of incomeIt's important to keep in mind that income also varies from state to state. Methodology: How we determined rent and mortgage costsOur median rent, household income, and mortgage payment data comes from the Census Bureau's 2023 American Community Survey 1-year estimates.

Persons: You'll, you'll, Grace, Molly Grace, Molly, Read Organizations: Hampshire, Dakota, Rhode, West Virginia, Alabama, Colorado, Indiana, Iowa, Maryland, Michigan, Montana, Nebraska, Tennessee, Washington, Survey, Business, Rocket Companies, Indiana University Locations: West Virginia , Mississippi, North Dakota, South Dakota, Kentucky, West Virginia , Arkansas , Mississippi , Indiana, Alabama, U.S, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Washington, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, Jersey, Mexico, York, Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, Vermont, Virginia, Wisconsin, Wyoming, West Virginia, Dakota, New York City, New York, Hampshire

Mortgage rates are starting the month a little higher, with 30-year rates hovering around 5.90%, according to Zillow data. But if conditions hold up, mortgage rates will likely remain near their current levels through the end of 2024. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: they've, Jerome Powell, you'll, They've, Freddie Mac, it's, Fannie Mae Organizations: Federal, Today's, Zillow, ARM, Federal Housing Administration, Department of Veterans Affairs, Fed, Mortgage, Association Locations: Nashville, Chevron

☆ Chinese property stocks surge after 3 major cities relax restrictions on homebuying
▼ + stars: | 2024-09-30 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +4 min

Chinese property stocks climbed 7% on Monday three major cities eased homebuying rules. China's property sector has struggled amid falling home prices, vacant supply, and debt. AdvertisementChinese property stocks got some positive news on Monday as three major cities announced easing of home-purchase restrictions. The surge comes after the cities of Shanghai, Shenzhen, and Guangzhou loosened homebuying restrictions, and after nation's central bank said it will allow refinancing of mortgages. The moves are part of China's new stimulus package meant to reinvigorate its slowing economy and weak property sector.

Persons: —, Morgan Stanley, Stephen Cheung Organizations: Service, Mainland Properties, Longfor, Holdings, Hang Lung, CSI Locations: Hong Kong, Shanghai, Shenzhen, Guangzhou, Beijing

☆ 37% of couples use cash wedding gifts for the down payment on a new home, report says
▼ + stars: | 2024-09-30 | by ( Aditi Shrikant | ) www.cnbc.com time to read: +2 min

More couples than ever before, 87%, reported including cash funds in their wedding registry, according to recent data from Zola. Of couples collecting cash, 37% are putting that money toward purchasing a house. With today's housing market, it's clear why couples are funneling wedding gifts into a down payment. If you're coming into a substantial financial windfall due to a wedding, or any other scenario, here's the best place to stash your potential down payment cash. "If a client of mine walked in with $30,000 of wedding money, I would say, 'Let's buy you a bond,'" he says.

Persons: Homebuying, Douglas Boneparth, Mark La Spisa, let's Organizations: Bone, U.S Locations: Zola, New York City, Vermilion

☆ China property stocks rally after major cities ease homebuying restrictions
▼ + stars: | 2024-09-30 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +3 min

Noel Celis | Afp | Getty ImagesShares of Chinese property developers rallied on Monday after major cities in mainland China unveiled easing measures to boost homebuyer sentiment, following the central bank's blitz of policy stimulus. The Guangzhou city government said in a notice on Sunday that all restrictions on home purchases would be removed, effective from Monday. China Overseas Land & Investment and China Vanke climbed 5.06% and 12.89%. Mainland China's CSI 300 surged 6% Monday, after the index logged its best week in almost 16 years on Friday. The easing measures follow the central government's call last week to combat the property slump last week.

Persons: Noel Celis, China Vanke, Allen Feng, Gary Ng, Ng, Xi Jinping Organizations: HK, Afp, Getty, Mainland Properties, Longfor Group Holdings, Hang Lung, China Resources, ., . China Overseas Land & Investment, China's CSI, CSI, People's Bank of Locations: Guangzhou, China's, Guangdong, China, Shanghai, Hong Kong, . China, —, Beijing, People's Bank of China

This week — the week of September 29 through October 5 — is the best time to buy a home, according to Realtor.com. Mortgage rates are the lowest they've been in two yearsMortgage rates have dropped rapidly in the last few months. Average 30-year mortgage rates are now down to 6.08%, according to Freddie Mac — the lowest they've been since September 2022. Should you buy during the 'best week to buy'? So, should you take advantage of the best week to buy?

Persons: —, Realtor.com, you'll, there's, Danielle Hale, Freddie Mac, Hale, that's Organizations: Service, Realtor.com

☆ A record number of apartments are getting built this year. That's great news for real estate affordability.
▼ + stars: | 2024-09-28 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +4 min

The US will see construction completed on a record number of apartments this year. The Sun Belt region in particular is seeing this dynamic play out. The US will see construction on a record number of apartments completed this year. They're now seeing rent prices fall, or at least remain stagnant as the rest of the nation lags behind. That means the market will eventually balance itself in the next few years, which will lead rent prices to once again rise, she said.

Persons: —, Laurie Goodman, Goodman, Austin, Chen Zhao, Zhao Organizations: Service, Housing Finance, Center, Urban Institute, Sun, metros, Dallas, Harvard Locations: Dallas, New York, Austin

☆ Home buying in the U.S. by county: Cost, availability, competition and more
▼ + stars: | 2024-09-26 | by ( Jasmine Cui | Jasmine Cui Is A Reporter For Nbc News. | ) www.nbcnews.com time to read: +3 min

The conditions on the ground can vary widely across state and even county lines. The higher the index value, the higher the difficulty. A low index value, of 10 for example, suggests better purchasing conditions for a buyer — low interest rates, ample homes for sale. Chambers County, Texas, near Houston, is one of the 50 least difficult places to buy in in the country as of May, with low scores on scarcity, cost and competition. For July, the national Home Buyer Index was 85.3, nearly even with June and two points lower than it was this time one year ago.

Organizations: NBC, Federal Reserve Bank of Atlanta, Chambers, U.S Locations: Chambers County , Texas, Houston, Coconino County , Arizona

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