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Americans have recession fatigue -- and it's keeping them from preparing for the next downturn

Consumer / Home and Consumer News /

When Pasha Grozdov found out his friend’s Manhattan landlord was raising the rent on her one-bedroom apartment from $4,100 to a crushing $6,000 a month, there was only one way he could think to react: with a joke.

“Let’s cancel the economy,” he responded.

Iced coffees in hand, Grozdov and his friend were on an early morning stroll ...Read more

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Survey: Analysts foresee 12% rise in stock market over next 12 months

Consumer / Home and Consumer News /

The stock market has had a tumultuous 2022 so far, with major indices such as the S&P 500 and the Nasdaq Composite in bear market territory. But according to market professionals surveyed in Bankrate’s Third-Quarter Market Mavens survey, the outlook for stocks should improve over the coming year. The group of experts foresees a 12% increase in...Read more

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Popularity of cryptocurrency plummets among millennials in 2022

Consumer / Home and Consumer News /

The popularity of cryptocurrencies such as Bitcoin has plummeted in 2022, particularly among their most fervent supporters – millennial investors – according to a recent Bankrate survey. Americans of all ages have seen their comfort level with cryptocurrency sink sharply over the last year, as these digital currencies have plunged in value ...Read more

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Think retirement is out of reach? Here's what you need to know

Consumer / Home and Consumer News /

The pandemic caused tectonic shifts in the job market as workers young and old quit and searched for something better — in their work or in their life. According to the Pew Research Center, a little more than half of adults ages 55 and older had ditched the grind by late 2021, compared with 48% in the months before the first case of COVID-19 ...Read more

Can most Californians even afford to retire?

Consumer / Home and Consumer News /

Steven Johnson spent 19 years as a minimum wage laborer for a Los Angeles moving company, lifting heavy furniture and suffering three hernias along the way.

For the last decade, the 61-year-old has worked as a waiter and as a cook in fast-paced kitchens.

Now arthritis has swollen his knees. "I tried to tough it out, icing myself down," Johnson...Read more

Runaway bear market blows past everything meant to slow it down

Consumer / Home and Consumer News /

Unwavering profit projections. Benign chart patterns. Big hedges in the options market.

All the things that bulls expected to put a brake on the worst equity selloff in 30 months have just summarily failed.

The Federal Reserve, with an assist from UK policy makers, overpowered them all to deliver a week that rocked financial markets around ...Read more

Allen J. Schaben/Los Angeles Times/TNS

A $50,000 electric bill? The cost of cooling LA's biggest houses in a heat wave

Consumer / Home and Consumer News /

Cooling off a 1,500-square-foot bungalow in a heat wave is expensive enough. But how big are the bills for the ever-larger mega-mansions crowning our hills?

Granted, those who can afford a $50-million home likely aren't sweating a bloated electric bill, nor perhaps the carbon footprint, but experts say the cost of keeping a mansion cool can run...Read more

Losing a home for unpaid taxes often means losing your equity, too

Consumer / Home and Consumer News /

Last year, Massachusetts Democratic state Reps. Tommy Vitolo and Jeff Roy saw a newspaper story about two brothers in their state who had almost lost their home due to unpaid property taxes. That was followed by another article this year featuring a New Bedford woman, recovering from COVID-19, who slept in her car when her home was taken for the...Read more

Real estate Q&A: What should we do if our house has minor damage from Hurricane Ian?

Consumer / Home and Consumer News /

Q: Despite our preparations, Hurricane Ian’s storm bands damaged our home. Fortunately, the damage was relatively minor. What should we do now? – John

A: Your priority should always be staying safe during and after a storm or other disaster. Watch out for deep puddles, hanging power lines, and other hazards. If you have to use a generator, ...Read more

Shae Hammond/Bay Area News Group/TNS

Do tiny homes really work as a solution to homelessness? Here's what the data show

Consumer / Home and Consumer News /

When Robert Hernandez unpacked his meager belongings into one of San Jose’s celebrated tiny homes, finally getting a bed and access to a shower after more than a decade on the street, he had reason to be elated.

After all, tiny homes have become the hot new thing in the fight to end homelessness. The simple dwellings have multiplied across ...Read more

Office markets are the real estate crash we need to worry about

Consumer / Home and Consumer News /

While everybody's been sweating over the housing and labor markets, the office market has been streaking toward a hard landing.

The Federal Reserve's new hawkish stance has pushed stocks lower and heightened concerns about the direction of the U.S. economy over the coming year. Anxiety has been centered on labor and housing crashes, but ...Read more

Jane Tyska/Bay Area News Group/TNS

California's 'racist' Article 34 remains an obstacle to affordable housing

Consumer / Home and Consumer News /

When voters in Oakland, Berkeley and South San Francisco, California, receive ballots in the mail next month, they’ll be asked whether their cities should be allowed to help build more desperately needed affordable housing.

The reason for seeking voters’ permission? A 72-year-old provision in the California Constitution requiring local ...Read more

Avoid these common real estate scams

Consumer / Home and Consumer News /

From buying to renting to selling, real estate scams can target landlords and local residents in many situations. It’s a criminal practice that can seriously damage your wallet, credit and peace of mind.

Wire scams

According to realtor.com, one of the common real estate fake-outs is the wire scam.

“This is basically a scam where someone ...Read more

Dania Maxwell/Los Angeles Times/TNS

With interest rates surging, what does a starter home look like in Southern California?

Consumer / Home and Consumer News /

For decades, the single-family home has been Southern California's ultimate lure — a chance to live a life of sun and sand from the comfort of your very own property.

Most buyers' ticket into that life is the starter home. Something modest but not minuscule. Two bedrooms, maybe three. A picket fence in front and a yard out back for the kids ...Read more

Carline Jean/Sun Sentinel/TNS

As mortgage rates soared, here's how much homebuyers lost in purchasing power

Consumer / Home and Consumer News /

Homebuyers have lost six figures in buying power over the past year, thanks to soaring mortgage rates, according to new research.

It’s the equivalent of about $140,000, a new report from RedFin calculates, as mortgage rates jumped to 6% since the beginning of the year.

“Raising interest rates is necessary to fight inflation, but it comes ...Read more

E. Jason Wambsgans/Chicago Tribune/TNS

Chicago rolls out plan to revive financial district in wake of pandemic

Consumer / Home and Consumer News /

Chicago Mayor Lori Lightfoot unveiled a plan Monday to revive the LaSalle Street corridor, a key downtown office district that suffered the double whammy of COVID-19 and the loss of several large firms to new towers rising farther west along Wacker Drive and in Fulton Market.

The mayor said it’s time to take advantage of the Loop apartment ...Read more

Inflation is crushing Americans' savings -- here are 6 tips to protect your money

Consumer / Home and Consumer News /

Building up a stable cushion of cash you can rely on in emergencies seems daunting even in normal economic times. Add the steepest loss of Americans’ purchasing power in more than 40 years into the mix, and the task can seem next to impossible.

Prices have climbed on almost every consumer staple, rising 8.3% in August from a year ago — ...Read more

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Remote work drove over 60% of house-price surge, Fed study finds

Consumer / Home and Consumer News /

The shift to working from home drove more than half of the increase in house and rent prices during the pandemic and will likely drive up costs and inflation going forward as the shift becomes permanent, according to research from the Federal Reserve Bank of San Francisco.

“The transition to remote work because of the COVID-19 pandemic has ...Read more

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This Federal Reserve policy you've never heard of could have the biggest effect on your wallet

Consumer / Home and Consumer News /

The Federal Reserve is making headlines by raising interest rates at the fastest pace in a single year since the 1980s, concerning investors and consumers alike with fears the central bank could go too far, too fast.

But it’s another lesser-known decision — albeit a substantially more complex one — that could have an even greater ...Read more

Carolyn Cole/Los Angeles Times/TNS

Proposed surf park in California desert is rejected by La Quinta City Council

Consumer / Home and Consumer News /

A developer's proposal to build a surfing lagoon in the Coachella Valley desert has been rejected by the city of La Quinta after residents raised concerns about noise, lighting and the resort's substantial water footprint in a time of severe drought.

The City Council's five members voted unanimously Wednesday night against a zoning change ...Read more