In the space of just 2-3 short days, mortgage rates have moved from multi-decade highs to the lowest levels in 3 weeks. The catch is that the last 3 weeks have also seen some of the highest rates in decades, but hey! Long journeys begin with single steps, right?
As to the pace and duration at which this journey will continue, that’s entirely up to economic data–the periodic reports released by the government and 3rd party firms measuring things like jobs, inflation, and economic output.
Today’s initial boost came from a small downward adjustment in GDP for the 2nd quarter. Yes, the 2nd quarter ended 2 months ago, but the market will take any clarity it can get when it comes to how the economy is responding to the Fed’s restrictive rate policies. After all, as soon as the Fed observes enough of an impact, it will begin to reconsider those policies.
In other words, weaker economic data leads to lower rates, all other things being equal. Some reports are more important than others and we’ll be waiting until Friday to get this week’s headliner: the big jobs report. Between now and then, tomorrow’s data can still move the needle a bit, for better or worse.
HousingWire Lead Analyst Logan Mohtashami appeared on CNBC‘s Squawk on the Street on Wednesday to talk about the health of the housing market, and more specifically about today’s pending home sales data.
Mohtashami explained how demand for existing homes is still trending near 21st-century lows. As long as mortgage rates stay near 23-year highs, Mohtashami believes we will see softness in data. The recent move lower in rates is a good thing for housing
“The American public just isn’t into the Fed’s housing policy,” he said on CNBC, in reference to homeowners who are not listing their property on the market. However, he remained optimistic, pointing to data points that the Fed considers positive: the growth rate of inflation is falling, so are job openings. Eventually, people will need to start buying homes again and creating households, he said.
Using weekly data from Altos Research, Mohtashami showed that new listings have been trending at their lowest levels in history for the past 12 months. However, he noticed another notable decline in listing since mortgage rates really peaked above the 7% range.
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Mohtashami’s latest articles and podcasts on HousingWire include:
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American Bank of Oklahoma has agreed to invest $1.5 million in credit opportunities for neighborhoods of color in the Tulsa metropolitan area as a settlement with the Department of Justice in an alleged redlining case. The bank denies the allegations.
The DOJ complaint, filed in federal court, claims that the bank failed to provide mortgage lending services from 2017 through at least 2021 in neighborhoods in and around Tulsa, including those that were the site of the 1921 Tulsa Race Massacre.
According to the complaint, all branches and loan production officers were in majority-white neighborhoods and bank employees, including executives and LOs, sent and received emails containing racial slurs and racist content.
The DOJ claims that the bank excluded a majority of Black and Hispanic clients from its service area and ultimately reinforced and perpetuated segregated housing patterns because of race, color or national origin. The investigation followed a Federal Deposit Insurance Corporation (FDIC) referral.
“Providing equal access to credit is essential in every community, but the painful history of Tulsa makes this agreement particularly poignant because the redlined areas include historically Black neighborhoods that have endured the legacy of racial violence and the continuing effects of segregation and discrimination,” Kristen Clarke, assistant attorney general of the Justice Department’s Civil Rights Division, said in a statement.
“American Bank of Oklahoma engaged in the illegal practice of redlining and failed to serve the diverse members of our Tulsa community as they attempted to purchase homes,” Clinton Johnson, U.S. Attorney for the Northern District of Oklahoma, said in a statement.
The American Bank of Oklahoma denied the allegations in a statement but said it “has agreed to resolve the matter to avoid the cost and distraction of protracted litigation.”
As part of the settlement, the bank will invest at least $950,000 in a loan subsidy fund for residents of majority-Black and Hispanic neighborhoods in the Tulsa area; $100,000 for advertising, outreach and consumer education; and $100,000 for community partnerships.
In addition, the bank will open a new community-oriented loan production office in the historically Black area of Tulsa and ensure at least two mortgage LOs are dedicated to servicing majority-Black and Hispanic neighborhoods.
Founded in 1998 by chairman and CEO Joe Landon, along with others, the bank has $383 million in assets and full-service branches in Collinsville, Disney, Muskogee, Ramona and Skiatook.
American Bank of Oklahoma originated $97 million in mortgages in the last 12 months, per the mortgage tech platform Modex. The lender has seven branches and 23 active LOs. Purchases were 49.8% of its volume in the last 12 months, compared to 38.1% in refis.
“As Oklahomans, we carry a profound sense of sorrow for the tragic events of the Tulsa Race Massacre over a century ago. It is with deep concern that we note the Justice Department’s decision to reference this distressing historical event in its complaint against our bank, established a mere 25 years ago,” the bank said in a statement.
U.S. regulators are active in investigating redlining cases.
In June, the DOJ announced a $3 million redlining settlement with ESSA Bank & Trust, which followed a $31 million settlement with City National Bank in January. In 2022, settlements were made with Trident Mortgage Co., Warren Buffet’s Berkshire Hathaway subsidiary, and Lakeland Bank.
Inside: Are you wondering how many weeks are in a school year? This guide will help you answer the ultimate question by state. Plus uncover the number of school days or hours.
Ever had that feeling where your kids seem to always be either in school or at home?
This is a common dilemma many parents and guardians scratch their heads over.
Knowing how many weeks there are in the typical school year not only solves this puzzle but also helps with planning vacations, prioritizing extracurricular activities, and ensuring they don’t miss out on crucial academic days.
The number of school days in a public school year varies significantly by state and even within specific school districts, reflecting the unique approaches and needs of each educational jurisdiction.
This variability results in a range of calendar structures, from standard to modified school weeks, which can impact educational planning and execution.
Understanding this variation in the number of school days is paramount for parents in structuring their work weeks in a year, ensuring that all the fun happens and the kids learn the necessary material.
How Many Weeks in a School Year?
On average, a school year generally includes about 36. However, this can slightly vary depending on your location and the type of school.
For instance, in the United States, a typical school year comprises 180 school days, translating to approximately 36 weeks. This is how many weeks in the academic year.
This calculation includes the school-going days only, excluding weekends and holidays.
When you include no school days from holidays, winter, or spring break, the total number of weeks grows to about 40 weeks.
How many school days are in a year?
The number of school days in a year typically spans from 160 to 180 days, based on the education system in the United States.
This accounts for roughly 36 weeks of schooling.
Thus, allowing plenty of time to enjoy one of these summer jobs for teachers.
Required School Days by State
Did you know that across the United States, each state has a unique number of minimum school days in a year? Yeah, it varies!
In addition, the requirements are set by different groups by the state Department of Education or the local school district.
While Colorado mandates the fewest minimum school days in comparison to other U.S. states, at 160 days, the state still maintains a very similar standard for the minimum required hours of instruction per academic year. Despite the reduced number of days, it does not necessarily indicate less teaching time. This may be why teachers in Colorado are the lowest paid.
Some states like Delaware, Missouri, or Texas only require certain instruction hours, instead of days.
This illustrates that even within differing frameworks, states strive to provide a balanced amount of educational exposure to their students.
As you will see this is way under the number of working days in a year.
Here is the number of student contact days required by each state:
State
State Minimum School Days in Year
Alabama
180 days
Alaska
180 days
Arizona
180 days
Arkansas
178 days
California
180 days
Colorado
160 days
Connecticut
180 days
Delaware
Hours requirement only
District of Columbia
180 days
Florida
180 days
Georgia
180 days
Hawaii
180 days
Idaho
School districts decide on days
Illinois
185 days
Indiana
180 days
Iowa
180 days
Kansas
School districts decide on days
Kentucky
170 days
Louisiana
177 days
Maine
180 days
Maryland
180 days
Massachusetts
180 days
Michigan
180 days
Minnesota
165 days (grades 1 to 11)
Mississippi
180 days
Missouri
Hours requirement only
Montana
School districts decide on days
Nebraska
Hours requirement only
Nevada
180 days
New Hampshire
180 days
New Jersey
180 days
New Mexico
Hours requirement only
New York
180 days
North Carolina
185 days
North Dakota
Hours requirement only
Ohio
School districts decide on days
Oklahoma
180 days
Oregon
Hours requirement only
Pennsylvania
180 days
Rhode Island
180 days
South Carolina
180 days
South Dakota
School districts decide days
Tennessee
180 days
Texas
Hours requirement only
Utah
180 days
Vermont
175 days
Virginia
180 days
Washington
180 days
West Virginia
180 days
Wisconsin
Hours requirement only
Wyoming
175 days
Source: National Center for Education Statistics
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Factors that Influence the Length of the School Year
Knowing how long your school year is can help you plan academically and personally.
But, the question remains will these students be prepared for the number of working hours in a year?
Here are some factors that can influence the duration of a school year:
Legal Requirements:
Every state in the U.S. establishes legal requirements that mandate the minimum amount of instructional days or school hours per year, ensuring that students have a sufficient baseline of educational exposure.
These mandates vary from state to state, with common baselines being around 180 days or varying hours depending on the grade level.
Such requirements can range from 425 hours for Kindergarten in some states to 990 hours for grades 6-12 in others. Exceptions and specific inclusions or exclusions (like recess, lunch, passing periods, etc.) to these instructional times differ among every state, offering districts some flexibility in meeting the standards.
State or City regulations:
State or regional regulations significantly impact the length of the school year depending on climatic, cultural, or other region-specific conditions.
Notably, in areas where the climate includes inclement weather, schools may have longer breaks during winter months to accommodate these conditions.
Also, cultural holidays specific to an area may also necessitate a shift in the school calendar.
School district policies:
School district policies, like budget constraints and teacher contracts, have a crucial role in shaping the length of the school year.
For instance, collective bargaining agreements or contractual obligations could stipulate the length of the academic year, which can differ markedly across various regions.
Similarly, budgetary limitations might lead to reductions or extensions in the number of school weeks, according to the resources available.
Therefore, these policy elements are pivotal in determining the structure and flexibility of the school calendar, directly influencing curriculum planning and the educational opportunities provided to students.
Parental and community expectations:
The effect of parental and community expectations on school calendars can not be underestimated. They undoubtedly play a critical role in shaping the length and structure of the school year.
Parents and the larger community may have certain expectations or preferences that influence when and how long schools are in session. These preferences can significantly shape the academic calendar.
One primary factor is family schedules and routines. Some parents might prefer longer school weeks with shorter breaks scattered throughout the year. This format may align more closely with standard work schedules, minimizing the need for additional childcare arrangements.
On the other hand, some parents might prefer longer breaks, particularly in the summer, to accommodate yearly family vacations. This preference is quite common in many communities where summer holidays are seen as a traditional break for travel and family outings.
School calendars can also be adapted based on parent and community feedback. For example, if a significant number of parents express concerns about children having too much idle time during long breaks, schools might shorten breaks and add more instructional days.
Additional non-instructional days
The overall length of a school year is not entirely determined by the instructional days, but also by these additional non-instructional days.
With more days dedicated to professional development, teachers can enhance their teaching strategies and methodologies, resulting in improved student outcomes. Parent-teacher conferences form another essential component of these additional days, providing a vital platform for communication on students’ progress.
Both these elements contribute to the augmentation of the academic year, extending beyond the set instructional days.
How to Make the Most of the School Year
Making the most of your school year is not just crucial for academic success, but also for your overall well-being.
Here’s how you can do it.
Prioritize time and tasks. Make a list of weekly assignments. Prioritize by deadline and significance, ensuring each task has sufficient time allocated.
Understand your school year structure. This aids in schedule planning, goal setting, and study time allocation.
Create achievable goals. Break them down into manageable tasks and track progress regularly.
Keep track of assignments, due dates, study materials. Use a digital calendar or school planner to stay organized.
Shed light on the opportunity to get ahead. This may be in the form of summer sessions, allowing you to catch up on coursework, and possibly graduate early.
Familiarize yourself with your school’s academic calendar. Make sure to keep note of key dates and deadlines.
Remember, a longer school year equals more opportunities for enrichment activities. So dig into the chances!
FAQ
Yes, there are typically around 36 weeks in a school year, but this can vary.
This calculation is based on the US where most districts require about 180 days of schooling, which roughly translates to 36 weeks. However, this figure may fluctuate between states, districts, and the type of school.
Typically, there aren’t exactly 40 weeks in a school year. On average, based on the U.S educational system, the school year is about 36 weeks.
However, when including breaks and holidays, the total climbs to around 40-42 weeks.
For instance, in the UK, the school year totals 39 weeks.
In Australia, you’d typically have 38.5 weeks of school in a year, broken down into four terms. Each term lasts roughly 10 weeks, but the exact length can vary slightly depending on the state or territory.
Australian kids are in school for roughly 200 days of the year.
School Days and School Weeks – Are You Happy with What is Happening?
Are you satisfied with the average 36 week school year for your child?
While every state sets its requirements, ensuring that your little scholar gets the right quantity and quality of education.
Based on the research, American students receive fewer amount of instructional time compared to their international counterparts, including countries renowned for educational achievements like South Korea, Japan, and Finland.
This suggests that American students may not be getting substantial educational exposure.
However, the adequacy of education isn’t solely determined by the amount of time spent in school. It’s also dependent on other factors like the curriculum content, the emphasis on particular subjects, and the usage of standardized assessments. It’s important to note that these components can differ significantly among countries, leading to differences in the quality and focus of education.
As a parent, knowing this helps you plan what is best for your children as well as the vacations!
It’s your turn to reflect, engage, and make the most of this information.
Know someone else that needs this, too? Then, please share!!
Flight delays can be unpredictable, but it’s also possible for a delayed flight to suddenly become available. The flight could get back on schedule — and if you’re not there, it may leave without you.
That’s why you shouldn’t usually stray too far from your gate.
Now this doesn’t mean you can’t retreat to an airport lounge or grab a drink at the airport bar, particularly if you’re faced with a multihour wait. But if you do leave the boarding area, pay close attention so you’re not left behind should your flight get back on schedule.
Here’s what to do when your flight is delayed, and how you can still escape a potentially crowded boarding area without missing your flight when it finally happens.
Why flight delays happen — and how they can get un-delayed
In the first four months of 2023, only 76.58% of U.S. flights arrived on time, according to Bureau of Transportation Statistics data. The most common cause of delays in that period was the inbound aircraft arriving late, affecting 7.6% of all flights. In short, an issue with an earlier flight can lead to a snowball of flight delays.
The second-most common reason was air carrier issues (which impacted 7.1% of flights in that period). That includes maintenance or crew problems, aircraft cleaning, baggage loading and fueling.
That said, airlines want to depart as close to the originally scheduled departure time as possible. Even though U.S. airlines aren’t required to compensate passengers for delays like they do in the European Union, airlines still lose money. According to the Federal Aviation Administration’s Office of Aviation Policy and Plans, delays cost airlines a combined $8.3 billion in increased expenses in 2019 to cover costs like overtime crew wages.
Given that, airlines are incentivized to get back on schedule. An aircraft experiencing technical issues might initially trigger an alert that the flight has been delayed. But if the airline has another aircraft on standby, then the flight could get back on schedule as originally intended.
When airlines seize such an opportunity, it’s generally a win-win, as the airline gets back on schedule and passengers arrive on time. However, it can end up disrupting passengers who didn’t realize their flight got back on schedule, particularly if they aren’t even at the airport because they intended to wait it out at home or at their hotel.
But there are ways to find out the status of your flight and stay alerted should that delay get un-delayed.
How to find out why a flight is delayed
Your first task is to find out why the flight is delayed. Something like a shortage of available gates might be solved fairly quickly if the airport can reshuffle idle aircraft and make space for boarding.
Meanwhile, a delay due to a massive storm likely means no flights can take off.
The FAA’s National Airspace System Status page displays delays at certain airports.
Use the FAA’s flight delay website, which displays airport-wide delays impacting major U.S. airports in real time, to better estimate how long you’ll have to wait. Sometimes the FAA’s website provides its own estimates of delay durations, though note that those are exactly that — just estimates.
If you’re at the airport already, you might also just ask the gate agent.
Keep tabs on your delayed flight with the right tools
U.S. airlines are legally required to provide passengers with flight status changes within 30 minutes of being made aware of the status change. While the DOT requires that information be posted on the airline’s website and through the airline’s telephone reservation system, most airlines make it even easier by sending you flight alerts by email, smartphone app or text message.
The United Airlines website provides updated schedules and also displays the reason for the delay.
When booking your flight, provide contact information and opt in to alerts if you want the airline to message you with updates (you can also typically add your contact information after booking). Download the airline’s app, connect it to your reservation and subscribe to push notifications if you want real-time updates about your flight status.
Third–party tools can also help you keep tabs on your flight — sometimes even better than the airline itself. For example, FlightAware amalgamates real-time flight tracking, airport information and weather data into a user-friendly interface that lets you track your flight status. It offers notifications and visualizations of the flight’s progress on a live map. A FlightAware tool called “Where is my plane now?” shows the location of the aircraft, which can give you an idea of the delay’s length, assuming the issue has to do with the inbound aircraft arriving late.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:
A more ambitious iteration The gathering this year is more ambitious than past iterations, as NAMB will host the International Mortgage Brokers Federation (IMBF) for the Inaugural World Summit. Between 40-50 mortgage professionals from across the world will be in attendance from the US, Australia, Ireland, Canada, and the United Kingdom. “This year’s IMBF world … [Read more…]
Israel was the most expensive country in which to buy a home in the European region in 2022, according to a new report by financial advisory company Deloitte.
Israel joined Deloitte’s latest Property Index of European residential markets, published in recent days, despite not being a part of Europe, and immediately shot to the top of the priciness table, with an average cost of €5,701 (NIS 23,537; $6,204) per square meter.
Israel is the only real estate market based in the Middle East to be included in the survey of a total of 27 countries. Other countries, including Estonia, Greece, and Lithuania also joined the survey.
The second most expensive country for a second year in a row was Austria, where the average transaction price for new dwellings stood at €4,925 per sqm, followed by Germany with a price tag of €4,800 ($5,200) per sqm. France and Norway, with prices of €4,639 per sqm and €4,204 per sqm respectively, completed the list of the top five most expensive countries to buy a home in 2022.
The most affordable country to buy residential property was Bosnia and Herzegovina, where an average transaction price for new dwellings of €1,237 per sqm was recorded. This was followed by Greece with an average transaction price of €1,330 per sqm. Romania with a price tag of €1,417 per sqm was ranked in third place in terms of the lowest level of transaction prices.
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Comparing residential property markets in 76 cities, Tel Aviv replaced Paris as the most expensive city in Europe to buy a square meter of apartment in 2022, according to the findings of the accounting firm’s annual survey. The average price of a new dwelling in Tel Aviv was €14,740 per sqm, followed by Paris at €14,622 and Munich at €11,400, with London at €9,163 and Amsterdam at €7,775 ranked far behind.
The accounting firm cited the war in Ukraine and rapid increases in energy costs, building material prices, and interest rates as the main reasons that average transaction prices of new dwellings rose over the past year.
View of a construction site for new housing in the southern Israeli city of Beersheba on July 28, 2022. (Nati Shohat/Flash90)
“By raising short-term interest rates at the national levels, residential properties have become less affordable for a larger group of buyers,” it was noted in the report. “This has further fueled the shift towards rental living concepts in many European countries.”
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Over the past year, the Bank of Israel has steadily hiked the benchmark interest rate from a record low of 0.1% in April 2022 to 4.75% in May this year in a bid to rein in inflation, while raising mortgage costs for homebuyers. As a result, home prices, which jumped by a record of about 20% in 2022 year-on-year, have started to cool down in recent months.
That’s as rising interest rates hit existing and potential mortgage borrowers hard, with the majority of home loans in Israel tied to variable rates. At the same time, the amount of equity required to purchase a home keeps rising, and with it, the affordability gap is widening.
“The Israeli residential market started 2022 on a strong note, witnessing sharp price increases in most regions and rapid transaction closures,” according to the Deloitte survey. “In terms of asking prices and transactional activity, a significant number of deals were even closed above the asking price during the early part of the year.”
“However, towards the end of the year, due to the rise in interest rates and the increased costs of mortgages, the price increase came to a halt. In the residential rental market, high interests overcame the rent yields – transactions became non-profitable, and the market decelerated,” it was added.
The report estimated that in Israel a 70-square-meter home cost the equivalent of 10.2 years gross annual salaries on average. By that measure, Israel was the fifth-costliest country in which to buy a new home, after Slovakia, the Czech Republic, Serbia, and Estonia.
The sun rises over Tel Aviv, October 2019. (ZZ3701 via iStock by Getty Images)
Israel was also ranked at the top of the list of countries with the highest number of initiated dwellings, with 6.95 construction starts per 1,000 inhabitants in 2022. This was followed by Austria and Lithuania with 6.47 and 5.81 new housing initiated per 1,000 inhabitants, respectively.
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Meanwhile, Israel has the second-lowest amount of housing stock with 295 dwelling units per 1,000 inhabitants, topped only by Greece with 285 units per 1,000 inhabitants. The average amount of housing stock was 473 dwellings per 1,000 inhabitants in the European region.
Bulgaria had the most housing stock per capita, with 624 dwellings per 1,000 inhabitants. Portugal and France came next with 585 and 552 respectively. In the report it was noted that the size of the total housing stock is often perceived as a key indicator of the quality of life and level of economic development in those countries.
I love shopping at thrift stores. You can find the coolest things for little money, and I’m always one trying to save. So what should you buy?
For the First-time Thrifter: Books, Pottery, and Hard Furniture
For the Seasoned Secondhand Shopper: Upholstered Furniture and Light Fixtures
What You Shouldn’t Buy Secondhand: experts’ lists include mattresses, stuffed animals, pillows and “anything soft that looks like it could have collected decades of dust that has sunken into it.” Buy linens, blankets, and the like only if you’re able to wash them.
Expert Thrifters’ Favorite Finds and Tips
Reuse over buying new
Mix thrifted pieces alongside modern items for a fresh take on vintage-style.
Look for items with good bones and personality.
Consider items that aren’t in the art or home decor section as art.