Been. High home prices and student debt seem to add, but what if you could use crowdfunding to raise the money . Thats our cover story today. Our diana olick has more. Reporter todays Young Americans are more social, more willing to share, but will they help each other buy homes . That is the bet one Mortgage Lender is banking on as it launches the First Program allowing potential home buyers to crowdfund their down payment. This allows you to tell your story, allows for folks to be able to buy in to the story of what it is you have, your loan story, your home story. Reporter cmg financial, a Mortgage Lender, is launching home fund me. Its an Online Platform that gives home buyers a way to both market their needs and receive multiple taxfree gifts from anyone to finance the down payment on a home. Previously lenders limited down payment assistance to close family members, employers, nonprofits, and religious organizations. All with significant documentation. This Pilot Program has the blessing of fannie mae and freddie mac, which the vast majority of mortgages today. What were doing today is trying to test and learn a variety of solutions, because the preferences for todays home buyers have changed significantly. Reporter millennials are not only saddled with high levels of student loan debt, they are also paying very high rent, which makes saving harder, but they are also starting to get married and have children. Of course, we see the wedding registries. Youre going to spend 250 on a coffee making machine. If that 250 goes to a down payment of your home, at the very least, at the very least i improve your quality of life. Is skin in the game. Flag i if youre crowdfunding your down payment and then using a mortgage, are you really invested in the home . Why not . You can crowd source for everything else, so why not for Home Ownership . If im goin a house, im going to save the money myself to do so. Reporter no down payment loans were blamed when home prices plummeted and thousands defaulted on their loans and even walked away because they had nothing to lose. Skin in the game is a little bit of a confusing concept. If you pay for clothing costs, is that skin in the game, is that down payment . Would you rather have somebody have a lot of money in the bank after the home and no down payment, or the opposite . Reporter thats why this is just a test program to see if not only the crowd is willing, but also if home buyers will see that gift for what its worth. Back and forth on this. Really interesting phenomenon. Diana, thank you very much. So, should we crowdfund dn payments to try and help stimulate the housing market, or is this just a disaster waiting to happen . Waiting for us right now to talk more about it is rick sharga of tenx, an online Real Estate Sales and auction company, and john taylor, president and ceo of the National Community reinvestment coalition. Gentlemen, thank you both being here. You know, rick, we all thought the housing bubble burst and at that point you were an analyst during the foreclosure crisis. You say you see red flags here. What are they . Zero down payment loan programs have been spectacul failures in the past, and really its because most of the people who have been able to get these loans simply havent been ready for the financial responsibility of Home Ownership, and thats one of the reasons that lenders historically have looked for some down payment, not necessarily 20 down payment, but just a show of financial responsibili f discipline that indicates that borrower is ready for the financial burden that home owners often implies. John, thats what we always call skin in the game, we want people to feel like they losi something. You think this is a good. Is that . First off, were not talking about investors who are flipping properties. Were talking about people who are going to live in these homes with their families. They are still going to be fees involved, taxes involved, theres other things. The skin in the game also becomes their credit score, but they are not walking away because their down payment is low or minimal, they are walking away because they cant afford to stay in the house, and thats foreclosures, right . Number one. Number two is, they lose their job or theres a disruption of income or divorce. Those are the two reasons. Its not down payment. Rick, lets talk about the millennial they do have much higher student debt levels, they are paying higher levels of rent, so if not this program, how can we help the millennials get into buying their first homes . In a lot of cases millennials are helping themselves. We have the highest level of young adults living at home with their parents that weve had in history. In many cases, they are keeping their current housing costs low so they can save for that next house. Weve really never had, with the exception of Veterans Administration loans, a zerodown loan product that hasnt had much higher rates of foreclosure or rates of default, so what we dont want to be doing is putting somebody into a house whos one water heater replacement or unexpected car repair away from missing a mortgage payment, and in a lot of cases those people who dont have a cushion, they dont have a financial buffer, can never catch back up. Mu worse down payment as much as it is making sure you have money in the bank. Yeah, and thats a great point, becky. If you dont have money for a down payment, its very likely you probably dont have a lot of money in the bank. Rick just said every zero down Payment Program has inevitably led to higher foreclosure rates. Actually, what he said, he took the example of the biggest zero down payment, which is not actually accurate. When you do a va loan, youre doing a down payment, but its being built into your mortgage payment and spread out over the life of the loan, but thats the perfect example. And these g. I. S, most of them are actually young, they are probably millennial age, and they are getting loans that they are essentially not putting anything down and the result has been phenomenal, even better than most of the mortgage products in the private sector. Rick, what do you think in terms of when the millennials will start buying houses . They are starting to buy houses. Right now they are the Biggest Group of overall home buyers, probably 37 , 38 of existing home purchases are going to millennials, and when you look at firsttime home purchases, they represent twothirds. Rick and john, thank you both for joining us today. Thank. Now heres a look at whats making news as we head into a new week on the money. Am again. Retail sales rebounded last mo increasing by 1. 6 , still the largest onemonth increase weve seen since march of 2015. Strong auto sales and higher gasoline prices pushed the number higher. It was a record setting week for the stock market. All three major indexes continuing their slow melt up with the dow hitting a new high on wednesday. So did the nasdaq and s p 500, which also set records in early trading on friday. The janet yellenled Federal Reserve released minutes from its last meeting and in spite of some uncertainty, the open Market Committee made it clear another rate hike is likely to come in december. Rates have been historically low for nearly a decade. Up next, we are on the money, the big business of small brewers. Well take you to the october oktoberfest of all kinds of craft beer. Later, after traveling, performing, and seeing the whole country, ideas from a singercongress writersingeg wrs a small town thrive. Right now look how the stock sergeant. They really appreciate the military family, and it really shows. Weve got auto insurance, homeowners insurance. Had an accident with a vehicle, i actually called usaa before we called the police. Usaa was there handson very quick very prompt. I feel like were being handled as people that actually have a genuine need. Were the webber family and we are usaa members for life. Usaa, get your insurance quote today. Juswho own them,ople every business is different. But every one of those businesses will need legal help as they age and grow. Whether it be help starting your business, vendor contracts or employment agreements. Legalzooms network of attorneys can help you every step of the way so you can focus on what you do. Well handle the legal stuff that comes up along the way. Legalzoom. Legal help is here. Just saying the word beer can bring a smile to your face, but there is a big business thats battling for your brewery buck, and even though beer sales are slowing, the micro brewers are growing and totals more than 23 billion. Those small brewers are working to differentiate themselves from the big guys. Reporter its the super bowl of the beer industry, the Great American beer festival. More than 60,000 craft beer fans stormed through the doors of the denver event this week. Hundreds of brewers, including colorados oldest brew pub poured their brews to stand out in a competitive marketplace. We experiment a lot. We brewed a beer recently with yams and marshmallows, also have a beer weve made with donuts and coffee. Cucumbers and black sea salt. Were trying to use as many interesting ingredients and inspirations as we can. Reporter you wouldnt have any idea by the looks, but the beer category is struggling. Overall beer sales were flat for 2016 and have been on the decline so far this year. Nobodys really loyal to a specific type of alcohol any longer, be it wine or beer. Reporter so with spirits and wine killing beers buzz, brewers are having to adapt and get innovative. More flavor and variety than ever before and were seeing companies respond. Theres more options. Reporter 800 brewers are here pouring their brews this week and a record 5,700 breweries are operating nationwide, investing in businesses and betting on beers turn around. And craft brewers are finding ways to stand out. Theyve adapted a seal of independence, along with 2,300 other craft brewers, to let consumers know what they are drinking is truly craft. This seal is the response to big Beer Companies like anheuserbusch and others buying out more than a dozen craft breweries to mass produce, but does the seal impact the purchase power to help consumers know they are supporting the little guy . Sure. If im somewhere else and i see im not familiar with any of the local beers, absolutely id say let me get a craft beer instead of some mass produced stuff that i dont really like anymore. I dont really care. Ill try anything. While the jury is still out on the impact of consumer choice, Industry Experts say it might make a difference, but with a very niche group of beer consumers. You start to wonder, when you start seeing the different brewers, you start to think is there too much choice and not enough shelf space. We are seeing it slow down, which raises the question, is there a bubble thats going to burst, and what im hearing is, this is really more of a natural correction than a bubble bursting and there is still room to grow, and consumers are still, you know, craving different flavors. O try the donut beer that i was just talking about. Homer simpsons best idea, beer and donuts together. The combo. Perfect. Landon, thank you. Singersongwriter dar williams spent a career on a road and tour in venues across america. Her unique perspective on what makes a small city thrive is in her new book called what ive seen in a thousand towns. Shes sold a million albums and heres a sneak peek of her new song spring street dar williams is with us right now, and thanks for joining us today. Thank you. Youve had a pretty unique perspective on america by getting to see these towns up close on tour. Howd you come up with the idea for this book . Well, a friend of mine was saying what do you think determines relationships within communities, and i was like, oh, values, politics. Nope, just proximity to one another, and i was like no. People dont get along. I thought, no, they do. And, actually, ive been to a lot of towns where theres almost this kind of collective feel of people choosing to say, im going to be with neighbors and thats a good thing. So i call that positive proximity. Hows the proximity meaning we may not agree with everything, but were going to be neighborly almost . Yeah, and my coming out of this, out of writing this whole thing, i thought, okay, you know what, opposite of division is not unity, its collaboration. And people make that decision. They are not going to get along perfectly with one another, but they know how to collaborate and find the humor and the skill sets and do all that. Sometimes tempers do flare, and my friend calls it grappling, and you grapple. And youve got that guy who stands up and he talks for too long and the woman who stands up and gets very angry, but actually a community can embrace that, too, and sometimes that fiery temper is what, you know, pushes you forward. Is it possible to do that in big cities . Have you been to big cities where you feel they can accomplish that . Yes. My sense is when they get into sort of the neighborhoods, you know, in milwaukee and they are called wards, and there are these beautiful neighborhoods in chicago and minneapolis, and then when they bridge to one another, these different neighborhoods, then youve got the ideal. Then youre all in one city, bridging all of these beautiful neig so everybody gets the best of both worlds. But you have to start small and local and build from there . Ideally, you know, your school, your park, you want to dig in. You know, you just want to find that place that you feel you dig in and you belong and yo contribution is valuable and you feel understood. Where of all your travels, what are one or two of your favorite towns today . I love i wrote about phoenixville, pennsylvania, and i think the fact that they have they rose up from their postindustrial, poststeel mill past just on their own steam, no new company per se, they just getting into their old architecture and enjoying, you know, what everybody could offer is inspiring. One of the things they have is the blob, the blob was filmed there and they have a blob fest and they celebrate my brother and sisterinlaw live there, i know phoenixville well. This one weekend they talk about scifi, it can get really serious. I was there during godzilla weekend and the stores all participate, and they are very proud of that. So, one of my new mottos is every town has a blob, and phoenixville really showed how much you can do just by digging into your own identity, your own past, and finding one another on the way. Dar, thank you so much for joining us. Thank you. We really appreciate your time. Thank you. Up next, were on the money. It may be the largest ever transfer of wealth. Genx and millennials stand to inherit 30 trillion. What to do and what not to do if sof you. Later, need a Liberty Mutual stood with me when this guy got a flat tire in the middle of the night. Hold on dad. Liberty did what . Yeah, Liberty Mutual 24hour roadside assistance helped him to fix his flat so he could get home safely. My dad says our insurance doesnt have that. Dont worry i know what a lug wrench is, dad. Is this a lug wrench . Maybe . You can leave worry behind when liberty stands with you™. Liberty stands with you™. Liberty mutual insurance. Throughout my career, ive been fortunate enough to travel to many interesting places. Ive always wanted to create those experiences for others. With my advisors help along the way, its finally my turn to be the host. When you have the right financial advisor, life can be brilliant. Ameriprise 30 trillion. Thats the estimated value of what heirs of baby boomers will inherit over the next few decades, but whats the best way to handle an inheritance . Gail cohen is the chair of fiduciary international. Thanks for being here today. Whats the first thing you should do when you find out youve come into some inheritance . You probably should be consulting a Financial Adviser. If this is the kind of inheritance or amount of money thats really going to make a difference in your life. So, Financial Advisers will be able to help you decide what to do with the money that youve inherited. Probably dont do anything right away. Absolutely, dont rush into. Are there things, mistakes, that people commonly make . One of the biggest mistakes people make is to invest the money without doing Due Diligence or the kind of research they need to do into what kind of investment they are making, who they are investing with, and, therefore, subject to loss. What would i know, what would be some red flags that would tell me, okay, wait a second, buyer beware, because youre going to have a lot of people pitching you a lot of stuff. Absolutely. What you should be looking for, a Financial Adviser that comes from a Reputable Company and they should be subject to the fiduciary role, which weve heard about in the news, but that means this is a person whos required by law to be looking out for your interests first. Some states have inheritance taxes. Some are there things we should be looking at separately . Do i need to report it if i have a cash inheritance, do i report it as income . So, thats a great question. Typically, not. Inheritances, items you inherit under a will are typically not subject to income tax. If, on the other hand, youre a beneficiary of a Retirement Plan or an ira that you get directly, that might be subject to income tax, because it was a taxdeferred vehicle to begin with. Gail, thanks for joining us today. My pleasure. Up next on the money, a look at the news for the week ahead. And the uber of babysitting. A new app that delivers babysitters onld you trus stranger to watch your kids . Depends what kind of pinch youre in, right . Youre in, right . We no, this is a full blown move in to the basement, youre gonna be out of work without that money from. Aflac you might miss your rent. Aww i just moved out. Bummer man. Hey i used to have my own place. Yeah . No, no i live with my mom, but its cool. Health can change but the life you love doesnt have to, keep your lifestyle healthy with. Aflac [narmain street is back small bufor season two. On this is one of our newer retail shops. [narrator] Amanda Brinkman and her experts at deluxe have landed in bristol borough, pennsylvania. And they brought along entrepreneur Robert Herjavec and a whole cast of experts to help the towns Small Businesses thrive. Any kind of change thats worth its scary. [narrator] every episode, well be working with a new small business. You really build us up. [narrator] and together, we can start a revolution. Now streaming on hulu and smallbusinessrevolution. Org. Welcome hhi s it going . Okay, so youve got two friends here. Yes. This is the j. D. Power award for dependability. Now i want you to give it to the friend that you think is most dependable. Ohhhh. Ughh. Wow. Thats just not fair. Does she have to . She doesnt have to oh, i dont . No, but its a tough choice, isnt it . Yes. Well luckily, chevy makes it a little easier. Cause its the only brand to earn j. D. Power dependability awards for cars, trucks and suvs two years in a row. Thats amazing. Chevys a name you can trust here are the stories coming up that may impact your money this week. On tuesday well be seeing how busy factories were with the Industrial Production report. Wednesday well be getting the latest Housing Starts numb on t indicators are out that measures the strength of the Current Business cycle. Thursday, by the way, is also the 30th anniversary of black monday. Thats the day that the dow fell 22 just in one trading session. And remember having to leave your house to rent a movie . The horror. Blockbuster opened its first store on this day back in 1985. Finding a babysitter at the last minute can be hard as finding a taxi in the rain, but now two women in california have a solution to that problem. Our kate rogers has more. Reporter every parent knows how hard it can be to find reliable childcare, especially on s reporter helpr is bringing experienced sitters to families in a pinch. Book a sitter the way youd book an uber, but we have a lot of screening and you can get consistent babysitters thro the app. We call that continuity of care. Reporter the startup was launched early 2016. The duo met at the university of californiasanta barbara, where they launched their first childcare business, university sitters. Today helpr has 8,000 clients in los angeles and san francisco, and plans to expand into chicago and new york this year. Sitter rates begin at 25 an hour, and the Company Works to fulfill ondemand requests. Are you excited to play . Yeah me, too. Reporter helprs sitters also go through extensive vetting. Interview process that includes an inperson interview. We check professional references, so we call parents, day care camps, whenever they may have worked in the past. We check for cpr certification, social media review, as well as a background check. Reporter also working with a dozen companies, as well as snap, to offer Childcare Services as a benefit to employees. Not a lot of paid Maternity Leave or sick leave, so were really trying to push culture into these spaces of supporting all those working parent conditions. Reporter the Company Hopes childcare will become a greater part of overall benefits packages in the future as the debate over paid parental leave and other family benefits, of course, continues to heat up nationwide. There are times you can definitely be in a pinch. Right now the service is only available in parts of california. Do they plan to expand . Through the end of this year they are looking to go into chicago and new york city, which would be big markets for them, but whats important is we mentioned they are working with Companies Like snap to offer these as benefits to employees. Thats where they hope to take the business in the future, working with more large Companies Like that and getting them to offer childcare as part of the overall benefits package. Really interesting. Kate, thank you so much. Thats the show for today, im becky quick. Thank you so much for joining us. Next week, are you thinking of adding a new member to your family . Guess what, weve got some things to consider before you bring home a pet. Each week keep it right here. Were on the money. Have a great one and well see yo Ninja Warrior is a personal motivator to just be stronger than i was the day before, be stronger than the other people around me. It gives me that personal pride. Some share their dreams, enlisting others to aid their pursuit, calling on friends and family to help lift them up. What inspired me to take this journey was my two children. Im doing this for my friends, for my family. Im running for my mother because she has breast cancer. I definitely never want to let my son down. Others keep their ambitions close, stealing hours, minutes, even seconds to privately chase what they fear might sound foolish. They say that somebody like me cant compete, and i want to prove them wrong. Everyday people training every day so that on this day, on this stage, they can reap the dividends and try to make their dreams come true