Real Estate News 11/22/2023

Today’s News Synopsis:

Nearly three-quarters of aspiring homebuyers say affordability is the No. 1 obstacle to owning a home. In today’s market, “nepo-homebuyers” are tapping family money to afford their down payment. However, there are other options for would-be buyers who are struggling to come up with a 20% down payment.

In The News:

CNBC – “To buy a house in today’s market, more people turn to an alternative lender: their parents“ (11-13-2023)

“U.S. home prices are near record highs, and mortgage rates have rocketed to their loftiest levels since 2000,” said Bankrate analyst Jeff Ostrowski. “For today’s would-be homebuyers, times are decidedly tough. They face limited choices and an affordability squeeze.”

YahooFinance  –  “Home prices kept climbing even as existing home sales tanked last month ” (11-21-2023)

“Sales of previously owned homes dropped 4.1% in October from the month before to an annualized rate of 3.79 million, the National Association of Realtors (NAR) reported on Tuesday.”

FreddieMac  –  “Mortgage Rates Continue to Slide Down” (11-22-2023)

“Mortgage rates continued to decrease heading into the Thanksgiving holiday. In recent weeks, rates have dropped by half a percent, but potential homebuyers continue to hold out for lower rates and more inventory.”

YahooFinance –  “Employer-sponsored healthcare costs keep rising, and it’s ‘sort of untenable’” (11-19-2023)

“According to the Kaiser Family Foundation (KFF)’s 25th Employer Health Benefits Survey, the average annual premium for employer-sponsored health insurance as of July 2023 was $8,435 for individual coverage and $23,968 for family coverage, marking a 7% increase for each over the last year.”

Forbes-  “Is AI Coming For Your Job As A Manager?” (11-16-2023)

“Goldman Sachs has predicted that popular AI tools such as ChatGPT could expose as many as 300 million jobs to automation. So what does that mean for managers? Is AI coming for your job? The short answer is a resounding “it depends.””