DIRS.INFO The most relevant business & tech news

☆ Stagflation fears just hit Wall Street. Now for the next crucial report on prices
▼ + stars: | 2024-04-26 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —The Federal Reserve’s favorite inflation reading is due Friday morning. Investors are nervously awaiting the report after first-quarter US GDP came in softer than expected Thursday. Stocks tumbled as the slowdown in GDP, coupled with stubbornly high inflation data, stoked fears of stagflation. Wall Street earlier this year expected that the central bank would ease rates as many as six times in 2024, beginning in March. Yellen said the weaker reading was not “concerning,” mentioning that measures of underlying growth were strong in Thursday’s report.

Persons: Stocks, ”, Ayako Yoshioka, Janet Yellen, Alessandra Galloni, Alicia Wallace, ” Yellen, “, we’ve, Yellen, Read, Freddie Mac, Bryan Mena, Lawrence Yun Organizations: CNN Business, Bell, New York CNN, Gross, Commerce Department, Atlanta, Fed, Thursday’s, Group, Traders, Bank of America, Reuters, National Association of Realtors Locations: New York, Yellen

Mortgage rates should go down later this year, increasing affordability for many hopeful homebuyers. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year Fixed Mortgage RatesThe average 30-year fixed mortgage rate was 7.17% this week, according to Freddie Mac. 15-year Fixed Mortgage RatesThis week, average 15-year mortgage rates were 6.44%, a five-basis-point increase from the previous week, according to Freddie Mac data. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: Freddie Mac, Lawrence Yun, homebuyers, you'll, it's Organizations: National Association of Realtors, NAR, Zillow, Federal Reserve Locations: Chevron

☆ US pending home sales jumped in March, beating expectations by a mile
▼ + stars: | 2024-04-25 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington CNN —Home sales based on contract signings jumped in March despite elevated mortgage rates that month. Contract signings rose across the country in March from the prior month, except in the Midwest. Hotter-than-expected inflation readings in recent months are now keeping the Federal Reserve from cutting interest rates anytime soon. Those are the so-called “golden handcuffs” of low mortgage rates. They began to climb in early 2022 when the Federal Reserve started to hike interest rates in a bid to tamp down high inflation.

Persons: ”, Lawrence Yun, ” Oliver Allen, it’s, Yun Organizations: Washington CNN —, National Association of Realtors, Federal Reserve, Treasury, Pantheon

☆ Judge approves NAR settlement on broker commissions
▼ + stars: | 2024-04-24 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

On Tuesday, Judge Stephen Bough granted preliminary approval to the $418 million antitrust settlement in a Missouri court. Housing experts say the settlement may effectively demolish the current real estate business model. Under the terms of settlement, which was announced in March, sellers’ agents will no longer be required to offer commissions to buyers’ agents. While the settlement does not explicitly spell the end of the traditional 6% commission, split between the seller’s agent and the buyer’s agent, commissions are expected to fall because they will become competitive and negotiable. If sellers are no longer paying buyers’ agents, homebuyers may be on the hook to pay their broker directly.

Persons: Stephen Bough, Matt Hanley, ” Hanley, “ I’m Organizations: CNN, National Association of Realtors, NAR, homebuyers Locations: United States, Missouri, Minnesota

☆ A homebuyer's guide to the real-estate revolution
▼ + stars: | 2024-04-23 | by ( James Rodriguez | ) www.businessinsider.com time to read: +16 min

Real-estate agents' commissions have fluctuated between 5% and 6% of the sale price for decades, despite advances in technology and an influx of agents. The recent lawsuits, which accused the NAR and some of the country's largest brokerages of conspiring to keep agents' commissions unfairly high, could signal the start of a new era. If sellers aren't paying out commissions to buyers' agents, buyers themselves could end up on the hook. For example, what happens if the seller isn't willing to pay the buyer's agent's commission? In most states, the buyer's agent can technically just rebate that extra money to their client.

Persons: Austin Whitt, Whitt, —, I've, Steve Brobeck, Sabrina Brown, they've, Michael Warren, Sellers, Prentiss Cox, it'll, you've, doesn't, Jack Ryan, Ryan, homebuying, Rob Hahn, Wendy Gilch, Gilch, I'm, it's, David Dworkin, Dworkin, Cox, It's Organizations: Realtors, National Association of Realtors, NAR, Consumer Federation of America, Getty, University of Minnesota, MLS, Consumer Federation of, National Housing Conference, Justice Department Locations: Tennessee, Nashville, America, North Carolina, United Kingdom, Australia

☆ What a buyer’s agent will do for you when you’re looking for a new home
▼ + stars: | 2024-04-22 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

The obligations of a buyer’s agent to youLegally and ethically, buyer’s agents have six key obligations to you. Obedience: While they can make recommendations, a buyer’s agent must follow your instructions, assuming you’re not asking them to do anything illegal. Such a body may be known as the real estate commission, the board of real estate or department of real estate. Find out, too, if the agent has availability that will work with your schedule, said David Kent, founder of The Real Buyer’s Agent in Charleston, South Carolina. It also may include what commission you will pay the agent if the seller of a home you buy hasn’t agreed to pay both the listing agent and the buyer’s agent, which is traditionally how it’s been done.

Persons: –, ”, Amy Lessinger, That’s, ” Lessing, Lessinger, else’s, you’re, RESPA, they’re, Jason Abrams, David Kent, Kent, ” Abrams, Abrams Organizations: New, New York CNN, National Association of Realtors, NAR, National Association of Real, Keller Williams Realty Inc Locations: New York, Charleston , South Carolina

☆ I'm a New York real-estate agent who's not worried about losing guaranteed commission. Here's what I'm doing to replace those funds.
▼ + stars: | 2024-04-19 | by ( Ananya Vahal | ) www.businessinsider.com time to read: +6 min

This as-told-to essay is based on a conversation with Mukul Lalchandani, a 44-year-old real-estate agent from New York. I decided to become a real-estate agent so I could prevent other immigrant families from going through the same situation. I've lived in New York for 23 years and have been a real-estate agent for over 15 years. One of the rules is that the seller no longer has to pay a commission to the buyer's agent. Here's what the new commission rules meanThere is a lot of confusion around the commission rule and what it means, especially for buyers.

Persons: Mukul Lalchandani, It's, I've, REBNY, they'll, towners, Sellers Organizations: Service, Business, National Association of Realtors, NAR Locations: New York, Hong Kong, NY

☆ US homes sales dropped last month as March prices reached a record high
▼ + stars: | 2024-04-18 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Sales fell across the country except in the Northeast region, which saw an increase for the first time since November 2023. Rising home prices coupled with mortgage rates stuck at elevated levels means Americans are still dealing with a tough housing market. Sales might not rise meaningfully higher as the Federal Reserve signals that it won’t cut interest rates anytime soon. Then mortgage rates began to decline on hopes that the Fed would cut interest rates aggressively in 2024, but those expectations have been thrown out the window. Mortgage rates have held steady in recent weeks but are poised to rise because they track bond yields, which are climbing on persistently high inflation readings.

Persons: “, Lawrence Yun, haven’t, trickling, Yun, ” Yun, hasn’t Organizations: Washington CNN —, National Association of Realtors, Federal Reserve, NAR Locations: United States, Northeast

☆ New Rule for Buying a Home: Fire Your Real-Estate Agent
▼ + stars: | 2024-04-18 | by ( Albert Fox Cahn | ) www.businessinsider.com time to read: +12 min

She had never purchased a home, and as a lawyer, I just assumed I knew how the system worked: The buyer has an agent, but the seller pays a commission (typically 6% of the sale price) that's split between their agent and the buyer's agent. So my agent wasn't going to find me my dream house, and the work of hunting was basically on me. But the real-estate industry has made it hard for many buyers to understand just how little having an agent can help. The class-action settlement with the NAR is going to make it a lot harder for sellers to be forced to pay for buyers' agents. Going forward, for people like me without an agent, a savvy seller may pay just 3% of the sales price to their own agent instead of 6% to be split with a buyer's agent.

Persons: it's, vouched, Obvious, Stephen Brobeck, Alice, Wonderland, I'd, I've, —, cosmically, Brobeck Organizations: National Association of Realtors, Hunger, US Department of Justice, Realtors, Consumer Federation of America, New York City, NAR Locations: Brooklyn, New York City, McCarren, Williamsburg, New York

☆ March homes sales dropped despite a surge in supply. Here's why.
▼ + stars: | 2024-04-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Rising mortgage rates are likely the cause of the slowdown. Mortgage rates stayed lower in January, in the mid 6% range on the popular 30-year fixed loan. Inventory did improve slightly, rising 4.7% month to month to 1.11 million homes for sale at the end of March. Investors pulled back a bit, making up 15% of sales, compared with 21% in February and 17% in March of last year. Mortgage rates have moved even higher this month, with the average rate on the 30-year fixed hovering around 7.5%, according to Mortgage News Daily.

Persons: Lawrence Yun, It's, Yun Organizations: National Association of Realtors, Investors, Mortgage News Locations: West, That's

☆ Mortgage rates surge past 7%, reaching highest level since November
▼ + stars: | 2024-04-18 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington CNN —Mortgage rates soared this week, breaching the key 7% threshold and extending America’s home affordability crisis. Mortgage rates are climbing based on expectations that the Federal Reserve won’t cut interest rates anytime soon. Mortgage rates track the benchmark 10-year Treasury yield, which has risen to its highest level since November at 4.637%. If inflation stalls any further, or even worsens, mortgage rates could climb higher this year. Housing affordability is being stymied not just by high mortgage rates, but also by elevated home prices nationwide.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, “, Lawrence Yun Organizations: Washington CNN —, Federal, National Association of Realtors, Treasury, Index, NAR

Morgan Stanley raised its price target on Nvidia, calling for more than 15% upside going forward. — Lisa Kailai Han 5:53 a.m.: Jefferies lowers Tesla price target, cites 'self-inflicted' wounds Tesla's troubles may not be over yet, according to Jefferies. The investment firm kept its hold rating on the electric vehicle maker and lowered its price target to $165 from $185. Jefferies analyst Philippe Houchois also said Tesla is plagued by shifting product priorities. — Lisa Kailai Han 5:53 a.m.: Morgan Stanley raises Nvidia price target Nvidia has already rallied more than 72% in 2024.

Persons: Morgan Stanley, Jefferies, Patrick Cunningham, Erik Fyrwald's, Cunningham, — Lisa Kailai Han, Zillow, John Colantuoni, Colantuoni, Scott Schoenhaus, Schoenhaus, Lisa Kailai Han, Hess, Betty Jiang, CVX, Jiang, Tesla, Philippe Houchois, Joseph Moore, Moore, — Fred Imbert Organizations: CNBC, Nvidia, Citi, Management, & Biosciences, Jefferies, National Association of Realtors, Markets, GDRX, Barclays, Chevron, NVIDIA, AMD Locations: Tuesday's, China

☆ 11 U.S. cities where you need to earn over $200,000 to buy a typical home
▼ + stars: | 2024-04-09 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

You'll need to earn just over six figures to buy a typical home in the U.S. right now. San Jose is by far the most priciest place to buy a home, even among 10 other metro areas where qualifying income exceeds $200,000. Some of the wealthiest people in the U.S. live in cities like San Jose, San Francisco and Anaheim. In contrast to California's most expensive markets, the qualifying income needed to buy a typical home in the U.S. overall is $103,835. It's even cheaper in the Midwest and the South, where the qualifying income is $74,967 and $95,511, respectively.

Persons: NAR's Organizations: National Association of Realtors, Thousand Oaks, San, Housing Finance Agency, CNBC Locations: U.S, California, San Jose, Jose, Sunnyvale, Santa Clara , California, Anaheim, Santa Ana, Irvine , California, Francisco, Oakland, Hayward , California, Honolulu, Hawaii, Salinas , California, Diego, Carlsbad , California, Oxnard, Ventura , California, San Luis Obispo, Paso Robles , California, Angeles, Long, Glendale , California, Boulder , Colorado, Naples, Marco Island, Florida, San Francisco, Atherton, Midwest

☆ Baltimore’s economy has been humming. Then a bridge collapsed
▼ + stars: | 2024-04-02 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Baltimore’s regional economy has a lot going for it such as low unemployment and low inflation. That’s well below the national rate of 3.9% in February and ranks 43rd out of 389 regions across the country with more than one million residents. Low inflationThe US economy is still dealing with high inflation, but that’s not much of a problem for the Baltimore metro. Inflation in Baltimore slowed dramatically last year from April to June, falling to a 2.8% annual rise from April’s 5.3%. Like across the country, rising energy prices have recently pushed up overall inflation in the Baltimore metro.

Persons: Francis Scott Key, Prince, it’ll, Matt Rourke, Matt Jaffe, “, ” Jaffe, that’s, That’s, ” Christina DePasquale, Johns, Freddie Mac Organizations: Washington CNN, CNN, Towson, Labor Department, Washington D.C, U.S, Baltimore, Johns Hopkins Carey Business School, National Association of Realtors, NAR, Fed Locations: Baltimore, Port, Baltimore County, Columbia, Boston, Orlando, Atlanta, Washington, Dundalk, Md

☆ The Realtors settlement is already changing the way some Americans buy and sell homes
▼ + stars: | 2024-03-30 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

The mere prospect of a future settlement has already caused some Americans to change their behavior when buying and selling their homes. If approved by a judge, the settlement comes with new rules for Realtors. Potential for lower homebuying costsThe new rules could help lower home prices, experts say. Sales commissions, traditionally shared between a buyers’ agent and the agent who lists a home on the market, are usually between 5% and 6% of a home’s selling price. But, for the time being, buyers’ agents will still be able to see that Hanley isn’t offering them compensation, potentially disincentivizing them from showing his home to clients.

Persons: homebuyers, ”, Debra Dobbs, Jeremy Cannon, Cannon, ” Cannon, “, Matt Hanley, ” Hanley, “ I’m, Hanley isn’t, Hanley, “ We’ve, ‘ Let’s, ’ ”, Mariya Letdin, Letdin, ” Letdin Organizations: CNN, National Association of Realtors, Realtors, ”, NAR, Florida State University Locations: Chicago, Corona , California, Minnesota

☆ 15 cities where the median home price is under $200,000
▼ + stars: | 2024-03-25 | by ( Erin Mcdowell | Madison Hall | ) www.businessinsider.com time to read: +2 min

Home prices in many cities are climbing, but there are still affordable cities to be found. Recently released data by the NAR shows cities with median home prices under $200,000. The average sale price of existing single-family homes is $384,500 in the United States. The NAR released a report in February that tracked the median sales price of existing single-family homes in cities across the country. Here are 15 cities where you can still buy a single-family home for under $200,000.

Persons: —, WalletHub, they're Organizations: NAR, Service, National Association of Realtors, Business Locations: Jackson , Missouri, Montgomery , Alabama, United States, New York, Los Angeles

☆ Should you sell your home now or wait for the Realtor settlement this summer?
▼ + stars: | 2024-03-24 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

The settlement will eliminate the long-standing standard 6% commission paid by the seller, which could ultimately make it cheaper to sell your home post-settlement. The case for getting in on spring homebuying seasonThe settlement could present a major downside to homebuyers. Under the current system, the buyer’s agent’s commission is baked into the total they pay for a home. On top of that, they may be able to avoid having to pay the buyer’s agent’s commission. But in his view, the NAR settlement shouldn’t be a major consideration when it comes to timing.

Persons: it’s, Phil Crescenzo Jr, There’s, he’s, ” Mike Downer, Mike Downer, he’d Organizations: New, New York CNN, National Association of Realtors, Nation One Mortgage Corporation, Buyers, NAR, Coldwell Banker Locations: New York, Naples , Florida

☆ Consumer advocates — and even some Realtors — hail NAR settlement: 'We've opened up the entire industry to competition'
▼ + stars: | 2024-03-24 | by ( Rob Wile | ) www.cnbc.com time to read: +6 min

Now, a landmark settlement with the National Association of Realtors is poised to upend this model. According to consumer advocates, and even some Realtors, it's a win for homebuyers and sellers. And in the months following Covid-19 pandemic reopenings, the hottest U.S. real estate markets were tipped squarely in favor of sellers. It's the same amount of money, but now the buyer gets money instead of a buyer agent, and they can decide what to do with it." What's more, greater competition for clients is likely to result in lower costs across the board, said Ryan Tomasello, a real estate industry analyst with the Keefe, Bruyette & Woods financial firm.

Persons: it's, Mariya Letdin, Letdin, they'll, Doug Miller, Miller, Ryan Tomasello, Keefe, Tomasello, Phil Crescenzo Jr, Crescenzo Organizations: National Association of Realtors, Realtors, homebuyers, Florida State University's College of Business, NBC News, U.S, NAR, Nation One Mortgage Corp Locations: Alhambra , California, Minnesota, Woods

☆ Why buying a home isn't likely to get much cheaper even under Biden's housing plan
▼ + stars: | 2024-03-24 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Biden has a plan to make housing more affordable, but prices might be stuck in the stratosphere. "The effect on the housing affordability crisis is going to be muted. Some of Biden's housing affordability measures would fuel demand further at a time when supply is still historically tight, according to Lawrence Yun, the chief economist of NAR. But the problem with the housing market isn't really that there isn't enough money going toward housing. It's more the red tape and the local opposition that has been the biggest barrier to building housing," Fairweather said.

Persons: Biden, —, Joe Biden's, That's, Daryl Fairweather, Fairweather, Lawrence Yun, Yun, who's Organizations: Service, NAR, Department of Housing, Urban Locations: America

☆ Could real estate go the way of the travel industry? Not just yet
▼ + stars: | 2024-03-23 | by ( John Towfighi | ) edition.cnn.com time to read: +5 min

Sites like Redfin and Zillow provide a way for buyers and brokers to connect online, but the role of real estate agents in closing purchases has persisted. “Ultimately, people will understand what real estate agents really do, especially on the buy side,” Piskorski said. But even with the possibility of major changes, Hale said, one thing will almost certainly remain the same for real estate agents. Currently, the framework of real estate solely emphasizes the buy and sell transaction, said John Bodrozic, co-founder of HomeZada, a real estate tech company. Yet what ultimately differentiates a travel agent from a real estate agent is the value and risk associated with the purchase.

Persons: Tomasz Piskorski, ” Piskorski, Danielle Hale, ” Hale, Hale, “, John Bodrozic, Bodrozic, ”, Bobby Juncosa, Piskorski, ” Juncosa, Juncosa Organizations: CNN — Technology, National Association of Realtors, Columbia Business School, NAR, CNN, Buyers, ” Finance

☆ February home sales spike 9.5%, the largest monthly gain in a year, as supply improves
▼ + stars: | 2024-03-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Sales of existing homes surged 9.5% in February from January to 4.38 million units, on a seasonally adjusted annualized basis, according to the National Association of Realtors. Sales were down 3.3% year over year, but it was the largest monthly gain since February 2023. Sales surged the most in the West, up 19.4%, and the South, up 16.4%. "Additional housing supply is helping to satisfy market demand," said Lawrence Yun, NAR's chief economist. Inventory rose 10.3% year over year to 1.07 million homes for sale at the end of February.

Persons: Lawrence Yun, Yun Organizations: National Association of Realtors . Housing, Mortgage News Daily Locations: West, California, Florida, Georgia

☆ What a $418 million settlement on home-sale commissions may mean for you
▼ + stars: | 2024-03-20 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

As proposed, the settlement would have the NAR completely remove commissions from its MLS system by July. watch nowIn the meantime, it's "business as usual" for buyers and sellers, Cobreiro said. What the settlement could mean for homebuyersThe settlement agreement doesn't say that the buyer's agent will not be paid nor that the buyer's agent cannot charge fees. While commission fees are negotiable between involved parties, knowing what cards you have on the table as a homebuyer will be more important now than before. As a result of the settlement, the seller will no longer be responsible for commission fees for a buyer's agent.

Persons: Cobreiro, Cobriero, Amanda Pendleton Organizations: MLS, Zillow, Federal Reserve

☆ Redfin CEO on NAR settlement: People should have a voice in how much a real estate agent gets paid
▼ + stars: | 2024-03-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRedfin CEO on NAR settlement: People should have a voice in how much a real estate agent gets paidCNBC’s Diana Olick and Redfin CEO Glenn Kelman joins 'Squawk Box' to discuss the legal settlement by the National Association of Realtors, the impact of the settlement on the home buying process, and more.

Persons: Diana Olick, Glenn Kelman Organizations: National Association of Realtors

☆ Ryan Serhant on NAR ruling: Greater transparency is important to bring our industry forward
▼ + stars: | 2024-03-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRyan Serhant on NAR ruling: Greater transparency is important to bring our industry forwardRyan Serhant, Serhant CEO, joins 'Squawk Box' to discuss the recent legal settlement by the National Association of Realtors, what the ruling means for home sellers and realtors going forward, and more.

Persons: Ryan Serhant Organizations: National Association of Realtors, realtors

☆ Premarket stocks: Why Zillow is worried about America’s housing market shakeup
▼ + stars: | 2024-03-19 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Zillow reported that it outperformed the residential real estate industry by 12 percentage points in 2023. That’s because one of the main ways Zillow makes money is through lead generation for real estate agents. “This shift in the structure of real estate transaction costs is too new to understand how it will impact housing market dynamics,” a spokesperson said. Zillow could make even more money if real estate agents offer their services piecemeal, he said. The takeawayThere’s a lot of disagreement between analysts about the future of Zillow and the real estate industry at large.

Persons: Zillow, ”, Dan Kurnos, it’s, Zillow’s, they’ll, who’s, Kurnos, ” Stephen Brobeck, “, It’s, Homes.com, William Blair Organizations: CNN Business, Bell, New York CNN, National Association of Realtors, Realtors, Benchmark Company, NAR, Zillow, Consumer Federation of America, CNN, Bank of America Locations: New York

Search resuls for: "NAR"

25 mentions found