Home prices are barely lower than where they were last year with the median US home-sale price just $4,000 lower than the June 2022 peak according to Redfin data. That represents a 0.9 percent decrease year-over-year and the smallest decline in four months. A typical home in the United States is selling for $383,000.
The main culprit is high mortgage rates, which are more than double their historic lows at the end of 2021. Through the month of June the weekly average for a 30-year fixed-rate mortgage hovered around 6.7 percent according to Freddie Mac data. This has created a situation where millions of homeowners who locked in rates around 3 percent, and many more under 5 percent, feel trapped by those low rates and the high price of switching to a new home.
Thus they are not selling, and sufficient new completions have yet to come onto the market which is creating a dearth of supply while demand remains, albeit less than what would be expected, that there are more buyers than sellers. Those that are able to close a deal are paying list price on average helping to sustain the higher values.
JOE RAEDLE / AFP
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The 2023 tax season ended on April 18- the deadline for taxpayers to file their returns as well as pay what they owe to the Internal Revenue Service. However, some people who have filed the paperwork have still not received refunds from the IRS .
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If you need to be hospitalized and have paid the right premiums , you could make use of Medicare Part A, the portion of the Medicare program that covers hospital insurance . It primarily involves inpatient hospital care , skilled nursing facility care, hospice care, and some home health care services .
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Elon Musk’s move to temporarily cap how many posts Twitter users can read on the social media site could undermine efforts by new CEO Linda Yaccarino to attract advertisers , marketing industry professionals said.
Users posted screenshots in reply, showing they were unable to see any tweets , including tweets on the pages of corporate advertisers, after hitting the limit.
Gen Z workers are the most disgruntled
Gen Z workers aren’t happy on the job, and that’s a problem for employers .
Per Yahoo Finance, of the four working generations, those born starting in the late 1990s are more likely to say their work is frustrating and overwhelming , according to one survey. Another found that Zoomers are more likely to say they have little energy for non-work activities at the end of the day.
The obvious result? The youngest generation is more likely to report looking for a new job or have quit recently , a third survey found.
That’s a problem for employers, which lose a lot of money for each departing worker . But experts say managers can retain these young workers by better understanding their needs and implementing strategies to meet them .
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Hello and welcome to AS USA’s live blog covering financial news
The Supreme Court ruled 6-3 that President Biden didn’t have the authority to issue his broad student loan debt forgiveness executive order. Now millions of student loan borrowers who had hoped to benefit from the debt relief will need to reassess how to deal with what they owe .
The moratorium on student loan repayments and interest, in place for more than three years, cannot be extended under law . Experts worry that once repayments start in the fall it could take a toll on the economy , others are concerned that many borrowers could drown under debt .
But for now, American consumers feel the most confident about the economy since January 2022 as the US economy continues to chug along. The latest data showed initial unemployment claims dropping by the most in 20 months and the new PCE inflation report showed price increases slowing more than expected . Despite that good news, and because of it, the chances of the Federal Reserve resuming interest rate hikes in July jumped.