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☆ China's surprise stimulus could be a red flag, so investors should approach the nation's long-awaited rally with caution
▼ + stars: | 2024-09-26 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

AdvertisementLorraine Tan, Morningstar's director of equity research for Asia, also thinks monetary stimulus won't be sufficient. History says their skepticism is warranted, as China's past stimulus efforts have often failed to lead to sustainable gains. Even if this surge holds up, it won't necessarily spark a self-fulfilling prophecy that provides a lasting boost for China's economy. But others like Tan from Morningstar believe this bad news is reflected in Chinese stocks' cheap valuations. The team at UBS Global Wealth Management is also cautiously optimistic about Chinese stocks after this news.

Persons: —, they're, Betty Wang, Marcelli, Lorraine Tan, Tan, Brian Mulberry, Mulberry, Wang, China isn't, Jeff Kleintop, Charles Schwab, Donald Trump, Rory Green, Xi Jinping, Biden, Trump, That's, Kleintop, Morningstar, she'd Organizations: Service, Business, People's Bank of, Oxford Economics, UBS Global Wealth Management, Zacks Investment Management, Federal Reserve, BI Locations: China, People's Bank of China, Asia, Central, Republic

☆ Mortgage rates dip, giving U.S. homebuyers over $200,000 in additional spending power in some U.S. cities
▼ + stars: | 2024-09-24 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

U.S. home buyers are gaining tens of thousands in purchasing power as mortgage rates drop. The findings are based on the monthly payment for a median-priced home in the U.S., a 20% down payment and a 6.2% mortgage rate. The analysis applied the same method to each of the 100 largest cities, calculating how much extra buying power homebuyers have in each local market compared with last year. Here are the 15 metro areas where buying power has increased the most based on 6.2% and 6% mortgage rates. Buying power is how much more home a buyer in each market can afford compared with October 2023.

Organizations: Federal Reserve Locations: U.S, Jose , California

☆ Rate cuts might make it cheaper to buy a house, but they won't fix the US housing market's biggest problem
▼ + stars: | 2024-09-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +5 min

The Fed's interest rate cut will ease financing conditions for homebuilders, analysts told BI. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementThe Federal Reserve's rate cut will surely impact the housing market, but its effect likely won't affect arguably the most important part of the equation: keeping affordability tight. But how this translates into a much-needed supply boost is a different story, and there are factors the Fed cut won't fix. Lingering uncertaintiesAdvertisementFor instance, Nanayakkara-Skillington noted that material pricing, from drywall to steel mill products, has weighed heavily on homebuilders since the pandemic.

Persons: —, it'll, NAHB's, Skillington, NAHB, Michael Neal, Fitch, Neal Organizations: Service, National Association of Home Builders, Urban Institute senior, Fitch

Now that the Fed has cut rates, mortgage rates may not drop much further in the near term. But if the Fed doesn't lower rates as much as expected this year, mortgage rates may hold steady or even inch up. But rates are still expected to come down further, so it may also be worth waiting to see how low mortgage rates go. 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.

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

That is slightly lower than what analysts expected. It marks three straight months of sales below the 4 million mark, annualized. This count is based on closings — contracts that were likely signed in late June and July, when mortgage rates started coming down but were not as low as they are today. All-cash sales came in at 26%, which is down slightly from a year ago but still high historically. Mortgage rates continued to fall in August and September, with the 30-year fixed now sitting at 6.15%, the lowest in roughly two years.

Persons: ”, Lawrence Yun, “, ” Yun Organizations: National Association of Realtors, Mortgage News, “

☆ Mortgage rates are rising: Here's what you need to know
▼ + stars: | 2024-09-19 | 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 EmailMortgage rates are rising: Here's what you need to knowThe Investment Committee debate what rising rates means for home buyers and homebuilders.

☆ Home buyers are holding their breath for rate cuts as existing home sales plunge to lowest since the pandemic
▼ + stars: | 2024-09-18 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +1 min

Existing home sales in August reached their lowest level since May 2020, according to Redfin. Redfin says buyers are waiting to see if mortgage rates fall further as the Fed cuts interest rates. Go to newsletter preferences Thanks for signing up! AdvertisementBuyers are back on the sidelines as they wait to see if mortgage rates fall further after , a Redfin report shows. That's the lowest level since the pandemic stalled home sales in May 2020, and discounting that month, it's the lowest level on record since 2012.

Persons: Redfin, — Organizations: Service, Business

☆ Video: How will rate cuts affect home buyers? ‘Million Dollar Listing LA’ star weighs in
▼ + stars: | 2024-09-18 | by ( Ally Hill | ) edition.cnn.com time to read: 1 min

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☆ Harris braces for the most critical moment of her political career at debate with Trump
▼ + stars: | 2024-09-10 | by ( Stephen Collinson | ) edition.cnn.com time to read: +10 min

CNN —Kamala Harris’ joyful campaign will Tuesday be hit by the blunt force of reality — a debate with Donald Trump — the most menacing political foe of modern times. The vice president transformed the 2024 election after President Joe Biden’s abject debate showing against Trump on CNN in June led him to end his reelection bid. Haris will be ‘fully prepared’But to succeed in the debate, the vice president faces three difficult tasks. The conceit, however, allowed the Trump campaign to argue she’d return to her original stance if she won power. “I believe the vice president will be fully prepared to do that.”

Persons: CNN — Kamala Harris, Donald Trump, Joe Biden’s, Harris, Mike Pence, Trump, ” Harris, Hillary Clinton, Biden, Joe Biden, Kamala Harris, Brendan Smialowski, “, ”, who’s, Justin Sullivan, Haris, Obama, Rickey Smiley, ” — Harris, parry, Dana Bash, she’d, Vincent Alban, “ I’m, he’s, Anita Dunn, ” Dunn, CNN’s Erin Burnett Organizations: CNN, Trump, Democratic, South, Prince George's Community College, New York Times, Siena, Republican, University of Las Vegas Thomas, Mack Center, Bidenomics Locations: Philadelphia, Largo , Maryland, AFP, Las Vegas, Trump’s, Trump, Pennsylvania, La Crosse , Wisconsin

☆ Care Policies Take Center Stage in Harris’s Economic Message
▼ + stars: | 2024-08-24 | by ( Madeleine Ngo | Ben Casselman | ) www.nytimes.com time to read: +1 min

The “care economy” — a broad set of policies aimed at helping parents and other caregivers — was the great unfinished work of President Biden’s domestic agenda. Vice President Kamala Harris has made it a central aspect of her campaign to succeed him. Ms. Harris, the Democratic nominee, has spoken frequently on the campaign trail about making it more affordable to raise children. She also laid out policies that aim to reduce housing costs, such as providing up to $25,000 in down-payment assistance to first-time home buyers. In her speech accepting the Democratic nomination on Thursday, Ms. Harris said she would not let conservatives end programs like Head Start that “provide preschool and child care for our children.”

Persons: —, Biden’s, Kamala Harris, Harris, Tim Walz, Minnesota, ” Organizations: Democratic

☆ The NAR settlement comes into effect today: Here’s what changing and why
▼ + stars: | 2024-08-17 | by ( Samantha Delouya | ) edition.cnn.com time to read: +7 min

Here’s what you need to know:Two key changesHistorically, buyers were not expected to pay their real estate broker directly. That’s because Realtor commission fees — to both the buyers’ agent and the sellers’ agent — were paid by a home seller. Tiffany Hagler-Geard/Bloomberg/Getty ImagesThe second change affects the relationship between prospective home buyers and their real estate agents. A key element to these agreements is that a buyer’s agent cannot receive more compensation than what the buyer initially signed onto, even if a seller is willing to offer more. The National Association of Realtors agreed to settle litigation over commission rules for US real estate agents, clearing the way for possible changes in how Americans buy and sell homes.

Persons: CNN —, Kevin Sears, ”, —, Tanya Monestier, “, Tiffany Hagler, They’re, Norm Miller, Monestier, “ You’re, ” Leo Pareja, ” Pareja, David Ryder, ‘ let’s, University of San Diego’s Miller, Miller Organizations: CNN, National Association of Realtors, Realtors, MLS, University, Buffalo School of Law, Geard, Bloomberg, Getty, Buyers, University of San, eXp Realty Locations: Larchmont , New York, University of San Diego, Seattle , Washington, US

☆ Americans who locked in a job, home, and stocks are thriving. Everyone else missed out on their ticket to wealth.
▼ + stars: | 2024-08-12 | by ( Jacob Zinkula | Madison Hoff | ) www.businessinsider.com time to read: +9 min

Did you have a job, own a home, and have significant investments in the stock market? If the answer was yes to all three, then there's a decent chance you're feeling OK about the current state of your finances. But the job market has slowed over the past year. To be sure, not everyone has enough extra cash to invest in the stock market. This is among the reasons a growing share of Americans have dipped their toes into the stock market.

Persons: —, haven't, there's, There's, It's, what's, Roland Hesmondhalgh, he's, Republicans —, Tiffany Bell, didn't, Bell, she's, she'll Organizations: Service, Business, Federal Reserve, University of Michigan, Republicans, Federal Locations: Virginia, Pennsylvania, Houston

☆ Real estate investors are using a 2-part strategy to build equity and avoid capital gains tax
▼ + stars: | 2024-08-11 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

"There are so many ways to get started in real estate," said Elkins-Hutten, who is a financial educator and the author of "Money for Tomorrow." AdvertisementHere's how the Jensens and Elkins-Hutten have built equity and sidestepped capital gains taxes in two steps. Elkins-Hutten used real estate investing as a vehicle to achieve financial freedom and gain back time. Advertisement"Because we lived in it and owned it for two of the past five years, we paid no taxes on the capital gains," explained Mindy. While their gains were around $100,000, they could have excluded up to $500,000 since they were both on the title.

Persons: —, Whitney Ekins, Hutten, Elkins, rehabbing, Carl Jensen, Mindy, they've, There's, Carl, Whitney Elkins Organizations: Service, Business, YouTube Locations: Elkins

☆ A Mortgage Alternative for Lower-Priced Homes Comes With Risks
▼ + stars: | 2024-08-02 | by ( Ann Carrns | ) www.nytimes.com time to read: +1 min

With traditional mortgages for lower-priced homes hard to get, some home buyers are turning to riskier alternatives, like seller-financed loans known as “land contracts” that don’t involve a bank. Some buyers prefer land contracts because they can be arranged quickly and often have lower upfront costs than mortgages. They also offer an alternative to buyers who can’t qualify for a traditional home loan because of poor credit. But the arrangements lack consumer protections available with traditional home loans and can leave buyers worse off financially, Pew found. The report was based on a survey of buyers as well as interviews with dozens of public-interest lawyers in 26 states who have represented buyers.

Persons: don’t, Pew Organizations: Pew

☆ Homebuying is hard in these counties that could decide the election, but it's harder in the U.S. overall
▼ + stars: | 2024-07-30 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms J-J-_Mccorvey.Jpg | J.J. Mccorvey | ) www.nbcnews.com time to read: +6 min

Market volatility in Dane County, Wisconsin, a largely Democratic, college-educated part of a solidly purple state, boosted its difficulty score to 78 on NBC News’ index. Average homebuying difficulty in the U.S. overall ranks at 84, up from 54 in 2020. At the Republican National Convention earlier this month, giant screens flashed comparisons of average mortgage rates under the Trump and Biden administrations. But one Gwinnett County resident said softer demand isn’t keeping him up at night. For house hunters in Gwinnett County, Scott said, “that would make life a lot better.”

Persons: Dane, They’ve, Donald Trump, Kamala Harris, Biden, ”, Lisa Scott, Scott, Mannie Marte, Marte, who’s, Harry Truman, Harris Organizations: Democratic, NBC, Republican National Convention, Trump, Biden, Gwinnett, Private, Getty, Phoenix, Voters, Federal, Commerce Department Locations: Dane County , Wisconsin, Wisconsin, Dane, U.S, Gwinnett County , Georgia, Lawrenceville, Duluth, Georgia, Gwinnett, Lilburn, Atlanta, Marte, Reno, Washoe County, Erie, Maricopa County , Arizona, Gwinnett County

☆ The Fed Is Impacting Our Election, Our Climate, Our Economy - The New York Times
▼ + stars: | 2024-07-29 | by ( Jen Harris | ) www.nytimes.com time to read: +2 min

The Federal Reserve’s handling of inflation is souring the public on our economy, harming vulnerable Americans, slowing our fight against climate change — and hindering the fight against inflation itself. For the past several months, the Fed has resisted lowering interest rates in an environment that clearly demands lower rates. The Fed repeatedly stated that it would not lower rates until it had confidence the P.C.E. While the Fed keeps waiting, the pain keeps accumulating. There is also the damage that unnecessarily high interest rates are inflicting on our battle against climate change.

Persons: Donald Trump, Kamala Harris Organizations: Fed Locations: U.S

☆ A top Chicago Realtor who predicts the real-estate market will 'take off like a rocket ship' after the election says now is the time to 'strike'
▼ + stars: | 2024-07-28 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +3 min

"If I'm an investor, I don't want to buy when everybody else is wanting to buy," the top Chicago real-estate agent told Business Insider. As we enter an unprecedented 2024 presidential election season, Laricy believes that now happens to be one of those times. About a week before Biden dropped out, former President Donald Trump survived an assassination attempt on the campaign trail. As we head into 2025, I think the market is going to take off like a rocket ship." In his specific market, Chicago, he says that investors should be paying attention to condos.

Persons: Matt Laricy, Warren Buffett's, Laricy, Kamala Harris, Joe Biden, Biden, Donald Trump, You've, I'd, Harris, Trump, we'll, there's Organizations: Service, Chicago, Business, Democratic Locations: Chicago

☆ These apartments go for more than $100,000 a month. Why the superrich are deciding to rent rather than buy.
▼ + stars: | 2024-07-23 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +8 min

AdvertisementIn doing so, they have etched out a new niche at the most rarefied heights of the residential market, in part by persuading buyers who might have lavished millions of dollars – or more – to rent instead. Rental projects, on the other hand, while less lucrative upfront, offer more stability for owners with a long time horizon. It recently reconsidered the plan based on the success of the building's rentals, Aries said, and is now offering the penthouse unit for rent. A guest room at a Maison Hudson luxury apartment Kira Turnbull for The CollectionBased on the success of Maison Hudson, Wainbridge is planning identical projects in Los Angeles and Miami Beach, according to Oudinot. Advertisement"The demand is thin and high and very volatile" at the top of the residential market, according to Nancy Packes, a real estate advisor and broker.

Persons: —, Ken Griffin, –, Maison, Tyrone McKillen, McKillen, Maison Hudson, Kira Turnbull, Jay, Beyonce, Erin Boisson Aries, Douglas Elliman, Aries, Maison Hudson Kira Turnbull, Maison Hudson's, Mikhail Kurnev, Kurnev, Jacques Oudinot, Barths, Oudinot, Wainbridge, Nancy Packes Organizations: Service, Business, Maison Hudson, Bel Air, Wainbridge, Miami Locations: Manhattan, West, Los Angeles, Maison, London, Fasano, Paris, Saint, St, Maison Hudson, Miami Beach

☆ The housing market is close to a rare buying opportunity with prices set to drop in pandemic boom towns, analyst says
▼ + stars: | 2024-07-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Read previewProspective homebuyers may be better off staying on the sidelines: the housing market is on its way to a rare buying opportunity, with steep home price declines bound for key areas of the real-estate market in the coming years, according to one analyst. That's an additional ingredient on the top, which just makes it more likely that prices fall," Gerli told BI. AdvertisementThe situation in the South's housing market also bears some similarities to previous housing bubbles, Gerli noted. In key boom towns, home prices have shot up 50%-70% since the pandemic, though incomes have only risen 10%-20%, he said, citing municipal data. It'll take a long time for housing to become more affordable overall, given how overvalued the market is, Gerli said.

Persons: —, Nick Gerli, Gerli, Freddie Mac, That's, Southern homebuilders, we've, it's, Redfin, Homebuyers, It's Organizations: Service, Business, National Association of Realtors, Builders Locations: Florida, Southern, Texas

You can also use our guide to the best low credit score mortgage lenders to see which lenders accept borrowers with lower scores. Minimum credit score by mortgage typeConforming mortgage: 620 or higherConforming mortgages, which are the most common type of mortgage, are only available to borrowers with credit scores of 620 or higher. Get copies of your credit reportUnderstanding your credit history is key to understanding what's affecting your credit score. Review your credit report again to see what is impacting your credit score, then take steps to improve it. Getting a mortgage with bad credit frequently asked questionsCan you get a mortgage with a 500 credit score?

Persons: it's, US Department of Veterans Affairs doesn't, you've, It's, you'll, You'll Organizations: US Department of Veterans Affairs, Rocket Mortgage, Freedom, Carrington Mortgage, HUD, Federal Housing Administration, Chevron Locations: CreditRepair.com, Chevron

☆ The housing market is close to a rare buying opportunity as prices are set to drop in pandemic boom towns, analyst says
▼ + stars: | 2024-07-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Roberto Schmidt | AFP | Getty ImagesIt's no secret that the housing market looks far different than it did a few years ago. While surging mortgage rates and housing prices have taken away consumers' purchasing power, low supply has kept the market competitive. A higher rate, in reality, results in more interest due on a home loan. Housing prices are also central to the equation for everyday Americans decision how much, or if, they can afford to spend. One from the National Association of Realtors found affordability tumbled more than 33% between 2021 and 2023 alone.

Persons: Roberto Schmidt, it's, Dow Organizations: AFP, Getty, Dow Jones, National Association of Realtors, Atlanta Federal, Atlanta Fed Locations: Clarksburg , Maryland

☆ I quit my day job at 29 by investing in real estate. I'm now a stay-at-home dad building generational wealth for my kids.
▼ + stars: | 2024-07-11 | by ( Charissa Cheong | ) www.businessinsider.com time to read: +10 min

Read previewThis as-told-to essay is based on a transcribed conversation with Matt Krueger, 30, about building income from rental properties in Des Moines, Iowa. Related storiesBetween 2017 and 2021, our rental income averaged $1,200 to $1,500 monthly, taking into account money set aside for mortgage payments. I was inspired to try short-term rentals and quit my day job in 2022One day, I listened to a podcast about short-term rentals and Airbnb. AdvertisementOne downside of short-term rentals is the increased adminIn 2023, we made around $97,000 in revenue from long-term rentals and around $143,000 from two short-term rentals. In May this year, we opened our third short-term rental, hoping to increase our revenue even further.

Persons: —, Matt Krueger, who's, I'd, We've, I've Organizations: Service, Business, Facebook Locations: Des Moines , Iowa, Des Moines, Airbnb, Texas

☆ Are you better off than you were four years ago? It can be a murky picture for many
▼ + stars: | 2024-06-25 | by ( Shannon Pettypiece | ) www.cnbc.com time to read: +9 min

But retirees and full-time caregivers have been unable to take advantage of a strong job market. Now, consumers are largely left with the same buying power they had four years ago rather than having seen real income gains over that time that would have helped bolster their financial picture. The outlook for the job market also varies by race with the unemployment rate at 5.6% for Black workers and 5% for Hispanic workers. Food prices have risen around 25% over the past four years while Biden was in office. The rise in food prices has disproportionately impacted lower-income households, which spend around a third of their discretionary income on food, according to a 2022 Agriculture Department survey.

Persons: Joseph Prezioso, Joe Biden, Donald Trump, Ronald Reagan, Julia Pollak, Pollak, Joseph Davis, Biden, MAGA, Julian Assange, Trump, Davis Organizations: Gloucester High School, AFP, Getty, Homeowners, ZipRecruiter, NBC, Consumer, Vanguard, NBC News, Food, Bureau of Labor statistics, Agriculture, Federal Reserve, Walmart, Aldi, Target, Gas Locations: Gloucester , Massachusetts, U.S, Arizona, Nebraska , Colorado

☆ The typical new home in the U.S. is shrinking. Here's what that means for buyers
▼ + stars: | 2024-06-25 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Homebuyers are expressing a desire for smaller homes, whether as a compromise given high prices or because they simply want a smaller space, experts say. The typical buyer today wants a 2,067-square-foot home, according to the NAHB's 2024 What Home Buyers Really Want study. "They may not need 2,000 square feet or even want that for themselves," she said. About 28% of polled buyers recently purchased a home between the sizes of 1,501 to 2,000 square feet; while 26%, purchased a home between 2,001 to 2,500 square feet, according to the NAR's 2024 Home Buyers and Sellers Generational Trends Report. How zoning influences home sizesAbout 38% of builders say they built smaller homes in 2023 and 26% plan to build even smaller homes this year, according to NAHB.

Persons: Robert Dietz, Jessica Lautz, Dietz, NAHB Organizations: NAHB, National Association of Realtors Locations: Thana, U.S

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