The Massachusetts senator's alarm-sounding on consumer debt neglects to measure it against the growth in the economy and the ability to pay.Economyread more
Equifax will give consumers a range of options for monitoring their credit or making claims of fraud or data misuse, part of a $425 million restitution fund.Technologyread more
Secretary of Education Betsy DeVos and her family have seen their investments skyrocket since President Donald Trump started enacting pro-business policies. Meanwhile, DeVos...Politicsread more
The construction industry is heavily dependent on Hispanic and Latino workers, a workforce that diminished during the last housing crisis and has not come close to full...Real Estateread more
A group of gold miners stocks, "BAANG," are better plays than mega-cap FAANG names, according to John Roque, technical analyst at Wolfe Research.Marketsread more
T-Mobile is choosing to move ahead with a merger with Sprint even though it will prop up Dish Network as a new, possibly disruptive fourth U.S. wireless competitor.Technologyread more
Danger is lurking in the stock market: An abrupt sell-off could be around the corner if the Federal Reserve doesn't deliver the rate cut the market expects next week, the firm...Marketsread more
Shares of Beyond Meat jumped nearly 10% Monday, nearing its all-time high, on investor optimism ahead of its earnings.Food & Beverageread more
Carl Icahn thinks Occidental Petroleum's CEO got played by the Oracle of Omaha himself in the company's effort to buy Anadarko Petroleum.Investingread more
The U.S. Food and Drug Administration has approved the first generic copies of a popular, pricey pill for nerve pain. The agency on Monday said it approved nine generic...Biotech and Pharmaceuticalsread more
Starbucks is licensing its mobile and loyalty program technology in a deal that will give global franchisees the chance to offer the Starbucks mobile app to customers.Restaurantsread more
The nationwide housing shortage continues but is especially troublesome for homebuyers with a budget of $250,000 or less, Susan Wachter, professor of real estate and of finance at the Wharton School of Business at the University of Pennsylvania, told CNBC on Monday.
Rising labor, land and material costs are slowing down the supply, "except at higher prices, which is simply not affordable for the great middle, and that’s where we see the hit in ... existing sales," Wachter said on "Power Lunch. "
Sales of existing homes are down for the third month in a row due to a shortage of properties, which results in higher prices and pushes some potential buyers out of the market.
Existing home sales fell 0.6 percent in June, or 2.2 percent from June 2017.
And as prices for new home construction increase, construction in general is on the decline. Housing starts, or the number of new residential housing projects, decreased in June, plunging 12.3 percent. The loss represents the third month in a row of declines or a nine-month low.
"That sets a price point for the existing sale market as well," Wachter said. And with inventory at historic lows and a lack of new construction, existing homeowners are holding on to their homes longer, Wachter noted.
That spells trouble for first-time homebuyers and those looking to upgrade, such as growing families.
Meanwhile, inventories in luxury homes valued in the million-dollar range are increasing slightly, Aaron Terrazas, economic research director at Zillow, said on "Power Lunch."
But, "those affordable, entry-level homes are still facing a lot more demand than their supply," he said.