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But it’s not just residential property that has seen a huge ","_key":"ff480d529ce50"},{"_key":"ff480d529ce51","_type":"span","marks":["ae93dec1ccdf"],"text":"uptick"},{"_type":"span","marks":[],"text":" in rental prices over the past several years.","_key":"ff480d529ce52"}],"_type":"block","style":"normal","_key":"43e155e70df0","markDefs":[{"_key":"ae93dec1ccdf","_type":"link","href":"https://www.newsweek.com/small-businesses-crisis-rising-numbers-unable-pay-rent-1895480"}]},{"markDefs":[],"children":[{"marks":["strong"],"text":"Bad for business","_key":"cd06e5bba2560","_type":"span"}],"_type":"block","style":"normal","_key":"b7817b43a7ca"},{"markDefs":[],"children":[{"text":"Commercial rentals have experienced staggering inflation recently, essentially pricing out many of the most vulnerable small business owners across the nation. And with massive corporations like Amazon capable of absorbing these higher prices, it’s becoming harder than ever for entrepreneurs to remain competitive.","_key":"519d8842d4d30","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"57af5b0afc7d"},{"_type":"block","style":"normal","_key":"dfcbbfc311e8","markDefs":[],"children":[{"_type":"span","marks":[],"text":"A new report published by the business networking organization Alignable put the reality of this trend into sharp focus.","_key":"4ee9688c33890"}]},{"_key":"6f0e5dff4fcd","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Here are some particularly troubling statistics:","_key":"87fa61d0a7310"}],"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"ae9536e6855d","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"43% of all U.S. small businesses","_key":"b9701a56cda10"},{"_type":"span","marks":[],"text":" weren’t able to pay their April rent in full.","_key":"64cc17d96b36"}],"level":1},{"_type":"block","style":"normal","_key":"c8d065e57905","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"More than one half","_key":"251df0e9157a0"},{"_type":"span","marks":[],"text":" of restaurant owners couldn’t afford to pay rent that month.","_key":"f864652f472a"}],"level":1},{"level":1,"_type":"block","style":"normal","_key":"cb6e00b05f4e","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Fewer than 1 in 3","_key":"8e0789100b460"},{"_type":"span","marks":[],"text":" small business owners are making as much as before COVID.","_key":"5dcfa9cbea95"}]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"And with 54% of those surveyed saying rent was higher than it was just six months earlier, it’s clear that this problem isn’t one that will be resolved anytime soon.","_key":"5cff9cff609a0"}],"_type":"block","style":"normal","_key":"1ebabd18dedb"},{"markDefs":[],"children":[{"text":"“Very worrisome”","_key":"8ef42164bca20","_type":"span","marks":["strong"]}],"_type":"block","style":"normal","_key":"10eefa56a897"},{"markDefs":[],"children":[{"marks":[],"text":"Not only are small businesses vital components of communities nationwide, they’re also pivotal sources of revenue for the nation as a whole. According to the Chamber of Commerce, nearly half of the country’s workers are employed by a small business, and this sector of the economy ","_key":"9e0a6e9ae60f0","_type":"span"},{"_type":"span","marks":["strong"],"text":"contributes a whopping 43.5%","_key":"1ad367a84ad8"},{"_type":"span","marks":[],"text":" to the U.S. gross domestic product.","_key":"b66250d87d39"}],"_type":"block","style":"normal","_key":"00de4a8d80b3"},{"children":[{"marks":[],"text":"That’s why Alignable","_key":"63abd2ae64da0","_type":"span"},{"_type":"span","marks":["strong"],"text":" refused to sugar-coat its findings","_key":"d67434e61931"},{"_type":"span","marks":[],"text":", describing the situation as “very worrisome.”","_key":"017d222ad10f"}],"_type":"block","style":"normal","_key":"51c6c88a02a0","markDefs":[]},{"_key":"eb68ecbd04e6","markDefs":[],"children":[{"_type":"span","marks":[],"text":"And things are even worse in some states. More than half of small business owners in Texas were unable to pay their full rent in April, followed closely by Massachusetts and California.","_key":"8ca4158522220"}],"_type":"block","style":"normal"}],"_rev":"chQWOmp2AIkRT8OQXQ6vLk","_type":"story","visibility":"true","author":{"_ref":"phCNL32Gn","_type":"reference"},"title":"Small Businesses: The Less Obvious Casualties Of Skyrocketing Rent Prices"},{"publishDate":"2024-06-27","_type":"story","title":"‘Funflation’: The Weird Effect Higher Prices Are Having On Americans’ Spending Habits","summary":"There's a battle raging between short-term pleasure and long-term planning.","body":[{"children":[{"_type":"span","marks":[],"text":"If you’ve been to a supermarket (or hardware store, car dealership, etc.) lately, you’re keenly aware of the impact inflation has had on prices far and wide. 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the way so many people view their spending, and the result is that people are ","_key":"362a13dae8f10"},{"_type":"span","marks":["strong"],"text":"more focused on the ‘right now’","_key":"d4c50afc50e0"},{"marks":[],"text":" than thinking about 40 years from now.”","_key":"bad35d053b10","_type":"span"}],"_type":"block","style":"normal","_key":"2ae4e24113a2"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Here’s how it’s all playing out in the marketplace:","_key":"ae5dccc2098d0"}],"_type":"block","style":"normal","_key":"6befd566c9b2"},{"level":1,"_type":"block","style":"normal","_key":"4b0fec08cc5d","listItem":"bullet","markDefs":[],"children":[{"marks":[],"text":"More than one-fourth of adults said they’d take on more debt this year ","_key":"5dea1c547c310","_type":"span"},{"_type":"span","marks":["strong"],"text":"to travel","_key":"f0a22694a8b7"},{"_type":"span","marks":[],"text":".","_key":"2854202cb830"}]},{"listItem":"bullet","markDefs":[],"children":[{"marks":[],"text":"About 14% told pollsters their ","_key":"985cb0b4c73d0","_type":"span"},{"_type":"span","marks":["strong"],"text":"desire to eat out","_key":"ffb784cf40b9"},{"_type":"span","marks":[],"text":" would result in additional debt.","_key":"1bd12f0cef9e"}],"level":1,"_type":"block","style":"normal","_key":"0fb15ec59bcf"},{"listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"More than 1 in 8 plan to use credit cards for a ","_key":"9ea2fd12c6490"},{"_type":"span","marks":["strong"],"text":"concert or sporting event","_key":"69e77f2da7a0"},{"marks":[],"text":".","_key":"0d52ff723ff5","_type":"span"}],"level":1,"_type":"block","style":"normal","_key":"b1f0a65f202f"},{"children":[{"marks":["strong"],"text":"Risk vs. reward","_key":"b1003f8d89510","_type":"span"}],"_type":"block","style":"normal","_key":"89531ffcedb1","markDefs":[]},{"style":"normal","_key":"c926cb4f7dbc","markDefs":[],"children":[{"_type":"span","marks":[],"text":"It’s understandable that the pandemic gave Americans a different perspective on life, but what are the consequences of all this additional debt?","_key":"16779320cdf80"}],"_type":"block"},{"markDefs":[],"children":[{"_key":"67b411f0d8740","_type":"span","marks":[],"text":"Bankrate’s Ted Rossman says many consumers seem to be taking a gamble that the long-term effects will be minimal."}],"_type":"block","style":"normal","_key":"161a5b119201"},{"children":[{"_type":"span","marks":[],"text":"“Some of that reflects ","_key":"c8e10eb64abd0"},{"_type":"span","marks":["strong"],"text":"a ‘you only live once’ mentality","_key":"cb89aab8d914"},{"marks":[],"text":" that intensified during the pandemic, and some of that is because many economic indicators — including GDP growth and 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Are Starting To View Insurance As A Luxury Amid Skyrocketing Rates","visibility":"true","_createdAt":"2024-06-24T22:21:58Z","body":[{"markDefs":[{"_type":"link","href":"https://earlychirp.com/story/2024/06/americans-look-for-a-silver-lining-as-housing-prices-continue-to-increase","_key":"f914be315976"}],"children":[{"_type":"span","marks":[],"text":"We recently ","_key":"37442deb9bdf0"},{"_key":"37442deb9bdf1","_type":"span","marks":["f914be315976"],"text":"explored"},{"marks":[],"text":" the harsh reality of rising home costs, but the list price is only one piece of the equation when it comes to buying and maintaining a home.","_key":"37442deb9bdf2","_type":"span"}],"_type":"block","style":"normal","_key":"9b767ced0497"},{"markDefs":[{"_type":"link","href":"https://www.yahoo.com/news/homeowners-insurance-prices-climb-more-090948906.html","_key":"58efe12b086d"}],"children":[{"_type":"span","marks":[],"text":"Another important aspect is homeowners insurance — and with rates continuing to ","_key":"d94d146541290"},{"text":"increase","_key":"d94d146541291","_type":"span","marks":["58efe12b086d"]},{"_type":"span","marks":[],"text":" nationwide, many Americans are either unable or unwilling to pay for the coverage.","_key":"d94d146541292"}],"_type":"block","style":"normal","_key":"b14583c664f8"},{"style":"normal","_key":"c5e9ba3e2671","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"“A very concerning trend”","_key":"b5fe44ba1a9b0"}],"_type":"block"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Homeowners like California retiree Anjali Tierra have increasingly found themselves in a lose-lose situation when it comes to finding affordable insurance. She bought a home in 2018, but by the next yea","_key":"2c597b34e2890"},{"text":"r her premium had more than tripled ","_key":"26141ed88f2a","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":"from less than $100 to about $350 per month.","_key":"c480fa061e85"}],"_type":"block","style":"normal","_key":"80ab3dd5e743"},{"style":"normal","_key":"d36517eaec7f","markDefs":[],"children":[{"_type":"span","marks":[],"text":"For the past five years, she’s been one of a growing number of U.S. homeowners without insurance. One recent report determined that about 5% of Americans went without homeowners insurance in 2019 — a percentage that","_key":"93a32685e4670"},{"marks":["strong"],"text":" has since ballooned to 12%","_key":"1b5aa782e64a","_type":"span"},{"_type":"span","marks":[],"text":".","_key":"0a42836ccb1a"}],"_type":"block"},{"children":[{"_type":"span","marks":[],"text":"The Insurance Information Institute’s Mark Friedlander put the situation into perspective, explaining: “It is a very concerning trend as catastrophe losses continue to escalate. It is not feasible for most Americans to pay out of pocket for a significant loss to their property.”","_key":"ce9169e049650"}],"_type":"block","style":"normal","_key":"a689960906a8","markDefs":[]},{"_key":"e4b265f81533","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Understanding the risks","_key":"9e6494b090550"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"While it’s clearly tempting to eliminate costly insurance in the current economy, there are some important reasons to maintain coverage.","_key":"5b70f54bbf310"}],"_type":"block","style":"normal","_key":"2b202fa832c9"},{"children":[{"_type":"span","marks":[],"text":"For starters, most homeowners have a mortgage that","_key":"79e9064f18ef0"},{"text":" requires homeowners insurance","_key":"a82e9c57d085","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":". But even those who could feasibly live without it, Tierra’s case highlights how hard it can be to secure a new policy at a later date.","_key":"46782f9d1ee0"}],"_type":"block","style":"normal","_key":"07502779bdd5","markDefs":[]},{"_type":"block","style":"normal","_key":"d7d3af414feb","markDefs":[],"children":[{"_key":"44daeab6eec30","_type":"span","marks":[],"text":"And with a growing number of natural disasters destroying homes, it doesn’t appear that insurance will get any more affordable or accessible anytime soon."}]},{"_key":"495a8c6e7f4e","markDefs":[],"children":[{"text":"If you want to","_key":"1135021006d40","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":" find the lowest rate possible","_key":"87ad89ec3c03"},{"_type":"span","marks":[],"text":", experts recommend bundling insurance policies, agreeing to a higher deductible, and consulting with an experienced 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are going up, but there's another important trend that's going down.","_id":"88b4a86f-034f-4ce8-a119-375de7b5b810","body":[{"markDefs":[{"href":"https://www.nbcnews.com/data-graphics/homebuying-costs-clash-growing-inventories-easing-competition-data-rcna157545","_key":"f7db66f82b03","_type":"link"}],"children":[{"_type":"span","marks":[],"text":"If you’re in the market for a new home, you’re probably concerned about high prices. 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But in that objectively bad news is where we might find a glimmer of hope.","_key":"d7ed1e72fdf3"}]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"With fewer people shopping for a house, the market seems to be opening up for those who are still in the hunt.","_key":"2bee2454b2170"}],"_type":"block","style":"normal","_key":"ef49a6358f00"},{"_key":"c54378fd2e35","markDefs":[],"children":[{"text":"Deciding if the time is right","_key":"d2d8011f12cb0","_type":"span","marks":["strong"]}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"A new report compiled by NBC News found that the homebuying difficulty index fell last month even as prices got higher, which is","_key":"97a37addc4260"},{"text":" a direct reflection on the reduced competition","_key":"a9966405eb87","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":" in the marketplace. But while the law of supply and demand might suggest that fewer buyers will translate into lower prices, that doesn’t seem to be panning out just yet.","_key":"ef7bfc163c0d"}],"_type":"block","style":"normal","_key":"36912cd5a7b2"},{"style":"normal","_key":"e387488d5f53","markDefs":[],"children":[{"text":"National Association of Realtors chief economist Lawrence Yun said it could be around the corner, though, concluding: “Inventory has certainly increased [nationwide],","_key":"6d0856d62c920","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":" but sales have yet to really get going","_key":"5406d944b1c0"},{"marks":[],"text":". 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In an announcement this week, the IRS confirmed that it would be tackling this issue head-on over the next decade."}],"_type":"block","style":"normal"},{"children":[{"_type":"span","marks":["strong"],"text":"Assessing the situation","_key":"1597eaa9980d0"}],"_type":"block","style":"normal","_key":"9a5b353c55f4","markDefs":[]},{"_type":"block","style":"normal","_key":"7898e85b82f6","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Treasury Department officials laid out various parts of a strategy designed to crack down on the use of pass-through businesses created by wealthy taxpayers in order to avoid paying all the taxes they would otherwise owe.","_key":"15b03a87b4b00"}]},{"_type":"block","style":"normal","_key":"0111d02f28cd","markDefs":[],"children":[{"text":"Estimates from the agency reveal how much revenue the federal government has lost as a result of this tactic.","_key":"d8fa2b25fdd50","_type":"span","marks":[]}]},{"listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"The number of pass-through businesses","_key":"85ef2da1a88a0"},{"_type":"span","marks":["strong"],"text":" increased by 70%","_key":"59f3bbed3e24"},{"_type":"span","marks":[],"text":" during the 2010s","_key":"c9acae0c8cb4"}],"level":1,"_type":"block","style":"normal","_key":"259ab2c7fd0e"},{"style":"normal","_key":"daf0ace8cefd","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"During that decade, wealthy taxpayers avoided paying","_key":"21d3859fccb00"},{"_type":"span","marks":["strong"],"text":" about $160 billion ","_key":"a45cf868a8e3"},{"marks":[],"text":"in taxes","_key":"a8d02bf47b06","_type":"span"}],"level":1,"_type":"block"},{"style":"normal","_key":"8395df69ba61","listItem":"bullet","markDefs":[],"children":[{"marks":[],"text":"Enhanced enforcement should bring in","_key":"08ee5bf8a0bd0","_type":"span"},{"_type":"span","marks":["strong"],"text":" more than $50 billion","_key":"7814716e3b62"},{"_type":"span","marks":[],"text":" by the mid-2030s","_key":"67683fc8e5b4"}],"level":1,"_type":"block"},{"children":[{"_key":"13940459f2230","_type":"span","marks":[],"text":"While establishing these tax shelters isn’t necessarily illegal, Deputy Treasury Secretary Wally Adeyemo explained that many of the wealthiest Americans use them like a “"},{"_type":"span","marks":["strong"],"text":"shell game","_key":"3f4bfbe73430"},{"marks":[],"text":"” to move money around and avoid tax liability.","_key":"529d83766d84","_type":"span"}],"_type":"block","style":"normal","_key":"bbca6e48546a","markDefs":[]},{"style":"normal","_key":"ee1334867443","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Digging into the plan","_key":"923d9af4f96b0"}],"_type":"block"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"According to Treasury Secretary Janet Yellen, new rules being proposed by the department “are focused on ","_key":"1c88a68b66820"},{"_type":"span","marks":["strong"],"text":"addressing high-end tax abuse ","_key":"76da146e4e78"},{"text":"from all angles” and seek to “increase tax fairness and reduce the deficit.”","_key":"b280c3e4b816","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"826fc0aaf755"},{"_key":"5dc34809a567","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Part of the recommended approach involves subjecting wealthy individuals (as well as many businesses) to ","_key":"ad24f41969a60"},{"marks":["strong"],"text":"a higher number of audits","_key":"a3db7456e5dd","_type":"span"},{"_type":"span","marks":[],"text":".","_key":"a5d2b4dfed44"}],"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"99decc22f957","markDefs":[],"children":[{"_type":"span","marks":[],"text":"But not everyone is on board. A number of Republican lawmakers think the Biden administration has spent too much on the IRS already and House Speaker Mike Johnson wants to cut another $10 billion from the agency in next year’s budget.","_key":"d9191ae5db7d0"}]}],"slug":"/story/2024/06/inside-the-irs-plan-to-raise-billions-by-cracking-down-on-passthrough-businesses","_createdAt":"2024-06-18T22:28:26Z","_rev":"tBdeE95FMgXLPt8Jz3wJOv","summary":"The strategy will be implemented over the course of the next decade."},{"_updatedAt":"2024-06-12T01:33:55Z","image":{"_type":"image","attribution":"Giphy","asset":{"extension":"gif","url":"https://cdn.sanity.io/images/8mioycse/v3/5cbe32f7c225e68c8e9a115694f4da4ef48f333c-359x201.gif","path":"images/8mioycse/v3/5cbe32f7c225e68c8e9a115694f4da4ef48f333c-359x201.gif","metadata":{"hasAlpha":true,"lqip":"data:image/jpeg;base64,/9j/2wBDAAYEBQYFBAYGBQYHBwYIChAKCgkJChQODwwQFxQYGBcUFhYaHSUfGhsjHBYWICwgIyYnKSopGR8tMC0oMCUoKSj/2wBDAQcHBwoIChMKChMoGhYaKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCgoKCj/wAARCAALABQDASIAAhEBAxEB/8QAGAAAAwEBAAAAAAAAAAAAAAAAAAUGAQT/xAAhEAABAwMEAwAAAAAAAAAAAAABAgMEAAURBiEiMRMVYf/EABYBAQEBAAAAAAAAAAAAAAAAAAMBAv/EABkRAAMBAQEAAAAAAAAAAAAAAAABEQISIf/aAAwDAQACEQMRAD8AQ2MwHrqmCwW3MZAGO667rbmmJRDwUXnE8W0bjak+iYUdvEpDQEgdLyc1omyXNeRwt5Sh4TsaBZzYw9KxLwl7nbWxMcAbcT8INFUeoXF+yXyPQoraReT/2Q==","dimensions":{"aspectRatio":1.7860696517412935,"height":201,"_type":"sanity.imageDimensions","width":359},"isOpaque":true,"blurHash":"M3CQMO^#0002A85y_3Sz.5,]00E+.AVDD7","_type":"sanity.imageMetadata","palette":{"_type":"sanity.imagePalette","darkMuted":{"_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":6.27,"background":"#475d3a"},"muted":{"foreground":"#fff","title":"#fff","population":1.79,"background":"#8aa563","_type":"sanity.imagePaletteSwatch"},"lightVibrant":{"background":"#c0d5a3","_type":"sanity.imagePaletteSwatch","foreground":"#000","title":"#000","population":0},"darkVibrant":{"population":0.15,"background":"#6d2130","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff"},"lightMuted":{"population":4.32,"background":"#c0c7c3","_type":"sanity.imagePaletteSwatch","foreground":"#000","title":"#fff"},"vibrant":{"population":0.9,"background":"#6b8a3f","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff"},"dominant":{"background":"#475d3a","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":6.27}}},"_type":"sanity.imageAsset","source":{"name":"Tossing Wes Brown GIF by Hallmark Channel","id":"Tm9mjClvXzBgQDo1g0","url":"https://giphy.com/gifs/HallmarkChannel-jp-wes-brown-sweetpecansummer-Tm9mjClvXzBgQDo1g0"},"_id":"image-5cbe32f7c225e68c8e9a115694f4da4ef48f333c-359x201-gif","uploadId":"P27i3nO1Vr4aKRuviQSm3gXq1EkqpmgR","mimeType":"image/gif","size":1735669,"_createdAt":"2024-06-12T01:33:52Z","_rev":"f0jS5Oq8tG3RckCawXWAU4","sha1hash":"5cbe32f7c225e68c8e9a115694f4da4ef48f333c","assetId":"5cbe32f7c225e68c8e9a115694f4da4ef48f333c","_updatedAt":"2024-06-12T01:33:52Z","originalFilename":"759a432d-e81c-4cc7-9a8b-484c80759822.gif"}},"_type":"story","body":[{"children":[{"_type":"span","marks":[],"text":"For generations, Americans were taught that buying a home was among the","_key":"9f0d026c7c510"},{"_type":"span","marks":["strong"],"text":" best financial decisions","_key":"1332a69f97ff"},{"_type":"span","marks":[],"text":" they could make. Residential real estate gave people a place to live while generally increasing in value, setting families up for economic stability for years to come.","_key":"0d2cd31ec093"}],"_type":"block","style":"normal","_key":"acbf6f603708","markDefs":[]},{"style":"normal","_key":"c3291810e8a1","markDefs":[{"_key":"1abee052fdb1","_type":"link","href":"https://www.axios.com/2024/06/10/home-mortgage-debt"}],"children":[{"_type":"span","marks":[],"text":"And while that is still true to some extent in many communities across the country, those living in other ","_key":"82e93066329a0"},{"_key":"82e93066329a1","_type":"span","marks":["1abee052fdb1"],"text":"areas"},{"text":" are less likely to find such an advantageous result under current market conditions.","_key":"82e93066329a2","_type":"span","marks":[]}],"_type":"block"},{"_type":"block","style":"normal","_key":"c5e74da78d47","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Drowning in debt","_key":"2f2b3502bc7b0"}]},{"children":[{"_type":"span","marks":[],"text":"There’s a term for people who owe more on their homes than the property is worth: underwater. This group of homeowners has grown larger in recent years amid","_key":"0f8892ba2dca0"},{"marks":["strong"],"text":" rising interest rates","_key":"6c4ed8f11df5","_type":"span"},{"_type":"span","marks":[],"text":" and ","_key":"6b08d1419a15"},{"_type":"span","marks":["strong"],"text":"falling home values","_key":"7f086e273239"},{"marks":[],"text":".","_key":"015dafc3bb87","_type":"span"}],"_type":"block","style":"normal","_key":"534fd7f2d313","markDefs":[]},{"_key":"793d471a47d2","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Nowhere is this more obvious, according to experts, than in the South and Midwest. A new study found that a disproportionate number of underwater mortgage holders live in these regions.","_key":"8bfa98add1860"}],"_type":"block","style":"normal"},{"_key":"c90ef090d544","markDefs":[],"children":[{"_key":"5026dbc23a150","_type":"span","marks":[],"text":"At the top of the list is Louisiana, where"},{"_key":"d15fd57adf78","_type":"span","marks":["strong"],"text":" more than 11% of mortgages"},{"_key":"48b4e2362964","_type":"span","marks":[],"text":" are underwater. That’s about one point higher than last year, with the increase due in large part to the 6% decline in home values statewide over the past two years."}],"_type":"block","style":"normal"},{"style":"normal","_key":"16c7658bf63c","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Wyoming comes in second with nearly 9% of mortgage holders underwater — and home prices have plummeted even more drastically in that state, falling a whopping 12% in only a year.","_key":"65ae62ff07c60"}],"_type":"block"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"A blip or a trend","_key":"21c006f2e3990"}],"_type":"block","style":"normal","_key":"80390694530e"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"As for how concerned homeowners in this swath of the country should feel, that probably depends on whom you 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Are The Surprising New Places ‘Buy Now Pay Later’ Is Showing Up","_id":"c6566f1e-8446-4534-b72f-a08e86259c40","category":"economy","id":"4fNkWIcJ","slug":"/story/2024/06/here-are-the-surprising-new-places-buy-now-pay-later-is-showing-up","author":{"_ref":"phCNL32Gn","_type":"reference"},"visibility":"true","_type":"story","body":[{"children":[{"_type":"span","marks":[],"text":"We’ve previously covered the rise of installment-plan purchasing, whereby so-called “buy now pay later” lenders allow people to make relatively small purchases and pay for them over time. While these options have","_key":"e1f6727037cb0"},{"_key":"42a9ee42169e","_type":"span","marks":["strong"],"text":" some potential benefits "},{"_key":"f61fa91e2035","_type":"span","marks":[],"text":"over traditional credit cards (lower qualification thresholds, limited fees, etc.), it’s easy for folks who overuse these plans to get deep into debt."}],"_type":"block","style":"normal","_key":"6bfe6ffe7016","markDefs":[]},{"markDefs":[{"_type":"link","href":"https://www.nbcnews.com/business/personal-finance/buy-now-pay-later-installment-loans-retailers-credit-cards-rcna153922","_key":"2ea88b510198"}],"children":[{"_type":"span","marks":[],"text":"And now that BNPL services are being ","_key":"6643d875c8ae0"},{"_type":"span","marks":["2ea88b510198"],"text":"integrated","_key":"6643d875c8ae1"},{"_type":"span","marks":[],"text":" into a growing number of transactions, it’s more important than ever for consumers to understand the risks and rewards of using them.","_key":"6643d875c8ae2"}],"_type":"block","style":"normal","_key":"e5cf4c6cf5f0"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"In-house alternatives","_key":"54c080bbe7400"}],"_type":"block","style":"normal","_key":"e9ea66f8aed0"},{"style":"normal","_key":"781a4948fa2d","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Perhaps you’re familiar with some of the early leaders in this emerging industry. Companies like Klarna and Affirm grew exponentially during COVID-19 along with a surge in online shopping.","_key":"29ad022398a80"}],"_type":"block"},{"_key":"45ffadc8176f","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Since the economy has reopened, the outlook for these firms has been slightly less rosy. One report found that","_key":"49065f1987490"},{"marks":["strong"],"text":" 56% of adults","_key":"c35bea089526","_type":"span"},{"_type":"span","marks":[],"text":" had taken out at least one BNPL loan in 2021, but ","_key":"afd432b6d4cb"},{"marks":["strong"],"text":"just 35% said the same","_key":"c18f48fcb398","_type":"span"},{"text":" last year.","_key":"faee2d1c3741","_type":"span","marks":[]}],"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"dfe78aa1162a","markDefs":[],"children":[{"_type":"span","marks":[],"text":"This doesn’t mean BNPL is over, though. In fact, a growing number of retailers and service providers are getting in on the action by either launching their own services, partnering directly with an established brand, or even buying out loan providers directly.","_key":"6faa6149b3e70"}]},{"_type":"block","style":"normal","_key":"efeabba4184d","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Where you’ll find them","_key":"ad06404a122d0"}]},{"_key":"280601f76741","markDefs":[],"children":[{"_type":"span","marks":[],"text":"There are several sectors of the economy that are increasingly implementing BNPL options within their existing business model. A few of the most notable include:","_key":"a4165b4286c60"}],"_type":"block","style":"normal"},{"style":"normal","_key":"199a08488a60","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Credit cards","_key":"4bb8f046b09a0"},{"_key":"aa914c0c8183","_type":"span","marks":[],"text":": If you can’t beat ‘em, join ‘em. That’s what companies like Mastercard and Amex figured when rolling out their own installment-pay programs."}],"level":1,"_type":"block"},{"style":"normal","_key":"31709de93d7e","listItem":"bullet","markDefs":[],"children":[{"_key":"7ca6e2cd34530","_type":"span","marks":["strong"],"text":"Retailers"},{"_type":"span","marks":[],"text":": Walmart made news earlier in April by introducing its own BNPL service after a partnership with Affirm that dated back several years.","_key":"54124abd428c"}],"level":1,"_type":"block"},{"markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Banks","_key":"c8676d90a59d0"},{"_type":"span","marks":[],"text":": If you bank with institutions like Chase or Citibank, you might have noticed a new BNPL option for your recent qualifying purchases.","_key":"27475ed64f17"}],"level":1,"_type":"block","style":"normal","_key":"5a0e259655db","listItem":"bullet"}],"summary":"A pandemic-era trend continues to spread far and wide. 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There’s a much longer-term trend that might be even more telling … and a recent ","_key":"31e38d465c870"},{"_key":"31e38d465c871","_type":"span","marks":["82240628cd2a"],"text":"report"},{"_type":"span","marks":[],"text":" put things in perspective.","_key":"31e38d465c872"}],"_type":"block"},{"style":"normal","_key":"27b833f9c082","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Waking up from the American Dream","_key":"26f3be666a360"}],"_type":"block"},{"style":"normal","_key":"3fef806467f0","markDefs":[],"children":[{"marks":[],"text":"Sure, most of us would love to receive a massive financial windfall. But if we’re being more realistic about things, most Americans are simply looking for a","_key":"b23f3655b95b0","_type":"span"},{"_key":"4e0007e0ec33","_type":"span","marks":["strong"],"text":" relatively secure, middle-class lifestyle"},{"_type":"span","marks":[],"text":".","_key":"1d0a52f6a0c3"}],"_type":"block"},{"children":[{"_type":"span","marks":[],"text":"For a few decades in the mid-20th century, this seemed like a fairly straightforward goal that a majority of households were able to achieve. 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In fact, the latest analysis shows that low-, middle-, and high-income Americans saw their inflation-adjusted incomes increase over the past 50+ years."}],"_type":"block","style":"normal","_key":"b0ffc6ef9adf","markDefs":[]},{"_key":"5b8e9567ac27","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Of course, those in the upper echelon got a much bigger boost than those in the bottom two. 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This ongoing crisis is playing out across the U.S. and around the world with few prospects for a short-term solution.","_key":"54b7cd01c253","_type":"span","marks":[]}],"_type":"block"},{"_key":"926a86bb03d4","markDefs":[],"children":[{"_type":"span","marks":[],"text":"But some advocates are pushing for more public housing, or at least a public-private partnership that could cap prices and increase availability. 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Since many people receive subsidized insurance through their jobs, employers are increasingly","_key":"836694c36b2f0"},{"_type":"span","marks":["strong"],"text":" on the hook","_key":"2fe01c18fda9"},{"_type":"span","marks":[],"text":" for a substantial sum of cash.","_key":"c6b7eb50d7cb"}],"_type":"block","style":"normal","_key":"938f2268bb28","markDefs":[]},{"_key":"cd261792f112","markDefs":[{"_type":"link","href":"https://www.axios.com/2024/05/13/health-costs-employers-hospitals-doctors","_key":"b0b20f6194bf"}],"children":[{"_type":"span","marks":[],"text":"But they’re not just accepting the status quo. 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But these fights often end in a stalemate, sometimes forcing employers to drop specific healthcare providers entirely.","_key":"33d9346e38500"}]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Rosa Novo handles employee benefits for Miami-Dade County Public Schools and cut ties with an OB-GYN provider group when it attempted to raise its prices","_key":"ed46981bed050"},{"_key":"81f8f15b8c96","_type":"span","marks":["strong"],"text":" by a staggering 35%"},{"_type":"span","marks":[],"text":".","_key":"0e0afdfab782"}],"_type":"block","style":"normal","_key":"d70f1b5e6cc9"},{"children":[{"_type":"span","marks":[],"text":"She explained: “We employers who are paying for this system, who are supporting this practice: ","_key":"9d8fcfe0dca90"},{"_type":"span","marks":["strong"],"text":"We need to take a stand","_key":"ceaedec940e3"},{"marks":[],"text":".”","_key":"8a2bafc0f20d","_type":"span"}],"_type":"block","style":"normal","_key":"57b901910482","markDefs":[]}],"_type":"story","publishDate":"2024-05-14","title":"Rising Healthcare Costs Are Forcing Employers To Square Off Against Providers ","summary":"Some fights end with a deal, others lead to a stalemate. 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But that’s how much the federal government paid","_key":"6f3ba08b59ab0"},{"_type":"span","marks":["strong"],"text":" every 60 seconds ","_key":"59985ddf9645"},{"marks":[],"text":"last month just to maintain the interest on its debt!","_key":"1b8d6b166b83","_type":"span"}],"_type":"block","style":"normal","_key":"cbcc73fcd0b3"},{"_type":"block","style":"normal","_key":"f1ac7416b290","markDefs":[{"_type":"link","href":"https://markets.businessinsider.com/news/bonds/us-government-interest-payments-soar-2-million-per-minute-rates-2024-5","_key":"0958bd9593bc"}],"children":[{"_type":"span","marks":[],"text":"And with interest rates remaining high, we can only ","_key":"2c2aa73029fa0"},{"marks":["0958bd9593bc"],"text":"expect","_key":"2c2aa73029fa1","_type":"span"},{"_type":"span","marks":[],"text":" these staggering interest payments to continue.","_key":"2c2aa73029fa2"}]},{"markDefs":[],"children":[{"_key":"99c20378b7250","_type":"span","marks":["strong"],"text":"How we got here"}],"_type":"block","style":"normal","_key":"e2730ac89308"},{"_type":"block","style":"normal","_key":"f9554dcdb280","markDefs":[],"children":[{"_type":"span","marks":[],"text":"There’s plenty of blame to go around, but the fact is that the U.S. government is currently in debt","_key":"dddf7855c0000"},{"_type":"span","marks":["strong"],"text":" to the tune of $34 trillion","_key":"ebdd15f115e0"},{"text":". That’s an absurdly high number that is constantly accruing interest.","_key":"a3e14686dff9","_type":"span","marks":[]}]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"In March, the Treasury Department paid","_key":"ec9673fcd1d20"},{"marks":["strong"],"text":" $89 billion in interest alone","_key":"d75bfef4dece","_type":"span"},{"_key":"639bc75bbd11","_type":"span","marks":[],"text":", which did nothing to reduce the overall debt. Essentially, all the taxes you and everyone you know will ever pay in your entire lives won’t put a dent in the amount it takes just to make interest payments on the debt for even a few minutes."}],"_type":"block","style":"normal","_key":"8ca0ad2ba5e4"},{"children":[{"_type":"span","marks":[],"text":"Annual interest payments are ","_key":"b9ae76c9df610"},{"text":"expected to top $1 trillion","_key":"d62659d33419","_type":"span","marks":["strong"]},{"_key":"f63e04c8e633","_type":"span","marks":[],"text":" this year for the first time, representing a sum nearly twice as high as before central bankers raised rates in response to inflation."}],"_type":"block","style":"normal","_key":"ea958c013e8a","markDefs":[]},{"children":[{"_key":"90fd731b84be0","_type":"span","marks":["strong"],"text":"Where we go next"}],"_type":"block","style":"normal","_key":"80c0c3d3b860","markDefs":[]},{"style":"normal","_key":"35ec420b9cdb","markDefs":[],"children":[{"_type":"span","marks":[],"text":"In many ways, the damage seems to already be done. Arguments can be made about how the government can","_key":"6d904ef08ed30"},{"_type":"span","marks":["strong"],"text":" cut spending and/or raise taxes","_key":"10bdabc0b99e"},{"_type":"span","marks":[],"text":", but this whopping debt load isn’t going anywhere.","_key":"8078d90f5844"}],"_type":"block"},{"_type":"block","style":"normal","_key":"f09e1ddf05ef","markDefs":[],"children":[{"_type":"span","marks":[],"text":"And while investors in the bond market are benefiting from the 10-year Treasury yields that have risen alongside interest rates, most of the country is anxious for rate cuts. Although it seems counterintuitive, JPMorgan strategist Jack Manley says lowering rates could help bring consumer costs down.","_key":"dbfdca2045be0"}]},{"markDefs":[],"children":[{"text":"“You’re not going to see","_key":"3259acd9e36a0","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":" meaningful downward pressure","_key":"29ef60913918"},{"text":" on inflation until you see meaningful downward pressure on shelter costs,” he said. “And you’re not going to see meaningful downward pressure on shelter costs until the Fed lowers interest 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effect.","slug":"/story/2024/04/understanding-the-correlation-between-low-unemployment-and-high-productivity","_type":"story","_updatedAt":"2024-04-24T22:02:19Z","_id":"64be5910-d40f-40a1-b3d9-8666c2c03dc5","_rev":"DpWLjYkwm1nYY081eZwqqE","visibility":"true","_createdAt":"2024-04-24T22:02:19Z","publishDate":"2024-04-25","body":[{"markDefs":[],"children":[{"text":"On a basic level, you probably understand what worker productivity is, i.e., a broad measurement of the output generated by the workforce. But unless you’ve got an economics degree, you might not fully realize how integral this","_key":"59772bbf0a780","_type":"span","marks":[]},{"_type":"span","marks":["strong"],"text":" somewhat nebulous factor","_key":"8b620d4dd64c"},{"_type":"span","marks":[],"text":" is within the larger economic system.","_key":"fc4154f2f5dc"}],"_type":"block","style":"normal","_key":"afb5c6604d96"},{"markDefs":[{"href":"https://www.axios.com/2024/04/24/labor-market-worker-productivity-fed-economy","_key":"9b7c1751ec47","_type":"link"}],"children":[{"_type":"span","marks":[],"text":"And, despite a year spent fretting over inflation, high interest rates, and a potentially looming recession, 2023 was","_key":"babc3a5ce3fc0"},{"_type":"span","marks":["9b7c1751ec47"],"text":" a good year","_key":"babc3a5ce3fc1"},{"text":" for productivity.","_key":"babc3a5ce3fc2","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"80a4ea45b36c"},{"_key":"cf861d12928f","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Cause and effect","_key":"12311860b3800"}],"_type":"block","style":"normal"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"As the jobs market approached pre-pandemic normalcy last year, the stars began to align for an improvement in worker productivity — and sure enough, ","_key":"206658d949420"},{"_type":"span","marks":["strong"],"text":"that’s exactly what experts found","_key":"96b722d9c9dd"},{"marks":[],"text":". There are several ways to boost output, and two of the most prominent appeared to be responsible for the impressive results recorded last year.","_key":"2b4a79b051a8","_type":"span"}],"_type":"block","style":"normal","_key":"a9762d6214f4"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"For starters, a long period of low unemployment has","_key":"534a1351bf650"},{"marks":["strong"],"text":" increased the pressure on employers","_key":"c5f02c7ab5da","_type":"span"},{"marks":[],"text":" to raise wages, but by doing so they’ve had to figure out ways to justify the cost through increased productivity.","_key":"c0b4656fdc67","_type":"span"}],"_type":"block","style":"normal","_key":"3911ca5382fd"},{"style":"normal","_key":"c5c1e41bd548","markDefs":[],"children":[{"text":"The second factor is technology, which has long played a role in increasing productivity but has accelerated tremendously in recent years.","_key":"a15babc36b7f0","_type":"span","marks":[]}],"_type":"block"},{"children":[{"_type":"span","marks":["strong"],"text":"But will it last?","_key":"ad49d877a6820"}],"_type":"block","style":"normal","_key":"0ddde33b2b02","markDefs":[]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"There are still some fundamental questions about the health of the U.S. economy, with the inflation rate still stubbornly high and the Federal Reserve unwilling to make a commitment about interest rates. Nevertheless, consultant Rich Lesser explained, ","_key":"34f8cfa96bdd0"},{"_type":"span","marks":["strong"],"text":"both productivity and wages","_key":"0f18b59bcc11"},{"_key":"5a679de2320b","_type":"span","marks":[],"text":" remain high."}],"_type":"block","style":"normal","_key":"486ec7d1d0d1"},{"_type":"block","style":"normal","_key":"baa38471fac8","markDefs":[],"children":[{"_type":"span","marks":[],"text":"“Right now most companies don’t feel like they have anywhere near the pricing power that they had a year or two ago,” he explained. “And yet ","_key":"d8fc2b3c8f160"},{"_type":"span","marks":["strong"],"text":"wages continue to go up","_key":"04930c3715ad"},{"_type":"span","marks":[],"text":" 3 or 4 percent.”","_key":"40fabb670388"}]},{"_type":"block","style":"normal","_key":"f6134b19c9bb","markDefs":[],"children":[{"_type":"span","marks":[],"text":"In some cases, as with fast-food chains required to implement $20 minimum hourly wages, productivity comes at the expense of jobs. Many of these businesses have laid off workers in favor of implementing self-service kiosks.","_key":"0fc9c8c7b3450"}]}]},{"author":{"_ref":"phCNL32Gn","_type":"reference"},"category":"economy","slug":"/story/2024/04/its-a-tough-time-for-homebuyers-but-for-others-its-impossible-to-sell","_id":"aebeb616-32fa-47ba-84bf-14fc07143c9f","_rev":"5epH8zzXrDlp8uFNp0UF0D","visibility":"true","_updatedAt":"2024-04-16T03:16:48Z","summary":"Mortgage rates are high, which is paralyzing those who locked in low ones.","image":{"_type":"image","attribution":"Giphy","asset":{"extension":"gif","_rev":"5epH8zzXrDlp8uFNp0UEZv","mimeType":"image/gif","assetId":"f619e7777c29358d1fb9766534e35c1155301e79","_createdAt":"2024-04-16T03:16:39Z","originalFilename":"ezgif-2-13613ee56d.gif","url":"https://cdn.sanity.io/images/8mioycse/v3/f619e7777c29358d1fb9766534e35c1155301e79-451x254.gif","path":"images/8mioycse/v3/f619e7777c29358d1fb9766534e35c1155301e79-451x254.gif","size":1040386,"metadata":{"blurHash":"MREV:F4nNhS7%1x|IWR.xvRj_4M|V?t6oI","_type":"sanity.imageMetadata","palette":{"darkVibrant":{"population":0.02,"background":"#053ca1","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff"},"lightMuted":{"foreground":"#000","title":"#fff","population":0.14,"background":"#b1bfd8","_type":"sanity.imagePaletteSwatch"},"vibrant":{"background":"#044bac","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":9.96},"dominant":{"population":9.96,"background":"#044bac","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff"},"_type":"sanity.imagePalette","darkMuted":{"background":"#27304c","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff","population":7.76},"muted":{"population":2.09,"background":"#a9775d","_type":"sanity.imagePaletteSwatch","foreground":"#fff","title":"#fff"},"lightVibrant":{"foreground":"#000","title":"#000","population":0.32,"background":"#cfdafc","_type":"sanity.imagePaletteSwatch"}},"hasAlpha":true,"lqip":"data:image/jpeg;base64,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","dimensions":{"_type":"sanity.imageDimensions","width":451,"aspectRatio":1.7755905511811023,"height":254},"isOpaque":true},"uploadId":"3QrnQXads8vC9QPIA9ljiOR4q3td8sC0","_id":"image-f619e7777c29358d1fb9766534e35c1155301e79-451x254-gif","_updatedAt":"2024-04-16T03:16:39Z","_type":"sanity.imageAsset","sha1hash":"f619e7777c29358d1fb9766534e35c1155301e79"}},"title":"It’s A Tough Time For Homebuyers … But For Others, It’s Impossible To Sell","id":"nMkWE8I5","_createdAt":"2024-04-15T23:00:45Z","publishDate":"2024-04-16","body":[{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"Whether you’re in the market for real estate or not, you’ve certainly heard some of the complaints from folks who are shopping around for a home. Mortgage rates are at heights we haven’t seen in a long time and","_key":"d7363db8c24b0"},{"_type":"span","marks":["strong"],"text":" home values have soared ","_key":"d5142e5aa2f2"},{"text":"in recent years, meaning that the once-ubiquitous aspect of the American dream is slipping out of the grasp of many working-class families.","_key":"09beb903d0ca","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"75eb3de2c7d3"},{"style":"normal","_key":"f05e5f5d66dd","markDefs":[{"_type":"link","href":"https://www.nytimes.com/2024/04/15/upshot/mortgage-rates-homes-stuck.html","_key":"6041265834db"}],"children":[{"_type":"span","marks":[],"text":"But there’s another ","_key":"b7f8436386ec0"},{"_type":"span","marks":["6041265834db"],"text":"side","_key":"b7f8436386ec1"},{"_type":"span","marks":[],"text":" to this coin. Homeowners with low fixed-rate mortgages say it just doesn’t make sense to sell, even if they want to.","_key":"b7f8436386ec2"}],"_type":"block"},{"children":[{"_type":"span","marks":["strong"],"text":"The pandemic divide","_key":"41b69de5d2e90"}],"_type":"block","style":"normal","_key":"70e7db5316b8","markDefs":[]},{"children":[{"_type":"span","marks":[],"text":"Like many complexities at play in the current economy, COVID-19 is a contributing factor. Stimulus money was flowing freely during the pandemic and ","_key":"20301e5a2f420"},{"_type":"span","marks":["strong"],"text":"rock-bottom mortgage rates","_key":"dea1af3f0490"},{"_type":"span","marks":[],"text":" were widely available. Now, many of the people who took advantage of the opportunity to buy are having second thoughts.","_key":"762988280634"}],"_type":"block","style":"normal","_key":"941574dadc6c","markDefs":[]},{"markDefs":[],"children":[{"marks":[],"text":"And data from the Federal Housing Finance Agency has puts the situation in stark focus:","_key":"cff56f663e2a0","_type":"span"}],"_type":"block","style":"normal","_key":"65f943fb7699"},{"_type":"block","style":"normal","_key":"4848114cee75","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Roughly","_key":"822eb045b8250"},{"_type":"span","marks":["strong"],"text":" 1.3 million fewer homes","_key":"349d4d9a23ad"},{"_type":"span","marks":[],"text":" were sold nationwide between spring 2022 and the end of 2023.","_key":"5fd8ef997381"}],"level":1},{"children":[{"marks":[],"text":"About","_key":"e66c83dca0bd0","_type":"span"},{"_type":"span","marks":["strong"],"text":" 70% of mortgage holders","_key":"af82ea2dfec9"},{"_key":"5cfeec1bf303","_type":"span","marks":[],"text":" had a rate more than 3 points lower than the average current market rate."}],"level":1,"_type":"block","style":"normal","_key":"41b366025ea8","listItem":"bullet","markDefs":[]},{"_key":"8cb050a9a505","listItem":"bullet","markDefs":[],"children":[{"_type":"span","marks":[],"text":"At no time between 1998 and 2020 did more than ","_key":"c40a2e27d4830"},{"text":"40% of locked-in rates ","_key":"7639a8ba90d7","_type":"span","marks":["strong"]},{"_type":"span","marks":[],"text":"undercut the market by more than 1 point.","_key":"b89c8e17a085"}],"level":1,"_type":"block","style":"normal"},{"_key":"5c475da5df18","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"Inflation complications","_key":"95fca48960410"}],"_type":"block","style":"normal"},{"_key":"619c9c7a5cb9","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Now that we live in an era of rapidly increasing prices (and rates), those with sub-3% fixed rates are in great shape, at least on paper. 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Burger King issued a statement affirming that it will “continue to be very thoughtful about making sure our guests receive great value for the money they spend with us.”","_key":"0152b15a4852"}],"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"282df701408d","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Subway and Starbucks increased prices by a relatively low 39% on average since 2014.","_key":"310e752604d60"}]},{"children":[{"_type":"span","marks":["strong"],"text":"Taking issue with the report","_key":"65c639ff9d8e0"}],"_type":"block","style":"normal","_key":"5553bc85e4c9","markDefs":[]},{"_type":"block","style":"normal","_key":"baba30912b97","markDefs":[],"children":[{"text":"While FinanceBuzz was clear about the statistics that it used to arrive at its findings, McDonald’s nonetheless thinks the report is an unfair reflection on the brand as a 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Coach Gets A Bad Rap On TikTok, But These Influencers Want To Change That","body":[{"_type":"block","style":"normal","_key":"740970c64f9e","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Cramped seats, loud passengers, and limited amenities. 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","_key":"4ffc9ba731ec"}],"_type":"block","style":"normal","_key":"51b4aec97f0f"},{"markDefs":[],"children":[{"_key":"c6ae01fdae9f","_type":"span","marks":[],"text":"Since we’ve all experienced the concept of searching for a product and then being inundated with"},{"_type":"span","marks":["strong"],"text":" ads for that very same product","_key":"239200835326"},{"marks":[],"text":", we’ve become sort of accustomed to assuming that companies are trying to gouge us because they know we’re interested in what they’re selling.","_key":"a42bb10dced1","_type":"span"}],"_type":"block","style":"normal","_key":"0d45e702dba7"},{"markDefs":[],"children":[{"text":"But it’s not true for coats or shoes or ukuleles … and it’s also not the case when shopping around for an airline ticket.","_key":"5ea34de51b3e0","_type":"span","marks":[]}],"_type":"block","style":"normal","_key":"96faf37bb3af"},{"_key":"0c63e32d8e67","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"There’s a major difference, though","_key":"eab4877cbd050"}],"_type":"block","style":"normal"},{"_type":"block","style":"normal","_key":"2f4a358581e5","markDefs":[],"children":[{"_type":"span","marks":[],"text":"Although the underlying facts might be the same regarding the irrelevance of incognito mode, there’s probably another reason that so many people wrongly assume that using this supposed hack will result in cheaper airfare.","_key":"942157d9ee260"}]},{"markDefs":[],"children":[{"_key":"02547a286e9f0","_type":"span","marks":[],"text":"It dates back to the 1970s, "},{"_type":"span","marks":["strong"],"text":"when the industry was deregulated ","_key":"7b91cd8619ce"},{"_key":"fc5860261e58","_type":"span","marks":[],"text":"and carriers began a battle to offer the lowest price that continues to rage to this day."}],"_type":"block","style":"normal","_key":"3e4b02ae8d6d"},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"So whenever one seat is booked, the price of other seats on the same flight are adjusted accordingly. 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It’s easier than ever for consumers to borrow more than they can afford, and the penalties for late or missed payments can add up quickly.","_key":"7e25ca50d1dc0"}],"_type":"block","style":"normal","_key":"7a5aad29a3d8"},{"_type":"block","style":"normal","_key":"1a95a81070dd","markDefs":[],"children":[{"_type":"span","marks":["strong"],"text":"What’s the answer?","_key":"acf4284b3eb60"}]},{"children":[{"_type":"span","marks":[],"text":"The reality is that, generally speaking, groceries are a whopping 22.3% more expensive than they were in 2020. That means folks are forced to make some tough decisions. ","_key":"ea6508944f3b0"},{"marks":["strong"],"text":"Three-fifths of shoppers","_key":"67e2b547b642","_type":"span"},{"_type":"span","marks":[],"text":" who earn less than $100,000 per year said they’ve had to scale back their grocery lists as a result.","_key":"5fc71f9ecaa2"}],"_type":"block","style":"normal","_key":"ca4dc0aaf2cb","markDefs":[]},{"markDefs":[],"children":[{"_type":"span","marks":[],"text":"But there are only so many cost-cutting measures available — so if BNPL is the only remaining option, be sure you know what you’re getting into.","_key":"19cc9599dd0a0"}],"_type":"block","style":"normal","_key":"1427d360c967"},{"children":[{"_type":"span","marks":[],"text":"“If used responsibly, BNPL can be a great resource,” said financial expert Erika Kullberg. “However, it is ","_key":"249c01674c860"},{"_type":"span","marks":["strong"],"text":"a double-edged sword","_key":"896edc6fd79e"},{"text":" that can quickly turn against you if not used 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The Biden administration is now allowing states to use it for housing subsidies."}],"_type":"block","style":"normal"},{"style":"normal","_key":"e94f49a68e95","markDefs":[],"children":[{"marks":[],"text":"This marks a departure from the past, when Medicaid could only be used to provide housing in very narrow circumstances, such as nursing homes or medical facilities.","_key":"0d080fec032a0","_type":"span"}],"_type":"block"},{"children":[{"marks":["strong"],"text":"A plan years in the making","_key":"7fcacadad11d0","_type":"span"}],"_type":"block","style":"normal","_key":"9f389cd55a7f","markDefs":[]},{"children":[{"_type":"span","marks":[],"text":"Affordable and accessible housing has become an increasing concern for elected officials and ordinary citizens alike in recent years — and last year marked record highs for both rent prices and the rate of 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","_key":"b925b52ec0990"},{"_key":"6bcce4d8dd66","_type":"span","marks":["strong"],"text":"directly related"},{"_type":"span","marks":[],"text":" to poor health.","_key":"fbce107043b7"}],"level":1,"_type":"block"},{"listItem":"bullet","markDefs":[],"children":[{"marks":[],"text":"In 2022,","_key":"db5ec3528c1d0","_type":"span"},{"_key":"25cffa8cca96","_type":"span","marks":["strong"],"text":" the White House began encouraging"},{"text":" the use of Medicaid for “health-related social needs.”","_key":"a941b0c59448","_type":"span","marks":[]}],"level":1,"_type":"block","style":"normal","_key":"c5750c101142"},{"_key":"73f26b46bd46","markDefs":[],"children":[{"text":"Arizona and Oregon will begin using these waivers to provide rental assistance later this 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A judge ordered the city to clean up the city's largest homeless encampment that citing it being a 'public nuisance.' The residents were given advance notice, and are being relocated into suitable housing.","mimeType":"image/jpeg","sha1hash":"667bb1d5f36142adcde5a04a83c6e5e91815aa00","uploadId":"cQ3oYure45kzFg2GhUKm3NPoAlthXjY6","_type":"sanity.imageAsset","_updatedAt":"2024-02-14T23:57:29Z","originalFilename":"sstk-13907540bi.jpg"}},"_updatedAt":"2024-02-14T23:58:28Z","summary":"The first states to utilize this strategy will start later this year.","_type":"story","title":"Medicaid Will Soon Start Helping Some Americans Obtain Affordable Housing"}]