Hold onto your hats because it’s going to be a very big Fed week Markets will gyrate right up until the Fed announces its interest-rate decision. But don’t forget: Apple reports quarterly results on Thursday, and a big jobs report lands on Friday. It may be too much to say the week coming up is […]
Unaffordable housing market is becoming even more expensive
Unaffordable housing market is becoming even more expensive as mortgage rates soar over 7%. An already miserably unaffordable housing market is getting more expensive. As mortgage rates top 7% — the highest they’ve been in 21 years according to Freddie Mac — home buyers face ballooning costs. Some housing experts are warning that rates could keep […]
Housing market not behaving the way it’s supposed to
Housing market not behaving the way it’s supposed to But after 10 rate hikes, the housing market — traditionally one of the most interest-rate-sensitive areas of the economy — is anything but predictable. “It’s creating a lot of confusion,” said Orphe Divounguy, a senior economist at Zillow. Mortgage rates have likely peaked — but home […]
What if mortgage interest rates stay high
What if mortgage interest rates stay high? Here’s what experts say buyers should do Buying a home can be challenging these days. Home prices remain high, and interest rates are up significantly compared to a few years ago. In fact, according to Freddie Mac, the average rate on 30-year loans is now creeping toward 7%. […]
How to use home equity
How to use home equity while prices are still high There are multiple ways to borrow home equity that owners should be aware of. Inflation and spiking interest rates continue to plague Americans. The benchmark rate for interest rates now ranges from 5% to 5.25%, a 15-year high. The effect of the Federal Reserve’s aggressive rate hike schedule […]
No retirement savings
A “shocking” reality for U.S. moms: Half have no retirement savings On Mother’s Day, the best gift for your mom might be a contribution to her 401(k) or IRA plan, with research revealing a significant gap between moms and dads in financial preparedness for retirement. About half of mothers across the U.S. have zero dollars […]
What is a reverse mortgage
What is a Reverse mortgage With the average monthly Social Security check a scant $1,693.88 in 2023, many seniors struggle to find ways to survive in the face of rising inflation. In an effort to increase their incomes and remain in their homes, some turn to tapping the equity they’ve accrued in those homes, via a special form […]
Home prices to drop 10%
Housing economist predicts home prices to drop 10% this year Milken Institute Global Conference 2023: Bank stress, rate hikes, recession threats. Housing values will drop by double digits this year, one expert is predicting, as tighter lending requirements choke off demand. “So we are forecasting that we are going to see home prices to drop 10% decline […]
US foreclosure filings
US foreclosure filings jump 22%, and repossessions hit highest level in 3 years. Luxury single-family homes in the top 20 US markets and with modest footprints between 2,500 and 3,500 square feet sold 18.6% faster between April and August 2022 than big homes between 4,500 and 5,000 square feet, according to a report by Coldwell […]
Recession already here for many Americans
Recession already here for many Americans, as buying power, credit, social net shrinks The stock market may be closely watching the chance of an official economic recession, but many Americans across the country are already feeling the squeeze as they contend with higher prices and borrowing costs than they saw a year ago. While Evelyn […]
