The Money Section | Homebuyers won’t have it easy in 2024

͏Also, some seniors’ retirement benefits may be at risk. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [The Charlotte Observer]( November 2, 2023 • Issue #57 [The Money Section] This week, we’re looking at the rise of canceled home purchases, Bitcoin’s rebound, and why lawmakers are criticizing the Social Security Administration. Actually, never mind. [Canceled]( Money; Getty Images According to a recent Redfin report, the rate of canceled home purchase agreements reached 16.3% in September – the highest since October 2022. Homebuyers are being particularly careful in metro areas like Atlanta, Jacksonville, and Orlando, where cancellations exceed 20%. [See why here](. 😰 Homebuyers won’t have it easy in 2024. Homebuyers in the U.S. are expected to face many challenges in 2024 – from high mortgage rates to soaring home prices and low inventory. While there's a slight anticipated increase in housing inventory, it's likely to remain a seller's market. [Here’s what you need to know.]( 🏢 From vacant offices to apartments. The White House has unveiled a plan to help property owners turn their vacant offices into apartment units, addressing challenges such as office vacancies and unaffordable rents. The plan involves significant funding, support with technical aspects, and the opportunity for cheaper financing if the location is close to public transportation. [Read more.]( Bitcoin is finally rebounding. [Bitcoin]( Olive / Money; Getty Images Bitcoin has rebounded from a challenging year, with its price rising from $16,625 in January to over $34,000 in October. Historical data indicates a seasonal trend for bitcoin prices, which often rise in the fourth quarter. While experts differ on the reasons behind this trend, [they do have a few theories.]( 📈 Starting the week with a rally. Stocks had a strong day on Monday, with the S&P 500 trying to bounce back from a recent dip. This week is particularly important for investors since it features a Federal Reserve decision on rates, a jobs report, and Apple's earnings. [See which mega-cap tech stocks led the rally here.]( 💧 Gas prices are rising… again. The World Bank warned that the escalating conflict in the Middle East could spike crude oil prices to over $150 per barrel, echoing the 1970s oil price shock. It may also lead to substantial increases in energy and food prices, compounding challenges from Russia's invasion of Ukraine. [Read more.]( Federal retirees may receive a lower COLA next year. [COLA]( Olive / Money; Getty Images Federal retirees get the same COLA (cost-of-living adjustment) as Social Security beneficiaries when annual inflation is 2% or less, while those under the old Civil Service Retirement System get this rate if inflation is between 2% and 3%. For a better understanding, [here are the numbers.]( 💸 Lawmakers have criticized the Social Security Administration for the widespread failures in the disability benefits system. The Social Security disability claims system has struggled for nearly two years, with over 1 million Americans waiting for initial decisions, taking an average of 220 days. [Read about the causes, according to both Democrats and Republicans.]( 🎓 Seniors with student loan default issues could potentially lose up to 15% of their benefits. The loss may total $9,000 annually. Currently, around 6.2% of federal student loan borrowers are 62+, owing an average of $41,780. To address concerns, Congress has been considering bills like the Protection of Social Security Benefits Restoration Act. [Read more.]( Smart Money Move Did you know that car repair prices have gone up nearly 24%? [Car] [Car]Car repair costs have skyrocketed by nearly 24% since 2020, making even minor fixes a financial burden. Imagine your manufacturer’s warranty has already lapsed, and your car suddenly requires a $6,000 repair due to a blown head gasket. Could your budget handle it? If you’re unsure, extended car warranties might be something to consider. These warranties can assist in covering eligible repair costs, potentially saving you thousands and providing peace of mind on the road. [Get the protection you need to ride stress-free with a Car Warranty.]( Stories we're reading this week - [Housing Market Analysis: These Cities Have the Highest (and Lowest) Down Payments]( - [What to Watch for as the Federal Reserve Meets This Week]( - [Auto Loan Delinquencies Reach a Record High — Here’s What to Do if You Can’t Make a Car Payment]( - [New Normal or No Normal? How Economists Got It Wrong for 3 Years.]( - [3 Signs You’re Too Casual About Debt]( - [What’s On Your Pay Stub?]( - [This Surprise Expense Is Likely to Upend Your Budget in Retirement (Hint: It's Not Health Care)]( The Money Section is written in partnership with Money Research Collective This email was sent to {EMAIL} because you are signed up to receive marketing emails or newsletters from The Charlotte Observer. If you no longer wish to receive emails of this type, you may [unsubscribe]( or [update your email preferences](. We are unable to monitor replies to this email. Please [contact customer service]( if you have any questions or concerns. [Privacy Policy]( | [Terms of Service]( | [View in Browser]( Copyright © 2023 The Charlotte Observer. All Rights Reserved. 9140 Research Drive, Charlotte, NC 28262