bronx

0626BeWellMartyMoneyInterestRates_2023-06-26-09-35-36

Time now for your money with Marty. After raising interest rates 10 times in a row, the Federal Reserve decided to pause its rate hiking campaign to see how the economy responds. So the big question is, how will we all be affected? So here with the answer is Marty can CPA and economic development. And so I know you weren't surprised, this is exactly what you kind of thought, Jerome Powell and the fed was going to do. Yeah, look, the time is right to just to see how the, uh uh what their policies are impacting. Although we know that the data uh is really inconclusive at this point, there are a lot of anomalies coming out in the data. You know, the fact is that we're creating jobs, but the jobs that we're creating are really replacing the ones who have been retired. You know, we, we have the highest increase in unemployment from 3.4 to 3.7 as a percent since before, the pandemic was over 10% increase in unemployment. But on the other side, employers have increased the amount of posted jobs from 9.6 million to over 10 million about 10.1 million when they dropped 2 million over the earlier part of the year. So those inconsistencies are really causing concern with the FED. And I think it's more not so much of, let's see how the impact of our policies are, but let's try to get a trend that we can deal with. Right. And so far the trends are really inconclusive. I mean, we have CPR consumer Price index and the producer price index, which is really the wholesale prices, they're both at the same level about 5% and they keep on fluctuating up and down. So there's no steady firm data out there to say where we are, we still the FED still wants to get down to 2% benchmark for inflation. We have businesses, the net income has been dropping for the past two quarters and it's expected to go negative in, in the the second quarter of this year. Gross domestic product is dropping. So something is happening that their policies are impacting. However, the the the underpinnings when you peel away the onion skins to find out what's really going on in the economy. I think the FED is, is having has to get more data in order to make a correct uh uh a correct decision because when you take a look at that core inflation, so you take out the food, you take out the energy, it's not really cooling off quite enough. So he really, you know, General Powell really left the door open for the possibility of another rate hike at the July meeting. Oh, I definitely believe there's gonna be rate hikes and I definitely believe my thinking is that it probably go up in July. Uh, we are not, we're gonna be in this inflationary economy going into the presidential election year. The bad news for the candidates is we could, we could tip into recession and that's what he doesn't want. Right. Once, once the jobs posting come back down and businesses stop hiring, then we can go into a recession. And that's something that Powell really, really wants to avoid. Absolutely. And we know this affects everybody at home when it comes to their mortgages, when it comes to their credit cards, when it comes to their car loans. Yes. Right now, you know, home sales are, are, are decreasing and the prices are coming down however, because of the lack of inventory because people can't afford to sell a house and then buy another one because, because right now there's a lot of people sitting with 3% mortgage loans and now they'd have to be paying close to seven if they go somewhere else. So the inventory is low. Housing prices are still high, you know, and, and that's going to impact, you know, with the mortgage is food. Same thing. Get transportation. Uh, uh, the only good news is that the, uh, gasoline costs are low and the transportation costs are low to keeping food prices from skyrocketing. But let's talk about consumer spending. It doesn't, you know, it seems like people are still out there and spending money. Well, they are and that's why, I mean, we keep on talking about the, the, the 17 trillion in consumer debt in the last quarter. We keep on talking about that. Yeah, people are still spending and it's not because they have money because you've got a four percent raise, the average raises. But inflation is 5%. So, in effect, the real income that you get is zero. But people are now spending and they're using their debt. And that's the only thing that's really, uh, the economy because retail and consumerism is 70% of the economy and, and unless that gets curtailed and ratcheted back and that's what the fed wants to do, we're still gonna have this over heated economy with too many dollars chasing too few goods. But when it comes to making a budget, anybody that has those student loans, they're not going to be able to be spending money the way they were because they're going to have to start to pay those back. They're going to unpause that. Yeah, there's 43 Americans who have 43 million, 43 million Americans who have, who have student loans, uh, 20 Americans, 23 20 million Americans. I'm sorry, could be impacted by, by the pause in student loan payments, you know, and and the uh the forgiveness that the president wants to bring in. But the big news is is that 43 million people are gonna have to adjust their family budgets uh to, to accommodate repaying those student loans. And that starts in September. Right. Marty, thank you as always for always having such great information for us. 43 people, 43 people. Right.

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Marty Cantor talked to Elizabeth Hashagen about where the housing market is headed.

New Jersey

NJ Weather Stories

Weather stories

NJ | Weather

RTNJWeather12022023SSincoff10pm_2023-12-02-22-31-25

We won't be getting snow but we might be getting some rain. Scott joins us. Now with the forecast, Scott, what can you tell us? But we could see like a half inch to one inch of rain and imagine that to be snow. That will be about 10 inches. So, yeah, let's just uh ho focus on the rain, right? Because before the rain comes, we're looking at this all the fog. Well, you can't really see it. We are looking at the dense fog, dense fog advisory out along the Jersey shore as well as in South central Jersey along 195 and south of that through the overnight. So just take it slow, use plenty of falling distance between you and other vehicles and also just make sure to use your loping headlights very, very important there as we are seeing this dense fog. This is a look over at seaside heights as temperatures are gonna be in the forties. So real mild this evening, cloudy skies and areas of fog as well. We are gonna be seeing that continue through the overnight as that rain is gonna be pushing on and the showers will be building throughout the morning, the heaviest gonna be midday into the early afternoon and then things are gonna start to get better 34 o'clock. So all any of those holiday tree lighting, any of the big festivities should be able to go on into the late afternoon, early evening, but still just have the umbrella with you just in case we are seeing this rain pushing on in from West Virginia of Virginia P A is gonna be moving on in from the southwest. That's just gonna be dumping a decent amount of rain. No flooding though because of a lot of the steady rain is not really coming down hard and fast, just gonna be steady up to a half inch or more. Central North Jersey, a little bit less south of 195 Tom's river down the Jersey shore. As we are gonna be seeing more cloudy skies, rain will be continuing to push in as we go through out your Sunday morning steadier and heavier into the late morning and early afternoon. And then we are gonna start to see that dwindle out by 45 o'clock and then cloudy skies, foggy conditions will be lingering with a few isolated showers still in the cars as we go towards your Sunday night. We are looking at these temperatures, forties and fifties into your Sunday, gusty winds as well. And then we are looking at Monday and Tuesday, breezy much cooler weather as we head into the rest of the week ahead.

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Weather

Brooklyn

BK | Weather

RTBXBKWeather12022023SSincoff930pm_2023-12-02-21-56-40

Let's bring in storm watch team Scott sink off and see what the rest of the week is going to look like. It's been a dreary gray Saturday throughout the city. And we are gonna be seeing more of that moisture move in just gonna be a a sweatpants Sunday, so to speak tomorrow. What are we looking at? Temperature is gonna be in the upper forties to around 50. The rain will be moving in by midnight, foggy conditions. Yeah, that's gonna continue. There is a dense fog advisory out on Long Island and in the water. So definitely just take it slow, reduce your speed, leave plenty of following distance between you and other vehicles. If you're gonna be driving throughout the five boroughs, not gonna see really any chances of major flooding, but ponding in the normal spots, of course, in the cars and with the fog, just gotta be careful because that notorious fog plus all that rain gonna be steady, especially midday into the afternoon. That's when we're gonna see more than a half inch of rain throughout the five boroughs. So we are gonna be just seeing this dreary weather throughout the day tomorrow. So what are we looking at? Clouds, fog, continue across the city, gonna be seeing that rain shower activity moving after midnight and then by the time the sun rises, that's when the rain's gonna get steadier and heavier from the morning to midday. That's when we could see the heaviest rain areas of ponding maybe some minor flooding down towards the south shore with that fog. So definitely take it slow because the rain will be with us through the early afternoon. That's when things are gonna start to wind down as we are gonna be seeing some lingering showers towards the evening on Sunday. Even. It's the overnight. But that is when we're gonna see those clearing skies into Monday morning. The fog though. Yeah, nothing we can do about it. It's gonna be lingering here and there. Fifties on your Sunday, cloudy dreary as that black kind of day as we are gonna see drier breezier conditions on your Monday and then cool down Tuesday, Wednesday and Thursday. That's your hyper local forecast.

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Westchester

WC | Weather

HVFORECAST

We have a really steady rain all day today. You don't need me to tell you, but it's gross out there. But how long does it last? That's where I come in tonight. Some scattered showers. It's not as widespread for the later half of the afternoon. The clouds will still be around until Monday morning. But hey, the good news is that the work week looks good. We're dry. We have a few clouds but we're getting colder as we move past Monday. So get ready to need the winter jacket. Here's what the rest of this morning shapes up. Like, see, you know, as we move closer to noon time, the showers do at times get a little bit on the heavier side. This is noon. You see, holding steady temperatures, mid forties, just like they were when you woke up by noon time, just like you woke up near 50 in Yonkers, you're near 50 at noon. So no change with the temperature. If anything, you might actually drop in temperature a little bit. This afternoon, we catch a break after two o'clock. It's still light showers. It's still really gloomy. It's still really cloudy, but at least the rain isn't as widespread for the later half of the afternoon. It's not great though, at any point today, you should at least have the rain jacket. I don't know if you necessarily need to go with the umbrella all day, but Monday problem fare, check this out. You're about 40 degrees for the Upper Hudson Valley. Low to mid forties for the morning commute for the lower Hudson Valley and we are dry and we actually have sunshine early Monday, but then the clouds roll in Monday afternoon and we're gonna do that again on Tuesday and on Wednesday it looks like morning sunshine, afternoon clouds. Now, the difference is, it is much colder as we move into the middle of the week. Monday feels like 51. Tuesday feels like 41 and Wednesday feels like 36. Welcome back. Winter. Here we are. It looks pretty chilly too for the first night of Hanukkah. But we warm up again next weekend. So snow lovers just be patient because it's not looking like the odds are good quite yet.

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Long Island

LI | Weather

122LIWEATHER_2023-12-02-07-06-25

It's gonna cool down again in the 10 day. Let's talk about the bigger issue, which is going to be the rain tomorrow. So we do have cloudy skies all weekend, obviously a fog out there this morning too. So that's creating some visibility issues. But on Sunday, it is a steady rain for a good chunk of the day. So today is the pick out of the weekend. There'll be some peaks of sunshine this afternoon around lunch, but not much of it. Temperatures are in the mid ff maybe even upper fifties if we get enough sunshine, but I would not count on the sun. It's gonna be a possibility that we, you got a few breaks in the clouds, but most of the day is pretty cloudy. This is 5 p.m. the sun is already set and temperatures are still in the fifties. So you don't need the heavy winter jacket. Just a light jacket. Today will do dinner time is mainly dry, but after 89 o'clock, there could be some spritzes and stray showers. It's a all day full LG wash out on Sunday, light rain in the morning, check this out. Temperatures are in the fifties in the morning, that's above average for the afternoon at this point in the year. But we don't warm up on Sunday. It's gonna stay 50 all day with this very persistent, very steady and very damp rain that just sticks around until I'd say about six o'clock or so. So, if you have any brunch lunch, early dinner plans Sunday, I just don't see a lot of opportunity for dry time for you here. So we're gonna keep that in mind. Temperatures are not bad all the way through Monday. We're hanging out in the fifties. Today's high of 56 is the warmest that we've actually seen since mid November morning. Lows are in the forties, so no worries about frost. No worries about cold when you're stepping out the door. Tuesday morning, we're back down to 36. So that's kind of setting the stage for a cooler upcoming work week, 46 there, 43 on Wednesday and 42 on Thursday. It's not the coldest set we've seen, but it is definitely pretty chilly for that first night of Hanukkah. Expected to definitely feel like it is December, but we rebound a little bit next weekend with another chance for some rain. Just a little heads up on that. But the work week does look dry. Not that we want to talk about the work week on a Saturday, but that's how it's shaping up

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Hudson Valley

HV | Weather

Bronx

BX | Weather

Connecticut

CT | Weather

CTFORECAST

Turning now to your forecast with meteorologist Scott Zoff, Scott, what can you tell us? Well, right now, we're dealing with a lot of that notorious fog. We've been seeing a lot of that cloud covered the fog since this morning and really, it's just been a mild day, temperatures peaking around 51 degrees. A few notches above our average high of 48. But right now you can see all this fog. This is Calf Pasture Beach in Norwalk if you can see and visibility is reduced to a mile or less along the Long Island Sound and much of Western Connecticut. So definitely take it slow because we are seeing cloudy skies, fog and showers building into the overnight temperatures will be dropping to around 40 degrees or so milder along the sound. As we are going to be seeing that rain build throughout the morning. The heaviest is going to be midday 10 a.m. to around three o'clock in the afternoon and then things are going to be tapering off from there. So let's break things down. We're gonna see up to a half inch of rain or more along and south of 84 A little bit less to the north of 84 to Litchfield County. Not really going to be expecting any major flooding but still take it slow. The usual spots that see the ponding will be seeing them as we go into your Sunday morning, the rain will get steadier and heavier throughout the morning by 910 o'clock, see those yellows along and south of 84 going to be that from lunchtime. That's when we could see that ponding through the afternoon by 34 o'clock though. Just going to be seeing a few lingering showers areas of fog though will be continuing. Sunday will bring highs in the forties, cloudy skies. A little breezy with that on and off rain, especially from lunchtime into the afternoon. And then as we go into your Monday, we are going to be seeing 50 degrees there, breezy and cooler with those highs in the thirties and forties into the end of the work week.

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0705BeWellMoneyMartyHouse_2023-07-05-09-45-26

Money with Marty: Sell your house, or stay put? 

Time now for your money with Marty. And we do start with what's really happening right now in the housing market. So home construction surged in May and the prices have ticked up even with interest rates being at a 15 year high. Now, new construction really kind of tells us something about where the economy is heading. So it really suggests that things are potentially picking up Marty. Well, you know, we always, we're hoping they pick up but look, this is dragging on this, this inflation is he is going to be with us until 2024. Uh The housing costs are higher. Uh construction costs are higher that that's where the inflation is and housing inflation is that the housing prices are being generated by higher costs. Plus there's a lot, there's still a lot of money out there because they're still selling homes at a higher price because the inventory is low in the cash to buy a house is available that I say is the supply is so tight. So many people when it was, you know, such a better, you know, mortgage rate, they refinance their home and now they don't want to pay that higher rate. Well, the other thing is, first of all, two things, yeah, if I, if you can't go anywhere, uh, to buy, uh, to move because the cost of that the housing is increased and the cost of the mortgage is increased and you're sitting there with a 3% mortgage or no mortgage whatsoever, then it doesn't make it economically viable for you to move. So, therefore the houses aren't on the market. And that's the only thing that's keeping the prices up, uh, is, is the lack of inventory, you know, on Long Island. So it's about 50% below what it was before the pandemic nationally. It's 6% below, you know, housing on the market below what they were. So, yeah, it's, it's an inventory problem. It's, it's a higher cost problem, higher interest rate problem and higher construction cost problem or all causing home inflation. And then you have sales that ended up sinking 20.4% compared with the same time, you know, last year in May. Yeah, because, because you have fewer homes, you have fewer financing ability because of higher mortgage rates. Housing sales are coming down. But there's the anomaly housing sales are coming down but prices are still high. Right. Well, that's what's so weird is when you take a look at the different markets, you know, nationally, you see the sales slump, more than 25%. National median home price fell 3% Yeah. And that's, that's the largest drop since 2000 1008. But remember, 3% is all not that much. When you consider that if you've got a 5 $600,000 home, 3% is not that much. But nonetheless, uh, it's a sign that the housing prices are going down, but it's so difficult to make that call uh, in this inflationary environment because, you know, it's just like the weather, wait till tomorrow, it'll change, wait till tomorrow, the data could change and we'll have a whole new uh view of things. All right. Well, let's talk about the, that's America's right now, largest generation and they're in their late twenties, early thirties, which is really those peak years for moving out and really attempting to purchase a home. Yeah. And millennials, the surveys that I've done on millennials is that, you know, they can't find jobs that meet their skill sets or their salary requirements or working in the industries where they want to work. And what that means is that there's less household income to go buy a home. And remember a lot of people, student debt and student debt is about six, about 9% of all debt that we have. So that so uh they, they don't have enough cash to do this. Rent is actually the measure America's price measure uses rent to calculate housing costs. Yeah, and, and, and uh rent is uh is going up uh in the New York City region. The Rent Stabilization Board increased uh rentals 2% this year, 3% next year. Uh The counties if they have rent stabilized apartments are going up 3%. Uh leases are going up, landlords have to pay their taxes, have to pay the higher cost of maintenance. So rents uh are going up now. Uh If rents get uncompetitive as compared to buying a home, if your mortgage right is gonna be the same amount of rent, then it makes sense to actually buy. Well, that's what I tell people. If you, if, if your rent will equal your mortgage, then there's no reason not to invest in a home. A home investment is the largest individual investment an individual will make in their life. So yeah, that's something to look at. If you're paying high rent, take a look at the home, uh housing market and the prices in your, in your area because you might, you might find a bargain to be able to move laterally and then make an investment in your home instead of paying rent and giving money to a landlord to help his investment grow. Absolutely. Thank you so much, Marty. Can I appreciate your time and expertise?

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