Homebuyers with good credit scores will soon be facing higher mortgage fees as the Biden administration seeks to close the racial homeownership gap and get more first-time and low-income buyers through the door. Starting in May, a new federal rule will upend the current structure of the Loan-Level Price Adjustment (LLPA) matrix. Homebuyers with a […]
Tag: inflation
House Speaker Mccarthy wants to change food stamp access
House Speaker Kevin McCarthy, R-Calif., is pitching changes to the federal food stamp program that would increase the number of people who have to show they’re working to be eligible to receive help with their groceries. The proposal is a part of a larger legislative framework to raise the nation’s debt limit for one year, […]
1 in 5 Use Buy Now, Pay Later to Afford Groceries
Faith Smith was already stretching her $500 monthly grocery budget as far as it could go. Then her phone lit up with an imperfect solution. She got a notification that Target Corp. would allow her to use “buy now, pay later” apps, which let consumers pay for goods in chunks over the course of several […]
U.S. job market is cooling
The U.S. job market is showing signs of softening as rising interest rates and slowing economic growth begin to take their toll on hiring. Employers added 236,000 jobs in March, according to a report from the Labor Department Friday. That’s down from 326,000 jobs that were added the month before. The unemployment rate dipped to […]
Eviction Crisis now worse than during pandemic
Following two years of temporary bans and rental assistance programs prompted by the COVID-19 pandemic, evictions skyrocketed across the United States in 2022. Court filings rose by double- or triple-digit percentages in 32 metro areas tracked by Eviction Lab, a research group at Princeton University. Overall, 14 cities saw more filings than would have been […]
US economy is unwell, April could be a horror
After months of a remarkably strong US labor market and economy, everything seems to be slowing down. The latest high-frequency data shows that the consumer could be running out of steam, hiring activity is moderating, business activity is softening, interest-rate sensitive sectors are pulling back and housing is suffering. The question is whether Friday’s monthly […]
$5 gas possible as Opec cuts production
A group of OPEC+ member countries on Sunday announced voluntary oil production cuts that will run from May through the end of this year. The surprise move entails cuts of about 1.15 million barrels per day (BPD) and was led by Saudi Arabia, Iraq, United Arab Emirates and Kuwait. Saudi Arabia’s Ministry of Energy said […]
Global banking crisis: Not out of the woods yet
After a major, systemically significant bank crumbled over the weekend, the banking crisis left financial institutions and regulators scrambling Monday to prevent its spread. Credit Suisse, hobbled for decades by mismanagement, scandal and bad bets, finally succumbed to the emerging global banking crisis. Its stunning and rapid takeover by rival UBS, orchestrated by Swiss authorities […]
Why are new and used car prices still so high?
It has been nearly three years since auto plants around the world started to shut down because of the pandemic. Yet between the pandemic, an acute shortage of semiconductors and other supply chain snarls, vehicle production has never really returned to normal. And prices? Hoo boy. Both new and used prices have stopped skyrocketing. In […]
Inflation is crushing some Pet Owners
s head of PAWS Atlanta, Joe Labriola can get a good sense of the region’s economic well-being from the day-to-day activity of the city’s oldest no-kill animal shelter. Through the course of the past year, it’s become increasingly clear to him that people in the area are struggling under the weight of inflation and economic […]
50% of U.S. say they’re worse off than last year
Following a year marked by record inflation, rising interest rates and a volatile stock market, many Americans found themselves in a worse financial situation at the start of 2023. In fact, 50% of Americans said they are worse off than they were a year ago, according to a Gallup poll conducted in January, only the […]
Gas prices lower now but brace yourself for summer
Despite rising slightly by midweek, gas prices remained cheaper than last week, but a switch to more expensive summer-blend gasoline could change that, according to the latest report from AAA. The national average cost for a gallon of gas dropped to $3.37, two cents less than last week but a penny more than the cost […]