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Mortgage rate trends this week

Thirty-year fixed mortgage rates rates decreased, down from an average of 6.95% last week, to 6.89%. "Following June’s jobs report, which showed a cooling labor market, the 10-year Treasury yield decreased this week and mortgage rates followed suit,” says Sam Khater, chief economist at housing giant Freddie Mac. “We’re also seeing more inventory on the market, including a fair number of listings with price cuts, which is an encouraging sign for prospective buyers.”

By Leslie Kennedy | 07.11.24

Thirty-year fixed mortgage rates rates decreased, down from an average of 6.95% last week, to 6.89%. "Following June’s jobs report, which showed a cooling labor market, the 10-year Treasury yield decreased this week and mortgage rates followed suit,” says Sam Khater, chief economist at housing giant Freddie Mac. “We’re also seeing more inventory on the market, including a fair number of listings with price cuts, which is an encouraging sign for prospective buyers.”

By Leslie Kennedy | 07.11.24

Miami seniors struggling with affordable housing

Affordable housing is a lifeline for many U.S. seniors struggling to get by on fixed retirement incomes. But that lifeline is not indefinite. It can be hoisted up or dropped down, as one senior living community in South Florida recently found out the hard way. When Tucker Tower opened in Palmetto Bay in March 2024, local seniors and community leaders were thrilled. The 120-unit building is designed specifically to give older Floridians access to affordable housing. But within a few short months, residents had already been alerted to a rent increase on July 1, in some cases by as much as $138 a month. Tucker Tower resident Georgina Milhet told CBS News she couldn’t sleep after the rent hike notice mid-way through her lease, adding: “I'm on the verge of crying… what was done is not fair.” But the Housing Trust Group, which owns and operates the affordable housing community, said the notice was delivered by the book and according to federal regulation. Here’s what happened.

By Bethan Moorcraft | 07.11.24

Affordable housing is a lifeline for many U.S. seniors struggling to get by on fixed retirement incomes. But that lifeline is not indefinite. It can be hoisted up or dropped down, as one senior living community in South Florida recently found out the hard way. When Tucker Tower opened in Palmetto Bay in March 2024, local seniors and community leaders were thrilled. The 120-unit building is designed specifically to give older Floridians access to affordable housing. But within a few short months, residents had already been alerted to a rent increase on July 1, in some cases by as much as $138 a month. Tucker Tower resident Georgina Milhet told CBS News she couldn’t sleep after the rent hike notice mid-way through her lease, adding: “I'm on the verge of crying… what was done is not fair.” But the Housing Trust Group, which owns and operates the affordable housing community, said the notice was delivered by the book and according to federal regulation. Here’s what happened.

By Bethan Moorcraft | 07.11.24

Ex-John Deere worker warns of mass layoffs impact

Founded by John Deere in 1837, Deere & Co (DE) has grown into a leading manufacturer of agricultural, construction, and forestry machinery, known for its iconic green and yellow equipment. But it’s not always sunshine and rainbows, as the company announced it will be laying off nearly 600 employees across three U.S. factories in Illinois and Iowa. The workers will be out of a job by the end August. Retired Deere employee Chris Laursen is concerned about the direction his former employer is taking. “There's going to be a significant impact to the small towns here around Iowa that have manufacturing facilities for John Deere here,” he told Fox Business. “Already this year they’ve laid off almost 1,000 workers. More cuts are expected at the end of July, and you know, it's going to be devastating for a lot of these small communities.”

By Jing Pan | 07.10.24

Founded by John Deere in 1837, Deere & Co (DE) has grown into a leading manufacturer of agricultural, construction, and forestry machinery, known for its iconic green and yellow equipment. But it’s not always sunshine and rainbows, as the company announced it will be laying off nearly 600 employees across three U.S. factories in Illinois and Iowa. The workers will be out of a job by the end August. Retired Deere employee Chris Laursen is concerned about the direction his former employer is taking. “There's going to be a significant impact to the small towns here around Iowa that have manufacturing facilities for John Deere here,” he told Fox Business. “Already this year they’ve laid off almost 1,000 workers. More cuts are expected at the end of July, and you know, it's going to be devastating for a lot of these small communities.”

By Jing Pan | 07.10.24

‘Inflation will fall like a rock’: Fundstrat's Lee

Inflation has been a pressing issue in America, but according to Tom Lee, the surge in price levels could soon be a thing of the past. In a recent CNBC interview, the market expert and head of research at Fundstrat Global Advisors, remarked, “I think the war on inflation has been meaningfully better in terms of progress.” According to the latest data from the Bureau of Labor Statistics, the U.S. consumer price index was unchanged in May, following a 0.3% increase in April. Year-over-year, the CPI rose by 3.3%, down from its peak 12-month increase of 9.1% observed in June 2022. Lee anticipates additional progress in combating inflation. “I know there’s a lot of dispute, but I think the last two inflation reports and the fact that 55% of inflation components are back to pre-pandemic levels means inflation is really going to fall like a rock,” he said. Lee is not alone in his optimistic outlook on U.S. price levels. In a June op-ed for The New York Times, Nobel laureate Paul Krugman wrote, "We may or may not have brought inflation all the way back to the traditional (but arbitrary) target, but inflation really doesn’t look as if it should be a major preoccupation at this point." However, he did add that he's "beginning to get a bit worried about an economic slowdown." The recent progress on the inflation front bolsters Lee’s confidence in stocks.

By Jing Pan | 07.10.24

Inflation has been a pressing issue in America, but according to Tom Lee, the surge in price levels could soon be a thing of the past. In a recent CNBC interview, the market expert and head of research at Fundstrat Global Advisors, remarked, “I think the war on inflation has been meaningfully better in terms of progress.” According to the latest data from the Bureau of Labor Statistics, the U.S. consumer price index was unchanged in May, following a 0.3% increase in April. Year-over-year, the CPI rose by 3.3%, down from its peak 12-month increase of 9.1% observed in June 2022. Lee anticipates additional progress in combating inflation. “I know there’s a lot of dispute, but I think the last two inflation reports and the fact that 55% of inflation components are back to pre-pandemic levels means inflation is really going to fall like a rock,” he said. Lee is not alone in his optimistic outlook on U.S. price levels. In a June op-ed for The New York Times, Nobel laureate Paul Krugman wrote, "We may or may not have brought inflation all the way back to the traditional (but arbitrary) target, but inflation really doesn’t look as if it should be a major preoccupation at this point." However, he did add that he's "beginning to get a bit worried about an economic slowdown." The recent progress on the inflation front bolsters Lee’s confidence in stocks.

By Jing Pan | 07.10.24

O'Leary on why Wall Street coming around on Trump

Ark Invest CEO Cathie Wood isn’t known for her politics, but during a recent interview with finance YouTuber Kevin Paffrath, the super investor offered insights into her perspective on the upcoming U.S. presidential election. In a now-deleted clip that was posted on Paffrath’s X page, Wood recounted a discussion she had about the candidates with her three children. (The full interview is now available on Paffrath’s YouTube page.) “As I’ve said to them, ‘Look, I am going to vote for the person who's going to do the best job for our economy,’” Wood told Paffrath. “I am a voter when it comes to economics, and on that basis, [Donald] Trump.” She further explained that American economist Art Laffer “describes the first three years of the Trump presidency as the best in U.S. economic history, not the last one because of COVID, and I would agree.” In a follow-up video posted to YouTube, Paffrath explained Wood feared her words were being misinterpreted and asked him to remove the interview clip. He obliged. “She asked me to mention that her beliefs are more nuanced,” he also noted on X. “I believe this means there’s more to a vote than economics.” Media outlets that reached out to Ark Invest and Wood for comment did not immediately receive a response. Nonetheless, the clip caught the attention of many in the finance world, including “Shark Tank” investor Kevin O’Leary. During an interview on Fox Business, when asked about Wood’s perspective on Trump, O’Leary highlighted a change in Wall Street’s sentiment. “Only 12 months ago, you would have never had Wall Street executives endorsing Trump,” he said. “They have now understood what his policies are going to look like versus what they have already, and they're starting to make decisions exactly on that.”

By Jing Pan | 07.10.24

Ark Invest CEO Cathie Wood isn’t known for her politics, but during a recent interview with finance YouTuber Kevin Paffrath, the super investor offered insights into her perspective on the upcoming U.S. presidential election. In a now-deleted clip that was posted on Paffrath’s X page, Wood recounted a discussion she had about the candidates with her three children. (The full interview is now available on Paffrath’s YouTube page.) “As I’ve said to them, ‘Look, I am going to vote for the person who's going to do the best job for our economy,’” Wood told Paffrath. “I am a voter when it comes to economics, and on that basis, [Donald] Trump.” She further explained that American economist Art Laffer “describes the first three years of the Trump presidency as the best in U.S. economic history, not the last one because of COVID, and I would agree.” In a follow-up video posted to YouTube, Paffrath explained Wood feared her words were being misinterpreted and asked him to remove the interview clip. He obliged. “She asked me to mention that her beliefs are more nuanced,” he also noted on X. “I believe this means there’s more to a vote than economics.” Media outlets that reached out to Ark Invest and Wood for comment did not immediately receive a response. Nonetheless, the clip caught the attention of many in the finance world, including “Shark Tank” investor Kevin O’Leary. During an interview on Fox Business, when asked about Wood’s perspective on Trump, O’Leary highlighted a change in Wall Street’s sentiment. “Only 12 months ago, you would have never had Wall Street executives endorsing Trump,” he said. “They have now understood what his policies are going to look like versus what they have already, and they're starting to make decisions exactly on that.”

By Jing Pan | 07.10.24

Why an SF home worth $1.8M was listed for $488K

In San Francisco’s upscale Russian Hill neighborhood, there’s a gorgeous Edwardian-style home painted in periwinkle blue, selling for a surprising $488,800 — even though it’s worth $1.8 million. If it seems too good to be true, it is. The new owners can’t move in for nearly 30 years. The listing clearly states the home is already occupied by tenants whose lease appears to grant them "possible occupancy rights until 2053" and "strong long-term rent rate amount restrictions.” The tenants claim to be paying $416.67 a month in rent, in addition to utilities. The property will be sold as-is, tenants and all — meaning the new owners will become their landlords.

By Serah Louis | 07.09.24

In San Francisco’s upscale Russian Hill neighborhood, there’s a gorgeous Edwardian-style home painted in periwinkle blue, selling for a surprising $488,800 — even though it’s worth $1.8 million. If it seems too good to be true, it is. The new owners can’t move in for nearly 30 years. The listing clearly states the home is already occupied by tenants whose lease appears to grant them "possible occupancy rights until 2053" and "strong long-term rent rate amount restrictions.” The tenants claim to be paying $416.67 a month in rent, in addition to utilities. The property will be sold as-is, tenants and all — meaning the new owners will become their landlords.

By Serah Louis | 07.09.24

Woman denied $127K blackjack win at MGM Grand

When seasoned gambler Denise Ezell, 65, won a $127,000 jackpot playing progressive blackjack at Detroit's MGM Grand last October, she was ecstatic. “It was exuberating,” she told Detroit Free Press, adding that everyone around her, including the dealer, was celebrating. “We were high-fiving… No one had ever seen anyone win that jackpot.” But her joy was short-lived. After checking her ID, staff at the MGM Grand informed Ezell she would not receive a dime of her six-figure pot. They then accused her of trespassing and claimed she had been banned from the casino since an alleged panhandling incident in 2015. Ezell claims she knew nothing about the ban and has gambled regularly (and with no issues) at MGM for the past eight years. She has accused the casino giant of coming up with a “bull—-” excuse to not pay out her winnings after years of accepting her “hard-earned money” at the tables. She filed a civil suit against MGM in a U.S. District Court in late June and told the local press: “I just want my damn money.” Here’s what happened.

By Bethan Moorcraft | 07.09.24

When seasoned gambler Denise Ezell, 65, won a $127,000 jackpot playing progressive blackjack at Detroit's MGM Grand last October, she was ecstatic. “It was exuberating,” she told Detroit Free Press, adding that everyone around her, including the dealer, was celebrating. “We were high-fiving… No one had ever seen anyone win that jackpot.” But her joy was short-lived. After checking her ID, staff at the MGM Grand informed Ezell she would not receive a dime of her six-figure pot. They then accused her of trespassing and claimed she had been banned from the casino since an alleged panhandling incident in 2015. Ezell claims she knew nothing about the ban and has gambled regularly (and with no issues) at MGM for the past eight years. She has accused the casino giant of coming up with a “bull—-” excuse to not pay out her winnings after years of accepting her “hard-earned money” at the tables. She filed a civil suit against MGM in a U.S. District Court in late June and told the local press: “I just want my damn money.” Here’s what happened.

By Bethan Moorcraft | 07.09.24

Hawaii man scammed out of $275K by car dealership

Would you transfer $275,000 to a car dealership without ever seeing the vehicle or meeting with the dealer in person? Those are exactly the mistakes Alan Sue made when he bought a Mercedes G-Wagon online, sight unseen. The 78-year-old Hawaii resident had wired $275,000 to Dream Auto Collection in Hollywood, Florida — yet, he never received the car. Or any car, for that matter. When asked by a Local 10 News reporter why he sent money to a complete stranger in another state, Sue responded: “I was stupid and foolish.” If you’re shopping around for a car, here’s how to make sure you don’t get taken for a ride.

By Sabina Wex | 07.09.24

Would you transfer $275,000 to a car dealership without ever seeing the vehicle or meeting with the dealer in person? Those are exactly the mistakes Alan Sue made when he bought a Mercedes G-Wagon online, sight unseen. The 78-year-old Hawaii resident had wired $275,000 to Dream Auto Collection in Hollywood, Florida — yet, he never received the car. Or any car, for that matter. When asked by a Local 10 News reporter why he sent money to a complete stranger in another state, Sue responded: “I was stupid and foolish.” If you’re shopping around for a car, here’s how to make sure you don’t get taken for a ride.

By Sabina Wex | 07.09.24

Single mom in NC gets Airbnb squatters evicted

A single mom in Durham, N.C. is finally getting her home back after squatters took it over. Two people booked Farzana Rahman's two-bed, two-bath property via Airbnb for seven months. They then refused to leave when their stay was up in May 2024, claiming they're "legal residents" of the home. Rahman ended up taking them to court to get her property back. But after they didn't show up to the hearing, the judge sided with Rahman and issued an eviction order. The Durham Sheriff's County Office served it to the guests on July 3, 2024. Rahman changed the locks and hopes this ordeal is over, according to an update from ABC 11/WTVD. “This is my place. I’m counting on this income. My son is in college [and] I’m a single parent,” Rahman told ABC11/WTVD before the hearing. She added that the eviction process was “wasting my time, it’s wasting my energy [and] it’s stressing me out.” "No one should have to go through this. You would expect that people would understand rules and follow them, but it's just not the case in this instance," Rahman's assistant Jane Miller told the television station. Miller was reportedly at the property when deputies arrived to serve the eviction notice. Here’s what happened — and how you can reap the benefits of rental income without all the stress of being a landlord.

By Sabina Wex | 07.08.24

A single mom in Durham, N.C. is finally getting her home back after squatters took it over. Two people booked Farzana Rahman's two-bed, two-bath property via Airbnb for seven months. They then refused to leave when their stay was up in May 2024, claiming they're "legal residents" of the home. Rahman ended up taking them to court to get her property back. But after they didn't show up to the hearing, the judge sided with Rahman and issued an eviction order. The Durham Sheriff's County Office served it to the guests on July 3, 2024. Rahman changed the locks and hopes this ordeal is over, according to an update from ABC 11/WTVD. “This is my place. I’m counting on this income. My son is in college [and] I’m a single parent,” Rahman told ABC11/WTVD before the hearing. She added that the eviction process was “wasting my time, it’s wasting my energy [and] it’s stressing me out.” "No one should have to go through this. You would expect that people would understand rules and follow them, but it's just not the case in this instance," Rahman's assistant Jane Miller told the television station. Miller was reportedly at the property when deputies arrived to serve the eviction notice. Here’s what happened — and how you can reap the benefits of rental income without all the stress of being a landlord.

By Sabina Wex | 07.08.24

Spitznagel says the US credit bubble is set to pop

One of Wall Street’s most bearish skeptics told Business Insider last month that he thinks the “worst market crash since 1929” is coming. Mark Spitznagel, chief investment officer of Universa Investments, is known for being a “permabear” when it comes to the stock market outlook. Spitznagel told Bloomberg in an earlier interview that we’re witnessing the “greatest credit bubble in human history.” “Credit bubbles end. They pop. There's no way to stop them from popping,” he said, adding that the Fed has brought the economy to a place “where there’s no turning back.” Spitznagel’s main advice to everyday investors is not to chase the market, but rather to build a portfolio that can withstand the impact if the market crashes. If you share Spitznagel’s incredibly bearish view on the state of the U.S. economy, here’s how you can prepare your portfolio.

By Moneywise | 07.03.24

One of Wall Street’s most bearish skeptics told Business Insider last month that he thinks the “worst market crash since 1929” is coming. Mark Spitznagel, chief investment officer of Universa Investments, is known for being a “permabear” when it comes to the stock market outlook. Spitznagel told Bloomberg in an earlier interview that we’re witnessing the “greatest credit bubble in human history.” “Credit bubbles end. They pop. There's no way to stop them from popping,” he said, adding that the Fed has brought the economy to a place “where there’s no turning back.” Spitznagel’s main advice to everyday investors is not to chase the market, but rather to build a portfolio that can withstand the impact if the market crashes. If you share Spitznagel’s incredibly bearish view on the state of the U.S. economy, here’s how you can prepare your portfolio.

By Moneywise | 07.03.24