Retirees are finding that a $1 million nest egg—which was once considered a benchmark for a secure retirement—may no longer be enough. As younger generations age, they will likely see that having a million dollars in retirement may even put them at poverty risk when they retire, financial planners warn.A 67-year baby boomer retiring with $1 million will generate $40,000 to live off in the first year (adjusted for inflation and assuming a wit
With tax reform signed into law, homeowners in areas with high property taxes are scrambling to prepay their 2018 tax bill in order to take advantage of deductions that will be severely curtailed once the legislation takes effect Jan. 1. The new tax law, which Congress passed and President Donald Trump signed last week, caps the amount of state, local, and property taxes that homeowners can deduct at $10,000.Some counties already allow for prepa
Rents have been skyrocketing the past few years, and the winter holiday season can take an even bigger bite out of consumers’ paychecks. But some renters are finding they still have plenty of money left in the bank at the end of the holiday season.For example, renters in Virginia Beach, Va., and Wichita, Kan., are considered among the lucky few who still who have money left in the bank after paying the rent, buying gifts, and covering other con
The Federal Housing Finance Agency is asking for input on a possible change to its credit scoring models.Fannie Mae and Freddie Mac are weighing an update or switch to its credit score requirements from Classic FICO to possibly another scoring model. The assessment is limited to mortgage loan applications received from lenders and mortgage loans acquired by Fannie Mae and Freddie Mac.Some lenders call the FHFA’s move long overdue.“The FHFA’
The time homes spent on the market hit an all-time low in 2017 at just three weeks, the National Association of REALTORS® reports. A low inventory of homes for sale mixed with strong buyer demand has helped to keep market times low from 2014 to 2017.During the height of the housing boom from 2001 to 2005, homes sold within a month of being listed. But as the housing market began to slow in 2006, the median time jumped to six weeks, and then to 1
Average mortgage rates inched up, but the 30-year fixed-rate mortgage remains below 4 percent and continues to offer home buyers and refinancers historically low rates.“Thirty-year fixed mortgage rates have been bouncing around in a narrow 10 basis points range since October,” says Len Kiefer, Freddie Mac’s chief economist. “The U.S. average 30-year fixed mortgage rate increased 1 basis point to 3.94 percent in this week’s survey. The m
Unlike giant companies, smaller businesses have a local connection with their communities. Seventy-five percent of small businesses partake in charity donations each year, according to the U.S. Small Business Association. Charitable giving is a smart move for businesses to give back and invest in the community that supports their operations.“People want to … shop at a small business because a small business cares about them, as individuals,
California housing markets were the all-stars in 2017, claiming more than half of the top 20 spots for booming markets this year.But recent wildfires in the state may be taking a toll. Santa Rosa, which faced destructive blazes this fall, dropped seven spots and fell out of the top 10, landing at number 16 on realtor.com®’s top housing market list for 2017.Realtor.com®’s research team identified the hottest metro housing markets in the coun
Mortgage financing giant Freddie Mac announced a new plan to tackle the affordable housing crisis by financing more rural and manufactured housing and preserving more affordable housing for home buyers and renters across the country. Its Duty to Serve plan will include increasing loan purchases in such underserved markets.Freddie says it will team with the mortgage industry, community nonprofits, organizations, and government officials to expand
The U.S. House and Senate have passed sweeping tax reform legislation that is expected to have a major impact on housing markets. The bill will go to President Donald Trump now that the House has passed the bill a second time to accommodate small, last-minute changes made in the Senate.The bill is an improvement for homeowners when compared to earlier House and Senate versions, because it makes several changes NAR sought. However the structure o
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