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Tourists line a street in Venice, Italy, on Saturday, March 16, 2024. Italy is caught in an envious trap: it can't live without tourists, but it's having trouble handling the influx, particularly after Covid. He considers himself fortunate he's a boat driver: he pities the poor tourists who rent cars or try to find an elusive taxi. A general picture shows the main facade of the Pantheon in Piazza della Rotonda on March 30, 2024 in Rome, Italy. The famous Villa La Cassinella on the lake can be yours, for 100,000 euros a week.
Persons: Covid, Taylor Swift, Travis Kelce, there's, Croissants, it's, George Clooney's, Villa D'Este, Clooney, Villa, Uber, Rick Steves, Uber Van, Steves Organizations: Villa, Italian Association of Employment, Milanese, risotto Milanese, La Scala, Villa Oleandra Locations: Venice, Italy, Bellagio, Lake Como, Tremezzo, Paris, Piazza della, Rome, Milan, Marche, Sardinia, New York, Camparino, Villa, North America
If you paid late once and there's a high chance you will pay late again in the near future because of a financial issue, let the lender know, said Schulz. "It's one thing to go to the lender every other month and say, 'Hey, I was late with this, can you waive that?' If you made a one-time mistake, you can reach out to your lender and ask to have that late payment scrubbed from your credit report, experts say. "Your credit report is just a collection of a bunch of data points representing how good you are paying debts back," Schulz said. If lenders begin to "cherry pick" what goes on in the report, the data becomes unreliable, and it doesn't help lenders make decisions.
Persons: it's, Greg McBride, Schulz, McBride, " Schulz
As buy now, pay later programs become more common, some shoppers are using this payment structure to make ends meet. Such short-term financing plans are the second-most-used form of credit payment among consumers in the U.S., according to a new report by NerdWallet. Meanwhile, 25% said they had used BNPL services in the last 12 months. Far fewer consumers had used a cash advance app (10%) or a payday loan (6%) in the last 12 months, NerdWallet found. An equal share, 8%, expect to use BNPL for necessities in the coming 12 months.
Persons: Elizabeth Warren, NerdWallet, Sara Rathner, it's, Rathner Organizations: Federal Reserve Bank of New, NerdWallet, Finance Locations: Federal Reserve Bank of New York, U.S
Phynart Studio | E+ | Getty Images'The conundrum of the housing market'One way to reduce your monthly mortgage payment is to put down more money and borrow less. Nationally, the average down payment on a house is closer to 10% or 15%, Hale said. Even with a conventional loan, buyers' required down payment could be between 3% and 5%, depending on their credit score and other factors. While a lower down payment is one way to "attack affordability challenges," it can be a "mixed bag," Hamrick said. With a lower down payment, you will need to borrow more from your lender, which raises the monthly cost of your mortgage, Hale said.
Persons: Hale, there's, Hamrick Organizations: CNBC, SurveyMonkey, Department of Veterans Affairs, U.S . Department of Agriculture, Federal Housing Administration, PMI Locations: U.S
Neighborhood names are also shorthand for your rent or mortgage payments. In 2017, real-estate brokers in the historically Black New York neighborhood of Harlem sparked backlash when they tried to rebrand its south end as SoHa. At their best, new neighborhood names bring people together over a shared sense of pride in their little corner of the world. Along the way, these neighborhood names have veered into parody territory. I'm not saying that neighborhood names should be set in stone — in fact, I think it's natural for them to evolve alongside their populations.
Persons: you've, MoRA, Nashville's, they're, Let's, Gill Holland, Holland, Nestor Davidson, David Fagundes, Grant McKenzie, McKenzie, Hakeem Jeffries, Jeffries, Davidson, They're, Bob Dylan's, Marshall, Lily, I'm, Willy, Dirtbag, Little Italy — Organizations: Market, McGill University, University of Maryland, Houston, Financial, Tribeca, McGill, Google, Democratic, New York State Assembly, New York Times, Apple, North Arts District, Congress, Little Locations: Denver, Charlotte , North Carolina, LoSo, Boston, Louisville , Kentucky, NuLu, Austin, America, New York City, Louisville, Holland, North Carolina, Greenwich, Louisville's, Phoenix, Holland's, York, New York, Manhattan, Side, Chelsea, Maryland, Harlem, SoCo, Soho, Dowisetrepla, Charlotte, East Williamsburg
Some young retirement savers say they might raid their 401(k) accounts to buy a home. To compare, only 25% of Gen X homebuyers and 16% of baby boomers plan to withdraw retirement funds for a home. "You really, really, really, really shouldn't be taking out your retirement for a house," said Stacy Francis, a certified financial planner and president and CEO of Francis Financial in New York City. Generally, early withdrawals from retirement accounts can trigger taxes and a 10% penalty, unless the account owner meets a listed exception. For both individual retirement accounts and 401(k)s, qualifying first-time homebuyers may be able to take up to $10,000 penalty-free.
Persons: Zers, X homebuyers, Stacy Francis, Roth, Francis Organizations: Real, BMO Financial Group, BMO, Francis Financial, Finance, CNBC Locations: Millennials, New York City
While new builds are still sold for slightly more than existing homes, the price gap has significantly narrowed. Over the last six months, the median price for a new home is only about 4% higher than the median price of an existing house. Reducing the square footage of your home can help reduce construction costs as well as utility and maintenance costs down the line. Keep construction costs down: Major factors like lumber and labor costs significantly impact the cost of a new house. And depending on the kinds of materials you add to the house, builders are "adding up the tab," Veronica Fuentes, a wealth management advisor based in Washington, D.C., previously told CNBC.
Persons: Alistair Berg, Digitalvision, Nicole Bachaud, Dietz, Matthew Walsh, Walsh, homebuilders, Veronica Fuentes Organizations: Getty, Zillow Group, CNBC, U.S . Census, U.S . Department of Housing, Urban, Moody's, Washington , D.C Locations: U.S, Washington ,
Taylor Swift and Travis Kelce were photographed dining at a private villa in Italy. The lodging comes with a private chef and butler, as well as views of Lake Como. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Her boyfriend, Travis Kelce, watched her perform in Paris on May 12. Before Swift headed to Sweden for her next set of shows, the couple spent time together in Lake Como, Italy, People reported.
Persons: Taylor Swift, Travis Kelce, Villa Sola, , Taylor, Swift Organizations: Service, Department, Business Locations: Italy, Lake Como, Paris, Sweden
About 86.6% of Hopper users expect to travel this summer, but 72.5% have not booked their trips yet, according to the outlook. "Leaving a balance in your credit card is not necessarily good for your credit score." Plus you're adding to the expense of that purchase, with average credit card interest rates topping 20%. Book summer travel plans soon: The sooner you book your travel plans, the lower the upfront cost will tend to be. You might still have time to book late summer, early fall trips, she explained.
Persons: Klaus Vedfelt, Hopper, Berg, " Berg, Sally French, Cardholders Organizations: Digitalvision, Getty, United Airlines, American Airlines, JetBlue Airways, Federal Reserve Bank of New, Labor Locations: Federal Reserve Bank of New York, U.S
Simonskafar | E+ | Getty ImagesIncentives are coming back to the auto market, but high interest rates are weakening those deals for car shoppers. In today's market, consumers are more likely to see it as "free money," she said, especially as auto loan rates stay high. watch nowWhen you roll that into your new car loan, it increases your payment. Search for available incentives: Car shoppers will have to a do lot more shopping and research to find available incentives, Caldwell said. Know your credit score: While shoppers might come across 0% financing offers, those deals are often reserved for buyers with excellent credit.
Persons: Jessica Caldwell, Trump, Brian Moody, Kelley, Edmunds, Caldwell, That's, that's, Moody Organizations: Getty, Finance, Biden Locations: Edmunds
Tetra Images | Tetra Images | Getty ImagesPutting 20% down is 'definitely not required'One way to reduce your monthly mortgage payment is by putting down more money and borrowing less. But for many households, trying to get a higher down payment can be challenging, said Danielle Hale, chief economist at Realtor.com. While a lower down payment is one way to "attack affordability challenges," it can be a "mixed bag," Hamrick said. With a lower down payment, you will need to borrow more from your lender, which raises the monthly cost of your mortgage, Hale said. A smaller down payment can also mean you don't qualify for a lender's best -available interest rate.
Persons: Danielle Hale, there's, SurveyMonkey, Hale, It's, Hamrick Organizations: CNBC, Department of Veterans Affairs, U.S . Department of Agriculture, Federal Housing Association Locations: U.S
Skynesher | E+ | Getty ImagesFewer homeowners have been taking on remodeling projects, reports show. The Leading Indicator of Remodeling Activity, an outlook measuring home improvement and repair spending on owner-occupied homes, peaked at 17.3% in the third quarter of 2022. The NAHB/Westlake Royal Remodeling Market Index by the National Association of Home Builders reflects a similar decline. In a release for the group's first quarter report, NAHB Remodelers Chair Mike Pressgrove noted that "demand for remodeling remains solid, especially among customers who don't need to finance theirprojects at current interest rates." The increase in home improvement spending, along the decrease in projects, suggests inflation corroded household budgets, according to the home services website.
Persons: Robert Dietz, NAHB, Mike Pressgrove, remodelers, That's, It's, Redfin Organizations: Getty, Westlake Royal, National Association of Home Builders, RMI, NAHB, Homeowners, State, Angi Locations: U.S
But it's not a decision one should make on whim; multiple factors can easily complicate the process, experts say. But in most cases, the U.S. buyer will need to open a bank account in the country they're buying real estate. 'Understand what your needs are'It will be important for you to "understand what your needs are," Boisson Aries said. "Buying these direct properties for that purpose is something that comes with far more risks than people realize," he said. And if you do decide to use the property for rental or commercial use, you may have additional tax burdens in that country, Boudreaux said.
Persons: Jude Boudreaux, it's, Boudreaux, Bojan Mujcin, Mujcin, Erin Boisson Aries, Douglas Elliman, Boisson Aries Organizations: Planning, Coldwell, CNBC, Sotheby's Locations: New Orleans, U.S, Barcelona, Costa Brava, Spain
If the bank were to throw a $500 incentive on top of that aid, 75.6% said they would do it. However, survey respondents saw that workload as a detriment. About 40%, of U.S. adults feel they do not have enough assets to prepare an estate plan or a will, a 21% jump compared with 2022, according to Caring.com's 2024 Wills and Estate Planning Study. "Wills and estate planning are essential for everyone, not just the wealthy," Patrick Hicks, general counsel of Trust & Will, a digital estate planning and probate platform, said in the Caring.com report. Not having the proper estate planning documents in place can put your loved ones in a difficult situation in a catastrophic event, Cornell explained.
Persons: Wettstein, Wills, Patrick Hicks, Cornell Organizations: Center for Retirement Research, Will Locations: U.S
Most U.S. homebuyers taking out a mortgage opt for a 30-year fixed-rate — but they may not realize how unusual that offering is. "The 30-year fixed-rate mortgage is a uniquely American construct," said Greg McBride, chief financial analyst for Bankrate. True to its name, a 30-year fixed spreads out repayment over 30 years, with an interest rate that remains the same for the life of the loan. In 2022, 89% of homebuyers applied for a 30-year mortgage, according to government data analyzed by Homebuyer.com. "If we did not have the dominance of the fixed-rate mortgage in the U.S. residential mortgage market, we would see a much higher level of stress among existing homeowners," McBride said.
Persons: Greg McBride, Jacob Channel, McBride Organizations: homebuyers, Bankrate, LendingTree, Homebuyer.com, Finance Locations: U.S
Rebekah Alstede Modery, left, and Sarah Alstede, sisters and co-owners of Alstede Farms in Chester, New Jersey. Courtesy: Alstede FarmsSisters Rebekah Alstede Modery and Sarah Alstede were raised on a New Jersey farm. In February, the sisters joined their father, Kurt Alstede, and their stepmother, Mary Thompson-Alstede, as co-owners of Alstede Farms. 'A huge undertaking' as a familyCo-owners of Alstede Farms from left to right: Mary Thompson-Alstede, Rebekah Alstede Modery, Kurt Alstede and Sarah Alstede. Rebekah Alstede Modery, left, and Sarah Alstede, sisters and co-owners of Alstede Farms in Chester, New Jersey.
Persons: Rebekah Alstede Modery, Sarah Alstede, Rebekah, Kurt Alstede, Mary Thompson, It's, Dominique Sims, NASS, Agriculture hasn't, Inwood, Lance Honig, Sarah, that's, Bernt Nelson, Rachel Schattman, Alstede Organizations: Delaware Valley University, CNBC, Centenary University, Alstede, National Agricultural Statistics Service, U.S . Department of Agriculture, The Ohio State University, Agriculture, Agricultural Resource Management, USDA Economic Research Service, American Farm Bureau Federation, University of Maine, Farmers Locations: Chester , New Jersey, New Jersey, Sarah, Agriculture, U.S
In this article Follow your favorite stocks CREATE FREE ACCOUNTRyersonclark | E+ | Getty ImagesMaking your home hurricane resistant can be a significant financial undertaking. In 2024, the national average cost to upgrade an entire house with hurricane windows runs between $1,128 and $10,293, or $100 and $500 per window, including installation, according to This Old House. Hurricane resistance is about preventing 'pressurization'Hurricanes are different and unpredictable storms, said Jeff Ostrowski, a housing analyst at Bankrate. If installing new hurricane windows aren't in the budget, shutters are lower-cost options to protect windows and other openings, said Chapman-Henderson. Talk to your insurer about possible discounts Strengthening your home against disasters may help lower your insurance cost.
Persons: Phil Klotzbach, Jeff Ostrowski, Leslie Chapman, Henderson, Jennifer Languell, Chapman, Kin, Melissa Cohn, William Raveis, Bankrate's Ostrowski, Ostrowski, Loretta Worters, Worters, Languell Organizations: Massachusetts Institute of Technology, Hurricanes, National Oceanic, Fluid Dynamics, Climate, Energy Solutions, Swiss, Finance, Colorado State University, Department of Atmospheric, Federal Alliance, Safe, Safe Homes, Department of Energy, Trifecta, William Raveis Mortgage, Insurance, Institute, Homeowners Locations: windstorms, U.S, Florida, In Florida, Alabama, Louisiana, dsireusa.org
People looking to buy or sell a home this spring are paying close attention to mortgage rates. The average 30-year, fixed-rate mortgage rose to 7.17% for the week ending April 25, according to Freddie Mac data via the Federal Reserve. It remains unclear when the Federal Reserve might make its first rate cut. "I believe our first rate cut is penciled in for July," said Matthew Walsh, assistant director and economist at Moody's Analytics. "We might not see rates fall in any meaningful way until [the] later half of this year," he said.
Persons: Freddie Mac, Matthew Walsh, Walsh Organizations: Federal Reserve, Moody's Analytics, Finance
While the spring housing market has been plagued with low supply, high prices and spiking interest rates, would-be homebuyers are focusing on new construction. New homes have more incentives and availability than previously owned ones. "There's more opportunity in new construction," said Nicole Bachaud, a senior economist at Zillow Group. Meanwhile, sales for previously owned homes dropped by 3.7% from March 2023, the National Association of Realtors found. With 30-year fixed-rate mortgage rates sitting above 7%, homeowners who bought at much lower rates in recent years don't like the prospect of trading in their low rate for a higher one.
Persons: Nicole Bachaud, Biden, Bachaud Organizations: Zillow, . Census, U.S . Department of Housing, Urban Development, National Association of Realtors, Finance, Buyers Locations: U.S
"It resonates with both millennials and Gen Zers, which I think indicates that Gen Z is feeling the same 'girl-boss' pressures that millennials famously grew up with," said Casey Lewis, a social media trend forecaster. "I'm a millennial and I grew up like I needed to maximize every minute of the day," Lewis said. And yet, even in cases where women are now breadwinners, the division of labor at home has barely budged, the Pew report found. "But we also live in an environment of layoffs and rising costs, so not being productive isn't really an option," she added. Even though you're not reading the news, you're still seeing how the economy is impacting peers.
Persons: Taylor Swift, “ Midnights, Kevin Mazur, Gen Zers, millennials, Casey Lewis, Eve Rodsky, Taylor, Lewis, That's, Heather Boneparth, Gen Organizations: Crypto.com Arena, Poets Department, Pew Research Center, U.S . Bureau of Labor Statistics Locations: Los Angeles
It shows a curated look at women embracing domesticity as the antithesis of what other young women are experiencing, who are "working hard and barely scraping by," said Casey Lewis, a social media trend forecaster. Evidence shows this is something few women are actually doing, and it's not a realistic lifestyle to aspire to. Young women, whether they're married or not, are expressing a desire to "take a step out of the professional rat race," Lewis said. "There's a lot of pressure on young women," she said. In cases where men are the primary breadwinners, it's more often women who take on the bulk of the caretaking responsibilities, experts say.
Persons: Casey Lewis, it's, Stacy Francis, Eve Rodsky, tradwives, Rodsky, Francis, Heather Boneparth, they're, Lewis, Julia Pollak, Pollak Organizations: Francis Financial, CNBC's, Berkeley Haas Center for Equity, Gender, Pew Research Center, Intuit, ZipRecruiter, Bureau of Labor Statistics Locations: New York, millennials, U.S
Jannese Torres is the founder of the blog Delish D'Lites and the podcast "Yo Quiero Dinero." Yet in her pursuit of the American dream, she realized that she didn't know what to do with her financial success. Our families have told us to go and pursue the American dream, but we haven't been given instructions for how to manage the emotions that come with it. JT: Looking back at it now, I was falling victim to the American dream. Jannese Torres Latina money expert and entrepreneurship coachI definitely felt the pressure to keep up with the Joneses in that respect.
Persons: Jannese Torres, D'Lites, Dinero, you've, Torres, Jannese Torres Ana Teresa Solá, I've, We're, Jannese Torres It's, it's, who's Organizations: CNBC, Latina, ATS, JT, Jannese Torres Latina Locations: Latina, U.S
Buyers of newly built homes can come across a number of sticker shocks. In February, the median sale price for new construction sold in the U.S. was $400,500, according to the U.S. Census Bureau and the Department of Housing and Urban Development. Depending on what you're picking, they're adding up the tab," Fuentes said. To save on costs with a new build, it may be in a potential buyer's best interest to hire a contractor later on to add desired finishes, experts say. "Think about those elements that could be easily added at a later date," said Angie Hicks, home expert and co-founder of Angi, an online marketplace that connects homeowners with professional contractors for home maintenance or renovations.
Persons: Veronica Fuentes, Fuentes, Angie Hicks Organizations: . Census, Department of Housing, Urban, Finance Locations: U.S, Washington ,
Thanks to those high mortgage interest rates, refinance activity in 2023 was at the lowest level in 30 years. In the first and second quarters of 2023 there was only $75 billion and $80 billion, respectively, in mortgage refinance originations nationally, according to Freddie Mac, a government-sponsored entity that buys mortgages from banks. "We're just in a much higher interest rate situation with the economy," she said. "We've been so accustomed to mortgage rates as a baseline being at 2% or 3%," said Veronica Fuentes, a certified financial planner at Northwestern Mutual. Some lenders may require a higher interest rate if you finance closing costs, plus you'll be paying interest on those expenses for the life of the mortgage.
Persons: Freddie Mac, Jeff Ostrowski, Chen Zhao, Zhao, We've, Veronica Fuentes, that's, Ostrowski, CoreLogic's Organizations: Westend61, Getty, Federal Reserve, Northwestern Mutual
In February, the country had 550 "million-dollar" cities, or areas where the "typical" home value is $1 million or more, according to a new analysis by Zillow. That is a gain of 59 cities from 2023, and edges out the previous record of 522 such cities when home values peaked in 2022. Some places have lost 'million-dollar city' statusCalifornia has the most million-dollar cities, with 210. Even though there are more million-dollar cities this year, the record amount is connected to how the lock-in effect is affecting an area's supply, according to Olsen. "In those places where we've lost million-dollar cities … they're not as locked in, and they have a lot more of that new construction that helps that picture, too," she said.
Persons: Jon Lovette, Skylar Olsen, Zillow, Olsen, we've Organizations: Colorado — Locations: U.S, California, — New York , New Jersey , Florida , Massachusetts, Colorado
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