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News in brief

September 28, 2021 at 2:02 a.m.

Culver to take over

as interim UA ag VP

Chuck Culver will serve as interim vice president of the University of Arkansas System Division of Agriculture, the university said Monday.

Culver, an assistant vice president and director of external relations for the UA Agriculture Division, will begin his role on Oct. 1, according to a news release. Mark J. Cochran, vice president for agriculture since 2011, announced his Sept. 30 retirement earlier this month.

Culver earned a bachelor's degree from Louisiana State University, as well as a juris doctorate and a Master of Laws in Agricultural Law from the University of Arkansas, Fayetteville. He joined the UA System Agriculture Division in 1990. Culver has previously served as counsel for agriculture and rural development for the U.S. Senate Committee on Small Business and as a legislative assistant for agriculture in the office of U.S. Sen. Dale Bumpers.

-- Arkansas Democrat-Gazette

Homebuying to take

extra year of saving

Would-be homebuyers in the U.S. will have to save up for an extra year before taking the plunge, thanks to pandemic-era price gains.

For the typical American, it would take eight years of stashing away 10% of monthly income to build up enough for a 20% down payment -- up from seven years before covid-19 ignited a homebuying frenzy, according to a study by Tomo, a real estate startup.

For many renters hoping to become buyers, scraping together a down payment is a challenge. The hurdles have risen as bidding wars for a tight supply of listings push prices ever further out of reach. The share of previously-owned home purchases by first-time buyers declined to 29% last month, the lowest level since 2019, the National Association of Realtors said this week.

The people who save for a down payment "are the people who can," Skylar Olsen, chief economist at Tomo, said in an interview. "Folks who have a lot of rent burdens tend to save nothing, and there's always a fairly sizable share of the population who have a pretty substantial rent burden."

The areas with the highest years-to-save timelines are Los Angeles, with 19.2, San Francisco, with 17.9 and San Jose, with 18.2, according to the Tomo study.

-- Bloomberg News (WPNS)

State index climbs

to 689.40, up 7.88

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Monday at 689.40, up 7.88.

"A mixed session for stocks on Monday as investors step into the last week of September and the quarter with a continued shift to value stocks as we prepare for the earnings season," said Chris Harkins, managing director at Raymond James & Associates.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Print Headline: Culver to take over as interim UA ag VP Homebuying to take extra year of saving State index climbs to 689.40, up 7.88


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