Daily Archives :

October 30, 2015

How to invest—yes, invest—your emergency fund

How to invest—yes, invest—your emergency fund

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Even if the Federal Reserve raises interest rates this month, it still stinks to be a saver. The average rate on a savings account is 0.1 percent and the average one-year certificate of deposit rate is just 0.28 percent, according to Bankrate.com. That’s less than the rate of inflation. In the 12 months through August, the core Consumer Price Index, which strips out volatile food and energy costs, increased 1.8…

Manhattan developer Zeckendorf confident $130M penthouse will sell

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The address 520 Park Ave. is still mostly a hole in the ground, but the sales office is now open for business and redefining the luxury price point in New York City. Luxury condominium prices already hit a record this year, according to several reports released Thursday on the Manhattan market. This as more units go up, but global financial markets fall. “Everything concerns me, but, very funny, we think…

mortgage applications drop 6.7% on interest rate swings

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What goes up must come down, especially when it comes to today’s highly rate-sensitive mortgage borrowers. Total mortgage application volume fell 6.7 percent on a seasonally adjusted basis for the week ending September 25 versus one week earlier, according to the Mortgage Bankers Association (MBA). This, after volume had jumped by double digits the previous week. Why the volatility? Because interest rates are swinging relatively widely day-to-day, due to volatility…

Wooing millennials to buy condos Really tiny condos

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As more millennials graduate into better paying jobs, marriage and parenthood, real estate developers are doing all they can to entice this renter-nation generation in home ownership. That means making urban homes more affordable, which means making them smaller. The tiny house movement may still be something of a novelty on home-remodeling TV shows, but in downtown Washington, D.C., as in other major cities, the tiny condo movement is moving…

Pending home sales fell 1.4% in August

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Rising home prices and a tight supply of homes for sale are keeping buyers at bay. A monthly index measuring signed contracts to buy existing homes, so-called pending home sales, fell 1.4 percent in August compared to July, according to the National Association of Realtors (NAR). Expectations had been for a slight increase. While sales are still 6.1 percent higher than one year ago, the annual gains are shrinking. “Pending…

Homes as ATMs It’s starting again

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As home values rise, homeowners are gaining more equity on paper — and they’re taking it out in paper. Cash-out refinances jumped 68 percent in the second quarter from a year ago, according to Black Knight Financial Services. This is the highest volume of this type of refinance in five years. “People realize that refinancing these funds is extremely inexpensive and that rates will eventually rise, so they’re capitalizing on…

Choosing to crowdfund the real estate market

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While high-technology and community ventures have dominated the headlines when it comes to crowdfunding, more challenging areas of investment, such as real estate, are also finding success, according to one industry executive. More people are being drawn into this increasingly crowded space, with platforms like Realty Mogul, Property Moose and Fundrise leading a sector which globally raised over $1 billion in real estate during 2014. By the end of this…

Bulls Guard Jimmy Butler Nails Chicago Townhouse for $4.3M

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Long after the heyday of Michael Jordan, Chicago Bulls superstars are still treated like royalty in the Windy City. Latest proof: Bulls’ elite guard Jimmy Butler, who just purchased this stylish townhouse in city’s hot River North area for $4.3 million. Butler has become an impact player with the Bulls ever since being drafted from Marquette University in 2011. Last year, he was selected for the NBA All-Star team and named the league’s most improved player….

Home Buyers Don’t Wait Forever for ‘The One’

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When you’re dating, you can spend years searching for the perfect relationship only to—possibly—wait too long and miss out on something great. Suddenly, over your sad microwave meal and bottle of cheap red, you’re looking back on your life choices, wondering what could have been if you hadn’t been so darned picky. Well, the same goes for house hunting. You can drive yourself crazy searching for your dream home. You’ve…

Smart Tips for Selling Your Home While Living in It With Kids

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Selling your house is a big, fat scary undertaking that comes with a fair amount of exhilaration when potential buyers line up to take a gander at your home. Before that happens, though, you have to prep your humble abode for sale—and that means keeping it in tiptop shape for showings. If you have young kids, you’re probably laughing or having an anxiety attack at this notion. After all, how…