Welcome to a new weekly series we are launching on the Latin Wealth platform, Wealth Wednesday! On Wealth Wednesday, we will be discussing trending news, Latino culture and topics surrounding business, host by @chrisbelloso and @ricoramirez86.
On today's episode we discussed:
The housing market has never been this unaffordable for new buyers
- in a article by market insider states
- The group's Purchase Applications Payment Index hit a record high, indicating declining affordability.
- A higher reading indicates declining borrower affordability conditions
- Due to either increasing loan amounts, rising mortgage rates, or a decrease in earnings.
Other points
- The national median mortgage payment was $2,112 in April
- Out of the 25 largest cities, only St. Louis, Detroit, Chicago, and Baltimore qualify as "affordable”
- Idaho (255.6), Nevada (246.3), Arizona (226.1), Florida (216.6), and California (213.9)
- Seen the highest readings
- As the Federal Reserve began raising interest rates in 2022,
- mortgage rates on 30-year fixed loans more than doubled from 3% to above 7%.
Two Mexican Entrepreneurs Just Created Leather Out Of Cactus Leaves
- Two entrepreneurs from Mexico have created vegan leather out of cactus leaves.
- The cruelty-free leather is called Desserto.
- Adrián López Velarde and Marte Cázarez are said to be the first to create organic leather out of only nopal (prickly-pear) cactus.
- The vegan leather is partially biodegradable.
- It’s flexible, breathable, and lasts for at least 10 years.
- The material feels like animal-based leather.
- Companies can use it in furniture, cars, leather accessories, and clothing.
How to network
- 3 places to network
- In person events, networking events
- Social media: The vast majority relationships I have built have been on social media
- Specifically on Instagram and LinkedIn
- Be outside!
- At the gym, in public, at the bar, golfing
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Email for questions or inquiries: latinwealthpodcast@gmail.com