By Louis Hansen | [email protected] | Bay Area News Group PUBLISHED: January 2, 2019 at 6:30 am | UPDATED: January 2, 2019 at 1:51 pm The old real estate adage “location, location, location” could be replaced in California by “compromise, compromise, compromise.” Bay Area home buyers are saving longer, paying more, getting less and commuting farther than they wanted because of the region’s crippling housing shortage, according to a new survey by the California Association of Realtors. The survey highlights the extreme efforts Bay Area residents make to buy into a market where the median home sells for four times the national average. The typical Bay Area buyer spends 10 weeks searching for a home, about 25 percent longer than home buyers in other parts of the state. A home buyer trying to afford a 20 percent down payment on a $1 million property — just under the median price for a home in Santa Clara, San Mateo and … [Read more...] about Just how long does it take to buy a home in the Bay Area?
How long home equity loan
With the Federal Reserve's latest quarter-point interest rate increase (and still more likely to come), the pressure is mounting for consumers. The Fed's eighth hike in two years pushes the federal funds rate target to a new range of 2 to 2.25 percent. That rate is closely tied to consumer debt, particularly credit cards, home equity lines of credit and other adjustable-rate loans. "The cumulative effect is growing and it's going to place greater strain on households with variable-rate debt and tight budgets," said Greg McBride, chief financial analyst at Bankrate.com. For the average American, recent signs of rising inflation, which pushed the central bank into hiking rates beginning in 2015, aren't necessarily bad. They're generally considered an indication that the economy is doing well, and pave the way for pay raises and a better return on your savings. Final Trades: INTC, EWW & more from CNBC. On the upside, stashing some cash in a savings account is … [Read more...] about Here’s How the Fed Rate Hike Will Impact You
World International Affairs Turkey’s economic woes didn’t begin with a tweet from President Donald Trump, but they certainly didn't improve after the Republican leader lashed out against its erstwhile ally via social media earlier this month. The Turkish lira had been steadily losing value over the past year, but it crashed precipitously after Trump sanctioned the country’s justice and interior ministers and announced plans to impose tariffs on Turkish steel and aluminum. As previously solid geopolitical alliances began to wobble, investors were frightened. Today, inflation is hovering at around 16 percent, and consumers are seeing the value of their money decrease and the cost of food rise. Meanwhile, Turkey’s President Recep Tayyip Erdogan maintains an unyielding opposition to raising interest rates. In May, as investors began worrying about high inflation and a crashing lira, Erdogan called low-interest rates the “mother and father of … [Read more...] about Turkey Currency Crisis 2018: How Long Can Erdogan Maintain Grip on Power Amid Economic Meltdown?
The Federal Reserve did not raise interest rates Wednesday, but it did set the stage for a September hike. That gives consumers time to firm up their finances. Fed officials, including Chairman Jerome Powell, have already raised interest rates twice this year and pointed to two more increases before the end of 2018. Yet just last month, President Donald Trump criticized the Fed, saying rate increases are hurting the economy. Despite the long-standing convention that monetary tightening is necessary to temper inflation, Trump favors holding rates down in the face of economic growth. For the average American, rising inflation, which pushed the central bank into hiking rates back in 2015, isn't necessarily bad. It's generally considered an indication that the economy is doing well, and paves the way for raises and a better return on your savings. However, in daily life, higher interest rates mean that you'll have to pay more to access credit. "The cost of … [Read more...] about The Fed Didn’t Raise Rates This Time, But Will Again. Here’s How to Prepare for the Next Hike
The Detroit News Published 4:03 p.m. UTC Jul 10, 2018 The percentage of African-Americans who own their own homes dropped in Michigan more than any other state, down to 40 percent from just over half in 2000, according to a report. Much of that decline was seen in Detroit, which until the early 2000s had some of the highest levels of black home ownership in the country, said Mark Treskon, a research associate with the Urban Institute. The Washington D.C.-based think tank issued the report Tuesday. "The city and the region was a destination for people to build wealth and equity," Treskon said. "The loss of that equity has really harmed the ability of region's residents to build wealth for themselves and their families to set themselves up for the future." In comparison, home ownership rates for whites state-wide dropped from 79 percent in 2000 to 76 percent in 2016. The burgeoning auto industry made Detroit a destination for job-seeking blacks nearly … [Read more...] about Black home ownership plunges in Michigan