Global News

[ad_1] Kyla Wright's original plan was to complete her master's degree, move out of her parents' home and rent an apartment somewhere in Detroit. But once she started looking for rental units, her mother — a landlord — suggested buying instead.  Wright took the advice and, in December 2021, she bought a $99,000 home in the Detroit suburb of Southfield. Wright, now 25, is the only person in her social circle who owns a home. But on a national scale, her decision is becoming increasingly common. Women who live alone, like Wright, own millions more homes than their male counterparts, despite typically earning less than men do.  Kyla Wright of Southfield, Michigan bought a two-bedroom home after prompting from her mother. Wright is one of millions of single women in the U.S. who own a home.  Ninotchka Jackson-Wright Single women own roughly 10.7 million home...

[ad_1] House hunters may be in for sticker shock when it's time to get a home loan: The interest rate on a typical mortgage is now at its highest level since 2000. The Mortgage Bankers Association (MBA)  said Wednesday that the average rate on a conventional 30-year fixed-rate mortgage jumped to 7.31% last week, up from 7.16% the previous week.  Rates slid to well below 3% in 2020 as the housing market ground to a halt because of the pandemic, but began rising sharply the following year as the Federal Reserve launched its ongoing campaign to quash inflation. The spike in borrowing costs has driven many aspiring homebuyers out of the market: Mortgage applications are at a 28-year-low, according to the MBA. "Higher interest rates are continuing to impact homebuyers as their purchasing power has been greatly diminished by the doubling in mortgage rates over the past year and a half," Chris Zaccarelli, Chief Investment Officer for I...

[ad_1] Fewer options for property insurance in Florida Fewer options for property insurance in Florida 02:30 AAA will not renew the auto and home insurance policies for some customers in Florida, joining a growing list of insurers dialing back their presence in the Sunshine State amid a growing risk of natural disasters. "Unfortunately, Florida's insurance market has become challenging in recent years," the company said in a statement emailed to CBS MoneyWatch. "Last year's catastrophic hurricane season contributed to an unprecedented rise in reinsurance rates, making it more costly for insurance companies to operate." AAA declined to say how many cus...

[ad_1] Fewer options for property insurance in Florida Fewer options for property insurance in Florida 02:30 AAA will not renew the auto and home insurance policies for some customers in Florida, joining a growing list of insurers exiting the Sunshine State amid a growing risk of natural disasters. "Unfortunately, Florida's insurance market has become challenging in recent years," the company said in a statement emailed to CBS MoneyWatch. "Last year's catastrophic hurricane season contributed to an unprecedented rise in reinsurance rates, making it more costly for insurance companies to operate." AAA declined to say how many customers won't have t...