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House readies vote on $739B Manchin-Schumer bill as progressive holdouts remain silent

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House members will return to Washington Friday to vote on the $739 billion tax, climate and health care bill — a top priority for President Biden’s domestic agenda — but all eyes are on the Democratic Party’s most far-left lawmakers.

Speaker Nancy Pelosi, D-Calif., is expected to push the legislation through despite widespread GOP opposition. Given a narrow Democratic majority, Pelosi can only afford four defections from her caucus on any vote before having to rely on GOP support.

At the moment, it is uncertain if the legislation will clear that threshold given the silence of several high-profile progressive Democrats.

While most far-left lawmakers are expected to back the legislation, some have criticized it for being too friendly to the fossil fuel industry. Sen. Bernie Sanders , I-Vt., lambasted the bill last week during a marathon voting session as not going far enough to combat climate change.

HOUSE DEMOCRATS APPEAR UNITED, POISED TO PASS SCHUMER-MANCHIN SOCIAL SPENDING AND TAX INCREASE BILL

It's unclear if the legislation will clear the threshold given the silence of several high-profile progressive Democrats. 

It’s unclear if the legislation will clear the threshold given the silence of several high-profile progressive Democrats. (Getty Images)

“This bill, as currently written, includes a huge giveaway to the fossil fuel industry,” said Sanders. “It’s a slap in the face to the communities fighting to protect themselves from filthy fossil fuels .”

Sanders eventually wound up voting for the bill after his attempts to have it amended to prevent subsidies from going to energy companies were defeated. Support from his top allies in the House, a cadre of six far-left lawmakers known as the “Squad,” is less certain.

So far, only three members of the “Squad” — representatives Jamaal Bowman of New York, Ilhan Omar of Minnestoa and Ayanna Pressley of Massachusetts — have endorsed the legislation. The others have remained mum on the bill.

MANCHIN SAYS TRUMP CAMPAIGNING AGAINST HIM MAY ‘HELP ME’ AFTER FORMER PRESIDENT MAKES 2024 THREAT

Last year, the Squad nearly tanked Biden’s bipartisan infrastructure bill over climate concerns. The bill would have failed in the House if not for the support of 13 moderate Republicans.

Many Democrats worry that if members of the Squad join with at least one or two moderate Democrats they will sink the bill.

Such fears hang over Friday’s vote. Failure is not assured by any means, especially after a leading moderate Democrat threw his weight behind the bill Thursday.

“No bill is perfect,” said Rep. Henry Cuellar, D-Texas. “However, compromise, commonsense and rising above partisan politics to make meaningful and balanced change is our duty as legislators.”

Rep. Henry Cuellar, D-Texas, speaks on southern border security and illegal immigration during a news conference at the U.S. Capitol July 30, 2021.

Rep. Henry Cuellar, D-Texas, speaks on southern border security and illegal immigration during a news conference at the U.S. Capitol July 30, 2021. (Kevin Dietsch/Getty Images)

Cuellar and another Texas Democrat had previously raised concerns about the bill’s inclusion of a fee on methane emissions . His decision to back on the eve of the vote comes after other high-profile holdouts began to fall in line.

Rep. Kurt Schrader, D-Ore., announced his support for the bill on Monday along with several other leaders of the moderate Blue Dog Coalition. Schrader, who lost his bid for re-election this year to a more progressive primary challenger, was viewed as a potential no vote by health care lobbyists.

The Oregon lawmaker previously voiced concerns about allowing Medicare to negotiate the price of prescription drugs, a key provision in the Manchin-Schumer bill. He’s also broken with Pelosi recently on gun control measures, like banning assault weapons.

“We remain laser-focused on solving our nation’s major economic, energy and climate problems for future generations and will move swiftly to send this bill to the president’s desk,” Schrader said in a joint statement with other Blue Dog leaders.

Given widespread GOP opposition, Democrats cannot bank on any House Republicans to help them pass the bill. 

Given widespread GOP opposition, Democrats cannot bank on any House Republicans to help them pass the bill. (Tom Williams/CQ-Roll Call, Inc via Getty Images)

Given widespread GOP opposition, Democrats cannot bank on any House Republicans helping them pass the bill.

Republicans say the bill’s proposed 15% minimum corporate tax hike, which will raise an estimated $739 billion over the next decade, is detrimental to businesses at a time the economy is in a recession .

“The Democrats’ partisan spending plan is a direct attack on Main Street America and appeals to far-left climate activists at the expense of entrepreneurs and job creators,” said Rep. Roger Williams, R-Texas.

HOUSE REPUBLICANS, HEALTH CARE GROUPS WHIPPING AGAINST $739B MANCHIN-SCHUMER BILL

“Every taxpayer should be outraged at this partisan process and reckless government spending that will accelerate the inflation crisis and hurt the pocketbooks of every American household.”

Republicans have also slammed the bill’s $339 billion investment in climate change subsides, which the White House says will cut U.S. greenhouse gas emissions 40% by 2030.

“It is a power grab in the name of climate change,” said Sen. Lindsey Graham, R-S.C . “It is a tax-and-spend bill at a time we can least afford it.”

President Biden, already the oldest president to hold the office, turns 80 in November and would be 86 years old at the end of a second term. 

President Biden, already the oldest president to hold the office, turns 80 in November and would be 86 years old at the end of a second term. (Ting Shen/Bloomberg via Getty Images)

Much of the GOP criticism in recent days has centered around the bill’s $124 billion investment in the IRS. Republicans say the money will go toward hiring 87,000 new IRS agents.

“The IRS already disproportionately goes after rural areas, farmers, red states and low-income earners,” said Georgia Rep. Drew Ferguson, who, as GOP chief deputy whip, is working to ensure every House Republican opposes the bill.

“Supercharging the agency by doubling the size of employees … is a direct attack on hard-working Americans.”

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The Schumer-Manchin bill passed the Senate last week along party lines. The move came after months of back-and-forth negotiations between Democratic Sen. Joe Manchin of West Virginia and Majority Leader Chuck Schumer of New York.

An initial version of the bill, dubbed Build Back Better, stalled last year amid Manchin’s fears it would exacerbate inflation. The West Virginia Democrat reversed course this year after getting sufficient concession from Schumer and whittling the bill down from its initial $3.5 trillion price tag.

If successful in the House, the legislation will be a major win for Biden. Not only does the legislation help the president meet his climate goals, it also allows Medicare to negotiate the cost of some live-saving prescription drugs and expands Obamacare subsidies.

Haris Alic covers Congress and politics for Fox News Digital. You can contact him at [email protected] or follow him on Twitter at @realharisalic.

House to vote on Inflation Reduction Act, preparing bill for Biden

by www.chron.com Leave a Comment

WASHINGTON – House Democrats on Friday are expected to approve a sweeping package to lower health-care costs, combat climate change, raise taxes on some large companies and reduce the deficit, sending the once-imperiled proposal to President Joe Biden’s desk.

With debate set to begin in the morning, and a vote on passage likely later in the afternoon, the chamber is on track to deliver for Democrats a major legislative victory – one that party lawmakers already have touted on the campaign trail in a bid to protect and expand their majorities in this year’s midterm elections.

“This is a fabulous bill we’re going to pass,” House Speaker Nancy Pelosi, D-Calif., told The Washington Post in an interview Thursday before the vote. “It’s not anything that anybody, three months ago, would have said is a possibility. But it is, and we’ll have a good strong vote, send it to the president . . . and the clock will start ticking.”

The bill, known as the Inflation Reduction Act, includes the largest-ever single investment in combating climate change. Democrats say the roughly $370 billion burst in spending will allow the United States to lower emissions 40% below 2005 levels by the end of the decade. The proposal also includes new programs to cap and lower seniors’ drug costs while sparing about 13 million low- and middle-income Americans from increases in their insurance premiums that otherwise would take effect next year.

“We’ve been fighting for decades – for decades – for the ability for the [government] to negotiate for lower prices,” Pelosi said, referring to the efforts to make seniors’ medicines more affordable.

“We cannot undervalue what this legislation does [over] what it does not do, and families will be very affected. The kitchen table issues are about the cost of health care.”

Democrats hope to fund the package through changes to tax laws, including a new minimum tax on some billion-dollar corporations that currently pay nothing to the federal government. They also seek taxes on companies that buy back their own stock, and money to help the Internal Revenue Service pursue tax cheats. Party lawmakers say the measures are enough to cover the costs of their bill and reduce the deficit by about $300 billion, though they have yet to furnish a final fiscal analysis.

Democrats need only band together in the House to overcome fierce and likely unanimous Republican opposition, having prevailed in a successful, party-line Senate vote on Sunday. The bill itself was forged in that chamber, after Majority Leader Chuck Schumer, D-N.Y., brokered a long-elusive deal with Sen. Joe Manchin, D-W.Va., last month.

Rep. Rosa DeLauro, D-Conn., the leader of the House Appropriations Committee, described the economic package ahead of the House vote as “historic legislation that really deals with issues that haven’t been dealt with for years.”

But House Republicans have sought to mount a stiff, united front against it anyway. They have attacked it as a tax increase on families, even though the bill does not raise individuals’ rates. And they have said it will worsen inflation while resulting in intrusive IRS audits, even though some of the money is focused on improving the agency’s well-known deficiencies.

Some Republicans have suggested they could weaponize the House’s procedural rules to slow the debate on Friday. GOP lawmakers did that in November, when Democrats considered their larger package known as the Build Back Better Act. While the House ultimately adopted the bill, the vote came after Minority Leader Kevin McCarthy, R-Calif., seized on the speaking privileges afforded to party leaders – and held up the chamber floor for more than eight hours.

“Right now, we’re trying to defeat the bill,” said Rep. Steve Scalise, R-La., the House minority whip, in an interview before debate began. “If they vote for it, they know good and well it’s going to hurt low- and middle-income families.”

Reacting to the GOP opposition, Pelosi said the looming vote would offer Democrats a “big contrast” with their political foes entering this year’s midterm elections. She later added: “This is the path we’re on. The Republicans want to take us off this path.”

The House vote Friday marks the culmination of a long and winding debate that began last spring with the release of Biden’s blueprint, dubbed the “American Families Plan,” which marked the start of a broader Democratic effort to rewire the economy in the wake of the pandemic. The party’s proposal eventually would become known as the Build Back Better Act, borrowing from the president’s 2020 campaign slogan.

House Democrats adopted the roughly $2 trillion measure in November, despite months of warfare between the party’s own members. Liberals had sought a vast piece of spending legislation that greatly grew the role of government in Americans’ lives, while moderates urged more fiscal restraint. The tension at one point prompted Biden himself to intervene in October with a rare appearance on Capitol Hill, during which he urged unity around his economic agenda.

Yet their bill would never even see a vote in the Senate, where Manchin said last winter that he could not support spending so much given economic and geopolitical uncertainty. The moderate West Virginian’s opposition infuriated liberal lawmakers, who felt the party’s agenda – and in many ways its political prospects – had been hijacked by a single member who did not reflect the party’s broader views.

Even in its more scaled-back, renamed form, Democrats this week have hailed the Inflation Reduction Act as urgently needed and immediately beneficial to families in financial need. Pelosi said in the interview Thursday that she had emphasized to members that they should “respect the bill for what it does” rather than “make judgments about it for what it does not.”

The House speaker said the bill belonged to a longer line of recent legislative accomplishments, including the passage of a $1.9 trillion coronavirus relief package last year, the $1.2 trillion bipartisan infrastructure law approved months later, and action to deliver new restrictions on guns approved after the school shooting in Uvalde, Texas, in May.

“There’s been a stranglehold of the gun industry, the pharmaceutical industry and the fossil fuel industry on Congress,” Pelosi said. “And right now, we have changed that dynamic. The leverage is now with the people’s interest, not the special interest.”

Cost of living: ‘I’ve had to rummage in bins for food to eat’

by www.bbc.co.uk Leave a Comment

By Charlie Jones

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Colin Walker is on his way home after being discharged from hospital but there’s one place he needs to visit first – his local food bank.

The 60-year-old arrives at the Colchester branch with a nurse, who is taking him back to his flat after he had a stroke.

If he hadn’t stopped by to collect some food, he would be returning to an empty fridge, he says.

“I had to rummage in the bins to find food to eat before I started coming here,” he says. “This food bank has kept me alive.”

Colin is one of thousands of people who regularly access the food bank, which is the busiest in the east of England.

It is run by the Trussell Trust and is one of nearly 400 across the UK, with 1,300 places in its network where people can collect food.

Manager Mike Beckett says he is seeing a huge increase in demand at the same time as donations are dropping.

Many families are no longer able to afford to buy extra items to drop off at the site or in supermarkets for collection, with the rising cost of food.

On the day Colin visited, the food bank – which provided 16,500 people with meals last year – had run out of shampoo, washing powder, washing up liquid, toothbrushes and deodorant. It had extremely low stocks of pasta sauce, tea bags and squash and put out an emergency appeal online.

“We used to have busy days maybe once a week, but now they are all the time. The summer used to be quiet and we would spend the time preparing for winter and building our reserves but we are eating into those reserves that we were saving,” Mike says.

Some of the people who use the food bank have no access to cooking facilities, and they can only be given food like noodles that can be prepared with a kettle.

Many are in full-time employment but are struggling to make ends meet, with nurses, teachers and police officers all having recently visited the branch.

Last year, 43% of people fed were children and Mike worries for their future with the cost of living crisis set to get worse over the winter.

“I’m concerned about what is coming down the road. December is always our busiest time anyway, and I don’t know how people will cope with the energy price rises in the autumn, especially if we have a cold winter,” he says.

Mike says the food bank helps stop children from being taken into care, helps them stay in school and helps adults keep jobs. But the service is so stretched that these prevention strategies are at risk.

Amanda Bonner, a community housing officer, agrees. She is visiting the food bank to collect items for a family of three, where the parents work part-time but can’t afford a bus fare to the unit.

“This has become a big part of my job now,” she says. “I have to make sure people are paying their rent and unless I come here to get food for them there is a danger they will stop paying that because they need to spend that money on food. This place is crucial,” she says.

Most people only use the food bank a few times and then they get back on their feet, Mike says. But others need extra support, and not just in the form of food.

“Anyone can throw food at the problem but we are trying to look at this from all angles,” he says.

‘She was living on sugar water’

He recalls an elderly lady who was brought in by paramedics because she had collapsed in the street. When they took her home her cupboards were completely empty.

“She was waiting on her pension and could not afford to buy food and was surviving on glasses of water with a teaspoon of sugar in them.

“We fed her biscuits and porridge and gave her a food parcel, but we were also able to refer her to Citizens Advice, who have a base here, so she could get the support that she needed,” he adds.

The food bank relies on more than 250 volunteers including Eunice Moore, who runs a baby bank in the unit.

“People are struggling so much, it is heartbreaking,” she says. “They can’t afford to feed or clothe their babies and children so we have all sorts of clothes and school uniform here.”

Colchester Borough Council recently pledged £10,000 to prop up the food bank, which Mike says he is “extremely grateful” for.

His long-term ambition is to close it entirely by 2030 and he dreams of living in a country where nobody needs to visit one.

In the short-term, he would like to see waiting times reduced for universal credit, an end to the two-child limit for welfare benefits and a benefit uplift to tackle inflation.

The government says all UK households will get a grant which will reduce energy bills by £400 from October and a £650 payment will be made to more than eight million low-income households who receive benefits.

“If someone is drowning, if someone is in a hole, we will be there. But I really hope one day we won’t need to be and people will never need to visit a food bank again,” Mike adds.

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Slowdown? What Slowdown? Here Are the 10 Cities Where Home Prices Are Still Soaring

by www.sfgate.com Leave a Comment

Navigating the U.S. housing market in summer 2022 is seeming a bit like a high-stakes game of Perception vs. Reality.

Perception: After two years of wildfire growth, the real estate business—buffeted by inflation and higher mortgage rates— is coming to a screeching halt. Reality: There are still way more people looking for homes than there are homes themselves. Perception: After unprecedented shortages of homes to buy, new listings are now flooding the market. Reality: Inventory levels, while improving, are still at historic lows. Perception: Finally, home prices have stopped going up—and are maybe coming down! Reality: Price growth is slowing down—but certainly not everywhere.

Just as sellers are slowly learning to downshift expectations and buyers are collectively hoping for a break, there are still places across the country seeing huge year-over-year increases in median home list prices—some well over 30%.

Realtor.com set out to find the cities that are defying price expectations with prices continuing to go up and up.

“There are several indicators that the national housing market is rebalancing in a more buyer-friendly direction,” says Realtor.com Chief Economist Danielle Hale . But “in these top 10 markets with the biggest price growth, we’re generally seeing signs that the rebalancing seen elsewhere has not progressed as far.”

To find the places with the greatest protracted price increases, the Realtor.com data team analyzed the 100 largest metropolitan areas and calculated which ones in July saw the highest percentage of home listings with price increases on Realtor.com. The data team looked at all active listings (not including sales) for single-family and multifamily homes in July 2022 versus July 2021. To achieve geographic diversity, we included only one metro per state. (Metros include the main city and surrounding towns, suburbs, and smaller urban areas.)

Besides rising prices, the most common aspect among these 10 cities is affordability, says Hale.

“Eight of these 10 markets have median home list price well below the U.S. average,” she says. “The two exceptions, Miami and Honolulu, are warm-weather spots benefiting from ongoing remote work trends and the resumption of domestic and global travel.”

Let’s take a look at the top 10 cities where sellers are still ruling the roost—for now, anyway.

1. Miami, FL

Median home list price in July: $$625,000 Percentage list price increase, year over year: 36.2%

Florida saw some of the strongest home price appreciation and rent increases in the country due to an influx of demand from out-of-state buyers spurred by the COVID-19 pandemic, says Brad O’Connor , chief economist for the Florida Association of Realtors.

“With work-from-home policies becoming more entrenched and Florida’s relative affordability to wealthy markets in California and the Northeast, the demand for homes by out-of-state buyers will remain higher than before the pandemic for some time to come,” O’Connor says.

This demand is also contributing to Miami having the highest percentage of year-over-year growth in rent , at 37.4%.

The high increase in median home prices is also likely in part due to the disproportionately large luxury homes on the market in South Florida, compared with the other metro areas, O’Connor says.

“You’ll find a greater share of these high-end properties than you did last year, and that’s having the effect of pulling up the median list price,” he says.

Lesley Deutch , a real estate consultant for John Burns Real Estate Consulting in Boca Raton, FL, points to the lack of developable land in the Miami metro as also contributing to the high demand for existing homes.

While buyers can still find homes for sale that are less than the national median list price, for the true Miami experience, there is this three-bed, three-bath penthouse condo with a spectacular view of Biscayne Bay, listed for $1.3 million and located in downtown Miami.

2. Memphis, TN

Median home list price: $318,000 Percentage list price increase, year over year: 32.7%

The Memphis real estate market is hot. How hot is it?

Last year, Realtor.com noted that an inordinate amount of first-time homebuyers is battling investors for the best homes on the market. Thanks in part to these investors driving up home prices, the median list price in Memphis has seen a huge jump year over year.

“The limited selection, low rates, and entry of numerous cash buyers have prompted sellers to try to take advantage of the market, fueling higher prices,” says Kelly Erb , a real estate agent with Marx Bensdorf Realtors in Memphis.

“Historically, Memphis has been an undervalued market and, combined with no state income tax, has created many people moving here,” adds Erb.

Add the city’s location along the Mississippi River, the Blues Hall of Fame, and some arguably amazing barbecue, and it’s no surprise people are flocking to Memphis.

On average, homes in Memphis are spending 31 days on the market, which is five fewer days from last year.

For $735,000 , buyers can grab this stunning Victorian with four bedrooms and 3.5 baths located about a block from the river.

3. Omaha, NE

Median home list price: $379,000 Percentage list price increase, year over year: 31.3%

The pandemic forced a lot of people to reevaluate what was important to them and what kind of life they wanted to live. Plenty chose to leave cramped city apartments for wide-open spaces, like in Omaha.

It’s this change that spurred Nebraska’s newest tourism campaign, “ The Good Life Is Calling ,” which highlights the state’s welcoming communities, work-life balance, and booming “ Silicon Prairie ” tech scene.

The median list price of a home in Omaha is $260,000 , well below the national average. Most homes are spending about 32 days on the market, which is down from 34 days a year ago.

Buyers looking for some space could consider this three-bed, 1.5-bath, 1,600-square-foot home that sits on a little over a quarter-acre. It’s listed for $265,000 .

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Watch: 10 U.S. Markets Where Home Sales Are Slowing

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4. Wichita, KS

Median home list price: $275,000 Percentage list price increase, year over year: 25.2%

Record-low inventory led to bidding wars and quickly rising list prices in this breadbasket city

Last year, a housing frenzy created a stressful experience for both buyers and sellers. Especially buyers.

Things might finally be cooling down, as home sales in South Central Kansas fell by 13.4% in June this year compared with the prior year, according to the Realtors® of South Central Kansas.

The birthplace of both Pizza Hut and White Castle, Wichita is also home to 220 days of sunshine, the largest dinosaur theme park in the country (!), and an air quality index that is 21% better than the national average.

It also happens to have one of the lowest amounts of traffic congestion in the country, with an average one-way travel time of 19 minutes (a quarter of the national average).

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For $209,999 , buyers can snag this three-bed, 2.5-bath, 2,800-square-foot brick charmer that sits on a quarter-acre lot on a cul-de-sac.

5. Greensboro, NC

Median home list price: $319,000 Percentage list price increase, year over year: 25.1%

From April 2020 through July 2021, North Carolina added 112,000 r esidents, according to the U.S. Census Bureau. It ranks fourth in total population gains in the country.

Affordability is the most frequently cited reason people give for moving to North Carolina. Also making the list: rising property values, overall job growth, and a booming tech hub.

Homebuyers have to act fast if they want to grab one of the affordable homes listed for sale, including this three-bed, two-bath, 2,000-square-foot home on close to an acre of land for $275,000 .

6. Honolulu, HI

Median home list price in July: $849,000 Percentage list price increase, year over year: 23.5%

It’s never a surprise to see Hawaii on a hottest markets list.

“Hawaii real estate is a global commodity with a forever finite scarce supply,” says George Krischke , principal broker at Hawaii Living. “Just like Manhattan, except we don’t have a commuter train from New Jersey.”

The inventory of homes and condos in Honolulu County (island of Oahu) has increased slightly since January, he says, but it is still close to record low levels.

The “never-ending desire from individuals from all corners of the world to own a piece of paradise” keeps the Honolulu real estate market largely insulated from the national housing trends, he notes.

“You’re either in paradise or you’re not,” he says. “Hawaii is still a relative bargain compared to San Francisco and San Jose, as Honolulu real estate prices have been comparatively lagging since 2012.”

For high net worth buyers, there is this two-bed, two-bath, 1,600-square-foot condo that features ocean-front views (in a building with one owner per floor)—all yours for a sweet $4,150,000 .

7. Grand Rapids, MI

Median home list price: $385,000 Percentage list price increase, year over year: 23.2%

There were 895 single-family home sales closed in Kent County (where Grand Rapids is located) in June 2022 with an average of nine days on the market, according to the Greater Regional Alliance of Realtors® .

Grand Rapids, the second-largest city in Michigan, is one of the fastest-growing communities in the state thanks to its affordability and employment growth. Its proximity (roughly 85 miles) to beautiful Lake Michigan and its world-class beaches only adds to its appeal.

In May this year, real estate agents were getting 50 offers on a single home listed for under $400,000, according to local news site Bridge Michigan.

Low inventory remains a factor, although the situation is improving.

According to GRAR, inventory is improving slightly with 13.9% more homes listed in June 2022 than in June 2021.

For $260,000 , buyers can get this three-bed, 1.5-bath, 1,300-square-foot home nestled in a charming neighborhood. It comes with a sunroom, a back patio, and a home warranty.

8. Milwaukee, WI

Median home list price: $360,000 Percentage list price increase, year over year: 23.1%

According to the Greater Milwaukee Association of Realtors, the housing market is cooling slightly from the fever pitch of 2021.

Unfortunately, the scarcity of inventory is predicted to continue for the foreseeable future.

“The pressure of high demand on low supply can only be expressed through increasing prices,” notes GMAR.

Milwaukee, the largest city in Wisconsin, is tucked along the western shore of Lake Michigan and is less than a two-hour drive from Chicago.

Homebuyers looking for a house within walking distance to parks, schools, and restaurants should check out this three-bed, 2.5-bath, 2,100-square-foot house listed for $350,000 . Built in 1905, the house now features original charm and modern conveniences.

9. Tulsa, OK

Median home list price: $315,000 Percentage list price increase, year over year: 22.8%

The past two years in Tulsa can be summed up best this way: insanity.

“We’ve done some of our best numbers these last two years in sales,” says Tiffany Johnson , a real estate agent with Chinoweth & Cohen Realtors. “People were just blowing comp numbers … out of the water.”

She said houses were going for $15,000 to $20,000 over the asking price with 15 to 20 offers at a time. And most of the buyers were coming from out of state, especially California.

She said the beauty of the area coupled with extremely affordable housing was drawing folks from California, Oregon, Washington, and Florida.

Most homes in Tulsa are staying on the market on average for 33 days, which is five fewer days than last year at this time. However, Johnson notes, inflation and rising mortgage prices are dampening the real estate frenzy.

Buyers can still get a lot for their money in Tulsa, including this 3,468-square-foot house with four bedrooms and three bathrooms asking for $450,000 . It comes with a private pond.

10. Harrisburg, PA

Median home list price: $295,000 Percentage list price increase, year over year: 22.3%

Like many Pennsylvania metro areas, Harrisburg is in a remote-work housing boom, with swelling rents and still-rising home prices. Even so, the place is still a bargain compared with nearby Pittsburgh, Philadelphia, New York City, and Washington, DC.

“As prices have climbed higher in other markets, our market tends to look even more attractive for its location and comparatively affordable housing,” says Joy Daniels , a real estate agent with Joy Daniels Real Estate Group in Harrisburg. “Our proximity to those major cities also makes for a more affordable living option when home prices spike in surrounding areas.”

Homes are staying on the market on average of 41 days in Harrisburg, where buyers are starting to see some price-reduced homes pop on the market.

For $214,900 (reduced from $215,900), buyers can get this three-bed, one-bath brick house with hardwood floors, shiplap, and a new kitchen.

As more people discover the “rural yet sophisticated area that gives a small-town feel,” Daniels says, the high demand and low inventory of homes will keep prices strong.

The post Slowdown? What Slowdown? Here Are the 10 Cities Where Home Prices Are Still Soaring appeared first on Real Estate News & Insights | realtor.com® .

Steps for a Hassle-Free Mortgage Underwriting Process

by www.chiangraitimes.com Leave a Comment

Hassle-Free Mortgage Underwriting Process: Buying a home is one of the biggest decisions you will make. One of the biggest challenges in the home buying process is dealing with the underwriting process. If you are a first-time home buyer in the market for a home loan you may not be aware of the process that goes into it. There are a few things that you will need to do for the mortgage underwriter to process your application. Here are some of the steps that you need to take to get a hassle-free mortgage underwriting process.

Tips to a Hassle-Free Mortgage Underwriting Process

Once you’ve gone through the ordeal of deciding on mortgage rates, appraisals, and inspections, you are almost at the finish line of your loan approval process. Up next: underwriting. It’s an important step in your mortgage approval process that usually comes up last. When you choose to partner with a mortgage processing company , they confirm the accuracy of their initial assessment of your income, expenses, and additional factors that may be relevant for your case (your credit score for example). Here are some of the tips for a hassle-free mortgage underwriting process:

1. Keep Your Credit Score in Good Shape

A low credit score can sometimes make it more challenging for you to get approved for a mortgage, and can also make your loan more expensive with a higher interest rate. If you find that your credit needs improvement, we strongly recommend taking steps towards improving it by getting rid of debt. With less debt, you can potentially have a lower DTI ratio – many lenders look for 36 percent or less – in addition to verifying that there aren’t any errors on your credit report which can negatively impact your score.

2. Organize Your Documentation

If you plan on applying for a mortgage, it’s important to make sure that you have all of your financial documents organized and immediately available. If you’re worried about forgetting something, say information regarding your income or employment history, for example, then make sure to request that information well in advance of when you need it. Additionally, if the lender requires any pre-approval letters or gift letters from people who are going to help you with your down payment, then make sure those letters are also ready well before your application is submitted. Both of these things can help speed up the underwriting process so that it never even slows down, to begin with!

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Creating the Perfect Business Plan

3. Ensure a Bigger Down Payment

A greater LTV ratio indicates that a lender may stand to lose more money if you default on a mortgage. You can lower your LTV by making a larger down payment upfront. This lowers the total risk for the lender overall and makes them an investment option far more attractive. You can work to save more for a down payment, or ask family or friends for help if possible. There are also many down payment assistance programs including deferred membership loans, grants, and zero-down programs, available to help; plus your lender may offer their assistance in addition to that.

Conclusion

A mortgage is a big decision and will likely be one of the most expensive purchases you make in your lifetime. To make sure you get the mortgage you want, make sure your mortgage underwriting services process is hassle-free! With the right guidance and preparation, you can reduce the time it takes to get your mortgage application approved.

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