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As home prices fall, Southern Californians who bought at the high are nervous

As home prices fall, Southern Californians who bought at the high are nervous

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Christine and Michael Hawkins in their recently purchased condo in Canoga Park. The Hawkins took out a mortgage at the peak of their budget and planned to refinance when rates fell. Now they fear that they will not be able to refinance. (Mel Melcon/Los Angeles Times) Soaring mortgage interest rates threatened to crush Michael and …

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As home prices fall, Southern Californians who bought at the high are nervous

As home prices fall, Southern Californians who bought at the high are nervous

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Soaring mortgage interest rates threatened to crush Michael and Christine Hawkins’ dream of home ownership. But this fall, when the couple saw a Canoga Park condo languishing on the market, they hatched a plan. They would submit a “low ball” offer that they could accept if they reduced their vacations, shopping and dining out. In …

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US labor market remains tight despite continued claims hitting 10-month high

US labor market remains tight despite continued claims hitting 10-month high

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Weekly jobless claims rise by 4,000 to 230,000 Continuing claims rise by 62,000 to 1.671 million WASHINGTON, Dec 8 (Reuters) – The number of Americans filing new claims for unemployment benefits increased moderately last week, indicating a still tight and strong labor market despite growing fears of a recession as the Reserve federal government is …

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Opinion: High debts and stagflation will bring the mother of all financial crises

Opinion: High debts and stagflation will bring the mother of all financial crises

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NEW YORK (Project Syndicate) – The global economy is heading for an unprecedented confluence of economic, financial and debt crises, following the explosion of deficits, borrowing and debt over the past few decades. In the private sector, the mountain of debt includes that of households (such as mortgages, credit cards, car loans, student loans, personal …

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401(k) Hardship Withdrawals Hit an All-Time High of 'Worrying', Says Vanguard

401(k) Hardship Withdrawals Hit an All-Time High of ‘Worrying’, Says Vanguard

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Amid stubbornly high inflation, a record proportion of Americans are turning their 401(K) accounts into emergency piggy banks, according to Vanguard. Dissecting data from a sample of about five million employer-sponsored 401(k) accounts that Vanguard manages, the researchers said that 0.5% made hardship withdrawals in October. It’s a “worrying” all-time high, said retirement savings and …

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Corporate profits hit record high in third quarter amid 40-year high inflation

Corporate profits hit record high in third quarter amid 40-year high inflation

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Corporate profits in the non-financial sector hit a record high of $2.08 trillion in the third quarter, even as inflation, at a 40-year high, continues to weigh on US consumers. Inventory and capital consumption-adjusted profits rose $6.1 billion between the fiscal second and third quarters, the Commerce Department reported Wednesday, continuing a meteoric recovery from …

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New England's high heating costs exacerbated by the feds

New England’s high heating costs exacerbated by the feds

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Power the Future executive director Daniel Turner joined ‘Kennedy’ to discuss reports that fuel oil inventories in the North East and New England have fallen to a third of normal levels. Home heating bills are skyrocketing across the country amid already high energy costs, and the North East is expected to be hit hardest this …

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Today's mortgage and refinance rates: November 27, 2022 | High rates hurt housing supply

Today’s mortgage and refinance rates: November 27, 2022 | High rates hurt housing supply

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Insider’s experts choose the best products and services to help you make informed decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page. Mortgage rates have fallen from recent highs, but the average 30-year fixed …

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