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Life, liberty, and the pursuit of happiness are what the founding fathers hoped to bring to their fledgling nation when they signed the Declaration of Independence in 1776.
As we all take the day to celebrate the beginning of the path which led to the creation of the United States as we know it today, you might be surprised how money is factored into this holiday season.
Here’s a quick look at some of the most interesting financial facts about the Fourth of July.
What’s Ahead:
Although the Declaration of Independence did not occur until 1776, the first American currency was introduced in 1775. At that point, the Continental Congress had decided to issue national paper money in an attempt to cover their military expenses.
Of course, the ruling country of Britain outlawed this original currency, but the rebels printed the money anyway throughout the Revolutionary War. This first paper note was taken out of circulation in 1780.
It wasn’t until 1785 that the United States officially adopted the dollar as its unit of currency.
The annual Nathan’s Famous Fourth of July International Hot Dog-Eating Contest takes place each year. The winner of this competition will take home $40,000.
Joey Chestnut holds the top spot after eating 75 hot dogs and buns in just 10 minutes. Although you may not be able to top that record, it is fairly likely that you will be eating hot dogs as a part of your celebrations. In fact, 150 million hot dogs are sold each year for the Fourth of July. These sales account for a whopping 19% of all hot dog sales for the year.
What’s more American than a cookout complete with hot dogs and beer?
On the Fourth of July, Americans spend $1 billion on beer.
Plus, U.S. consumers spend an additional $600 million on wine!
According to a survey conducted by the Vacationer, 73.41% of Americans plan to attend a cookout to celebrate this year. That means almost 190 million people are planning to attend a cookout or BBQ.
Cookouts aren’t complete without the mass amounts of hot dogs and beer purchased by Americans each year. All in all, according to CNBC, Americans will spend approximately $6.7 billion on cookouts and related Fourth of July celebrations.
The Fourth of July has been a historically busy travel weekend. After a strange summer of 2020, when just 14.72% of Americans traveled for the Fourth of July due to the pandemic, over 51% of Americans are planning to travel for 2021’s Fourth of July.
Of the travelers, most are planning to spend less than $500. With that, the festivities could take a bite out of your budget if you don’t plan ahead.
Fireworks may be the quintessential activity for a traditional Fourth of July celebration. After all, there is something special about seeing red, white, and blue explosions in the sky, but the experience doesn’t come cheap.
Each year, Americans spend around $1 billion on fireworks to mark the occasion. From small sparklers to major fireworks, you can find a wide range of options around the country.
Many will be celebrating this special holiday. And many will be stretching their budgets to accommodate their celebrations. Luckily, it doesn’t have to be a terribly expensive day for the average consumer. You can save a lot by turning the weekend into a staycation instead of traveling like most Americans.
How will you celebrate the Fourth of July? Let us know in the comments!
Source: moneyunder30.com
As lenders become more desperate for leads, prospective homebuyers are increasingly bombarded with calls, texts and emails after applying for a mortgage. A recently proposed bill aims to fix that.
Rep. John Rose, R-Tenn., introduced the Protecting Consumers from Abusive Mortgage Leads Act to Congress June 16.
It’s the second bill on the subject that has been put forward this year. Rep. Ritchie Torres, D-N.Y., introduced the Trigger Leads Abatement Act in April, which is awaiting further action.
What makes the new bill different? The severity.
Rose’s allows the sale of consumer information about mortgage applicants, or trigger leads, in some cases. If buyers of leads have an existing relationship with the customer — if they finance a different loan, for example — or if customers opt in to receive unsolicited offers, trigger lead purchases are allowed.
Torres’ bill, on the other hand, is closer to outright banning the practice — it doesn’t include any allowance for lenders with existing relationships.
Currently, the Fair Credit Reporting Act allows consumer reporting agencies to sell all trigger leads unless customers opt out using the National Do Not Call Registry. Both bills would change the system from an opt-out to an opt-in model.
Trigger leads are sold by consumer rating agencies like TransUnion, Experian and Equifax, but plenty of companies like Zillow and LendingTree sell leads generated through online ads. Neither bill would not affect these.
The cost of trigger leads varies. None of the three major credit bureaus list prices online, but it can cost anywhere from $20 to $100 for a single lead, and many require a minimum deposit of $500 according to mortgage customer relationship management system Jungo.
Trade groups, like the National Association of Mortgage Brokers and the Mortgage Bankers Association, voiced support for trigger reform bills, but their stances differ. The NAMB lobbied for Rep. Torres’ bill, advocating for a more robust ban on trigger leads. The MBA lobbied for Rose’s, and said they support the sale of trigger leads when there’s already a relationship between the homebuyer and the lender.
Ernest Jones Jr., president of the NAMB, said they support the new bill as well, but the organization’s advocacy group is in a “holding pattern,” waiting to see what the representatives do with such similar bills.
“Anytime you can reach a compromise versus killing something, the likelihood of succeeding is — the probability is higher,” Jones said.
Both groups have been vocal critics of harmful trigger lead practices.
“We can’t support anything that would violate, in our opinion, the privacy of the consumer’s information and put them in a disadvantaged position,” Jones said. “Getting those calls does that.”
Chrissi Rhea, co-founder of Southeastern lender Mortgage Investors Group and MBA member, called the practice horrific: “I think the invasion someone feels of their private transaction is really the most appalling of all.”
Rhea knows the feeling herself. She once received 307 voicemail messages from mortgage lenders over eight days without ever applying for a mortgage.
She said her first thought was, “Oh goodness, they breached my bank!”
No breaching was necessary. A bank she worked with pulled a tri-merge credit report as part of its due diligence. This report is commonly used by mortgage lenders, so credit bureaus assumed she applied for a mortgage and sold her information to other lenders.
One of the callers told her about opting out. She registered for the Do Not Call list, but their system takes 30 days to process requests, so it did nothing to abate the flood of calls.
It’s not only customers that are negatively affected by an increased number of unsolicited calls, though. Lenders suffer undue damage to customer relationships.
Rhea has experience with this, too. A client of hers received 97 calls and 60 voicemails within 24 hours of submitting his loan application. He was convinced MIG either sold his information or gave it away for a discount on their credit reports. He threatened to sue.
This story is not unique in the mortgage industry. And it’s getting more common: Bill Killmer, senior vice president for legislative and political affairs at MBA, said because of slow market conditions, trigger leads have become a more intense issue.
“The volumes are down, so competition has become very, very fierce,” Killmer said.
Supporters of trigger leads say they promote competition between lenders and help customers get the best price for their loan. The Rose bill still allows for this competition without sacrificing customer experience, Rhea argued.
“I think the servicer of their current home actually truly has a right to say, ‘Can I give you an estimate of what our costs would be?'” she said. “Competition is not what we’re afraid of.”
TransUnion, whose trigger lead supply would be severely limited with the passing of this bill, said, “This legislation is an opportunity for a real conversation on how to improve the system while preserving a valuable service that helps save consumers money. We welcome that discussion and look forward to a thoughtful dialogue on the issue.”
Experian and Equifax did not respond to requests for comment by deadline.
Source: nationalmortgagenews.com
Even with mortgage rates hovering around 15-year highs, home prices in California edged higher for the fourth consecutive month in May, according to the latest data from the California Association of Realtors.
The median single-family home price in the Golden State last month was $836,110, roughly $25,000 higher than in April and $100,000 above February’s average, data shows.
The San Francisco Bay Area ($1,300,000), Central Coast ($1,000,000) and Southern California ($800,000) continue to be the priciest, while the Far North region ($380,000) is the most affordable, CAR said.
Home prices are still well below the all-time high recorded in May 2022 when the average California single-family home cost $893,200.
Average Single-Family Home Prices in California
Region | May 2023 | April 2023 | May 2022 |
Statewide | $836,110 | $811,950 | $893,200 |
Condo/Townhomes | $635,000 | $634,000 | $675,000 |
Los Angeles Metro | $765,000 | $740,000 | $805,000 |
Central Coast | $1,000,000 | $1,020,000 | $995,000 |
Central Valley | $485,000 | $463,000 | $510,000 |
Far North | $380,000 | $385,000 | $425,000 |
Inland Empire | $574,990 | $565,000 | $596,000 |
San Francisco Bay Area | $1,300,000 | $1,250,000 | $1,465,000 |
Southern California | $800,000 | $785,000 | $845,000 |
Additionally, the number of homes under contract in California rose by nearly ten percent in May after dipping in April and March.
This is the ‘most expensive’ neighborhood in California, study says
After an initial spike in the lead-up to Congress’s debate over the debt ceiling, mortgage rates have hovered in the high 6% range. The Fed has already signaled as many as two more rate hikes this year to tame inflation.
But regardless of where interest rates go in the short term, or even long-term, Wei says the underlying reason home prices move higher in California comes down to simple supply and demand.
“The tight supply is really constraining,” he says. “People are not putting their houses on the market and, of course, we’re just not building fast enough.”
Source: ktla.com
Known around the world as a hub for outdoor activities, Denver is one of the few major cities that is able to offer residents and visitors alike the opportunity to get lost in some of the most pristine nature in the country and enjoy the fine dining, great nightlife and social benefits that come with a large local population.
Check out the hidden gems listed below and find your new favorite Denver hangout today.
Over the past decade, Denver has become a hotspot for innovative chefs and the dishes that help make their names. Here are eight of the top restaurants in Denver.
The Plimoth perfectly encompasses everything you want in a neighborhood eatery. A warm and inviting interior paired with an expansive outdoor seating area make the Plimoth a great place to grab a bite in the Skyland neighborhood. This foodie’s paradise features a creative menu that constantly evolves to reflect what’s in season and what’s on the minds of the talented folks making the food.
Comal Heritage Food Incubator was founded with the goal of serving as a “platform for economic development for aspiring immigrant and refugee women entrepreneurs to learn the skills to find a great job in the industry or launch their own business…” It’s hard not to support a noble cause like that. Even better, the from-scratch food being churned out of this sustainable kitchen is top notch. With a menu that changes daily, your guess is as good as ours as to what you can expect, but rest assured, it will be better than whatever you’re making at home. You can find this hidden gem in South Globeville.
Jovanina’s Broken Italian is an undeniably cool Central Business District spot for great food and charming Italian decor. This place is so cool, in fact, that it has a basement speakeasy called Sotto Voce that used to serve as a gathering space during prohibition. So, looking to impress that special someone next date night? How does authentic Italian food followed by a nightcap in an exclusive speakeasy sound?
Q House is a hip hideout that’s small, welcoming and always crafting refined Chinese offerings in the kitchen. From duck lo mein to chicken wings and so much more, It’s entirely possible that every item on the menu is an undeniable home run. The team at Q House takes it up a notch by pairing their delicious plates with creative cocktails, purposefully selected wines and beer from all over the world. With a combo like that, you really can’t go wrong at Q House.
Boasting one of the most awe-inspiring interiors in the Denver restaurant scene, Woodie Fisher is a Ballpark District restaurant serving up an eclectic selection of upscale plates. Take a look at the menu and it’s easy to see that their food draws inspiration from all around the globe. Soaring ceilings, tasteful greenery and a kitchen staff/front-of-house team that are second to none make this beautiful brick building a great option for a more upscale evening.
By utilizing local and organic products whenever possible, the team at HOJA has created a sustainable spot to seek out fresh food and delicious drinks in the Platt Park area. The food selection skews more breakfast/lunch in style but they offer up craft cocktails in addition to great vibes until 8:00 PM Thursday – Sunday. Whether you’re starting your day with a breakfast burrito or capping it off with a passion fruit marg, if you find yourself at HOJA, you’re in for a good time.
WongWayVeg is a vegan food truck that can often be found in the South Park Hill area of Denver. This truck can be hired to cater weddings, baby showers and any other type of social or professional gathering. This woman-run truck serves up burgers, burritos barbecue and more all in peerless vegan form. If you’re in the market for scratch-made vegan comfort food, check out their website and track down the WongWayVeg truck today.
The Corner Beet is a North Capitol Hill-based restaurant that utilizes organic and locally-sourced ingredients wherever possible. This gem features a bright and airy interior, a great location and food that not only tastes good but has you feeling good after you eat it, too. Offering up everything from coffee and smoothies to salads and cocktails, this hip neighborhood shop is an ideal place to kill a few hours, grab a bite and watch the Denver locals go about their day.
Looking for a local watering hole to sip on a tasty cocktail? These four spots are the perfect place to grab a drink with some friends.
Retrograde is a small speakeasy hidden in the back of an ice cream shop. This little lounge serves up inventive cocktails with unique flavors under space-themed names. The great thing about Retrograde is that, if you encounter a wait while trying to get in, you can enjoy a scoop of some ice cream from the Sweet Action ice cream shop.
Run for the Roses is a secluded and swanky underground lair located at Dairy Block. This cozy lounge is the ideal spot to end your night with a classic cocktail made by a top-tier mixologist. If you’re hitting the town with a larger group, make a reservation ahead of time as Run for the Roses has private space available for more sizable parties.
The Wild aims to be the premier spot in Downtown Denver for coffee, cocktails, wine, beer and spirits. As soon as you step inside, it’s easy to see they’ve accomplished just that. Sit down and enjoy a small plate paired with the libation of your choice and enjoy all that this perfectly curated space has to offer.
Forget Me Not is an elegant cocktail bar in the Country Club neighborhood. This hip spot features velvet couches, a beautiful bar under a big chandelier, great outdoor seating and colorful cocktails that taste as good as they look, and that’s saying something. If that’s not a recipe for a great night on the town in Denver, what is?
There’s no denying it, Denver is a beer city. Here are four of the best spots to grab a cold one in the Mile High City.
A brewer-owned and operated brewery, Novel Strand is as legit as it gets. Nestled in the heart of Baker, Novel Strand Brewing Company specializes in unique beers with flavors that you aren’t likely to find elsewhere. Always experimenting with new methods and ingredients, the creative folks behind this brewery are constantly “changing their DNA,” and that’s just the way they like it.
Cervecería Colorado operates under the noble idea of building bridges, not walls. That said, the bright muraled walls of the Cervecería Colorado building will likely be the first thing you notice when you pull up to their Highland location. Here you’ll find Mexican-inspired craft beers influenced by traditional flavors and executed with imagination. Stop by and sip on a cold one while breathing in the fresh Rocky Mountian air from the patio.
Crooked Stave was founded over a decade ago by the science-minded, creative brew guru, Chad Yakobson. Chad takes a progressive approach to brewing that “blends science and art through creativity and passion.” Pouring everything from sours to Mexican lagers to IPAs, if you’re a beer lover, this is the place for you. Stop by, kick back and crack open a sudsy creation with a few friends. Life in Denver doesn’t get much better than that.
“Uniquely crushable craft beers” serves as the driving principle behind River North Art District-based 14er Brewing Company and Beer Garden. This industrial space often hosts food trucks to accompany its killer selection of brews. Benefitting from an expansive beer garden, 14er is an ideal spot to get together with a large group or enjoy a little personal time over a pint. Regardless, 14er is inviting and always a good choice for a quality hang.
With so much to do in Denver, you’re going to want to stay caffeinated. These are four of the best coffee shops and cafes in Denver.
Sonder Coffee and Tea is a cute and airy Cherry Creek coffee shop that has a truly great atmosphere. offering up exactly what you’re looking for in a morning pick-me-up spot, Sonder Coffee and Tea has kombucha and iced tea on tap as well as creative cold brews and pastries that can make all seem right in the world. That may be an exaggeration, but you really can’t go wrong with anything on the menu here.
Middle State Coffee is a plant-filled, industrial-style space serving up some of the highest quality caffeinated cups of goodness in the Baker area. More than a simple coffee shop, Middle State also offers subscription and wholesale services in addition to strong Wi-Fi and stellar waffles. If you need a pick-me-up, you can always count on Middle State Coffee to provide quality fuel for your day.
With locations in Denver and Englewood, Kaladi Coffee Roasters is beloved by Colorado locals. Founded over 20 years ago, Kaladi sources only the highest-quality beans and leverages custom equipment to create coffee that simply tastes great. Regardless of how you take your morning cup of joe, if you’re filling up with Kaladi, you’re starting your day on the right foot.
Blue Sparrow Coffee is a coffee-lovers coffee shop. Beautiful space, talented baristas and a menu that reflects the interests of the passionate people behind the scenes make this cafe truly one of a kind. Stop in for a house-made chai, refreshing matcha or fresh pastry to get your day going. With nitro cold brew, kombucha and CBD lattes on offer, there’s something at this shop for everyone. Stop in and see for yourself.
There’s no shortage of gifted performers in Denver. Catch a show at one of the following venues and soak up some local talent.
Lost Lake Lounge hosts local and touring acts in an intimate venue with a killer sound system. Dive bar vibes meet next-level stage talent in this locally loved live music venue. Closing in on a decade in the Congress Park area, Lost Lake Lounge has become a staple in the community and has given local creatives a place to take the stage or kick back and enjoy a show.
As one of the most celebrated comedy clubs in the country, Denver Comedy Works is probably too high profile to be considered a hidden gem, but still worth mentioning here nonetheless. To put it simply, if you’re a comedy fan in the Denver area, Denver Comedy Works is your best bet to get your laugh on. Check out the schedule and get your tickets to a show today.
Mercury Cafe is an undeniably funky performance venue that provides stage time for musicians, poets and people of all practices with a story to tell. Offering organic eats alongside soulful performances, Mercury is a welcoming space that embraces the people and passions that make Denver an entirely unique mountain city.
Small enough for intimate gatherings but large enough to accommodate an audience of up to 100 people, The Lodge at Woods Boss is a live performance venue and event space located within Woods Boss Brewing. The owners say the space was designed with celebrations and special occasions in mind, and that vibe comes through strong from the second you enter the space. Sign up for an open mic night or catch an acoustic show with a cold beer.
Going to Denver and not enjoying the great outdoors is like going to the beach and not getting sandy, you just can’t do it.
Improper City is a beer garden that hosts food trucks in its expansive outdoor area. If you like your daily dose of nature to be paired with a delicious taco and cold drink, Improper City is the spot for you. The outdoor patio is dog and kid-friendly, so don’t be afraid to invite the whole family for a day of delicious food and refreshing drinks under the Denver sun.
As the largest lake, and second-largest park, in Denver, Sloan’s Lake Park is a beacon of natural beauty in the West Highland section of Denver. With a path encircling the lake, Sloan’s Lake Park is a great place to get your steps in away from the hustle and bustle of the city surrounding this serene oasis. Sloan’s Lake also plays host to the Colorado Dragon Boat Festival, if you’re lucky enough to be in town for that, it’s a must-see.
Denver boasts over eighty miles of off-road, multi-use recreational trails within the city limits. With so much space to run, pedal, rollerblade and more, there’s no excuse to not get out and explore the different areas of the city connected by the expansive trail system.
Known locally as “Wash Park,” Washington Park is located southeast of downtown Denver and features sporting facilities, flower gardens, walking trails and so much more. Surrounded by residential housing, Washington Park serves as a meeting place, workout center and communal hub for the area and is always buzzing with activity. Feeling down on a slow day? head to Wash Park for the type of spiritual pick-me-up only the great outdoors can provide.
Whether you’re a foodie looking for your next great meal or an outdoor enthusiast hoping to find home in a place with parks and other opportunities for recreational activities nearby, Denver has something to offer everyone. Stop by any of the local spots listed above and enjoy the best of what the Mile High City has to offer.
Source: rent.com
Last week, the U.S. House of Representatives passed the “Middle Class Borrower Protection Act of 2023,” legislation sponsored by Rep. Warren Davidson (R-Ohio) that was designed to cancel controversial changes to loan-level pricing adjustments (LLPA). The LLPA changes were announced earlier this year by the Federal Housing Finance Agency (FHFA).
The measure — which recently earned the support of the National Association of Mortgage Brokers (NAMB) — passed on a vote of 230-189, with the House Republican conference voting unanimously in its favor. Fourteen Democrats crossed party lines to join Republicans, according to the office of the U.S. House’s clerk.
“The Biden administration wants to use mortgage fees to put their finger on the scale and decide who gets to pay more and who gets to pay less,” House Financial Services Committee Chairman Patrick McHenry (R-N.C.) said in a statement. “This will make housing less affordable, not more, and puts taxpayers at risk by threatening the safety and soundness of our housing finance system.”
Nearly 95% of Americans have credit scores above 680, and the group could face an extra $1.8 billion in new fees over the next two years under the LLPA plan, according to McHenry.
“House Republicans are taking action to protect middle-class borrowers with Rep. Davidson’s bill and I was proud to support it on the House floor,” McHenry said.
“The Biden administration’s mortgage rule is a socialist redistribution of wealth. I’m glad to see my colleagues recognize this issue and pass my legislation to reverse this rule,” Davidson added.
The proposed LLPA changes caused uproar when announced earlier this year. The main issue stemmed from the belief that the changes would punish borrowers with good credit, which FHFA Director Sandra Thompson later characterized as a misconception.
The changes were ultimately rescinded, but not before House Republican lawmakers took aim in a House Financial Services subcommittee hearing and an additional hearing with Thompson as a witness.
“I want to be very clear on one key point, and one that bears repeating: under the new pricing framework, borrowers with strong credit profiles are not being penalized to benefit borrowers with weaker credit profiles,” Thompson said during the hearing. “That is simply not true.”
According to the entry on the U.S. Congress website, the bill has yet to be introduced in the U.S. Senate. It’s unclear if the bill will make it to the floor of that chamber, where the legislative agenda is controlled by a Democratic majority.
Source: housingwire.com
With the national default deadline looming, the federal government reached an agreement to raise the debt ceiling.
The economy’s resilience and uncertainty surrounding the debt ceiling negotiations caused mortgage rates to climb, according to Freddie Mac Chief Economist Sam Khater.
Many homeowners and potential home buyers hope this means lower interest rates as we head into summer. Read on to learn more about the debt ceiling and its impact on the housing market and mortgage rates.
Also known as the debt limit, the debt ceiling represents the maximum amount of money that the United States Treasury can borrow to pay the nation’s bills.
The U.S. hit its current borrowing limit of $31.4 trillion in January. That means the federal government cannot currently increase the amount of its outstanding debt, and paying the nation’s bills becomes more complicated.
In a letter to Congress, Treasury Secretary Janet Yellen said the U.S. could be incapable of paying its debt as early as June 1. If so, the federal government is at risk of defaulting for the first time in U.S. history.
She goes on to say the U.S. defaulting on its bills could cause “irreparable harm” to the U.S. economy. Interest rates on credit cards, auto loans and mortgage rates could skyrocket.
By increasing the debt ceiling, the Treasury can borrow funds to pay for government obligations, such as Social Security and Medicare benefits, tax refunds, military salaries, and interest payments on national debt.
Although the debt ceiling itself doesn’t directly determine mortgage rates, its impact on the overall economy could wreak havoc on rates. The potential consequences and uncertainty associated with reaching the debt ceiling could impact investor confidence and lead to changes in interest rates, including mortgage rates.
“The debt ceiling debate can have a direct impact on the economy and mortgage rates. Continued delays will lead to increased uncertainty and result in upward pressure on mortgage rates,” said Shane Spink, regional manager for Acopia Home Loans.
With a resolution reached and the debt ceiling raised, things should mostly return to normal. The U.S. never hit the ceiling before — although it’s gotten close in a few instances and those came with minor economic repercussions.
With the fear of a default removed and stability reestablished, consumer confidence will likely be restored and interest rates should slowly start coming down over the next 60 days.
Not raising the debt ceiling could lead to dire consequences for the U.S. economy.
If the debt ceiling isn’t raised in time, the added uncertainty in our nation’s economy could negatively affect financial markets and interest rates across many sectors, including mortgage rates. This is because a debt default would force the Treasury Department to pay higher interest on its bonds to convince investors to stay the course.
Mortgage rates typically move in lockstep with yields on 10-year Treasury notes. Unless Congress moves quickly, yields could rise as the demand for Treasury notes could temporarily halt if investors worry that Treasuries are now a risky investment. Additionally, bondholders could seek higher rates to balance the increased exposure.
In either of these scenarios, rising yields could push mortgage rates higher. Higher mortgage rates can have several effects on the housing market and potential homebuyers.
First, higher rates increase the cost of borrowing, making mortgages less affordable for many buyers. This could also reduce overall demand for homes and potentially slow down an already struggling housing market.
Second, higher mortgage rates can impact the ability for existing homeowners to refinance their mortgages. When rates rise, refinancing becomes less popular, as the potential savings from refinancing decrease. This can impact a homeowner’s ability to access lower rates and potentially reduce their monthly mortgage payments.
Higher mortgage rates can also result in a ripple effect within other sectors of the economy. The housing market is deeply linked to a number of industries, such as construction, real estate and home improvement. Slower housing activity due to higher rates can dampen all these sectors, leading to job loss and decreased economic growth.
Any default, whether its short-lived or a lengthy road to recovery, could trigger a recession. The potential for job loss is massive, leading to an interruption in income for millions of Americans.
Consumers and workers could be hurt almost immediately as the federal government may be forced to cut back benefits and paychecks. As interest rates rise, so do borrowing costs. Rising rates in addition to withheld paychecks, could seriously impact housing, both in the short-term and long-term.
Investor sentiment would be impacted negatively, as it raises concerns about the government’s ability to repay its debts.
Not only would it add to an already struggling housing market that’s suffering from a lack of inventory and rising mortgage rates, getting a mortgage loan would become even more challenging. Small businesses would also struggle as getting a small business loan would become more difficult.
“We are already seeing what higher rates are doing to the overall housing market,” Spink says. “If the debt ceiling isn’t raised in time, this could be an unnecessary addition to already higher rates in a time where we would typically see accelerated applications during peak summer months”.
The debt ceiling has long been a contentious issue in the United States, with debates and political battles often becoming a major topic when the government nears its borrowing limit.
Whenever the risk of defaulting on the nation’s debt looms over the U.S economy, it’s important to keep a close eye on the debt ceiling debate, as well as its potential effect on mortgage rates and the housing market.
Whether you’re considering a new home purchase or a refinance, mortgage borrowers should speak with a lender about the available options for locking in a favorable rate prior to a potentially drastic jump in interest rates.
Source: themortgagereports.com
It’s long been a truism that homeownership is a pillar of the American dream. Yet many Americans today are increasingly losing confidence in their ability to afford a home.
That’s according to a recent Gallup poll on the economy and personal finance, which found that 78% of Americans believe that now is a bad time to buy a house due to concerns about the availability of affordable housing and high mortgage rates. As June is National Homeownership Month, it’s a good time to take stock to determine what steps we can take to restore optimism and confidence in the housing market.
We’ve long recognized that when individuals and families are able to purchase their own homes, they are stepping onto a reliable path toward achieving long-term financial capability. Moreover, high rates of homeownership give people a stronger stake in their neighborhoods, leading to more stable and secure communities. For these and other reasons, policymakers have long sought to encourage homeownership as a cornerstone of our financial inclusion strategy.
But over the last several years, that model has been under severe strain, as a tight inventory of available housing, a growing population, elevated home prices, rising interest rates and higher costs for construction materials have resulted in many buyers being locked out of the market.
Particularly affected by these trends are first-time homebuyers — especially younger buyers and members of marginalized minority communities who are seeking to buy a home as a means to start climbing the economic ladder. Likewise, middle-income buyers — those making up to $75,000 per year, the U.S. median household income — are also feeling the pinch due to a pronounced shortage of available homes in their price range, according to the National Association of Realtors.
Such trends are undermining confidence in the housing market. But the good news is there are steps we can take to alleviate this situation and to restore homebuyers’ hope.
As one of my duties as a member of the board of the National Credit Union Administration (NCUA), I’ve recently assumed the chairmanship of the board of directors of NeighborWorks America, a nonprofit chartered by Congress with a mission to increase access to homeownership and affordable rental housing. NeighborWorks has a variety of tools at our disposal to address the housing shortage, including direct funding for development or redevelopment of neighborhoods; financial counseling for homebuyers and partnerships with other entities to address housing needs in local communities.
Policymakers should focus on creative ways to encourage more investment in affordable housing. Such solutions could include regulatory reforms, adjustments to onerous zoning restrictions that restrict new construction and funding to boost the supply of homes.
Finally, as a member of the NCUA board, I will continue to encourage the financial industry to take a leading role in homeownership. One great example I point toward is the GreenState Credit Union in Iowa, which launched an initiative called “10 Over 10” to boost homeownership opportunities among minority populations. GreenState pledged to direct 10 percent of their total assets, $1 billion, to home loans for people of color over the next 10 years. So far, they’ve committed about $300 million toward that goal, so they’re almost a third of the way there. This is a great example of how the financial services industry can contribute to addressing the nation’s housing challenges. Industry leaders should study such examples and share ideas to see how these types of approaches might be adapted in other states and localities.
The reality is that our housing problem doesn’t have a single “silver bullet” solution — it will require solutions, in the plural, to ensure that the complexity of this problem is addressed. But we have the tools at our disposal to start addressing our housing challenges, through a creative mix of regulatory reforms, policy changes, incentives and investment. What’s needed is the will and leadership to put those tools to work addressing the problem. We should use National Homeownership Month as a spur to action to get that process started now.
Source: nationalmortgagenews.com
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How can it be that it’s been 14 years since Michael Jackson died of acute propofol intoxication? (A drug that is used for the induction and maintenance of general anesthesia.) The world certainly took notice of his death, and moving into mortgage banking, any time the same news story contains words like “FHFA,” “socialism,” “Congress,” and “credit scores” everyone takes notice. People are taking notice of bank and credit union performance in this environment. Unlike non-depository lenders, they’re faring okay in this environment. Personnel can be shifted to other channels within the company, such as auto loans, credit cards, or customer service. They generally have a different set of concerns than independent mortgage banks. For example, how does the referral process work, and who is compensated along the way? How are potential non-mortgage customers identified? How are marketing expenses handled… does the mortgage arm of the bank do its own marketing? How are management costs allocated? What is the reporting structure: who does “mortgage” report to and how? Are mortgage employees actively trained on other bank channels such as auto lending or credit card work? IMBs, of course, must compete with bank and CU comp structures which often involved a salary (let’s say, $5k per month) plus commissions (let’s say, 50 basis points). (Today’s podcast can be found here and is sponsored by Visio Lending. Visio is the nation’s premier lender for buy and hold investors with over 2.5 billion closed loans for single-family rental properties, including vacation rentals. Through its top-rated Broker Program, Visio brokers can earn up to 5 percent. Hear an interview with Black Knight’s Frank Poiesz on the current regulatory environment and what parts of the origination cycle AI will likely benefit first.)
Broker and Lender Services, Products, and Software
Whether you’re looking to funnel more leads, increase repeat business or forge valuable connections, the Surefire℠ CRM and Mortgage Marketing Engine by Black Knight has got you covered! In its latest ‘Mortgage Marketing Essentials’ quick guide, Surefire breaks down some simple, cost-effective strategies used by many of the mortgage industry’s top-producing loan originators to help you hone your marketing efforts! In today’s difficult housing market, there’s no better time to kickstart your journey to the top of the lending leaderboard. Get a bite-sized overview of proven tactics from loan officers who have perfected their marketing skills by downloading the ‘Top Producer Quick Guide’ today.
Are you a warehouse lender seeking to optimize operations, reduce costs and enhance customer satisfaction? Look no further than ProMerit, the industry’s leading warehouse lending platform brought to you by SitusAMC. As a SaaS-enabled and cloud-hosted system, it offers the flexibility and resilience required to thrive in the ever-evolving technological landscape. Effortlessly manage, track, fund and secure repayments while supporting your reporting, audit, and compliance requirements. Seamlessly integrate with LOSs, general ledgers, wire systems, DDA systems and more, enabling more smooth data flow and streamlining processes. Experience the power of automation, allowing you to schedule and execute tasks, import files, generate reports, and receive notifications of work complete. Elevate your warehouse lending business with ProMerit. Discover a world of enhanced efficiency, reduced costs, and unparalleled customer satisfaction. Contact Anthony Beshara or Rich Berg.
“Do you want to win more business and gain more agents? Then you need Loangendary Marketing, a marketing partner for mortgage companies and loan officers. With the market wreaking havoc on budgets and marketing departments, Loangendary Marketing was created to help you affordably grow and scale your origination business without growing your team. With our customizable contract terms, our lightning-fast turnaround times, and our talented team of mortgage marketing experts, we’re here to help your business grow in any market condition. Imagine having a team of the best mortgage marketers in the business focused solely on helping you win more loans and growing your brand. That’s what we do. And with over 20 years of experience working with some of the leading mortgage companies in the country, we know what it takes to help you win more business. Book a discovery call today to see what we can do for your business!”
Cover your staff’s time off with Maxwell’s on-demand underwriting. As a mortgage professional, you know the value of an uninterrupted workflow. Maxwell Fulfillment services empowers you to seamlessly maintain your operations while your team enjoys time off this summer (and beyond). With direct integrations to your LOS, our experienced onshore team of underwriters provides a seamless, fast, and cost-effective experience. To learn more about Maxwell’s on-demand underwriting or other fulfillment services, click here or schedule a call today.
Homeowners with mortgages, which account for roughly 63 percent of all properties, gained $1 trillion in equity between the fourth quarter of 2021 and the fourth quarter of 2022. Along with this increase in equity, there has been an increase in demand by borrowers to tap into that equity. Join executives from FirstClose, Space Coast Credit Union and HousingWire this Wednesday for a 1-hour for a virtual event that will discuss today’s levels of home equity, and how to successfully help homeowners utilize their equity with different home equity products. Register today!
The CWDL mortgage banking leaders had a great time in California last week, as we co-hosted Power Lunches with Michael McAuley and Joe Garrett of the renowned consulting firm Garrett, McAuley & Co. Mark Wilson and Dustin Pfluger helped to facilitate roundtable discussions with C-level executives of leading lenders in both the San Diego and Bay Area markets, hitting on topics such as getting to breakeven, dealing with margin compression, when/how to acquire other mortgage companies, and strategies for profitability in a hyper-competitive market. If you’re interested in CWDL bringing these Power Lunches to your market in the future, reach out to Kasey English (619-302-0010), and learn more about our industry-specific tax, audit, accounting and consulting services here.
Conventional Conforming Products in the News
Freddie and Fannie’s policies, procedures, underwriting guidelines, and activities in the capital markets impact roughly 3/4 of current production. Let’s see what’s happening in that channel.
FHFA Released 1st Quarter 2023 Foreclosure Prevention and Refinance Report.
Effective August 1, 2023, Freddie Mac is retiring the Loan SellingAdvisor® CTE01 environment. If you’re a current CTE01 user, you’ll need to migrate to the UAT Production Baseline CTE. All functionality you have had access to in CTE01 will be available in UAT Production Baseline CTE.
Fannie Mae Positive Rent Payment Success Stories.
Fannie Mae June Appraiser Quality Monitoring (AQM) list.
Based on recent GSE feedback and QC findings, Pennymac clarified requirements related to documentation received with the loan file. Regardless of AUS documentation requirements, all documentation submitted with the loan file is subject to review and analysis and may be used for qualification purposes. PennyMac is analyzing the documentation to assess the impact.
All Fannie Mae, Freddie Mac, and AUS Jumbo Product Profiles were recently updated.
In Announcement 23-45, Pennymac provided a reminder regarding Fannie Mae and Freddie Mac’s condominium project insurance requirements and the importance of ensuring the insurance coverage is adequate to meet GSE requirements as well as protect the project from damage and loss.
Citi Correspondent Lending Bulletin 2023-05 contains credit policy updates regarding Quarterly Depreciating Markets List Update & New Format, Full Review Fannie Mae’s Condo Project Manager (CPM) –and Alternatives for Tax Filing Documents for DU Loans. The bulletin also provides notifications on Batch Funding for loan purchase wires and mandated screening for non-Obligated parties.
Impact of Fannie Mae SEL-2023-05 and DU/DO August Release Notes to AmeriHome Correspondent Products were posted in Announcement 20230606-CL.
PRMG Product Update 23-30: Conventional and Government Products updates include clarification on unique or non-traditional homes (such as barndominiums, tiny homes, geodesic dome, earth homes) are not eligible. Expanded Access clarification that Tax Professional Attestation Form allowed in lieu of written letter from Tax Professional (form ensures borrower’s Tax Professional meets all attestation requirements). Product codes added for High Balance options with repayable DPA on Chenoa Fund FHA. Clarification on requirements for Florida Assist and Florida HLP 2nd mortgage DPA documents.
Capital Markets
We had a little bond market rally in price to close last week as the market responded to releases of flash June Manufacturing and Services PMI readings from major economies which showed a clear trend of weakening activity. (When there isn’t much news, something 2nd or 3rd tier news can move prices in a thin market.)
This weakening activity comes at a time when central banks like the Fed, ECB, and the Bank of England are threatening more rate hikes. Domestically, the S&P PMI surveys for manufacturing and services were both lower, showing that the sector is contracting while growth in services also slowed. Other economic releases of note showed initial jobless claims were unchanged at 264k while the four-week moving average trended higher. While initial claims have been higher as of late, they are currently around the average seen from 2015 to 2017. Meanwhile continuing claims have been near their 2018 – 2019 range, consistent with 3.5 percent to 4.0 percent unemployment. Housing starts were higher than expected and may prove to be a boost to economic activity in the later part of the year. A 27 percent increase in multifamily starts led to the surprise reading. Builders continue to benefit from the lack of resale home supply as would-be sellers remain in place not wanting to give up their historically low fixed mortgages rates. The National Association of Homebuilders’ Housing Market Index increased from a revised 50 to 55 in June.
Despite being a slower week for economic releases last week, the sparse data points, as well as Fed comments, provided insight as to the strength of the U.S. economy. Fed Chair Powell reiterated the modest economic expansion that is being driven by consumer spending indicates that more work is needed to bring inflation down to the FOMC’s 2 percent target. Housing, which accounts for roughly one third of CPI, is being buoyed by limited supply as well as demographics which are keeping demand steady even with higher interest rates. Single-family permits increased for the fourth straight month and multifamily units under construction tied a record high. There was a slight uptick in resale home inventory last month as available homes increased to a still low 3.0 months’ worth. Single-family home prices rose for the fourth consecutive month in May to a median price of $401,100 due to low inventory and stabilizing demand.
This week concludes with month and quarter-end trades on Friday. Data includes regional Fed surveys, housing data, durable goods, consumer confidence, and final Q1 GDP before concluding with May PCE on Friday. Fed Chair Powell is scheduled to appear on Wednesday before the ECB Forum on Central Banking. Today’s calendar kicks off with the non-market moving Dallas Fed Texas manufacturing for June and a Treasury auction of $42 billion 2-year notes. We begin the week with Agency MBS prices better .125-.250, the 10-year yielding 3.68 after closing last week at 3.74 percent, and the 2-year is at 4.70 for no real reason, although there is some talk of the Russian political scene’s unrest.
Employment and a Retirement
Ready to take your career to the next level? Making certain borrowers have a smooth experience is vital in today’s competitive market, which is why Mortgage One provides all the tools you need to succeed. Through its partnership with Lender Toolkit, the Michigan-based lender helps its loan officers streamline the underwriting process with AI Underwriter™️ , which automates and applies underwriting conditions in 60 seconds. With just one click, you can review credit reports, income, assets, appraisals, loan data, fraud reports and more. “Research shows that consumers don’t like being asked for documents more than once, and AI Underwriter makes sure that doesn’t happen,” says Mortgage One CEO Mark Workens. “By moving underwriting upstream, we’re able to deliver a better customer experience, giving our loan officers more repeat and referral business from satisfied borrowers.” If you’re looking for a company that invests in your success, check out Mortgage One’s careers page today.
A Mortgage Boutique, the wholesale division of First Community Mortgage, has several zero or low down payment options: Conventional up to 97 percent, USDA 100 percent, VA 100 percent, FHA 100 percent CLTV, and HomeZero just announced NO income limitations! A Mortgage Boutique is looking for skilled Account Executives nationwide to join its team. Committed to delivering exceptional service to clients and partners, A Mortgage Boutique considers top talent as a crucial element in achieving this goal. If you are passionate about excellence and seeking to join a thriving team, consider a career with A Mortgage Boutique. Contact DJ Ziggas to learn more.
FHA job opportunity to make up to $166k per year: Director in its Real Estate Owned Division. Duties include reviewing technical reports of property damage, coordinating the completion and processing of necessary documents, and overseeing the preparation of deeds and mortgages and close sales.
“Liz Scott, Regional Managing Director with National MI has decided to retire from National MI after serving 11 years with the company. Her career has spanned more than 30 years in the mortgage industry, and we are deeply and sincerely grateful for Liz’s contributions. She was one of the first salespeople hired at National MI during its founding stage, and she helped craft our customer development strategy. She steadfastly believes that achieving homeownership offers the ability to improve families’ quality of life and has held the privilege of fostering broad and deep relationships with customers and members of the industry she considers partners and friends. She has built and led a best-in-class team of exceptional National MI sales advisors in the western territory who will continue to serve our clients with the highest standard of service. Liz looks forward to spending more time with her family, enjoying international travel, and soon welcoming her first grandchild to her family. We are grateful for the opportunity to have worked with Liz and wish her the best in her retirement as she begins a new life chapter.”
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Source: mortgagenewsdaily.com
While the first four and a half months of 2023 had significantly more housing demand than we expected coming out of the ice-cold fourth quarter, the real story of the year is the restricted supply of homes to meet that demand. Low inventory continues to be a major issue for the market, and we’re seeing signs that there’s no end in sight.
What’s normal for this time of year?
Normally in the spring — the pandemic years notwithstanding — we see inventory rising as sellers put their homes on the market readying for the summer home-buying peak. In typical years, the low point for homes on the market is mid-February. This year that low point was 10 weeks later, in late April as the quantity demanded exceeded the quantity supplied for homes during the entire first quarter.
In this chart we’re showing the inventory curve of unsold single family homes weekly for each year. Each line here is a year. The pandemic years’ inventory are the lines at the bottom. From May 2020 through March 2021, the market was characterized by few sellers and ravenous buyer demand. You can see how last year inventory started rapidly increasing in the second quarter as mortgage rates rose. That’s the light red line. Later in 2022 inventory had a second burst of inventory growth in September, which was very unusual, and was a reflection of how dramatically homebuyer demand slowed as mortgage rates spiked over 7%.
As of mid-May 2023, there were only 424,000 single family homes on the market across the country. The lowest point was officially in mid-April. Available inventory of homes for sale is starting to inch up 1% per week now. Contrast that with the same period in 2022, when inventory was climbing as much as 6% weekly.
Why is inventory so restricted this year?
The first half of this year has seen significantly more demand than we expected, and fewer sellers, so inventory has fallen. It’ll take sellers to emerge, or buyers to drop out, for active inventory to finally rise again. We saw last year how abruptly and completely buyers could freeze when the tides turn against them.
This article is part of our ongoing 2023 Housing Market Forecast series. After this series wraps, join us on May 30 for the next Housing Market Update Event. Bringing together some of the top economists and researchers in housing, the event will provide an in-depth look at the top predictions for this year, along with a roundtable discussion on how these insights apply to your business. To register, go here.
With the debt ceiling crisis in Congress, we now have a new wrinkle that could slow the housing market. Mortgage rates have climbed to 7% for the first time since October as the uncertainty of the potential default looms over us. Home buyers are sure to feel this cost pain. If it lasts for very long, inventory will rise.
Inventory of homes could come from three possible seller sources: existing homeowners who trade up or down; investors who are selling to perhaps de-leverage or unload newly unprofitable properties; or distressed / forced sellers — usually people out of work because of a slowing economy. None of those groups has emerged as home sellers yet this year.
With high interest rates making it harder for current homeowners to trade up (or even down), especially when they likely have a low mortgage on their current home, most of them just aren’t interested in moving. But even those who are moving, due to life events for example, are often holding their existing home as an investment property, even when they buy the next home, because they’re locked in at a low rate. Result: no new inventory.
Why aren’t investors selling even as mortgage rates have climbed and made some properties less profitable? In addition to cheap financing, investors who own rental properties have enjoyed another powerful windfall in recent years: low levels of unemployment leading to rising rents. Most investors, especially the mom-and-pop owners of 1-4 homes which make up 90%+ of all real estate investors, have fixed-rate financing.
So when rates rise, the next investment becomes more expensive and less desirable. Owners of big apartment buildings are more likely to have variable financing, and we’re starting to see some of those owners be caught in unsustainable debt. That impact of commercial real estate owners has not been seen in the smaller investors market at all.
Americans are still near record levels of employment, so there has been no notable downward pressure on rents. Even if it’s harder to unload a rental property than it was 18 months ago, the vast majority of those deals are still very profitable. Result: no new inventory.
This record level of employment also means that we have record-few mortgages in any stage of delinquency right now. Based on this measure, American homeowners are in really strong financial shape. They’re well-employed, with cheap mortgages, and a lot of equity. Unless that equation dramatically, we won’t see inventory from distressed sellers.
What’s next?
The question for the rest of the year is how quickly the dark red line on the chart above climbs. Does demand weaken again like last year? That’s going to be a question of mortgage rates and the economy. Does the debt ceiling crisis break worse or get resolved? Do we have big job losses coming? Do we have banking crises or other shocks coming? Even the uncertainty itself is a risk to derail housing demand from here.
If these major shocks are held at bay, this year’s curve will look more like most of the years on this chart, and we’ll end the year with under 500,000 homes on the market again — staying in this pattern of incredibly restricted supply.
If the economy tanks hard, then the curve could pick up quickly like last year. This is a real possibility, but there’s no indication anywhere in the data yet that any surge of inventory is imminent.
This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.
To contact the author responsible for this story:
Mike Simonsen at [email protected]
To contact the editor responsible for this story:
Brena Nath at [email protected]
Source: housingwire.com
Pennsylvania is a state that is overtly rich in history and culture, and it offers a wide variety of living options for its renters and their individual tastes. From bustling cities to quiet communities, there is no shortage of great places to call home in the Keystone State. We’ve narrowed down our top picks of the best places to live in Pennsylvania, sure to please renters looking for their dream homes.
Harrisburg is the capital city of the state of Pennsylvania, full of rich history, vibrant arts and culture scene and outdoor attractions. The city played an important role in the American Civil War, serving as a major transportation hub for troops and supplies. Residents can explore this history at the National Civil War Museum or take a stroll through the historic district to see some of the city’s 19th-century architecture.
In terms of outdoor attractions, The Susquehanna River is a popular spot for kayaking, fishing and other activities, and there are plenty of parks and green spaces to explore. Additionally, the city is home to a thriving arts scene, with galleries, theaters and performance spaces showcasing everything from classical music to contemporary art.
Top apartments in Harrisburg:
Lancaster is a charming city in the heart of Pennsylvania Dutch country, known for its rich history, beautiful countryside and food. One of the most well-known features of Lancaster is the Amish community. You can take a guided tour of the Amish countryside to see their traditional way of life, including horse-drawn buggies, farmhouses and beautiful landscapes. You can also sample homemade jams, jellies and other Amish treats.
The city also has a quaint, historic downtown area with various shops, restaurants and attractions. You can visit the Central Market, which is the oldest continuously operating farmers’ market in the country, or check out the Fulton Theatre, which hosts a variety of plays throughout the year.
Top apartments in Lancaster:
Pittsburgh is a sports-centric city located in western Pennsylvania. It’s known for its influential steel industry, bridges and sports teams. Pittsburgh has an intense sports culture. The city has a long history of successful sports teams, including the Pittsburgh Steelers football team and the Pittsburgh Penguins hockey team.
The city is also known for its history and architecture. Once a hub for the steel industry, Pittsburg is full of many old factories and mills throughout the city. If you’re interested in arts and culture, there are plenty of museums and galleries to explore in Pittsburgh as well. The Andy Warhol Museum, for example, showcases the life and work of the famous artist who was born in the city.
Top apartments in Pittsburg:
Reading is a diverse city with a mix of urban and suburban areas. It’s home to various colleges and universities, including Alvernia University and Reading Area Community College. The city also has a booming arts and culture scene, with several theaters and galleries showcasing local talent.
Reading has a rich history, particularly in the industrial and railroad industries. In the late 1800s and early 1900s, the city was a major center for iron and steel production, and many of the historic buildings in downtown Reading were built during this time. In fact, the city’s nickname is “The Pretzel City” due to its history as a center of pretzel production.
Top apartments in Reading:
If you’re a fan of “The Office,” you might already know a bit about Scranton, as the popular TV show was set there. Scranton has a rich history in relation to the coal mining industry and still has remnants of that heritage today. The Lackawanna Coal Mine Tour is a popular attraction where you can explore an actual coal mine and learn about the city’s coal mining history.
When it comes to food, Scranton offers a mix of culinary cuisine. You can find everything from traditional Pennsylvania Dutch dishes to modern American favorites. The city is particularly known for its pizza and hoagies, and you’ll find numerous local establishments serving up delicious versions of these classic favorites.
Top apartments in Scranton:
The heart of Pennslyvania comes alive in the bustling city of Philadelphia. This city is a vibrant neighborhood with a mix of residential and commercial spaces. Here, you’ll find high-rise apartment buildings, condominiums and lofts. Residents are within walking distance of many cultural attractions, restaurants, shops and work opportunities.
Philadelphia is known for its rich history, world-class museums, vibrant arts scene and sports culture. From the Liberty Bell and Independence Hall to the Philadelphia Museum of Art and the Philadelphia Orchestra, there’s no shortage of cultural experiences for renters to enjoy.
Top apartments in Philadelphia:
Located in the southern part of the state, York is an affordable city with quaint neighborhoods. York has deep historical significance as it was the temporary capital of the United States during the American Revolution when the Continental Congress met here. It’s also the birthplace of the Articles of Confederation, the first written constitution of the United States.
If you’re into a mix of historic and modern influence, Downtown York is the perfect spot. Residents have access to cool apartments with lots of character surrounded by local shops and restaurants to explore. Access to transportation is great as well with the Rabbit Transit buses to help get around the city and connect to nearby areas.
Top apartments in York:
Allentown is known for its diverse and vibrant culture. The city is home to a blend of different ethnicities, which is reflected in its festivals, cuisine and community events. Allentown offers a thriving arts and entertainment scene. The Allentown Art Museum and the Civic Theatre of Allentown, are just two places residents can enjoy entertainment and expand horizons.
Nature lovers will appreciate the parks and outdoor spaces Allentown offers. Lehigh Parkway, a scenic park along the Lehigh River, offers walking trails, picnic areas and opportunities for fishing and kayaking. The Trexler Nature Preserve, just outside of Allentown, provides even more opportunities for hiking and wildlife observation.
Top apartments in Allentown:
Erie is a haven for outdoor enthusiasts. One of the biggest and most well-known draws of Erie is its stunning natural beauty through spots like Lake Erie. In addition to Presque Isle State Park, there are plenty of opportunities for hiking, camping and exploring nature in the surrounding area.
The city area, downtown Erie, offers a mix of commercial, residential and cultural attractions for residents to enjoy. State Street serves as the main thoroughfare, lined with shops, restaurants and businesses. Downtown is home to historic buildings, including the ornate Warner Theatre, which hosts a variety of performances and events.
Top apartments in Erie:
Pennsylvania is a state that truly showcases its rich history and diverse culture, providing renters with a multitude of living options to suit their individual preferences.
With our top picks of the best places to live, renters can confidently embark on their search for their dream homes, knowing that Pennsylvania has something to offer everyone. Start your search today!
Source: rent.com