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Dow tumbles 900 points as losses accelerate ahead of Fed decision: Live updates CNBCStock market today: Dow falls over 800 points, S&P 500 and Nasdaq slide in countdown to Fed decision, AI earnings test Yahoo FinanceThe Dow is now down 900 points as oil surges ahead of the Fed's decision qz.comStocks Lower Ahead of Fed Rate Decision WSJ
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Regulators move to limit access to leveraged ETF products after Kospi falls by a third this month
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CNN Poll: Americans doubt Trump is paying enough attention to the country's most important problems CNNTrump's job approval hits record low, driven down by Gen X, white Americans, and Independents YouGovUS in Brief: Trump's approval rating hits a new low The EconomistTrump hits lowest point in YouGov poll since return to office The Hill
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After two years of a red-hot market, it's time real estate and mortgage professionals get ready for what could be a slowdown in their business.
Earlier this summer housing prices were on fire. Now there is talk of a "housing recession." Due in part to higher mortgage rates and more people vacationing this summer, U.S. existing home sales fell in July for the sixth straight month, the longest streak of declines in more than eight years.
SEE MORE Is Your Job Burning You Out?
One of my clients in the Midwest put his home up for sale recently and has had no interested buyers - none. A few months ago, we were certain it would sell in days. The plan was to sell the house and pay off their construction loan on their new home before it converted to a permanent mortgage. Now, that plan may need to change.
Several mortgage companies have already let go thousands of employees, and one company, Sprout Mortgage, based in East Meadow, N.Y., shut down in early July. Real estate brokerage companies, such as Compass and Redfin, have also slashed their workforce.
Real estate is cyclical, and while sales will not totally dry up, anyone tied to the industry should get their finances in order now in case the current downturn lasts another several months.
Here are a few moves to consider:
Build an Emergency Fund Twice as Big as a Salaried Worker's
No one wants to get caught borrowing money to pay their bills. While putting away enough money in a savings or money market account to cover six months of expenses is normal, it's best to plan for a longer period if you work in a cyclical industry.
Consider keeping six to 12 months of r
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