What to expect from the housing market in 2022: Another sellers' market

What to expect from the housing market in 2022: Another sellers' market

This story is part of The Year Ahead, CNET's look at how the world will continue to evolve starting in 2022 and beyond.

The last 22 months have been some of the wildest in real estate history, as the COVID-19 pandemic accelerated the speed and intensity of recent trends. Home prices surged to record-breaking highs. Interest rates dropped to historic lows. And, amongst it all, the new era of online home buying and selling took further root. On top of that, just about every contemporary macro-economic trend -- from inflation to supply chain woes to labor shortages -- made an appearance in the 2021 housing market, increasing the advantages of existing homeowners, daunting prospective homebuyers and, ultimately, further widening wealth inequality in the US.

Though no one can predict what the next year will bring, we've asked some industry experts to help us read the tea leaves. Perhaps most significantly, home prices are expected to continue to rise, though at a slower rate than last year. As such, the 2022 housing market will present challenges for new buyers looking to get a foothold. For those looking to sell, new technologies like iBuying will continue to streamline and simplify real estate transactions. And existing homeowners will likely have another year to capitalize on rising property values through refinancing -- if they haven't already. 

Experts also predict an extension of two major 2021 trends: low housing inventory and supply chain issues, both of which will continue to hamstring construction and renovations. Meanwhile, there are two new spectres on the scene: inflation and rising interest rates. "For a homebuyer, 2022 is going to require patience and strategy," said Robert Dietz, chief economist the National Association of Home Builders.

"If you think you're going to wait on the sidelines for the market to cool off, that usually doesn't work," cautions Karan Kaul, senior research associate at the Urban Institute. "Timing" the market is a tricky enterprise, and prices seem unlikely to decrease meaningfully any time soon. 

With the caveat that political and virological developments can wreak havoc on this unpredictable corner of the economy, here are some of the major factors experts see influencing the housing market in 2022. 

Still smoking: Home prices continue to rise

If you already own a home, you're more than likely to be in a fortunate position. Skyrocketing home values have continued to increase equity for homeowners in many US regions throughout the pandemic, according to Dietz. 

Combined with historically low interest rates, a record-breaking number of homeowners were able to tap into their home equity in 2020. As property values surged during the first year of the pandemic, cash-out refinancing levels were at their highest since the 2007 financial crisis.

Of course, this creates a much more difficult situation for prospective homebuyers. And that's unlikely to change much in 2022. Although prices are expected to increase at a lower rate next year, they are expected to continue to rise. And that -- in addition to higher interest rates -- will create considerable headwinds for buyers throughout 2022. 

Clogged supply chains cause more delays

Supply chain disruptions caused by the COVID-19 pandemic continue to delay shipments which impedes new construction. That is only making the market that much more competitive along with the rising price of existing homes across the US. And the number of people looking to buy is also increasing, thanks in large part to millennials entering the housing market in growing numbers.

"We've seen so much interest in buying homes over the past year and a half, it's a bit difficult to project when that is going to lose some steam," according to Robert Heck, vice president of mortgage at Morty, a mortgage-tech start-up. But it's clear there are still plenty of buyers trying to enter the market despite prices continuing to creep up.

"Despite the fact that builder confidence is pretty strong right now, in the short run there is a lack of building materials, higher cost of building materials like lumber, appliances, windows and doors, and even garage doors," said Dietz. And further complicating the picture is a sustained labor shortage, particularly for skilled construction workers.

Delivery delays can extend build time by as much as four to eight weeks for a typical single family home. And if there aren't enough contractors on hand to use those materials once they show up, it's clear that demand will continue to outweigh supply for some time to come.

Macro headwinds: Interest rates and inflation 

Prospective homebuyers will want to keep their eyes on some wonky stuff in 2022. The Federal Reserve announced that it will wind down bond purchasing and look to raise interest rates next year. And higher interest rates will only make things more difficult for those looking to buy, as they raise both the average monthly payment and the total lifetime cost of a mortgage. 

 And don't forget about inflation! That will almost certainly increase both the cost of home building materials and skilled labor. In fact, the National Association of Realtors' anticipates that annual median home prices will increase by 5.7% in 2022.

And yet it's not all doom and gloom. Mortgage interest remains are still quite low. And there are pockets of affordability in many regions of the US, creating a key opportunity for those fortunate enough to be able to work remotely. 

"Mortgage rates are still at historical lows, and it's been harder than ever to predict where things are going thanks to the ongoing COVID-19 pandemic," said Heck.

Tech innovations reshape home buying

Digital lending has already impacted the way Americans shop for homes. The rapid rise of online real estate brokerages and mortgage marketplaces has made it easier than ever to browse properties and finance a home. That's unlikely to change: Almost 40% of millennials said they would feel comfortable buying a home online in a recent Zillow study. 

"Consumers like the ability to bid remotely, and to really take a look at properties and neighborhoods online," said Miriam Moore, division president of default services at ServiceLink, a mortgage transactional services provider. This will likely impact both sides of transactions, as sellers learn to adapt their home's curb appeal to someone looking at it on their phone and buyers (and agents and investors) look for ways to arbitrage the market.

An evolving challenge: Climate change

Perhaps the biggest unknown in real estate is how soon climate change will become the dominant factor. According to experts across the industry, every part of the homebuying process will eventually be affected by changing weather patterns, encroaching shorelines, shifting flood zones and an increasingly complicated insurance marketplace. Case in point: Moore, who is in the mortgage business, has seen an increase in inspections due to weather and fire over the last year.

New construction may prove to be both more energy efficient and more durable in the face of extreme weather. "People want to live in energy efficient homes, but they can only buy them if they exist," said Kaul, at The Urban Institute.

The stakes couldn't be higher. Buying a house remains one of the most reliable ways to build wealth and has long been a key milestone for Americans in establishing long-term financial security. And although interest rates remain as low as ever, given all of the other trends impacting the real estate market in 2022, the balance of power is likely to remain in the hands of sellers.

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Rocket Mortgage Review for September 2022

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Rocket Mortgage Review for September 2022

Rocket Mortgage is the largest online retail mortgage lender in the US. This online lender offers a wealth of educational content on its website to help buyers better understand the mortgage and home-buying processes. 

Its website has multiple, easy-to-use mortgage calculators to help you determine how much house you can afford. Rocket Mortgage is one of the top lenders of FHA loans, which are lower, flexible down payment options for first-time home buyers. It is also one of the largest securitizers of VA loans, which are lower-cost mortgages for veterans and their family members. 

Rocket Mortgage offers an option called Overnight Underwrite, a fast, verified approval tool for securing a home loan. It functions similarly to a preapproval letter but it actually offers full approval from the lender in as little as 2 hours. By uploading all of your paperwork by 7 p.m. ET, for example, you can have full approval by the next morning. If you go through the verified approval process and your loan does not close because of Rocket Mortgage's review of your finances, it will pay you $1,000.

Here's everything you need to know about Rocket Mortgage and its mortgage offerings. 

What types of mortgages does Rocket Mortgage offer?

Rocket Mortgage offers most types of home loans and is one of the largest online mortgage lenders in the country. Its full list includes:

• VA , or Veterans Affairs loans
• FHA , or Federal Housing Administration loans
• Conventional 
• Jumbo
• ARMs , or adjustable-rate mortgage loans
• Refinance

Minimum credit score for Rocket Mortgage

The minimum credit score for conventional mortgages with Rocket is 620, and 680 for jumbo loans. You can get approved for an FHA or VA loan through Rocket Mortgage with a score as low as 580. 

Minimum down payment requirements for Rocket Mortgage 

The down payment requirements with Rocket Mortgage are the same standard requirements for all home loans. Here are the requirements by loan type:

• VA loan: 0% minimum down payment required
• FHA loan: 3.5% minimum down payment required
• Conventional loan:3% minimum down payment required
• Jumbo loan: 10% minimum down payment required

What are Rocket Mortgage's terms, fees and conditions?

Rocket Mortgage charges most of the typical fees that all lenders do, but there is no fee to lock in an interest rate for 45 days. Locking in your rate can be helpful, particularly since interest rates are rising and are expected to keep going up throughout 2022. Even one-tenth of a percentage point can add tens of thousands of dollars over the life of your loan. 

However, if you want to extend your rate for an additional 15 days (which you can do twice) it will cost you 25 basis points, which means your mortgage rate will go up by 0.25%. While some lenders offer a free float down, which lets you lower your locked interest rate if rates go down, Rocket Mortgage does not offer this as a standard feature. Instead, Rocket Mortgage offers Rate Shield, a product that allows you to lock in an interest rate for 90 days before you find a home, which does include one free float down -- but it will cost you 1 basis point. 

This online mortgage giant also charges a deposit of $500 for home appraisals, which is used to pay for the appraisal when you're closing on your new home at the end of the transaction.

Outside of specific lender fees, there are other standard costs and fees associated with buying a home. Some of the most common ones include:

• Home appraisal 
• Title insurance
• Lawyer fees
• Taxes
• Homeowner's insurance

What discounts does Rocket Mortgage offer?

Just as most lenders do, Rocket Mortgages offers you the ability to buy down your interest rate by purchasing mortgage points up front. If you can afford to pay cash for points, your interest rate for your entire loan will go down, saving you tens of thousands of dollars over the lifetime of your mortgage. 

Can you refinance with Rocket Mortgage?

Yes, Rocket Mortgage offers refinance home loans. You can complete a cash-out refinance or a standard term rate finance. 

Where does Rocket Mortgage operate?

Rocket Mortgage operates online in all 50 states in the US. Although the company itself does not employ any mortgage brokers, it works with thousands of independent mortgage brokers across the country, many with physical branches you can go to for an in-person experience.

FAQs

How long does it take to apply online with Rocket Mortgage?

Rocket Mortgage has a verified approval process called Overnight Underwrite, which can approve you for a mortgage in as little as 2 hours. 

Does Rocket Mortgage advertise interest rates online?

Rocket Mortgage does advertise daily interest rates online, but your individual interest rate is always specific to your personal financial situation. Your credit score is a huge factor in determining your interest rate, so make sure to prioritize paying off any high-interest debt like credit card debt before you start house hunting. 

There is no hard credit pull when you are looking for general rates from Rocket Mortgage or getting prequalified, but to be preapproved or verified does require a hard pull on your credit.

How many days does it take to close on a home with Rocket Mortgage?

It can take as little as eight days to close on a new house with Rocket Mortgage, which is a pretty fast closing process. On average, the closing process takes about 26 days, but this depends on the market where you're buying your new house. In especially hot markets, you should expect closing on your house to take longer than a month, regardless of the mortgage lender you work with.

Methodology

CNET reviews mortgage lenders by comparing a variety of criteria including: loan types offered, credit score requirements, down payment requirements, features, terms and fees, discounts offered, accessibility and refinance options.

More mortgage advice

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.

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Inflation, Interest Rates and Jobs: How Today's Economy Compares to Recessions of the Past

Inflation, Interest Rates and Jobs: How Today's Economy Compares to Recessions of the Past

This story is part of Recession Help Desk, CNET's coverage of how to make smart money moves in an uncertain economy.

What's happening

There's still debate about whether the US economy is officially headed into a recession, but the economic downturn is causing widespread stress.

Why it matters

Periods of financial volatility and market decline can drive people to panic and make costly mistakes with their money.

What's next

Examining what's happening now -- and comparing it with the past -- can help investors and consumers decide what to do next.

Facing the aftershocks of a rough economy in the first half of 2022, with sky-high inflation, rising mortgage rates, soaring gas prices and a bear market for stocks, leading indicators of a recession have moderated slightly in the past month. That could mean the economic downturn won't be as long or brutal as expected. 

Still, the majority of Americans are feeling the sting of rising prices and anxiety over jobs. The country has experienced two consecutive quarters of economic slowdown -- the barometer for measuring a recession -- even though the National Bureau of Economic Research hasn't made the "official" recession call.  

At a time like this, we should consider what happens in a recession, look at the data to determine whether we're in one and try to maintain some historical perspective. It's also worth pointing out that down periods are temporary and that, over time, both the stock market and the US economy bounce back. 

I don't mean to minimize the gravity and hardship of the times. But it can be useful to review how the economy has behaved in the past to avoid irrational or impulsive money moves. For this, we can largely blame recency bias, our inclination to view our latest experiences as the most valid. It's what led many to flee the stock market in 2008 when the S&P 500 crashed, thereby locking in losses and missing out on the subsequent bull market. 

"It's our human tendency to project the immediate past into the future indefinitely," said Daniel Crosby, chief behavioral officer at Orion Advisor Solutions and author of The Laws of Wealth. "It's a time-saving shortcut that works most of the time in most contexts but can be woefully misapplied in markets that tend to be cyclical," Crosby told me via email. 

Before you make a knee-jerk reaction to your portfolio, give up on a home purchase or lose it over job insecurity, consider these chart-based analyses from the last three decades. We hope this data-driven overview will offer a broader context and some impetus for making the most of your money today.

What do we know about inflation? 

Historical inflation rate by year

Macrotrends.net

Current conditions: The US is experiencing the highest rate of inflation in decades, driven by global supply chain disruptions, the injection of federal stimulus dollars and a surge in consumer spending. In real dollars, the 8.5% rise in consumer prices over the past year is adding about $400 more per month to household budgets. 

The context: Policymakers consider 2% per year to be a "normal" inflation target. The country's still experiencing over four times that figure. The 9.1% annual rate in July was the largest jump in inflation since 1980 when the inflation rate hit 13.5% following the prior decade's oil crisis and high government spending on defense, social services, health care, education and pensions. Back then, the Federal Reserve increased rates to stabilize prices and, by the mid-1980s, inflation fell to below 5%.

The upside: As overall inflation rates rise, the silver lining might be increased rates of return on personal savings. Bank accounts are starting to offer more attractive yields, while I bonds -- federally backed accounts that more or less track inflation -- are attracting savers, too. 

What's happening with mortgage rates? 

30-year fixed-rate mortgage averages in the US

Current conditions: As the Federal Reserve continues its rate-hike campaign to cool spending and try to tame inflation, the rate on a 30-year fixed mortgage has grown significantly. In June, the average rate jumped annually by nearly 3 percentage points to almost 6%. In real dollars, that means that after a 20% down payment on a new home (let's use the average sale price of $429,000), a buyer would roughly need an extra $7,300 a year to afford the mortgage. Since then, rates have cooled a bit, even dipping back down below 5%. What happens next with rates depends on where inflation goes from here.

The context: Three years ago, homebuyers faced similar borrowing costs and, at the time, rates were characterized as "historically low." And if we think borrowing money is expensive today, let's not forget the early 1980s when the Federal Reserve jacked up rates to never-before-seen levels due to hyperinflation. The average rate on a 30-year fixed-rate mortgage in 1981 topped 16%. 

The upside: For homebuyers, a potential benefit to rising rates is downward pressure on home prices, which could cause the housing market to cool slightly. As the cost to borrow continues to increase with mortgages becoming more expensive, homes could experience fewer offers and prices would slow in pace. In fact, nearly one in five sellers dropped their asking price during late April through late May, according to Redfin. 

On the flip side, less homebuyers mean more renters. Rent prices have skyrocketed, and housing activists are asking the White House to take action on what they call a "national emergency."

What about the stock market? 

Dow Jones Industrial Average stock market index for the past 30 years

Macrotrends.net

Current conditions: Year-to-date, the Dow Jones Industrial Average -- a composite of 30 of the most well-known US stocks such as Apple, Microsoft and Coca-Cola -- is about 8.5% below where it started in January. Relative to the broader market, technology stocks are down much more. The Nasdaq is off almost 19% since the start of the year. 

The benchmark S&P 500 stock index hit lows in June that marked a more than 20% drop from January, which brought us officially into a bear market. Since then, it's bounced back up a little, but some experts warn that a current bear market rally is at odds with expected earnings and we could see even lower stock prices in the near future.

The context: Stock price losses in 2022 are not nearly as swift and steep as what we saw in March 2020, when panic over the pandemic drove the DJIA down by 26% in roughly four trading days. The market reversed course the following month and began a bull run lasting more than two years, as the lockdown drove massive consumption of products and services tied to software, health care, food and natural gas. 

Prior to that, in 2008 and 2009, a deep and pervasive crisis in housing and financial services sank the Dow by nearly 55% from its 2007 high. But by fall 2009, it was off to one of its longest winning streaks in financial history. 

The upside: Given the cyclical nature of the stock market, now is not the time to jump ship.* "Times that are down, you at least want to hold and/or think about buying," said Adam Seessel, author of Where the Money Is. "Over the last 100 years, American stocks have been the surest way to grow wealthy slowly over time," he told me during a recent So Money podcast.

*One caveat: If you're closer to or living in retirement and your portfolio has taken a sizable hit, it may be worth talking to a professional and reviewing your selection of funds to ensure that you're not taking on too much risk. Target-date funds, a popular investment vehicle in many retirement accounts that auto-adjust for risk as you age, may be too risky for pre- or early retirees. 

What does unemployment tell us? 

US unemployment rates

Current conditions: The July jobs report shows the unemployment rate holding steady, slightly dropping to 3.5%. The Great Resignation of 2021, where millions of workers quit their jobs over burnout, as well as unsatisfactory wages and benefits, left employers scrambling to fill positions. However, that could be changing as economic challenges deepen: More job losses are likely on the horizon, and an increasing number of workers are concerned with job security. 

The context: The rebound in theunemployment rate is an economic hallmark of the past two years. But the ongoing interest rate hike may weigh on corporate profits, leading to more layoffs and hiring freezes. For context, during the Great Recession, in a two-year span from late 2007 to 2009, the unemployment rate rose sharply from about 5% to 10%. 

Today, the tech sector is one to watch. After benefiting from rapid growth led by consumer demand in the pandemic, companies like Google and Facebook may be in for a "correction." Layoffs.fyi, a website that tracks downsizing at tech startups, logged close to 37,000 layoffs in Q2, more than triple from the same period last year. 

The upside: If you're worried about losing your job because your employer may be more vulnerable in a recession, document your wins so that when review season arrives, you're ready to walk your manager through your top-performing moments. Offer strategies for how to weather a potential slowdown. All the while, review your reserves to see how far you can stretch savings in case you're out of work. Keep in mind that in the previous recession, it took an average of eight to nine months for unemployed Americans to secure new jobs.

§

What's happening

Home prices overall are up by 37% since March 2020.

Why it matters

Surging home prices and higher interest rates make monthly mortgage payments less affordable.

What's next

Rising mortgage rates will make borrowing money more expensive, which will lessen competition to buy homes and eventually flatten prices.

Home prices continued to skyrocket in March as buyers tried to stay ahead of rising mortgage rates. 

Prices increased by 20.6% this March compared to last year, according to the S&P CoreLogic Case-Shiller Indices, the leading measures of US home prices. This was the highest year-over-year increase in March for home prices in more than 35 years of data. Seven in 10 homes sold for more than their asking price, according to CoreLogic. 

Out of the 20 cities tracked by the 20-city composite index, Tampa, Phoenix and Miami saw the highest year-over-year gains in March. Tampa saw the greatest increase, with an almost 35% increase in home prices year-over-year. All 20 cities experienced double-digit price growth for the year ending in March.

The strongest price growth was seen in the south and southeast, with both regions posting almost 30% gains in March. Seventeen of the 20 metro areas also saw acceleration in their annual gains since February. 

"Those of us who have been anticipating a deceleration in the growth rate of US home prices will have to wait at least a month longer," said Craig Lazzara, managing director at S&P DJI, in the release. "The strength of the Composite indices suggests very broad strength in the housing market, which we continue to observe."

Since the start of the pandemic in March 2020, home prices overall are up by 37%. The current surge in home prices is a result of tight competition between buyers in a low-inventory market as they attempt to lock in lower mortgage rates before rates jump even higher throughout the year, as experts predict they will.

If you're considering buying a new home -- or are actively in the market -- the news isn't all bad. Interest rates are at their highest point in more than 40 years, and one potential benefit of that may, eventually, be downward pressure on home prices. As it becomes increasingly expensive to borrow money, fewer people will seek to do so, and homes for sale may receive fewer offers leading to, eventually, lower prices. In fact, nearly one in five sellers lowered their asking price during a four-week period in May and April, according to Redfin.

"Mortgages are becoming more expensive as the Federal Reserve has begun to ratchet up interest rates, suggesting that the macroeconomic environment may not support extraordinary home price growth for much longer," said Lazzara. "Although one can safely predict that price gains will begin to decelerate, the timing of the deceleration is a more difficult call."

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Oregon Scientific ATC Chameleon review: Fun but flawed dual-camera action cam

Oregon Scientific ATC Chameleon review: Fun but flawed dual-camera action cam

The concept of the Oregon Scientific ATC Chameleon is certainly a good one.

Creating a compelling action cam video is easier -- not necessary, but easier -- when you have two cameras shooting a subject from two different angles. That, of course, requires buying two cameras and possibly mounts or other accessories for those cameras. And then you'll need some basic video-editing skills to combine what's captured, especially if you want to throw both camera views in the video at the same time.

The Chameleon, however, puts two cameras in one body. Each camera can be rotated 180 degrees -- one horizontally, one vertically -- and has a fish-eye lens covering a 110-degree angle of view. Mount the camera, position the lenses to your liking, and record. When you're done, you have both camera angles combined into one MP4 file. No editing required.

However, that's all it does. If you want to do time-lapse videos, take pictures, shoot high-speed clips for slow-motion movies, or even just capture the video from a single camera, this is not for you. But, that simplicity will certainly be a selling point for some.

The splash-proof plastic body weighs only 4.4 ounces and measures 4.8 inches long by 1.7 inches wide by 1.9 inches high. A door on the side covers a Micro-USB port (for charging and transferring videos), a microSDHC card slot, status button for battery life and storage, and a switch for choosing between having the video from the two cameras appear stacked vertically or side by side.

Outside of that, there is only one control for the camera: a big Record switch on top. Slide it forward and after a few seconds the camera turns on and starts recording, giving off a couple beeps and turning the record light from yellow to red.

The battery is built in, capable of recording up to 2 hours of continuous video on a single charge. Basically, all you need to do is pop in a microSD card (cards up to 32GB are supported, but not included), charge it up, and you're ready to go.

Sarah Tew/CNET

Bundled with the camera are a vented helmet mount and a tripod mount. A clip attached to the bottom of the camera slides into the mounts. Although Oregon Scientific only has a handful of mounts designed for the Chameleon, the tripod mount means you can use mounts from other manufacturers. Also, if you need the Chameleon to be waterproof, there's a housing that's good down to 200 feet (I misspoke in the video shown at the top of this review).

Again, there is just a single setting to consider with this camera. Recording video side by side horizontally, the camera captured clips with a 1,920x720-pixel resolution (960x720 per camera) with a variable bit rate from 9Mbps up to about 14Mbps. The vertically stacked video came out of my test camera at 1,280x1,440-pixel resolution, so each camera was recording at 1,280x720. However, instead of 30fps with a bit rate of 9Mbps like the horizontal split screen, it recorded at 22.5fps with around a 6Mbps bit rate.

The results are OK. The side-by-side 1,920x720-pixel-resolution video does look better than the vertically stacked video; the former looks a bit more detailed, sharper, and, to me, visually more interesting. Regardless of what you pick, though, movies look soft, especially off to the sides, at anything larger than YouTube dimensions. If you do view them at large sizes, you'll be treated to blocky compression artifacts and smeared details.

Color is good, but changes in exposure aren't handled all that smoothly and just about any amount of camera shake causes wobble from rolling shutter. Low-light video is loaded with noise, so you'll definitely want to stick to bright outdoor conditions with this camera.

As for audio quality, well, even light breezes get picked up by the mono mic, so you'll probably want to put music over your final video.

Screenshot by Joshua Goldman/CNET

Oregon Scientific includes software with the camera, but that's disappointing, too. It allows you to open and view the videos and actually do some cool things like picture-in-picture, switch between the two cameras, or watch just one camera. Unfortunately, there are no editing features, so you can't export with picture-in-picture or have only the video from a single camera. It seems like a missed opportunity.

Conclusion
Between the mediocre video quality and overall lack of features, if the Oregon Scientific ATC Chameleon were still priced at $199.99, it probably would not be worth getting for most people. At $99.99 direct from Oregon Scientific (the price was $80, but jumped $20 during the course of writing this review), its shortcomings are certainly easier to swallow. The fun here is in having one camera for easily recording the action from two different angles. Otherwise, if you want to do a multiple camera setup on the cheap, I recommend checking out the Monoprice MHD.

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Navigating foreclosure: How to find help, repair your credit and bounce back

Navigating foreclosure: How to find help, repair your credit and bounce back

The COVID-19 pandemic -- and its economic fallout -- have put millions of homeowners at risk of losing their homes. Consumer Financial Protection Bureau industry data in April showed that almost 3 million homeowners are behind on their mortgage payments. 

While the CARES Act provided temporary relief for homeowners, its moratorium on foreclosures ended on July 31. Although this means lenders can proceed with the foreclosure process, a moratorium on foreclosure-related evictions has been put in place by the Federal Housing Administration until Sept. 30. The White House has also extended the forbearance enrollment period for federally backed mortgages through Sept. 30, giving homeowners more time to enroll in housing protections that could last for up to 12 months.  

That said, some homeowners are still facing the resumption of monthly mortgage payments that have been paused for over a year -- and as a result, a mountain of debt.

If you own a home and are concerned about making mortgage payments, it's important to understand the foreclosure process. We'll walk you through everything you need to know -- from the best practices for avoiding it to surviving the aftermath. 

You can find out more information about buying a foreclosure here.

What is a foreclosure? 

Foreclosure starts when a homeowner has missed payments for a certain length of time -- usually, 90 to 120 days. At this point, the lender will attempt to recoup what they're owed on a mortgage. Once you're a few months late on your mortgage payment, the lender will put your loan into default.

If you don't make your mortgage payments for, say, three months, your lender can start a legal process to take ownership of your home in order to sell it. This allows them to get some of the money you still owe on your mortgage back.

The steps of the foreclosure process vary from state to state. 

The foreclosure process

Foreclosure doesn't happen overnight. Your mortgage lender is required to notify you well in advance of when your home officially enters foreclosure -- also known as preforeclosure. 

Preforeclosure

After you miss one mortgage payment, you might enter a preforeclosure period, but you often have another month to pay the balance owed before the bank takes serious action. 

"Making your mortgage payment after the 1st of the month won't be considered late," says James McCann, branch manager at Cornerstone First Mortgage. "Most mortgage servicers won't charge a late fee until the 15th of the month and even when they do, it's usually nominal. Mortgage payments aren't reported late until the 30th of the month."

At that point, your lender sends you a notice. Whether you just needed a little extra time or making the payment simply slipped your mind, if you make your missed payment at this time, the preforeclosure process stops. You'll probably need to pay a late fee and your credit score might take a hit, though.

If you miss two mortgage payments, the letters become more serious. At this stage, you'll receive a demand letter requesting the missed payments. You can still stop the foreclosure process at this point by sending in the money you owe right away.

After three to four months of missed payments (varies by lender), you'll get a notice of default. This notice will usually lay out a grace period (often 90 days) during which you can make up the money you owe to avoid foreclosure. This grace period is called the reinstatement period. If you don't take advantage of this final window to get caught up on your missed payments, your lender officially starts foreclosure.

Foreclosure

At this point, your mortgage lender starts the process of taking ownership of your home. This works because mortgages are secured loans, which means they're backed by collateral -- in this case, your home. 

When homeowners are unable to continue making mortgage payments, lenders start the foreclosure process to take back their collateral. Foreclosure ends with the lender either selling the home or adding it to their real estate portfolio. This allows the lender to recoup the money the homeowner was unable to pay. 

Types of foreclosures 

There are three different types of foreclosures, but processes will vary depending on where you live. Most states employ one of the first two types of foreclosures: 

Judicial foreclosure

A judicial foreclosure is an option in all states. During this process, the lender files a lawsuit with the court to initiate the foreclosure process. The homeowner then gets a notice of the suit in the mail and has 30 days to pay all of the money they owe. If they don't, the local sheriff's office or the court will sell the house at an auction and give the proceeds to the lender. 

Power of sale

Also called a statutory foreclosure, this type of foreclosure is legal in most states, provided your mortgage has a power of sale clause. This clause says that if your mortgage lender demands payment and you continue to fail to pay for the period of time laid out in the clause, the lender can sell the home to recoup their money. 

Strict foreclosure

The rarest type of foreclosure, strict foreclosure, is often avoided unless the outstanding mortgage amount is greater than the property's current value. The process is similar to a judicial foreclosure in that the lender files a lawsuit, but rather than selling the property at auction, the property enters the lender's real estate portfolio once the foreclosure is complete. 

Avoiding foreclosure

Foreclosures are stressful. But you can often avoid foreclosure, especially if you take steps as soon as you struggle to make your mortgage payments. Here are some tips to help with avoiding foreclosure.

Talk to your lender ASAP

Lenders don't want you to enter into foreclosure. They would much rather have you continue to make your payments (allowing them to make income off your mortgage's interest). If you're struggling to make a payment, reach out to see what support your lender can provide. 

"Talk with your current mortgage servicer to see if there's anything they can do to help," McCann says. "Your lender might offer a loan modification or forbearance plan that would allow you to lower or pause your payments." 

Consider selling

With real estate property values at notably high levels in many regions, homeowners who think they won't be able to keep up with their mortgage payments can consider selling before they end up in a foreclosure situation. With the proceeds from your home sale, you can pay off the outstanding balance of your mortgage and avoid foreclosure -- and the eviction and major hit to your credit score that comes with it. 

You don't necessarily go back to renting, either. McCann recommends working with a realtor to find out if you can downsize to reduce your monthly mortgage payment.

Explore a refinance

With mortgage rates at historic lows right now, refinancing can help you get through a financially challenging season -- and save you money over the life of your loan. Refinancing could allow you to lock in a lower rate, reducing your monthly mortgage payment.

"You can often time your refinance to skip a mortgage payment, which could give you a little time to get back on your feet," McCann says.

You might be able to get a short refinance, which means your lender forgives some of your outstanding balance, then refinances the rest.

Foreclosure assistance programs

There are also assistance programs that can serve as helpful tools in avoiding foreclosure. 

Until Sept. 30, you can enroll in a forbearance program if you have a federally held mortgage, e.g., FHA, VA, USDA and some Freddie Mac and Fannie Mae home loans. 

While federal programs beyond the COVID-19 forbearance are currently lacking, you can also get help from a housing counselor. You can click your state on their map to find information about foreclosure avoidance counselors near you. It's well worth choosing one approved by the US Department of Housing and Urban Development to help avoid foreclosure scams. 

Beware of foreclosure assistance scams

Unfortunately, unsavory individuals and organizations often take advantage of people facing financial hardship and foreclosures. And they may do it under the guise of old programs. Be wary of mortgage assistance from groups that recommend expired assistance programs like the FHA Home Affordable Program or the Making Home Affordable program. Although these programs are legitimate, they were established to help after the subprime mortgage crisis of 2008 and aren't accepting new applicants. 

For a full list of foreclosure assistance scams to avoid, review this guide from the Office of the Comptroller of the Currency. 

Surviving foreclosure

Avoiding foreclosure isn't always possible -- and it's not a financial death sentence. If none of the above resources can help you avoid foreclosure, your first step should be to find safe housing for yourself and anyone who lives with you.

From there, work on establishing a consistent income stream and building up your savings. Your credit score will take a dive after your foreclosure, but managing your money responsibly -- paying your bills on time and making sure you don't use too much of your other available credit, including credit cards -- will help you to rebuild it. From there, it's a waiting game. After seven years, the foreclosure will fall off your credit report and you'll have a fresh start again.

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This $1 Hot Wheels car works with GoPro -- but there's a catch

This $1 Hot Wheels car works with GoPro -- but there's a catch

GoPro is hitching a ride with Hot Wheels, as the two companies team up to create the first die-cast toy car that attaches to a GoPro action camera. That means Hot Wheels fans can capture video of fast-flying toy car stunts from the driver's seat, so to speak.

The Hot Wheels car itself isn't high-tech. Called the Zoom In, the toy goes on sale this month for the same price as any basic Hot Wheels car, just $1.09. What makes it unique is that you can snap in a GoPro Hero Session or Hero5 Session camera, sold separately for considerably more. These cube-shaped cameras sit snug in the center of the toy, locked in place by a bar that grips the top.

The car has a folding bar to lock in the cube camera and keep it snug.

Sarah Tew/CNET

The car should be a hit with anyone who loves Hot Wheels -- or with GoPro fans looking to put a new spin on their action cam shots. Kids can follow livestreaming footage from a tablet or phone app. And the rugged camera shoots in high speed to capture epic crashes in slow motion. 

(I just received one of these Zoom In cars from Mattel, so I'll be taking it for a test drive soon -- stay tuned!)

But here's something that may throw buyers for a loop: The two GoPro Session cameras that fit in the car are discontinued models. You should still be able to easily find the Session and Hero5 Session for sale, but supplies may be limited. 

This month marks the 50th anniversary of Hot Wheels. The company has put cameras in its cars before. Back in 2011, Mattel released the Video Racer Micro Camera Car, a Hot Wheels car with a camera built inside to record 12-minute clips. You can still find it sold online for about $15. 

Of course, that Video Racer car won't get you 4K shots or survive being thrown into water like a GoPro can, but the toy did have something a Session camera lacks: a mini LCD screen for instant playback.

The Zoom In Hot Wheels car rolls out to stores this month for $1.09. The GoPro, however, is sold separately for $200.

Sarah Tew/CNET

CNET remembers Toys R Us : "The world's greatest toy store."

All the coolest things we saw at Toy Fair 2018 : Get ahead of the crowd.

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GoPro's new Hero camera looks just like the company's Hero5 and Hero6 cameras, and that's no accident.  

Despite being an entry-level model, the Hero shares key design features with its higher-end linemates, namely a 2-inch touchscreen and a rugged body that's waterproof without the need for a polycarbonate housing.

That's something GoPro didn't do with its last Hero, which had little to offer beyond good video quality and a low price. And while the price of the new model is $70 more at $199 (£199, AU$299), those design features apparently mean a lot to potential buyers.

"Our research and feedback shows consumers really like having a touchscreen, so we wanted to give people that familiar experience at an entry-level price, and Hero satisfies both," said a GoPro spokeswoman. Being waterproof to 30 feet (10 meters) without a housing is also a huge selling point for GoPro's cameras, she said.

So where does that leave the company's other $199 camera, the tiny cube-shaped Hero5 Session? It's going away. The Session will continue to be sold at retailers through the first half of 2018, but is no longer available on GoPro.com. Basically, as happens with other discontinued cameras, retailers will sell through what's available, but once it's gone, it's gone. 

That's a shame since the Session definitely has an edge on the Hero when it comes to the camera's capabilities. GoPro kept the Hero's shooting options to a bare minimum:

• Record video at 1080p or 1440p at 60 or 30 frames per second (fps) in MP4 at 60Mbps
  
• Snap 10-megapixel photos
  
• Burst shoot at 10fps
  
• Capture time-lapse photos and video at 0.5-second intervals
  

If you just read that list and wondered why there's no 4K or slow-mo options for video or raw capture or low-light settings for photos, this camera isn't for you. The Hero is aimed squarely at casual and first-time users who want to shoot and share experiences they can't grab with a phone.

The new Hero has a 2-inch touchscreen on back like the Hero5 Black (pictured).

Joshua Goldman/CNET

The shooting options might be lean, but to help balance things out, GoPro added voice controls and electronic video stabilization. Plus, with the built-in Wi-Fi, you can send clips straight to your phone as soon as you stop recording and have them instantly turned into an edited video with GoPro's mobile app.  

At the start of the year, GoPro dropped the price of its premium model, the Hero6 Black, from $499 to $399. The addition of the $199 Hero along with the $299 Hero5 Black ($445 at Amazon) moves GoPro's plan forward to return to a good, better, best product strategy.

"What we've learned is people want 'good, better, best' options from us. So with the new Hero we now have cameras that are characteristically GoPro -- durable, waterproof, cool design -- with feature sets for every level of user." 

The GoPro Hero is available today at retailers and direct from GoPro. 

First published March 29, 10:00 a.m. PT.

Update, 4:30 p.m.: Adds information on Hero5 Session. 

Security:  Stay up-to-date on the latest in breaches, hacks, fixes and all those cybersecurity issues that keep you up at night.

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GoPro HD Hero2 review: GoPro HD Hero2

GoPro HD Hero2 review: GoPro HD Hero2

I've had a bit of a love-hate relationship with the GoPro HD Hero that we've used during the recording of the Car Tech Live podcast for the last year or so. On the one hand, the Hero takes phenomenal wide-angle video, is ridiculously durable thanks to its polycarbonate shell, and (when you get the settings right) relatively easy to use. However, that last bit is also my biggest point of contention with the first few generations of the GoPro Hero cameras; I'm a self-proclaimed techie who's recorded hours of footage using the HD Hero and I still have to break out the poorly written instruction sheet to change any of the settings. More often than not, I just leave the settings where I left them and just point and shoot.

So, when the new generation GoPro HD Hero2 landed on my desk boasting an improved interface, I decided to challenge myself to full-test the device without cracking the spine on its (also improved) 90-page user manual.

Old design with a twist
Looking at the GoPro HD Hero2 side by side with the original HD Hero (hereafter referred to as the HD Hero1), reveals remarkably little change in the unit's form factor. Both units are dimensionally identical and feature the same lens, power button, shutter button, and LCD screen placement. This means that any waterproof cases or lens covers purchased for the HD Hero1 will still work with the HD Hero2, which is a good thing for GoPro devotees. Likewise, both units feature the same rear hook and connection port for GoPro's line of removable BacPacs, which we'll discuss later.

Closer inspection reveals that there's more than the addition of the number 2 to distinguish the new model from the old. For starters, the Hero2 features a new glass lens that should be sharper and more durable than the old lens. Where the Hero1 featured only one red recording indicator LED, the Hero2 features four (one enlarged indicator on the front of the unit and smaller lights on its top, back, and bottom edges). On the right edge (when viewed from the front) are the connections for the proprietary video output, the Mini-USB port for charging, and a 2.5mm microphone input. Thankfully, these three connections are actually labeled this go-round. On the left edge are the full-size SD card slot and a new HDMI video output. Onboard microphones are now located on the top and bottom edges of the unit. Finally, the rear panel is where you'll find the battery door that covers the user-replaceable 1,100mAh lithium ion battery.

I mentioned that the HD Hero2 ships with the same waterproof housing as the Hero1. For those unfamiliar with this housing, it's a clear, polycarbonate shell that holds the Hero camera to whatever mounting option you chose to use. Spring-loaded waterproof buttons give users access to the selection and shutter buttons and a clear lens bubble protects the HD Hero2's lens from scratches. In the event that this bubble is damaged, a replacement can be ordered and affixed with a small screwdriver. At the back of the shell is door that locks shut with a plastic latching clamp. (The plastic latch on our HD Hero1 busted after only a few weeks of use, so this bit worries me. Fortunately, it's a relatively simple fix.) Users are given the choice between two easily swappable doors that ship with the HD Hero2. The first is a sealed waterproof door that keeps the camera dry, even when submerged to a depth of 197 feet. The second door is a "skeleton door" with openings that sacrifice waterproofing f or increased sound quality.

The mounting options included in the box will depend on which HD Hero2 kit you pick up. The Motorsports Edition, for example, ships with a suction cup mount on an articulated arm and five adhesive mounts. The Surf Edition packs a pair of surfboard mounts and a special "Floaty" back door that will keep your camera from sinking to the bottom of the ocean in the event of a detachment. Finally, the Outdoor Edition includes a helmet strap, a head strap, and a selection of adhesive mounts. Additionally, additional mounts for handlebars, roll bars, chest straps, etc. are available from the manufacturer for additional cost.

Same screen, new interface
Of all of the changes to the HD Hero, the most drastic is the overhauled interface present on the tiny monochromatic LCD. For starters the HD Hero2 uses larger, bolder icons for identifying the current recording mode. So tapping the selection button on the front of the unit fills the screen momentarily with a large icon for the newly selected mode that is easier to read with goggles on or at an arm's length. When the moment is passed, the screen returns to its default state with a smaller icon indicating the mode and a new text-based setting identifier. So rather than memorizing that "R7" is 1080p video at 30 fps, the unit simply displays "1080-30," which is much easier to decode. Likewise, photo modes are clearly identified with, for example, "5 MP 0.5 sec" which can easily be identified as "take a 5 megapixel shot every half second."

Likewise, the menu system has also been made clearer, with more easily identified icons for each setting that leads to a drop-down menu where the different options can be viewed clearly. Navigating the GoPro's many options with just the select and shutter buttons is still an exercise in patience. For example, setting the date to 11:11am on 11/11/11 can take as many as 60 or more button presses. (Fortunately, the date is something you should only really have to set once.) That's an extreme example, but even simpler tasks (such as changing the video or still-photo resolution) can take as many as 10 button presses.

On the bright side, the fact that the GoPro HD Hero2 even offers granular access to all of its settings right on the camera is an advantage that it holds over simpler camera systems, such as Contour's.

There are still a few icons that don't make much sense. (I doubt many can tell me what this icon means without first checking the manual.) However, the important bits--changing the resolution of photos and video, setting time-lapse intervals--and the options that you're likely to find yourself wanting to fiddle with before bombing down that double-black-diamond slope are extremely easy to understand.

I started the review with the intention of never cracking open the GoPro HD Hero2's instruction manual and I'm pleased to state that I didn't need to use it. (Although, I did flip through the manual and found that it is both more thoroughly written and better organized than the old sheet. So if you do find yourself needing help, it's a great resource.)

Recording modes
So, we've discussed the chassis and we've explained that it's easy to use, but what sort of video and photos can you expect to get out of this camera?

Like the Hero1, the HD Hero2 features a wide range of video and photo modes to chose from. Where moving images are concerned, the HD Hero2's highest recording resolution is 1,920x1,080 pixels (1080p for short) Full HD video at 30 frames per second (fps) with a wide-screen 16:9 aspect ratio. Users can also select a 1,280x720-pixel (720p) wide-screen mode with options to capture at 30 or 60 fps. There's also 1,280x960-pixel Tall HD mode that records at a 4:3 aspect ratio with options to capture at either 30 or 48 fps. Finally, there are the 800×480-pixel (480p or WVGA) modes that capture relatively low-resolution video but at high 60 or 120 fps speeds, which can be slowed down using software to create slow-motion video.

Most video modes capture at the lens' full 170-degree wide-angle field of view (FOV), but users can choose to step down to medium 128-degree or narrow 90-degree FOVs. To my eye, 1080p video captured at these narrower FOVs appears to be grainier with visible pixelation, which leads me to believe that GoPro is using some sort of digital zoom technology to compensate for the lens' fixed focal length. This likely won't bother many, particularly at the medium FOV, but I couldn't unsee the image degradations once I'd noticed them and stuck with the full wide FOV for most videos captured after the official testing had concluded.

Still photos are captured at a maximum of 11MP with space-saving 8MP and 5 MP modes also available. Like the video mode, still photos take advantage of the full 170-degree FOV, but can be set to capture at a medium 128-degree FOV. (The narrow FOV is unavailable for still photos, presumably because the digital zoom artifacts would be too visible in a still shot, but that's just speculation.) Photos taken outdoors at the full resolution with full FOV are sharp and pleasing. The wide angle makes framing shots easy, but without the aid of the optional LCD BacPac, shot composition is a bit of a guess-and-check affair.

When shooting still photos, there are a few trigger modes to choose from. The first is a single shot. Press the button, capture a photo. It's the simplest of the available modes. Next is a self-time mode that captures a single shot after a 10-second delay. The next mode is one of my favorites: Time-lapse mode continuously captures a still photo at timed 60s, 30s, 10s, 5s, 2s, 1s, and 0.5s intervals. (Note: The fastest interval of 0.5s requires a high-speed Class 10 SD card to keep up.) Users can then stitch those photos together into a cool time-lapse video that compresses hours of actions into minutes of video.

Finally, the HD Hero2 gains a new trick made possible by its new faster digital image processor called Photo Burst Mode. In this mode, the camera can capture 10 full-resolution 11MP photos within the span of a single second. Personally, I found timing the Burst to be tricky, particularly because there's a few seconds of lag after a burst is captured while the HD Hero2 writes the contents of its buffer to the SD card. However, with practice this could be another cool tool in your GoPro toolbox.

In sum
About the only think that I didn't like about the previous-generation GoPro HD Hero was that maddeningly difficult interface. And while in my opinion GoPro still hasn't perfected its menu structure and usability, it's gotten pretty damn close within its self-imposed constraints (two-button interface, maintaining compatibility with older hardware). GoPro also states that its low-light image quality has been improved between the two generations, which you can see yourself by comparing the indoor photos below. There's no question in my mind that this is the best GoPro camera yet.

But is it the best HD sports camera? To figure that out, we have to compare it to its most fierce competitors from Contour's lineup, particularly the ContourGPS. (Contour's top tier Contour+ is significantly more expensive, so we're leaving it out of the running for now, but many of the same points I'm about to make will still apply.)

Ease of use is a tie. Both camera systems excel here in different ways. The Contour camera's supersimple slide-and-record interface and laser-pointer aiming makes it easier for first-time users to pick up and shoot with. However, the GoPro HD Hero2 excels where on-device flexibility is concerned. If you're, for example, trackside with the Hero2 and you want to switch capture modes, every still and video setting is available right there on the device itself. The ContourGPS features two user presets that can be selected with the flip of a switch, but if neither of those is what you need at the moment, then you'll need to fire up the Contour smartphone app or bust out your laptop to pick a new preset. Additionally, the Contour cameras give no visual indication of what mode they're in, where the GoPro always displays its capture mode on a display. Trust me, there's nothing worse than getting back from a full day of recording with an SD card full of photos when you wanted videos. To the p oint, users who enjoy constantly fiddling with settings on the fly will prefer the GoPro, but if you're the kind of person who sets up the camera once and never changes modes, perhaps the Contour cameras are a better fit.

One place where Contour has the GoPro system beaten is where applications are concerned. Contour's included desktop editing and uploading software makes it easy to cut the good part out of a long video. Conversely, GoPro's experience is a B.Y.O.-software affair. Contour's top-tier models also capture GPS position, speed, and elevation data that can then be displayed alongside an uploaded video. GoPro does not, but if you don't mind spending a few extra bucks, the GoPro system can be upgraded with longer battery life, an LCD display, or the ability to capture 3D video thanks to its BacPac system.

The GoPro has the Contour cameras flatly beat on ruggedness. The Contour+ and ContourGPS require an additional purchase of a waterproof housing to match the GoPro in the wet. The entry-level ContourRoam is waterproof out of the box, but not nearly to the same depth as the GoPro. And if the HD Hero2 and the ContourGPS fell off of the same car at speed, the GoPro camera would definitely fare better. When you're talking about action cameras, durability is a top-tier attribute.

Deciding which camera system is best is truly a tough decision, and depending on your particular needs, you may disagree with me. At $299, the GoPro HD Hero2 is a slightly better buy than the ContourGPS, which is the same price--provided that the collection of GPS metadata isn't one of your top priorities. The learning curve is slightly steeper (and only just barely thanks to the upgraded interface), but once you're over it, the GoPro HD Hero2 is a much more flexible and durable device.

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2023 VinFast VF 8 First Drive Review: Testing Vietnam's First EV for America

2023 VinFast VF 8 First Drive Review: Testing Vietnam's First EV for America

In the wake of Tesla's industry-shaking success and the future promise of electric, autonomous mobility, would-be electric car companies are sprouting up everywhere. The floodgates have opened, with the last decade seeing more startups get off the ground than at any time since the dawn of the automobile. Most are already finding out the hard way that car building is a terrible way to make money. Developing and selling cars is a hugely cash-intensive business, and automobiles are the world's single most complex consumer goods, subject to the most numerous and varied global regulations and operating environments. It all adds up to a world where an overwhelming majority of intenders will fail, most without ever having delivered a single vehicle. 

Despite such dire conditions, if I had to place my chips on a single new automaker to escape the mire, it's Vietnam's VinFast. In fact, there's ample reason to believe the company won't just survive, it will likely shortly emerge as a global force, including right here in America. I say this after having flown to Asia to learn about the company and drive its first US-bound model, the 2023 VF 8 electric SUV. My trip quickly turned out to be as much of a test drive of VinFast itself as it is of its forthcoming battery-powered compact crossover.

While my very brief drive of VinFast's electric future took place in a preproduction prototype, you won't have to wait long to have your chance to buy a VF 8 -- plans call for initial examples to land in US driveways by year's end. In fact, the young automaker even expects to deliver the first units of its larger sibling, the handsome three-row VF 9 EV, before 2023. These are hugely ambitious goals, but the company already has an established track record for accomplishing the nearly impossible, thanks in part to an executive team made up of industry veterans. VinFast started in 2017, and just 21 months later, it had three different passenger cars in production in a massive, fully modern factory complex in Haiphong, about two hours east of Hanoi. Those first models were admittedly based heavily on tech purchased from other automakers like BMW, but even so, the accomplishment can't be overstated.

Vingroup corporate power

While CNET isn't normally in the habit of test-driving prototypes from startups, there's ample reason to believe VinFast will buck the trend and find success. For one thing, this company has the financials to see things through. It's part of Vietnam's Vingroup, a mega corporation that owns and operates dozens of businesses, including luxury resorts, amusement parks, hospitals and even massive housing developments that are more like small cities, replete with skyscrapers and malls. More to the point, Vingroup also appears to have a slew of helpful related technologies in its portfolio, including divisions focused on AI, cybersecurity and cloud computing. The organization even built a new university from scratch to cultivate homegrown talent. All of this illustrates that not only does this company have the resources to become a global automotive player, it develops businesses at a breakneck clip. At 28 years young, Vingroup is barely out of corporate adolescence.

Given VinFast's damn-the-torpedoes corporate pace, it should come as no surprise that the two VF 8 prototypes I'm testing are decidedly unfinished. In fact, they're not even operating on the same development software versions, and many of the vehicles' software functions... don't. Combine that with a makeshift drive loop that's perhaps a couple of kilometers long, and it's all but impossible to draw concrete conclusions about whether or not this EV belongs on your shopping list. Having said that, what my drive points out clearly is the promise baked into the VF 8. There's a lot of work to be done in a very short time, but critically, the fundamental ingredients are all present.

For starters, the 2023 VinFast VF 8 is the right vehicle at the right time. North America's compact electric crossover SUV segment is rapidly blooming, and this five-seat model is sized and designed to establish a beachhead in the heart of this emerging market. That strategy may sound basic and obvious, but it's worth noting that it took literal decades for Japanese automakers like Honda and Toyota to introduce the right types of vehicles for the vast majority of Americans to take them seriously (let alone deliver vehicles with styling acceptable to the masses). Ditto for Korea's Hyundai and Kia, both of which admittedly managed the trick significantly more quickly.

The VF 8's exterior is contemporary, with standard LED illumination and a V-shaped grille with integrated daytime running lamps that echo the brand's logo. The nose is the single most expressive and potentially controversial aspect of the exterior, but even if the face isn't your favorite, the design isn't so out there as to be a turn-off for most buyers. In profile, the VF 8 looks rather nondescript -- its most interesting details are the tapered indentation along the door bottoms and a raked rear window.

VinFast promises a full range of connected services, including e-commerce functions and gaming.

VinFast

Cabin tech and features

Inside, the VF 8 is clearly a modern EV. Its dashboard is dominated by a landscape-oriented 15-inch infotainment touchscreen. There's a color head-up display, but notably, there's no traditional gauge cluster -- you either look at the HUD or glance at the main screen to see how fast you're going. The center console is dominated by a push-button gear selector, and the three-spoke steering wheel's most noteworthy feature is a tiny driver-facing camera atop the column, a hint that VinFast plans to offer some kind of hands-free driving assist. It's too early to judge the VF 8's fit and finish, as there are some preproduction and ill-fitting parts in evidence (including a power seat controller wired in reverse).

It's worth noting that VinFast is hinging much of its success on its ability to offer a full range of connected services and infotainment features, including everything from a sentry mode and an e-commerce tool to the ability to play games and videos on the center screen (sound familiar?). These features are not functional in the test vehicles I'm sampling. Further, attempts to cajole the voice control into opening and closing the panoramic moonroof meet with limited success, and when I tell the virtual assistant I am cold, it raises the temperature by a single, miserly digit. A subsequent attempt sees the system jump directly from 65 to 90 degrees. If VinFast delivers all of the conveniences it claims it will, the VF 8 ought to have an extremely competitive feature set.

At 187 inches long, 74.8 inches wide and 65.4 inches tall, the VF 8 is the same length as a Tesla Model Y and only around an inch separates their width and height. Interestingly, chief engineer Huy Chieu tells me that in developing the VF 8's driving performance, the company recently benchmarked Hyundai's excellent Ioniq 5 EV, a great bogey. Like many of his fellow executives, Chieu joined VinFast recently after decades in the business at established automakers (Chieu worked at General Motors from the late 1990s). Importantly, VinFast is stacked with veteran industry talent from top to bottom -- people who know how to design and build cars in volume. With all that said, we'll need to have to wait for a final-production VF 8 to figure out if Chieu and Co. have hit the mark with the VF 8's dynamics and tech, because it's clear that engineers are still dialing in the vehicl e's performance as it rushes toward production.

The five-seat VF 8 will compete against EVs like the Hyundai Ioniq 5, Tesla Model Y and Volkswagen ID 4.

Chris Paukert/CNET

Power and performance

VinFast will build two VF 8 models, with dual-motor Plus trims like the ones I'm sampling delivering up to 402 horsepower and 457 pound-feet of torque. With standard all-wheel drive, official estimates call for 0-to-60-mph time of 5.3 seconds -- quick, but about a half-second shy of what we've seen from the aforementioned Tesla and Hyundai models. (A lower-power Eco model with 348 hp promises 60 mph in 5.9 seconds.)

My drive is limited to quick acceleration blasts up and down a road between factory buildings, with a U-turn on one end and a keyhole loop return on the other. Signage suggests our tests are to be capped at 80 kph (50 mph), but the engineer sitting in my passenger seat allows me to go far more quickly, touching 100 mph before braking hard into the left-handed keyhole. Being an EV, acceleration is predictably smooth, but with the 19-inch Goodyear Eagle Touring tires under load in the final turn, the steering's power assistance has brief moments where it feels oddly nonlinear.

Further, regenerative braking was notable by its absence. VinFast engineers say a one-pedal drive model is under development and will likely be released to early vehicles via an over-the-air update. I also noticed inconsistencies in power levels between the two test vehicles (likely attributable to different software versions), and at least one other media member reported a momentary total loss of power during their test drives after coming off the brakes. These sorts of experiences are relatively common in early prototype vehicles, but given that VinFast plans to hand over production models to expectant owners in a little over six months, engineers clearly have their work cut out for them.

VinFast built a highly automated plant and churned out 3 different models in only 21 months. As a startup.

VinFast

Pricing and range

Strangely, VinFast plans to release two different battery sizes in both its Plus and Eco variants. I say "strangely" because the separate ranges and prices aren't well differentiated. For the base Eco Battery Version 1, the company is targeting 260 miles on Europe's more-lenient WLTP test cycle at a cost of $40,700 (plus a yet-to-be determined destination fee). The enhanced-range Battery Version 2 Eco is slated to deliver 292 miles for $41,000 -- just $300 more. The more luxurious (and consequently heavier) VF 8 Plus is expected to achieve 248 miles of range in Battery Version 1 guise ($47,700) and 277 miles in its $48,000 Battery Version 2 spec. US mileage estimates on the EPA's more-stringent test cycle figure to be somewhat lower.

While VinFast has yet to disclose exactly how large the Samsung-celled packs are in the Battery Version 1 models, the larger packs are 90 kilowatt-hours. On a DC fast charger, Version 1 models can go from 10% to 70% full in 24 minutes, while vehicles with the larger packs take 31 minutes.

Batteries not included

There's one other key point regarding the batteries mentioned above: You pay extra for them. VinFast will become the first automaker in North America to offer cars with a separate battery lease/subscription and charging plan. Because batteries are the biggest fixed cost in EVs, the company is betting that by subtracting the cost of the pack, it will be able to make pricing more attractive. Officials also hope to temper concerns about power pack longevity and reliability by assuming responsibility for such variables. It will eventually also offer a more traditional car-with-battery pricing option, but not until 2024.

VinFast has already announced that Electrify America will be its preferred charging partner in the US, and costs range from as little as $35 per month on the Flexible plan for up to 310 miles of range (plus $0.11 per mile for overages) to $110 per month for the unlimited-range Fixed battery lease plan. For the full details, check out our explainer feature. The math is complicated, but for now, you should know that even if gas prices come down substantially, the value equation looks promising (if obscure).

Nothing if not ambitious, VinFast plans to have models in US customers' hands by year's end.

Chris Paukert/CNET

As you can plainly see, there's a lot of promise in the 2023 VinFast VF 8, but there's also a lot of work to be done -- and that's before taking into account the company's ambitions around advanced driver-assist systems (the VF 8's spec sheet calls for automatic lane-change and summon tech among other advanced skills). It will be interesting to see if officials can reach their self-appointed on-sale deadline, and it will be telling if the company manages to deliver a quality product right out of the gates -- with or without most of the features it's promising.

Of course, simply delivering those vehicles on time isn't enough for a company with VinFast's vast ambitions. Not by a long shot. Even before the company has sold a single vehicle in the US, officials have already announced plans for a multibillion-dollar EV plant and battery factory outside of Raleigh, North Carolina. The brand quickly followed this news by disclosing it has filed for a US IPO.

It will be very interesting to watch this new company from Vietnam as it finds its footing in the US. If VinFast can manage to tick all of these items off its to-do list in anywhere near their promised timeframes, I humbly suggest it considers renaming the company "VinFaster."

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Editors' note: Travel costs related to this story were covered by the manufacturer, which is common in the auto industry. The judgments and opinions of CNET's staff are our own and we do not accept paid editorial content.

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