Architect I.M. Pei stands inside of the construction site for the Louvre’s inverted pyramid. He designed the glass and metal pyramids to serve as an entrance to the Louvre museum. Paris, France. Owen Franken – Corbis | Corbis Historical | Getty Images I.M. Pei, whose modern designs and high-profile projects made him one of the
Millennials have hugely unrealistic expectations about when and how much they will inherit, according to new research. According to the investment management firm Charles Stanley, millennials expected to be left an average £129,380 ($168,450) – but official statistics showed that the average inheritance in the U.K. is currently £48,000, while the median inheritance is £11,000.
Getty Images High home prices along with strong demand have today’s youngest homebuyers moving to smaller cities — and that could mean a boom for local economies and home values in those markets. For example, Madison, Wisconsin is a new mecca for millennials, according to a recent study from the National Association of Realtors, which
The County of Los Angeles’ population fell last year, even as other major counties in the state added residents. “Los Angeles is just not growing,” said Richard Green, director of the University of Southern California’s Lusk Center for Real Estate. “A lot of [the reason] is housing, and not just the cost of housing but
Step aside, Florida. New Mexico is the new top retirement destination. Those were the findings from a survey by United Van Lines. The relocation company polled 26,998 of its customers who moved last year, through Nov. 30, 2018. Among those who moved to New Mexico, 42% said they did so because of retirement, making the
LOS ANGELES — California may be the fifth-largest economy in the world, but poverty is more prevalent among families with children in the state than in the rest of the nation. “This is a state that has great prosperity,” said Lori Turk-Bicakci, senior manager for the KidsData program at the Lucile Packard Foundation for Children’s
If you’re shopping for a cheap home this spring, good luck. The median value of homes listed for sale in March hit $300,000, a new record, according to realtor.com. Home values overheated from 2016 to mid-2018, as demand outstripped supply, especially at the lower end of the market. Those gains began to shrink last summer,
Homebuyers got a big boost to their purchasing power this week thanks to falling mortgage rates. The average rate on the 30-year fixed-rate mortgage fell to 4.06 percent with an average 0.5 point for the week ending Thursday, down from last week when it averaged 4.28 percent, according to Freddie Mac. A year ago at
Mortgage rates fell quickly after the Fed’s announcement Wednesday that it would be getting back into the bond-buying business, big time – which could take rates even lower. The average rate on the popular 30-year fixed, which had been sitting for days at 4.40 percent, fell sharply to 4.34 percent, according to Mortgage News Daily.
Builders claim they’re feeling better about their business, but the sales numbers are still not reflecting that. So all eyes are on the spring market, which could determine the fate of both the stocks and the earnings of the biggest builders. Sales of newly built homes fell sharply in January, down nearly 7 percent month
It is impossible to build a fully fireproof home, but researchers are now focused on making homes at least fire resistant. They have to, because climate change is increasing the intensity of wildfires around the world, putting billions of dollars’ worth of real estate literally in the line of fire. Wildfires destroyed more U.S. homes
Millennial homeowners have a bad case of buyer’s remorse, according to a new survey. Nearly two thirds, or 63 percent, of millennial homeowners surveyed by Bankrate.com said they had regrets about buying. That is more than any other age group, defined in the survey as people aged 23 to 38, and nearly double the regret
William Rudin, head of his family’s New York City property development empire, told CNBC on Thursday that the political pressure that led Amazon to withdraw its plans to build a Queens headquarters was borne out of a lack of understanding of the benefits. “Unfortunately, that message didn’t get out in the way it should have,”
Sears was granted a new lifeline on Thursday as its sale to Chairman Eddie Lampert, through an affiliate of his hedge fund ESL Investments, was approved by Judge Robert Drain. The approval guarantees that Sears will live on at least until Friday, when Lampert’s $5.2 billion deal to buy the company is expected to close.
Super-wealthy investors are making some changes to their portfolios for 2019. They are increasing their cash holdings and reducing their equity exposure. They are also cutting back on some of their real estate investments and finding a “short-term solution” in fixed income, according to Michael Sonnenfeldt, founder of investment club Tiger 21. “There’s a lot
This earnings season is far enough along that investors can start making judgments about which stock market sectors are on the rise and which ones could see weakness in the better part of 2019, says CNBC’s Jim Cramer. “We need to be on the lookout for themes that are working in spite of the litany
The presidency of Donald Trump has indirectly helped the real estate market in South Florida, Miami property magnate Gil Dezer told CNBC on Thursday. Dezer, who runs his billionaire family’s real estate empire, said prices of his firm’s Trump-branded properties in Florida have been pumped up by the president’s popularity there. “We shouldn’t forget that
Hello, San Antonio! Seniors residing in this Texas city have the have the largest non-mortgage debt balances. Those were the findings from a study by LendingTree. The site, an online loan marketplace, analyzed the data of more than 75,000 of its users. Excluding mortgages, residents of San Antonio between 65 and 70 years of age
Mortgage interest rates fell to the lowest level in four months, but that did nothing to spark activity in the mortgage market. Total mortgage application volume dropped 9.8 percent at the end of last week from two weeks earlier, according to the Mortgage Bankers Association’s seasonally adjusted index. The results included an adjustment for the
Surging demand and strong occupancy in the nation’s apartment market is “surprising” experts who say the continued strength is “unexpected.” Just a year ago, as dozens of cranes swarmed over major U.S. cities, there was concern that the rental apartment market was overheated and overbuilt. Apartment absorption, which is the rate at which new units