Millennial millionaires are temporarily shelving major purchases as interest rates and inflation rise, according to CNBC’s Millionaire Survey.Nearly half of millennial millionaires say higher borrowing costs are causing them to delay buying a car, and 44% say higher interest rates have caused them to delay purchasing a home, according to the survey. More than a… More
RgStudio | E+ | Getty ImagesNew government data showing record high inflation probably comes as no surprise to consumers who are facing sticker shock everywhere from the grocery aisles to the gas pump.Now, all eyes are on the Federal Reserve, which is expected to continue to raise interest rates to try to tamp down inflation.The… More
Introduction Hard money is considered asset-based lending. It gets its name from the fact that borrowers have to offer hard assets as collateral on the loans they obtain. In most cases, the asset is the piece of property being obtained with loan proceeds. Lenders take a good, hard look at properties in making their approval […] More
For most Americans, the surging cost of living is weighing heavily on their wallets.”Wage growth has failed to match the dizzying pace of rising prices, which the Federal Reserve has effectively identified as ‘monetary policy enemy No. 1,'” said Mark Hamrick, senior economic analyst at Bankrate.com.AfterĀ the Fed raised interest ratesĀ for the first time in more… More
The Federal Reserve raised its target federal funds rateĀ by a quarter percentage point from near zero at the end of its two-day meeting Wednesday.The first increase in the benchmark rateĀ in three yearsĀ willĀ lay the groundwork for six more hikesĀ by year’s end.”The war in Eastern Europe gives the Fed reason to act more cautiously, but they will… More
The rear of the home opens to a massive lawn framed by a moat-like water feature and a 400 ft. running track just below it.Marc AngelesA 105,000-square-foot Los Angeles mega-mansion that was listed for $295 million sold at a bankruptcy auction for $141 million, ending a 10-year-saga of soaring debt and failed dreams.The auction for… More
A man walks to his friend’s home in a neighbourhood without electricity as snow covers the BlackHawk neighborhood in Pflugerville, Texas, U.S. February 15, 2021.Bronte Wittpenn | Austin American | RuetersIn 2021, there were 20 climate disasters that each resulted in losses of at least $1 billion in the U.S., according to NOAA.That wreaked havoc… More
A real estate agent stands in the doorway as Giovani and Nicole Quiroz of Brooklyn, New York visit an open house in West Hempstead, New York.Raychel Brightman | Newsday LLC | Newsday | Getty ImagesMortgage rates continued to surge higher last week, and that brought borrowers out of the woodwork, looking to refinance. While that… More
There’s a “big risk” of real estate companies filing for insolvency when interest rates rise, according to a partner at consulting firm Kearney.Nils Kuhlwein pointed out that the global financial crisis of 2008 started with a real estate and housing price bubble and mortgage defaults in the United States.”What we are now seeing again, 13… More
Home prices are rising faster than rents, which is shrinking the affordability gap between being a homeowner and a tenant.Median-priced, single-family homes are less affordable in just over three quarters of the nation ā the highest total in 13 years, according to ATTOM, a real estate data tracker. That’s up from 39% at the end… More
Construction materials for a new home being built by CastleRock Communities in the Sunfield neighborhood of Buda, Texas, U.S., on Wednesday, Nov. 10, 2021.Matthew Busch | Bloomberg | Getty ImagesAt some point the price is just too high. That may be increasingly the case for potential buyers of newly built single-family homes.Sales of those homes… More
The New York City rental market is regaining strength.In November, the net effective median rent for Manhattan rose 16.7% compared with last year, according to the most recent rental report from brokerage firm Douglas Elliman and real estate appraisal firm Miller Samuel. That’s the second-straight month of record rates.”We’re in many ways shocked, and we’ve… More
Germany’s central bank warned Thursday about skewed valuations in the housing market, calling it a “specific vulnerability” as property prices continue to soar.”We have basically seen all indicators ā prices, credit ā those indicators kept increasing in Germany and you don’t really see a big effect of the pandemic,” Claudia Buch, vice-president at the Bundesbank… More
A property for sale in Monterey Park, CaliforniaFrederic J. Brown | AFP | Getty ImagesMortgage rates fell for the second straight week last week, and that helped boost refinance demand for the first time in a while. As a result, total mortgage application volume rose 5.5% last week compared with the previous week, according to… More
A pending sale sign in front of a home in Miami.Getty ImagesPending home sales, which are a measure of signed contracts to buy existing homes, fell an unexpected 2.3% in September compared with August, according to the National Association of Realtors.Analysts were predicting a slight monthly gain. Sales were 8% lower compared with September 2020.Pending… More