Otter.ai CEO on Developing AI Avatars to Handle Meetings
Otter.ai CEO Sam Liang discusses the developement of an AI avatar to handle 'routine' meetings. He speaks with Carol Massar and Tim Stenovec on the sidelines of the Bloomberg Tech Conference. (Source: Bloomberg)
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Homebuyers have faced an unpredictable housing market over the past few years. Rising home prices and stubborn mortgage rates have prompted many Americans to delay their plans for homeownership as they wait for housing conditions to improve. Broad economic uncertainty and the ongoing housing market gridlock have dampened buyer confidence, leaving the outlook for 2025 up in the air. Although housing inventory is finally increasing, weak demand could suppress housing sales. Don't miss the move: SIGN UP for TheStreet's FREE daily newsletter Sticky mortgage rates have shattered expectations for a strong housing rebound this year, but the overall market outlook is on the upswing from increased inventory and price deceleration. Though the second half of the year remains uncertain, many experts believe housing conditions will improve, potentially bringing an end to years of stagnation. Bank of America anticipates a few crucial shifts to watch this year. Image source: Acker/Bloomberg via Getty Images Following years of stagnation in the housing market, 2025 was anticipated to bring notable improvements. However, persistent inflation, trade tensions, recession concerns, and financial instability have kept mortgage rates elevated, constraining home sales. Housing affordability is one of the biggest barriers to homeownership, and elevated mortgage rates and inflated home prices have made saving for a down payment and finding a home within budget more difficult. Bank of America recently released its 2025 Homebuyer Insights Report, and it found that buyers are softening on the housing market outlook, but still holding out for better conditions. More than half of prospective homebuyers believe the housing market is in a better position than it was a year ago. And while 75% of buyers expect mortgage rates and housing prices to improve in the next year, they are also holding off on purchasing a home until then. More on homebuying: The White House will take surprising approach to curb mortgage ratesHousing expert reveals surprising ways to reduce your mortgage rateDave Ramsey predicts major mortgage rate changes are coming soonWarren Buffett's Berkshire Hathaway sounds the alarm on the 2025 housing market Younger generations in particularly would be encouraged to buy a home if mortgage rates fell below 6%. Head of Consumer Lending Matt Vernon notes that despite a challenging market, most buyers are planning to purchase a home in the future. "The uncertainty among homebuyers is real, but so is their resilience," he said. "Buyers are navigating a complex environment with rising costs, fluctuating rates, and mixed signals, but many are still planning ahead." First-time homeowners - predominantly Gen Z and Millennials - have struggled to buy a home amid rising prices and heightened competition. The average first-time homeowner age skyrocketed to 38 in 2024 as younger buyers were increasingly priced out of the housing market. In order to afford a home, younger buyers have been encouraged to lower their expectations and make concessions on their homeownership plans. Related: Fannie Mae predicts major mortgage rate changes are coming soon Over 90% of Gen Z and Millennial buyers noted that they purchased a home outside of their ideal neighborhood, and 30% of Gen Z buyers had to get a second job to help save for their down payment. "Even with the challenges they face, younger generations still understand the long-term value owning a home offers them, and many are doing what it takes to get there," Vernon continued. "They are finding creative ways to afford down payments and working hard to improve their financial futures." Though the housing market has been difficult for younger homebuyers to navigate, many remain hopeful that the market will turn around soon - and are finding innovative ways to tackle homeownership in the meantime. Related: Veteran fund manager unveils eye-popping S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
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Stocks Will Rally Despite Extended Dollar Declines, MLIV Pulse Survey Finds
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