Movement Bank set to open Carolina branch
Movement Bank is banking on movement into the Carolinas. In a rare move, Casey Crawford’s Movement Bank plans to open its first branch on the Movement Mortgage campus in South Carolina.
Movement Mortgage opened a three-story, 90,000-square-foot building last year in Bailes Ridge Corporate Park. It was an $18 million investment for the company. The bank will be there, and will almost certainly issue loans, but don’t expect many more retail locations.
According to the above article, with a larger presence online, Movement is not as focused on opening physical branch locations, Crawford said in a recent interview.
“Over time, we’ll certainly open up other branches and locations. Right now, we’re really working to get the bank up and running and make sure we start serving the folks’ needs where we are,” he said.
Keep in mind that Movement Bank is a separate venture from Movement Mortgage. The bank has about $50 million in total assets, as compared to roughly $40 million at the end of 2018.
Millennials would trade jail time for student loans
It’s not breaking news that student loan debt is thwarting millennials’ transition from renters to homeowners. But wait until you hear the lengths to which millennials would go to rid themselves of their student loan debt.
A recent study of 1,000 undergraduate and 1,000 postgraduate degree holders revealed that almost 40 percent of millennials surveyed would go to jail to wipe the debt clean. That’s the same amount who said they’d go so far as to relive high school or stop drinking coffee for a year, two circumstances that are jail sentences of their own kind, to start over with a clean slate.
About a quarter said they’d live with mom and pop to wipe the debt clean, but nice try — we know more millennials than that already still live with the ‘rents to avoid paying rents.
Single women are losing out in the housing market
They make up a larger market share of homebuyers these days, but a recent study shows that single women pay more and make less each time they buy and sell a home. An article on CNBC.com cites a study was done by Kelly Shue and Paul Goldsmith-Pinkham of Yale School of Management, which shows that single women pay, on average, 2% more for the same house as single men.
This was found by looking at data from 50 million home sales from 1991 to 2017. The study also found that single women sell their home for 2% less than single men. This translates to women losing $1,370 per year on their homes.
“We find that women purchase properties when they are listed at higher relative prices, and also choose to list for lower relative prices,” the researchers wrote. “In addition, women negotiate worse discounts relative to the listing price.”
And where do fingers point to account for this disparity? Negotiating. The article states that the researchers acknowledge the large number of studies that indicate women’s overall underperformance in negotiations. But before you jump to conclusions, the researchers aren’t so sure that it’s women’s lack of negotiation savvy that’s behind the disparity. The study found that people are more offended by low-ball offers from female buyers, and that women are penalized for negotiating at all on the price.
“People are more offended by low-ball offers from female buyers,” Shue said in an interview with NPR. Our culture “may expect that women are more willing to share the pie and share the surplus from negotiation.”
Interested in learning more about this issue? Keosha Burns, VP of Public Relations at JP Morgan Chase, is a recognized authority on the topic and will be speaking on single women and homeownership at #NEXTWINTER20.