When I was a teen, I worked a variety of jobs but never at a fast-food joint. No one made much money working at Mickey D’s or Dairy Queen. Now, in California, there’s AB 1228, which replaced the FAST Recovery Act and requires a $20-per-hour minimum wage for fast food workers, among other provisions, to be administered by the Fast Food Council. Is this for real? Moving up the age chain, millennials are finally leaving their parents’ basements and in 2023 received nearly 54 percent of mortgage offers made in most of the country’s largest metros, according to a LendingTree report. Millennials made up the largest share of potential homebuyers in San Jose & San Francisco, CA, and Boston. In San Jose, 65 percent of mortgages in 2023 were offered to millennials. Millennials in Las Vegas, Phoenix, and Tampa made up the smallest share of potential buyers, though still substantial. In Las Vegas, 41 percent of mortgage offers in 2023 went to millennials. Offered loan amounts were largest in San Jose, San Francisco, and Los Angeles: $785,391, $731,062, and $627,322, respectively. Conversely, at $242,220, $268,484, and $268,900, average loan amounts offered in Buffalo, Cleveland, and Louisville were the smallest. (Found here, this week’s podcast is sponsored by Lender Toolkit. With Lender Toolkit’s AI-powered AI Underwriter and Prism borrower income automation tools, you’ll be able to get loans approved in under two minutes. Hear an interview with attorney Jay Beitel on Cantero v. Bank of America, the case that challenges New York’s mortgage escrow interest law.)

Published On: March 11, 2024 / Categories: Mortgage News /