Global recession

Redfin Analysis: Black Millennials Are Half As Likely to Own a Home As White Millennials

Retrieved on: 
Tuesday, March 5, 2024

That’s the largest gap of any generation, but Black Americans are much less likely to own their home than white Americans at every age.

Key Points: 
  • That’s the largest gap of any generation, but Black Americans are much less likely to own their home than white Americans at every age.
  • White adult Gen Zers are nearly twice as likely as Black adult Gen Zers to own their home, with respective homeownership rates of 30% and 16%.
  • Just over half (52%) of Black Gen Xers own their home, compared to 80% of white Gen Xers.
  • But the racial homeownership gap persists because it has grown at a similar pace for white millennials and Gen Xers.

LegalShield Data Reveals Mixed Consumer Experience: High Bankruptcy, Lower Stress

Retrieved on: 
Tuesday, February 20, 2024

LegalShield released its January Consumer Stress Legal Index (CSLI) showing a slight decline in overall stress, but a nearly 4-year high in bankruptcy inquiries.

Key Points: 
  • LegalShield released its January Consumer Stress Legal Index (CSLI) showing a slight decline in overall stress, but a nearly 4-year high in bankruptcy inquiries.
  • View the full release here: https://www.businesswire.com/news/home/20240220544582/en/
    LegalShield’s primary index, the Consumer Stress Legal Index, declined 3.2 points to 63.5, principally due to a seasonal decline in overall consumer finance inquiries.
  • “Our data bucks prevailing wisdom: While we saw the expected seasonal easing of consumer stress felt by our members, we just posted a post-pandemic record for bankruptcy inquiries,” said LegalShield CEO Warren Schlichting.
  • LegalShield receives approximately 150,000 contacts each month from consumers seeking legal help in more than 90 areas of law, including key consumer issues.

32% of Homes for Sale in the Fourth Quarter Were Newly Built—Just Shy of the Record High

Retrieved on: 
Thursday, February 1, 2024

(NASDAQ: RDFN) — Nationwide, 31.8% of U.S. single-family homes for sale in the fourth quarter were new construction, according to a new report from Redfin ( redfin.com ), the technology-powered real estate brokerage.

Key Points: 
  • (NASDAQ: RDFN) — Nationwide, 31.8% of U.S. single-family homes for sale in the fourth quarter were new construction, according to a new report from Redfin ( redfin.com ), the technology-powered real estate brokerage.
  • That’s comparable with 31.9% a year earlier, which is the highest level of any fourth quarter on record.
  • Newly built homes are taking up a growing share of the for-sale housing pie for two primary reasons:
    Homebuilding has increased.
  • Homebuilding has been on an upward trajectory since 2009 as builders have slowly climbed their way out of the hole caused by the Great Recession.

Northwestern Mutual Announces Senior Leadership Changes

Retrieved on: 
Thursday, February 1, 2024

MILWAUKEE, Feb. 1, 2024 /PRNewswire/ -- Northwestern Mutual Chairman and CEO John Schlifske today announced senior leadership changes as part of the company's overall succession planning process to best position the company's leadership team for the future.

Key Points: 
  • As a continuation of the recent CEO succession announcement, the company shared additional key senior leadership changes approved by the Board of Trustees.
  • Roberts joined Northwestern Mutual in 2006 as an analyst for Northwestern Mutual Capital and has held numerous leadership roles in Distribution, including regional vice president until 2018, working closely with field leaders to develop their organizations to new levels of health and growth.
  • "His promotion is a testament to the depth and breadth of talented leaders at Northwestern Mutual and our continued commitment to talent development of the leadership team."
  • Mike's retirement follows a long and successful career at Northwestern Mutual, where he served in numerous leadership roles.

HOME EQUITY DOWN SLIGHTLY ACROSS U.S. DURING FOURTH QUARTER BUT REMAINS STRONG

Retrieved on: 
Thursday, February 1, 2024

IRVINE, Calif., Feb. 1, 2024 /PRNewswire/ -- ATTOM, a leading curator of land, property, and real estate data, today released its fourth-quarter 2023 U.S. Home Equity & Underwater Report, which shows that 46.1 percent of mortgaged residential properties in the United States were considered equity-rich in the fourth quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than half of their estimated market values.

Key Points: 
  • The portion of mortgaged homes that was equity-rich in the fourth quarter of 2023 decreased from 47.4 percent in the third quarter of 2023, marking the second straight quarterly decline.
  • The latest figure also was down from 48 percent in the fourth quarter of 2022.
  • The portion of mortgaged homes considered seriously underwater rose nationwide from one in 40 during the third quarter of 2023 to one in 38 during the fourth quarter.
  • Seventeen of the 20 counties with the smallest share of equity-rich homes in the fourth quarter of 2023 were in the South.

Redfin Reports Gen Z’s Homeownership Rate Stagnated in 2023, But Millennials and Gen X Saw Gains

Retrieved on: 
Wednesday, January 17, 2024

Meanwhile, the homeownership rate for millennials rose to 54.8% from 52%, and the homeownership rate for Gen X rose to 72% from 70.5%.

Key Points: 
  • Meanwhile, the homeownership rate for millennials rose to 54.8% from 52%, and the homeownership rate for Gen X rose to 72% from 70.5%.
  • The homeownership rates for 19-to-25-year-old Gen Zers are higher than the homeownership rates were for millennials and Gen Xers when they were the same age.
  • For example, the rate for 24-year-old Gen Zers is 27.8%, compared with 24.5% for millennials when they were 24 and 23.5% of Gen Xers when they were 24.
  • The homeownership rate for 26-year-old Gen Zers is 30%, below 31% for millennials at 26, 32.5% of Gen Xers at 26, and 35.6% of boomers at 26.

HOME-SELLING PROFITS DROP IN 2023 FOR FIRST TIME IN OVER A DECADE AMID MODEST PRICE GAINS

Retrieved on: 
Thursday, January 25, 2024

IRVINE, Calif., Jan. 25, 2024 /PRNewswire/ -- ATTOM, a leading curator of land, property and real estate data, today released its Year-End 2023 U.S. Home Sales Report, which shows that home sellers made a $121,000 profit on the typical sale in 2023, generating a 56.5 percent return on investment.

Key Points: 
  • That happened as the median nationwide home price rose at the smallest annual pace in more than a decade.
  • "But the market definitely softened amid modest price gains that weren't enough to push profits up higher after a long run of improvements.
  • The U.S. median home price increased 2.1 percent from 2022 to 2023, reaching another all-time annual high of $335,000.
  • The full-year median home-price appreciation slowed down as interest rates rose in 2023 close to 8 percent for a 30-year mortgage.

Veteran Leaders Willie Gutierrez and Amy Fuller Promoted to Co-Presidents at Premier Workspaces

Retrieved on: 
Tuesday, January 23, 2024

IRVINE, Calif., Jan. 23, 2024 /PRNewswire-PRWeb/ -- In a historic move that marks a significant milestone for Premier Workspaces, two longstanding pillars of the organization, Willie Gutierrez and Amy Fuller, have been promoted to the esteemed positions of Co-Presidents. After 15 years of exemplary service in their respective roles as Chief Operating Officer (COO)/Chief Financial Officer (CFO) and Senior Vice President for Sales & Marketing (SVP), Willie and Amy are poised to lead the company into its next era of growth and innovation.

Key Points: 
  • IRVINE, Calif., Jan. 23, 2024 /PRNewswire-PRWeb/ -- In a historic move that marks a significant milestone for Premier Workspaces, two longstanding pillars of the organization, Willie Gutierrez and Amy Fuller, have been promoted to the esteemed positions of Co-Presidents.
  • Amy began her career with Premier Workspaces in 2009 as a General Manager of two of our Orange County locations.
  • In their new role as Co-Presidents, Amy and Willie will be collectively responsible for running all day-to-day operations of Premier Workspaces.
  • The entire Premier Workspaces family congratulates Willie Gutierrez and Amy Fuller on their well-deserved promotions to Co-Presidents.

Axiom Marks First Full Year of Innovative Law Firm Practice, Now Offers Industry's Broadest Array of Law Firm Services and Solutions

Retrieved on: 
Tuesday, January 23, 2024

NEW YORK, Jan. 23, 2024 /PRNewswire/ -- One year ago today, Axiom launched Axiom Advice & Counsel (AA&C), a modern law firm that leverages Axiom's highly qualified, on-demand attorneys across 12 practice areas—all at a fraction of the rates charged by national law firms. The creation of AA&C, an Arizona law firm, extends Axiom's 23-year history of legal services innovation, creating a new type of firm that can work with Axiom's thousands of lawyers—many of whom are Am Law 100 alumni—and all who are unencumbered by billable hours requirements and the traditional partner pyramid.

Key Points: 
  • "Axiom offers exactly the new paradigm the industry needs," James Turoff, Senior VP and GC of The Hershey Company.
  • "Axiom offers exactly the new paradigm the industry needs," said James Turoff, Senior Vice President, General Counsel, and Secretary of The Hershey Company .
  • Today, with the largest and most comprehensive portfolio of solutions and services in the market, we're doing just that.
  • We're giving business and legal leaders a full array of in-house solutions and the industry's first and only on-demand law firm that puts their business and budget first.

Axiom Marks First Full Year of Innovative Law Firm Practice, Now Offers Industry's Broadest Array of Law Firm Services and Solutions

Retrieved on: 
Tuesday, January 23, 2024

NEW YORK, Jan. 23, 2024 /PRNewswire/ -- One year ago today, Axiom launched Axiom Advice & Counsel (AA&C), a modern law firm that leverages Axiom's highly qualified, on-demand attorneys across 12 practice areas—all at a fraction of the rates charged by national law firms. The creation of AA&C, an Arizona law firm, extends Axiom's 23-year history of legal services innovation, creating a new type of firm that can work with Axiom's thousands of lawyers—many of whom are Am Law 100 alumni—and all who are unencumbered by billable hours requirements and the traditional partner pyramid.

Key Points: 
  • "Axiom offers exactly the new paradigm the industry needs," said James Turoff, Senior Vice President, General Counsel, and Secretary of The Hershey Company .
  • In fact, 90% of clients surveyed say Axiom lawyers are as good or better than their law firm lawyers.
  • Today, with the largest and most comprehensive portfolio of solutions and services in the market, we're doing just that.
  • We're giving business and legal leaders a full array of in-house solutions and the industry's first and only on-demand law firm that puts their business and budget first.