13 Major Suburbs Where Poverty Is Soaring

August 21, 2016

AP By Mandi Woodruff and Gus Lubin Don’t let the white picket fences fool you. Suburban poverty has grown faster than anywhere else in the country over the last decade, at a rate of 64% since 2000, according to “Confronting Suburban Poverty in America,” a new book by the Brookings Institute. For the first time ever, the number of poor people in America’s largest suburbs outnumbers those in cities. It’s…


U.S. Home Prices Up Most Since 2006

August 15, 2016

Gene J. Puskar/APBy CHRISTOPHER S. RUGABER WASHINGTON — U.S. home prices jumped 10.9 percent in March compared with a year ago, the most since April 2006. A growing number of buyers are bidding on a tight supply of homes, driving prices higher and helping the housing market recover. The Standard & Poor’s/Case-Shiller home price index released Tuesday also showed that all 20 cities measured by the report posted year-over-year gains…


Existing Home Sales Edge Down as Prices Rise

August 9, 2016

Daniel Acker/BloombergBy Margaret Chadbourn WASHINGTON — U.S. home resales edged downward in March, pointing to some slowdown in the housing market recovery pace as overall economic activity cools. The National Association of Realtors said Monday existing home sales slipped 0.6 percent last month to a seasonally adjusted annual rate of 4.92 million units. Economists polled by Reuters had expected home resales to rise to a 5.01 million-unit rate. “The disappointing…


Sales of Bank-Owned Homes Plunge to 5-Year Low in 1Q

August 6, 2016

Justin Sullivan/Getty ImagesBy ALEX VEIGA LOS ANGELES — Sales of bank-owned homes have plunged to a 5-year low, the latest evidence that the nation’s foreclosure woes are easing as the U.S. housing market recovery gains momentum. For the January-March quarter, sales of bank-owned homes fell 16 percent from the previous three months and were down 23 percent versus the first quarter of 2012, foreclosure tracker RealtyTrac Inc. said Thursday. The…


Where Millionaires Live in America

August 3, 2016

Larry1732, Flickr.comYou’ll find millionaires living in all corners of the nation, though not always concentrated in the big cities you might expect. Los Alamos, NM has the highest concentration of millionaires. By Stacy Rapacon If you want to get a glimpse of the rich life (without having to resort to reality television), you may not have to look as far as you think. Millionaires are everywhere, and their ranks are…


U.S. Home Prices See Biggest Jump in 7 Years

July 31, 2016

Wilfredo Lee/APBy CHRISTOPHER S. RUGABER WASHINGTON — U.S. home prices jumped 12.2 percent in May from a year ago, the most in seven years. The increase suggests the housing recovery is strengthening. Real estate data provider CoreLogic said Tuesday that home prices rose from a year ago in 48 states. They fell only in Delaware and Alabama. And all but three of the 100 largest cities reported price gains. Prices…


Pending Home Sales Hit 3-Year High; Supply Dwindles

July 28, 2016

Al Behrman/APBy Lucia Mutikani WASHINGTON — Contracts to buy previously owned U.S. homes rose to their highest level in three years in April, but a shortage of properties for sale could slow down the momentum. The National Association of Realtors said Thursday its Pending Home Sales Index, based on contracts signed last month, rose 0.3 percent to 106.0, the highest reading since April 2010. The increase, however, was less than…


Risky Adjustable-Rate Mortgages Are Starting to Make a Big Comeback

July 25, 2016

Getty Images The dramatic rise in interest rates that has occurred over the past two months has had a big impact on the mortgage-loan market. Rates on standard 30-year mortgages have gone from below 3.5 percent as recently as late April to well above 4.5 percent currently, according to Bankrate, significantly increasing the monthly payments that new homebuyers will pay and making it harder to qualify for mortgage loans. But…


Even the Obamas Could Be Smarter With Their Family Finances

July 22, 2016

Getty Images Unlike many of us, Barack and Michelle Obama are multimillionaires. But, like us, they could make some improvements to their finances. Recently released financial disclosures shed light on how much money the POTUS and FLOTUS are worth and how they have their assets invested. Without a doubt, legal and ethical considerations restrict Barack and Michelle in their First Family capacity. But if the Obamas were my clients, I…


Home Foreclosures Fall to Lowest Level in Nearly 8 Years

July 19, 2016

Ariel Skelley/Getty ImagesBy ALEX VEIGA LOS ANGELES — Fewer U.S. homes entered the foreclosure process or were repossessed by banks in June, the latest sign that the nation is shaking off its housing bust hangover. Lenders initiated the foreclosure process on 57,286 homes last month, the lowest level for any month in 7½ years, foreclosure listing firm RealtyTrac Inc. said Thursday. Foreclosure starts are on pace to reach roughly 800,000…