Housing Crisis – The News Desk

It’s been a brutal year for homebuyers. Here’s what experts predict for 2024, from mortgage rates to prices.

2Dec

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Money

It’s been a brutal year for homebuyers. Here’s what experts predict for 2024, from mortgage rates to prices.

New real estate data shows sellers incurring more losses, sales down New real estate data shows sellers incurring more losses, sales down 02:14 Homebuyers faced a tough real estate market this year, with home prices continuing their upward march and mortgage rates reaching their highest levels in more than 20 years. Making matters worse, homes for sale were in short supply, putting more upward pressure on prices. The question is whether 2024 will deliver more of the same, or if homebuy...

Want to rent a single-family home? Here’s where it’s most affordable.

17Nov

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Money

Want to rent a single-family home? Here’s where it’s most affordable.

With the cost of buying a home financially out of reach for most Americans, a growing number of people are choosing to rent a single-family home. Nearly 2.5 million U.S. households have rented a single-family home in the past 12 months alone, according to an October estimate from the National Rental Home Council."It is generally less expensive to rent a home than to buy one, so for most Americans the path to homeownership starts with renting while saving for a down payment," Yanling Mayer, an economist with real estate research firm CoreLogic, said in a report this week. "However, homeownership is becoming more elusive than ever for many people, as surging rents over the last few years have put an increasing financial burden on budgets." The lowest-cost...

What $1.8 billion jury ruling could mean for real estate industry

2Nov

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Money

What $1.8 billion jury ruling could mean for real estate industry

What $1.8 billion jury ruling could mean for real estate industry - CBS News Watch CBS News Earlier this week, a federal jury awarded $1.8 billion in damages against the National Association of Realtors and several real estate companies for finding that they artificially inflated brokerage commissions. Carter Evans takes a look at what the staggering payout could mean for the real estate industry. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On

More young adults are living at home across the U.S. Here’s why.

22Sep

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Money

More young adults are living at home across the U.S. Here’s why.

Younger adults in the U.S. are increasingly saying goodbye to their landlords and hello again to mom and dad. According to a new survey from Harris Poll for Bloomberg, roughly 45% of people ages 18 to 29 are living at home with their families — the highest figure since the 1940s. More than 60% of Gen-Zers and millennials reported moving back home in the past two years, according to the poll, often because of financial challenges. Moving back with their parents is a choice many are making these days as they grapple with high housing costs, heavy student debt, inflation and the kind of broader economic precariousness that has increasingly weighed on younger people in recent years. The top reason for returning home, at more than 40%, is to save money, Har...

Mortgage rates continue to climb — and could reach 8% soon

20Aug

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Money

Mortgage rates continue to climb — and could reach 8% soon

US mortgage rates surged to highest level in 21 years US mortgage rates surged to highest level in 21 years 02:27 Even though mortgage rates have already reached their highest point in 20-plus years, there's a chance they could climb even higher — even as high as 8%. It all depends on how the Federal Reserve decides to tackle stubborn inflation in the next few months, economists told CBS MoneyWatch.Fed officials said they believe high inflation is still enough of a threat to the U.S. econom...

Renting a home may be more financially prudent than buying one, experts say

14Jul

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Money

Renting a home may be more financially prudent than buying one, experts say

San Jose, California — Matthew Richmond makes a good living running a successful pest control company in Northern California's Silicon Valley."I'm living the American dream," the 32-year-old told CBS News. Richmond can afford to pursue his passion for adventure. If he wants to buy a motorcycle or dirt bike, "I can go write the check and buy it," he said. However, what he has not purchased is a home, even though he says he could afford one. "Somehow, we've been led to believe that you have to own a home in order to be living the American dream," said Ramit Sethi, host of the Netflix series "How to Get Rich." "And that's just not true. For a lot of people, renting can actually be a better financial decision." A study released last month fr...