The Money Section | Is it a challenging time to buy a house? Many Americans think so.

͏Also, foreclosures are increasing in commercial real estate. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ [The Charlotte Observer]( November 15, 2023 • Issue #59 [The Money Section] This week, we’re looking at record-high housing costs, increased credit card delinquencies, and the effects of Biden’s SAVE plan. Many Americans think it’s a challenging time to buy a house. [Challenging]( Rangely Garcia / Money However, experts suggest that the current market could be favorable for specific individuals. With less competition and more negotiating power, these buyers might find opportunities despite current challenges. [Read more.]( 🏢 Foreclosures are increasing in commercial real estate, particularly in mezzanine loans. Analysis reveals record foreclosure notices for high-risk property loans, especially mezzanine loans, with high-interest rates and a quicker foreclosure process than mortgages.[>Find out why this surge is considered a more immediate indicator of distress in commercial real estate](. 🌴 Home insurance rates have risen 19% over the last five years. Florida, in particular, has seen average premiums triple over the past five years. The rising rates are attributed to higher rebuilding costs and more frequent extreme weather events, prompting some insurance companies to drop coverage for homeowners in affected areas.[>Read more](. A report on debt reveals a significant increase in credit card delinquencies [Debt]( Money; Getty Images The average credit card interest rate has surged to over 20%, compared to 14.5% in November 2021. Moreover, the report indicates that credit card balances jumped by $154 billion year over year, the largest annual increase since 1999. [Read more.]( 🗣️ Consumer survey indicates a decline in Americans’ faith that inflation will return to normal. The erosion of trust could prompt the Fed to tighten monetary policy further, raising interest rates or keeping them elevated for an extended period.[>Learn more about the Fed’s challenges with inflation expectations as it aims to bring it down to 2%.]( 🏥 Changes in how the government estimates health insurance costs are expected to boost a popular inflation measure. The Bureau of Labor Statistics is changing the calculation of health insurance costs in the consumer price index, aiming to reduce volatility and lags.[>Learn more about the anticipated effects of these adjustments on consumer price index figures](. Are student loans a burden for you? [Burden]( Olive Burd / Money; Getty Images President Biden’s SAVE plan has brought $0 monthly payments to 3 million student loan borrowers, targeting those with disproportionate debt relative to their income. The plan offers loan forgiveness and waives interest to alleviate financial strain. By 2024, the plan will expand by reducing payments and extending forgiveness. [Read more.]( 🕵🏻 ♂️ Secret shoppers to spot loan servicing errors. The Department of Education launches ‘secret shoppers’ to ensure integrity in student loan servicing as repayments restart. This move, emphasizing accountability, aligns with the administration’s push for servicer precision[">Learn more here.]( 💸 Student loans return; is holiday spending at risk? With student loans resuming, a survey suggests holiday spending may drop as rising credit card delinquencies and shaky retail stocks signal financial stress.[>Here’s what you need to know.]( Smart Money Move You can capitalize on current high-interest rates — here’s how [Savings] [Savings]Interest rates are at 22-year highs, but you can take advantage of them. With rates hovering around 5%, high-yield savings accounts present an opportunity for substantial returns through compound interest. Offering up to 25 times the return compared to regular savings accounts, these accounts are ideal for short- and long-term goals. [See our list of High-Yield Savings Accounts today to discover how much you could earn.]( Stories we're reading this week - [Down Payment Assistance: These States Will Give You Money to Buy a House]( - [The Secretive Industry Devouring the U.S. Economy]( - [2024 Tax Brackets: IRS Increases Income Thresholds, Standard Deduction Due to Inflation]( - [Sam Bankman-Fried Didn't Fool Everyone — Just the Tech Elite: 5 High-profile Figures that Believed Him]( - [Americans Say They Have No Idea How to Tip Anymore, and It’s Leaving Them Confused and Irritated]( - [How to Get a Free Turkey for Thanksgiving]( 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. 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