TeraWulf Announces Closing of Previously Announced $50 Million Add-On Loan Facility and Initial Delivery of 3,000 S19 XP Antminers from Bitmain

EASTON, Md.–(BUSINESS WIRE)–TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), which owns and operates fully integrated, domestic bitcoin mining facilities powered by more than 91% zero-carbon energy, announced it has entered into a first amendment to the Loan Agreement with its existing lender group for an additional $50 million of debt. The Company intends to use net proceeds towards completing the datacenter infrastructure at its Lake Mariner facility in New York and Nautilus Cryptomine facility in Pennsylvania.

In addition, the Company announced that it anticipates its initial batch of 3,000 S19 XP mining machines from the previously announced purchase agreements with Bitmain Technologies Limited (“Bitmain”) for its Lake Mariner Facility in New York will be operational in August. After the initial batch, the Company has approximately $60 million in deposits under the purchase agreements, which will be applied to additional monthly batches based on the then current prices for miners.

Irene Gao, Antminer Sales Director of NCSA Region, Bitmain, commented, “Delivery of the initial batch of S19 XPs – currently the most efficient bitcoin miner in the market – marks a key milestone for TeraWulf as they begin rapidly scaling their self-mining operations. The high-performance and low power consumption of the S19 XP miners should significantly benefit TeraWulf’s sustainable and low-cost mining business. We are confident in the Company’s vertically integrated business model as we continue to expand our long-term partnership with TeraWulf.”

TeraWulf announced it is commencing the third quarter with approximately 3,300 miners online at its Lake Mariner facility and expects to significantly ramp operations monthly with the completion of the data center infrastructure at its Lake Mariner and Nautilus Cryptomine facilities.

“Our ability to secure this new capital, together with the near-term deployment of the S19 XP miners at Lake Mariner, is further indication of TeraWulf’s continued momentum,” said Paul Prager, Chief Executive Officer and chair of the board of TeraWulf. “We expect the third quarter to be transformational for the Company as we successfully shift from major construction activities at our sites to an operational mining company with a significant ramp in hash rate.”

Mr. Prager continued, “TeraWulf’s accomplished executive team is time-tested and has been through its share of difficult market cycles. Our current priority is to ensure that we are resilient and securely positioned to not only operate and scale the business, but also take advantage of certain value-creating opportunities that might otherwise not be available during more healthy markets. It is during the present challenging market backdrop that our long-standing relationship with Bitmain and access to additional funding has enabled us to opportunistically translate our capital into deliveries of the latest generation equipment at historically low market prices, while also expecting to benefit from an increased share of the global network hashrate.”

TeraWulf previously announced that it is in the final stages of completing its first dedicated mining building at Lake Mariner, which will house approximately 50 MW of capacity. The Nautilus Cryptomine facility, a partnership between TeraWulf and Talen Energy Corporation, has also made significant construction progress and remains on target to begin mining in the third quarter.

Additional information on the terms of the amended Loan Agreement is provided in the Form 8-K filed with the Securities and Exchange Commission.

About TeraWulf

TeraWulf (Nasdaq: WULF) owns and operates fully integrated environmentally clean bitcoin mining facilities in the United States. Led by an experienced group of energy entrepreneurs, the Company is developing two mining facilities, Lake Mariner Data in New York and Nautilus Cryptomine in Pennsylvania, with the objective of 800 MW of mining capacity deployed by 2025, enabling over 23 exahash per second of expected hashrate. TeraWulf will generate domestically produced bitcoin powered by nuclear, hydro and solar energy with a goal of utilizing 100% zero-carbon energy. With a core focus of ESG that ties directly to its business success, TeraWulf expects to offer attractive mining economics at an industrial scale.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (8) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (9) employment workforce factors, including the loss of key employees; (10) litigation relating to TeraWulf, IKONICS and/or the business combination; (11) the ability to recognize the anticipated objectives and benefits of the business combination; and (12) and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

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Two United States Army Veterans Awarded New Mortgage-Free Homes in Houston Through PulteGroup’s Built to Honor® Program

HOUSTON–(BUSINESS WIRE)–In a celebratory dedication event, U.S. Army Sergeant James Ford and U.S. Army Specialist Kisha Dorsey were presented with the keys to their brand-new, mortgage-free Pulte homes in the Windrow community located in Hockley, Texas. The two homes were awarded through PulteGroup’s Built to Honor® program, which provides the gift of a new home to deserving veterans and their families.

After being surprised with the life-changing news that they were selected to receive a new home late last year, and breaking ground in February, Sergeant Ford and Specialist Dorsey saw their completed homes for the very first time during the dedication event. With family, friends and community members in attendance, the ceremony featured performances by the local Waller High School cheerleaders, drumline and Reserve Officers’ Training Corps (ROTC), and a special appearance by County Commissioner Precinct 4 Jack Cagle to present each veteran with a prized seedling from the Muster Oak, a historical landmark in La Grange, Texas.

It’s a tremendous honor to welcome Sergeant Ford and Specialist Dorsey to their new homes as a token of our appreciation for their service to our country,” said Lindy Oliva, president of PulteGroup’s Houston division. “We are grateful for the generous support of Operation Homefront, Sempra, Four Hands and all of our trade partners and suppliers who made these homes possible.”

Each veteran received a brand-new 1,500+ square foot single-family home with three bedrooms and two baths. As an extra surprise for the Ford and Dorsey families, the homes were fully furnished, complete with personalized kids’ rooms and well-stocked kitchens. The décor and furniture items were graciously donated by Four Hands, a global designer and wholesaler of trend-forward home furnishings, based in Austin, Texas.

We are honored to partner with PulteGroup to make these new houses feel like home,” said Candace Bridges, Four Hands Chief People Officer. “At Four Hands, we are committed to giving back to our local communities and are proud to support veterans and their families in this new chapter of their lives.”

PulteGroup partnered with Operation Homefront to award the homes to Sergeant Ford and Specialist Dorsey. Operation Homefront is a national nonprofit organization whose mission is to build strong, stable, and secure military families so that they can thrive – in the communities they have worked so hard to protect.

PulteGroup’s longstanding commitment to our important mission through their Built to Honor program has literally opened the doors for many military families to realize their dreams of homeownership,” said retired Brig. Gen. John I. Pray, Jr., president and CEO of Operation Homefront. “We are grateful for PulteGroup’s continued support and are proud to stand alongside them, our partners at Sempra, and all those who made this special day possible for the Ford and Dorsey families.”

Construction of the homes was made possible through the generous support of Sempra, a leading energy infrastructure company serving nearly 40 million consumers worldwide, with operations in the Houston area. The award is part of a broader commitment by Sempra and its family of companies to improve lives and help build stronger, more resilient communities.

We are grateful for the opportunity to continue advancing a better future for all, especially the futures of these two veterans and their families, as we recognize their service and sacrifices by providing a path to homeownership,” said Mitch Mitchell, senior vice president of diversity and community partnerships for Sempra. “It is an honor to support these veterans and work with Operation Homefront and Pulte Group to provide new homes and strengthen the Texas communities we serve.”

About Built to Honor®

PulteGroup’s Built to Honor® program recognizes and thanks returning military personnel who have been injured during their term of service by providing mortgage-free homes to veterans and their families. Launched in 2013, the program has built and donated more than 70 homes across the country. Built to Honor works in partnership with nonprofit organizations to identify veteran candidates. For more information about Built to Honor, go to builttohonor.org. Follow Built to Honor on Twitter: @BuiltToHonor and Facebook.com/BuiltToHonor.

About PulteGroup

PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America’s largest homebuilding companies with operations in more than 40 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes, American West and John Wieland Homes and Neighborhoods, the company is one of the industry’s most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup’s purpose is building incredible places where people can live their dreams.

For more information about PulteGroup, Inc. and PulteGroup brands, go to pultegroup.com; pulte.com; centex.com; delwebb.com; divosta.com; jwhomes.com; and americanwesthomes.com. Follow PulteGroup, Inc. on Twitter: @PulteGroupNews.

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Two Homes That Nourish a Family’s Many Creative Pursuits

Before Hurricane Sandy, Nhi Mundy had a good life in the financial district with her family. She and her husband, Michael Mundy, were raising three children while he worked as a photographer and she partnered with him to start “An Afternoon With,” a blog that featured intimate images of individuals and families in their homes.

Then the extraordinary storm flooded their two-bedroom apartment. New owners bought the building, made repairs and raised the rent by nearly 30 percent.

“We had to let go of our lives in the city,” Ms. Mundy said.

The family relocated to Jeffersonville, N.Y., in the Catskills, about two hours north of the city. They got a dog, they got a cat and chickens, and they settled into a rural existence, still missing much of what they had before the storm.

“My husband and I had always lamented that New York City prices were absurd, especially for artists,” she said, “We figured the only way prices would come down again was if another disaster hit.”

“After the pandemic it was like, ‘Oh, my God, I need to see people.’ So, we thought maybe we should figure out a way to come back.”

She started peeking at rents in the city, just to get a sense of the prices. “My husband contested it at first,” she said, laughing. “He thought I was leaving him or something — kidding, not kidding.”

But even he was intrigued when more bargains started popping up in the early days of the pandemic.

“I grew up in New York,” Mr. Mundy said, “so I realized it could be like coming home.”

At one point, they came across a tempting large studio with big windows and lots of light. It was rent-stabilized, which meant they knew with confidence that they wouldn’t be paying 30 percent more when the lease expired. The only catch for Ms. Mundy and her husband was that it was on the Upper East Side.

“As die-hard downtowners,” she said, “We were considering the Upper East Side sort of begrudgingly for two reasons. One, because real estate downtown is crazy — it’s just very expensive. And then because the Upper East Side is where a lot of good public schools are. At one point we realized private school upstate would cost as much as an apartment in the city.”

Shortly after the apartment came along, Ms. Mundy was accepted into a creative-writing program at Columbia University. “It all sort of fit into place and made sense to have this sort of dual lifestyle,” she said.

Ms. Mundy’s youngest child, Quyen, attends Eleanor Roosevelt High School and resides in the apartment full time. Her two older children — Isabella, 20, and Kai, 18 — both attend Bard College.

“Because the space is small, we can live together, the three of us — or the five of us — but it’s not comfortable. Having two people at a time is a good comfort level. Three is pushing it. So, my marriage has adopted a kind of part-time status. Most of the time, I spend Mondays through Thursdays here with Quyen, and my husband comes down to stay with them Thursday and Friday.”

The family tries to spend time together on the weekends, usually upstate at their home in Jeffersonville, but it always depends on their busy schedules.

In addition to her schooling and work as a publisher, Ms. Mundy is also a restaurateur who runs three separate locations of a Vietnamese eatery called Bā & Me — two upstate and a third in the Poconos. Her husband recently bought a book for her entitled, “How to Sit,” because, as she said, “It’s something I have a hard time doing.”

$1,650 | Upper East Side

Occupation: Publisher & Restaurateur

New Venture: In addition to publishing “DVEight,” a magazine featuring arts and culture in upstate New York, Ms. Mundy launched a second magazine in April called “Upstate Woman,” focused on celebrating modern rural women in New York and beyond. “When I moved upstate,” she said, “I realized there was very little literature for people like me, people who’ve come as transplants.”

Golden Handcuffs: Ms. Mundy is grateful for the success of her restaurants but wishes for more freedom from them, too, so she can work on other projects. “Because of the restaurants,” she said, “I’m able to have the magazines, I’m able to have this apartment. It’s a blessing and a curse. I want to be a good businesswoman but there’s a creative side of me that wants to be happy, too.”

It was hard fitting so much of their lives into a studio after stretching out in a three-story house on three acres in the country.

“Right after we signed the lease,” she said. “I immediately went to work in my mind, organizing and compartmentalizing the apartment so that it could work for everyone.”

There’s the loft that she says serves as a “mini-bedroom” for Quyen — and their siblings when they’re around, too. A ladder used to lead up to the loft, but Ms. Mundy replaced it with a small staircase and added a shoji for privacy. A Murphy bed hides behind curtains, and a twin air mattress is nestled under a love seat. The apartment is a study in space-saving strategies — and still, there’s often not enough room.

“Because it’s such a small space, and Quyen and I are both going to school,” Ms. Mundy said, “sometimes I have to stay back at Columbia and study at the library to give them their own space to study in peace at home.”

And much to her surprise, the Upper East Side has grown on Ms. Mundy. “The one thing I had sensed from living downtown was this constant pressure to be something else,” she said. “I feel very anonymous here and I like it. People are dressed really normally and there’s no pressure to be something else.”

For his part, Mr. Mundy enjoys getting to feel the pace of the city again. “The country’s great,” he said, “but I’m all about people, and it’s great to be around so many people doing interesting things and being a part of that energy.”

As for their 16-year relationship, the partial return to the city has been both reinvigorating and challenging for the Mundys. “In some ways,” Ms. Mundy said, “it’s annoying.”

“Commuting is hardly fun, sleeping alone is lonely, cooking for two isn’t as special as cooking for three or five people — the conversation just isn’t the same.”

But then there’s also that feeling of renewal: “When I do see my husband now, it’s almost like getting to know him again — a restarting of this marriage. It’s definitely created a new layer, a new interesting point for our relationship. In a way, it might even be for the better.”

For now, Ms. Mundy said, there’s no expiration date on her unconventional lifestyle.

“I don’t know how long I’ll stay here, but for now it’s serving a purpose and making me happy. I’d like to keep it this way for as long as I can.”

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PGT Innovations, Inc. to Release Second Quarter 2022 Results and host Conference Call on Tuesday, July 26, 2022

VENICE, Fla.–(BUSINESS WIRE)–PGT Innovations, Inc. (NYSE:PGTI) will release its financial results and host a conference call on Tuesday, July 26, 2022, to discuss the company’s second quarter 2022 results as well as other business matters. The teleconference will begin at 10:30 a.m. eastern time and will be hosted by Jeff Jackson, President and Chief Executive Officer, John Kunz, Senior Vice President and Chief Financial Officer, and Brad West, Senior Vice President of Corporate Development and Treasurer. The company’s press release announcing our financial results will be issued pre-market at approximately 7:30 a.m. on July 26th and will also be available through the Investor Relations section of the PGT Innovations, Inc. website: http://ir.pgtinnovations.com/releases.cfm.

To participate in the teleconference, kindly dial into the call about 10 minutes before the start time: 833-316-0547 (U.S. toll-free) and 412-317-5728 (International). A replay of the call will be available within approximately one hour after the scheduled end of the call on July 26, 2022, through approximately 12:30 p.m. on August 2, 2022. To access the replay, dial 877-344-7529 (U.S. Only toll-free), 855-669-9658 (Canada Only toll-free) and 412-317-0088 (International) and refer to pass code 3547969. Other international replay dial-in numbers can be obtained at: https://services.choruscall.com/ccforms/replay.html.

You may pre-register for the call by using the following link. Please note that you will receive your dial-in number at the time of your pre-registration: https://dpregister.com/sreg/10168412/f3761a2bf8.

You may join the conference online by using the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=k2gfjtZV.

The webcast will also be available through the Investors section of the PGT Innovations, Inc. website: http://ir.pgtinnovations.com/events.cfm.

About PGT Innovations, Inc.

PGT Innovations manufactures and supplies premium windows and doors. Their highly engineered and technically advanced products can withstand some of the toughest weather conditions on earth and are revolutionizing the way people live by unifying indoor and outdoor living spaces. PGT Innovations creates value through deep customer relationships, understanding the unstated needs of the markets it serves and a drive to develop category-defining products. PGT Innovations is also the nation’s largest manufacturer of impact-resistant windows and doors, holds the leadership position in its primary market, and is part of the S&P SmallCap 400 Index.

The PGT Innovations’ family of brands include CGI®, PGT® Custom Windows and Doors, WinDoor®, Western Window Systems, Anlin Windows & Doors, Eze-Breeze®, CGI Commercial, NewSouth Window Solutions, and a 75 percent ownership stake in Eco Enterprises LLC. The company’s brands, in their respective markets, are a preferred choice of architects, builders, and homeowners throughout North America and the Caribbean. Their high-quality products are available in custom and standard sizes with massive dimensions that allow for unlimited design possibilities in residential, multi-family, and commercial projects. For additional information, visit www.pgtinnovations.com.

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How to Show Proof of Income Without Pay Stubs

Q: I’m a retiree with no income but significant liquidity, and I’m wondering how a person without a traditional source of income can qualify for an apartment when landlords typically require renters to show proof that they earn 40 times the monthly rent. I have to believe that mine is not an uncommon situation. What are other ways I can prove to a prospective landlord that I can pay the rent?

A: Landlords have a huge amount of discretion when they choose tenants, so long as they do not discriminate. In a competitive rental market like this one, renters with nontraditional assets — including retirees, recent graduates, students and people who are self-employed — are at a disadvantage simply because the vetting process is more competitive.

Open houses are packed and bidding wars are rampant. Some prospective renters are even bribing brokers and landlords with Gucci discounts, tickets to shows and French cheese, according to Brick Underground. If your application shows nontraditional assets and income streams, a landlord might simply move down to the next name on the list.

Keyan Sanai, a salesman with Douglas Elliman.

enlisting a guarantor, a person who can guarantee payment on your lease. A qualified guarantor frequently needs to earn 80 times the monthly rent and would be on the hook should you fail to pay. You could also pay for an institutional guarantor, using a service like Insurent or TheGuarantors. These companies charge a fee, somewhere between 35 percent and 110 percent of the monthly rent, to guarantee a lease. (You’d pay this fee in addition to any application and broker’s fees.)

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Neglected Titanic Memorial: ‘Like Their Graves Have Not Been Tended’

On a landlocked street corner at the entrance to the South Street Seaport stands a shabby, rust-streaked old lighthouse, its lantern dark, dwarfed by modern towers to its south and west. Passed with scarcely a glance by most people heading to the shops and bars on Fulton Street, this is the 109-year-old Titanic Memorial Lighthouse, which once presided over the East River waterfront from a far prouder height, shining its fixed green beacon miles out to Sandy Hook, at the southern entrance of Lower New York Bay.

A fledgling preservation group, which includes descendants of Titanic passengers, has been urging the restoration of the lighthouse for more than two and a half years, while the South Street Seaport Museum, which owns the structure, has been focused on the more immediate, existential struggle of simply staying solvent.

development plan for 250 Water Street, a big parking lot one block north of the lighthouse.

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KB Home Announces the Grand Opening of Alder Brook, a New-Home Community in Highly Desirable Enumclaw, Washington

ENUMCLAW, Wash.–(BUSINESS WIRE)–KB Home (NYSE: KBH) today announced the grand opening of Alder Brook, a new single-family home community in the quaint and highly desirable city of Enumclaw, Washington. Alder Brook is located on 244th Avenue SW between Highways 164 and 410, providing easy access to the Seattle area’s major employment centers. The new homes offer breathtaking views of the Cascade Mountains and are just over a mile from popular shopping, dining and entertainment in downtown Enumclaw. The community is also close to several public parks and a short drive to Mount Rainier and Crystal Mountain Resort, which offer year-round outdoor recreation opportunities.

Alder Brook showcases a wide selection of one- and two-story homes that are situated on large homesites. The new homes blend attractive design features like beautiful kitchens overlooking large great rooms, expansive bedroom suites with walk-in closets and generous loft and den spaces. The community’s floor plans feature up to six bedrooms and three-and-a-half baths, and range in size from approximately 1,600 to 2,900 square feet.

“Our new homes at Alder Brook are situated within the highly desirable city of Enumclaw and offer breathtaking views of the Cascade Mountains. The new community is convenient to Highways 164 and 410 and close to popular shopping, dining and entertainment as well as area parks and abundant outdoor recreation,” said Ryan Kemp, President of KB Home’s Seattle division. “As with other KB Home communities, Alder Brook provides home shoppers with the opportunity to purchase a new KB home that can be personalized to reflect their lifestyle and needs.”

KB Home stands out from other homebuilders as the company gives homebuyers exceptional choice and control. KB Home starts by offering a wide variety of homes at an affordable price. From there, the builder gives buyers the ability to personalize their homes from floor plans to exterior elevations, from design options to where they live in the community. The KB Home team works hand in hand with homeowners every step of the way, so they have a real partner in the process.

Every KB home is designed to be ENERGY STAR® certified thanks to the quality construction techniques and materials utilized that ultimately deliver significant savings on utility bills compared to used homes. Additionally, all new KB homes are designed to deliver an enhanced indoor environment and include high performance ventilation systems, low- or zero-VOC products and other features guided by the Environmental Protection Agency’s (EPA) Indoor airPLUS standards.

The Alder Brook sales offices and model home are open for walk-in visits and private in-person tours by appointment. Homebuyers also have the flexibility to arrange a live video tour with a sales counselor. Pricing begins from the low $600,000s.

For more information on KB Home, call 888-KB-HOMES or visit kbhome.com.

About KB Home

KB Home is one of the largest and most recognized homebuilders in the United States and has built over 655,000 quality homes in our more than 65-year history. Today, KB Home operates in 47 markets from coast to coast. What sets KB Home apart is the exceptional personalization we offer our homebuyers — from those buying their first home to experienced buyers — allowing them to make their home uniquely their own, at a price that fits their budget. As the leader in energy-efficient homebuilding, KB Home was the first builder to make every home it builds ENERGY STAR® certified, a standard of energy performance achieved by fewer than 10% of new homes in America and has built more ENERGY STAR certified homes than any other builder. An energy-efficient KB home helps lower the cost of ownership and is designed to be healthier, more comfortable and better for the environment than new homes without certification. We build strong, personal relationships with our customers, so they have a real partner in the homebuying process. As a result, we have the distinction of being the #1 customer-ranked national homebuilder in third-party buyer satisfaction surveys. Learn more about how we build homes built on relationships by visiting kbhome.com.

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Instant Reaction: Mortgage Rates, June 30, 2022

Mortgage rates fell this week. It appears that rates have already accounted for some of the effects of the Fed’s tightening policy. According to Freddie Mac, the 30-year fixed mortgage rate dropped to 5.7% from 5.81% the previous week. Although rates are significantly higher than last year, they are still historically low, remaining below 6%.

As the second quarter draws to a close, the housing market has cooled. Nearly 12,000 fewer homes were sold during April and May compared to the pre-pandemic average. It’s a fact that many households are impacted by higher mortgage rates as they no longer earn the qualifying income for the median-priced home. In the second quarter, home buying became 15% more expensive, increasing the qualifying income from $90,000 to $104,000. As seasonality trends will conclude after the summer months, it’s likely an even larger reduction in home buying activity will occur. Meanwhile, inventory is improving. According to NAR, inventory rose 25% during April and May compared to 8% — the pre-pandemic average for the same timeframe. With more homes available in the market, price gains will ease by rising at a slower pace.

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