The all-cash deal is back in vogue for homebuyers, a shift that favors the wealthy. Luxury housing markets in New York and Florida are boasting near record-high shares of transactions paid in cash, according to first quarter data from real estate appraisal and consulting firm Miller Samuel Inc. That represents a sharp reversal from more
Jerome Powell offered a strong defense Wednesday of central bank independence when asked if the November election would affect the Federal Reserve’s decisions about interest rates. “I can’t say it enough: We just don’t go down that road,” he told reporters Wednesday afternoon when asked if the bar was higher for making rate changes close
The president of the United States would probably have a hard time firing a Federal Reserve chair over interest rates. But nobody is totally sure what would happen if he tried. As a legal matter, it has been debated for decades but never tested. And it’s a question that would become more than academic if
President Joe Biden is doubling down on his student loan forgiveness promise with a new plan that would bring relief to over 30 million Americans. The proposal announced last week would fully wipe accrued interest for 23 million student loan borrowers, eliminating college debt for 4 million Americans. Overall, 10 million borrowers would see debt
Fed Chair Jerome Powell is facing intensifying pressure as hotter-than-expected inflation complicates his coming interest rate decisions. The fact that both Joe Biden and Donald Trump weighed in this past week isn’t making it any easier. The situation has a historical parallel: the acute persuasion and coercion that Powell’s predecessors faced during twin bouts of
Starting this month, your local Target run could reap even more rewards and savings. The popular discount retailer will now offer three new membership options for shoppers under its Target Circle loyalty program: a free membership, a retail card option, and a new paid membership, which includes same-day delivery and more perks. The revamp of
President Biden wants to raise taxes on Elon Musk, Jeff Bezos, and their cohort of Americans, who are amassing extraordinary wealth that is not taxable under current law. Biden says his plan would make the system more fair — but experts say it lacks practicality. The president wants to impose a minimum 25% tax on
The Biden administration is expanding its crackdown on junk fees, this time setting its sights on the mortgage industry. The Consumer Financial Protection Bureau (CFPB) cites particular concern about the rising costs of home purchase loans, which surged nearly 22% from 2021 to 2022. In other words, closing costs rose nearly $1,000 to an average
It’s never been harder for a first-time buyer looking for a home. Photo: Getty (Nuttawan Jayawan via Getty Images) With the average UK property price sitting at £284,691 in December 2023, mortgage rates increasing from their historic lows and rents up by over 6% annually across the country, it’s never been harder to be a
Money is tight, food prices are soaring, and that’s turning more and more Americans to buy now, pay later options to stay afloat. Last year, some 15 million consumers — or 6.5% of the US population — reported using BNPL installment loans to pay for groceries or manage their weekly food expenses, according to research