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☆ Housing market competition cools off, opening up more inventory and slowing down prices
▼ + stars: | 2023-10-12 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

Competition in the housing market is easing faster than normal this fall, a Zillow report said. The "rate lock" that kept potential sellers on the sidelines because of high mortgage rates is abating. As a result, housing supply ticked with total listings for sale up 0.2% in September from August. AdvertisementAdvertisementCompetition in the housing market is easing faster than normal, as home prices ticked lower last month and inventory loosened up, Zillow said Thursday. AdvertisementAdvertisementAnd the Mortgage Bankers Association said this week that mortgage rate applications inched upwards too.

Persons: —, Zillow, Jeff Tucker, it's Organizations: Service, Mortgage Bankers Association

☆ Home buyers are finally seeing a light at the end of the tunnel, but it is going to be painful for homeowners and sellers
▼ + stars: | 2023-10-10 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

There is no end in sight for high mortgage rates, and sellers are dropping prices. AdvertisementAdvertisementThe housing market is in an ugly place right now for buyers and while things may be stabilizing, that just means pressure will likely shift from buyers to sellers. Redfin CEO Glenn Kelman made headlines in recent weeks with several interviews where he said the housing market had hit "rock bottom." "The housing market is just taking a beating because affordability is at a four-decade low. While the market might not get worse for buyers, sellers are not yet at rock bottom after enjoying years of rising home values.

Persons: —, Glenn Kelman, Kelman, ZIlloq, Paul Bradbury, Zillow, Jeff Tucker, Redfin, Jeremy Grantham, Grantham, David Rosenberg, Rosenberg, Merrill Lynch, Luis M, Alvarez, Tom Barkin, Alou Diarra, Getty Organizations: Service, CNBC, Getty, Cleveland Fed, Altos Research, Rosenberg Research, North, AP, Richmond, Fed Locations: North American

☆ Good news, homebuyers: This fall could finally be a 'sweet spot' in the US real-estate market, Zillow says
▼ + stars: | 2023-10-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

US homebuyers might see a "sweet spot" in the market this fall, said a Zillow economist. Zillow estimates that about 10% of home listings saw a price cut in the week ending September 16 — the most since November. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementUS home prices have risen in the last year due to higher mortgage rates, but Zillow thinks it's a good time to buy — if you have the budget. US home sales have slowed as houses have gotten less affordable, thanks to rising prices which have been driven higher by an inventory shortage and high mortgage rates.

Persons: —, Zillow, it's, Jeff Tucker, It's, homebuyers, Tucker, Freddie Mac Organizations: Service Locations: —

☆ Starter homes may be a thing of the past — millennial and Gen Z homeowners plan to stay put for nearly 2 decades
▼ + stars: | 2023-07-12 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

For millennial and Gen Z homebuyers, purchasing a starter home may be a thing of the past. A starter home is usually the first home a person or family is able to purchase. Currently, nearly two-thirds of all homeowners have mortgage rates at or below 4%, according to Black Knight, a mortgage software and analytics company. Affordable homes are hard to findAs of May, the typical starter home cost about $179,407 nationwide, according to Zillow data provided to CNBC Make It. But between 2017 and 2022, the number of millennials who own their homes increased 64% to 18.2 million.

Persons: Z, Jessica Lautz, Freddie Mac, Black Knight, Jeff Tucker, Zillow, Lautz, Young, Zers, millennials Organizations: National Association of Realtors, CNBC, Bank of Locations: U.S

☆ Home buying costs could spike by 22% if US defaults on its debt
▼ + stars: | 2023-05-11 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Housing costs would spike by 22% with the rate for 30-year, fixed rate mortgages rising above 8%. “While we don’t expect a debt default to occur, if it did, it would have unprecedented effects on the financial system,” said Jeff Tucker, a senior economist at Zillow. If there were to be a debt default, the biggest projected deficit would come in September, with an estimated 23% fewer existing home sales. Mortgage rates tend to follow yields on 10 year Treasury bonds and would likely rise, too. “It is a looming risk about a month away, so it isn’t yet wreaking havoc on 30-year mortgage rates.

☆ The bank crisis threatens to spark a credit crunch as Main Street banks pull back
▼ + stars: | 2023-03-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

A possible consequence of the banking crisis is that households and businesses may soon find it harder to get a loan from their bank. Around $1 trillion in deposits have been pulled from smaller and mid-sized banks since the Fed began hiking rates last year, with half that fleeing banks since SVB collapsed. "The uncertainty generated by deposit movements could cause banks to become more cautious on lending," JPMorgan strategists wrote in a note. "This risk is heightened by the fact that mid- and small-size banks play a disproportionately large role in US bank lending." This likely could impact the trajectory of the economy, as regional and community banks are a massive source of credit to Main Street borrowers.

☆ Home prices are in their longest slump since 2012. Here's what experts think happens next.
▼ + stars: | 2023-03-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

US home prices just fell for the seventh consecutive month, Case-Shiller data showed Tuesday. Here's what economists are saying about the housing market outlook. Over the last year, the Federal Reserve's aggressive interest rate hiking campaign has helped lift mortgage rates sharply, weighing on affordability and demand. Here's what experts have said could come next for the housing market. "Long-term [the housing shortage] puts a floor under demand in this country for newly built homes," he told CNBC on Thursday.

☆ US home prices fell in January for the seventh-straight month
▼ + stars: | 2023-03-28 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US home prices fell for the seventh month in a row in January, even as mortgage rates eased, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index, released Tuesday. Miami had a year-over-year price increase of 13.8%, followed by Tampa with a 10.5% increase and Atlanta with an 8.4% increase. That battle has caused mortgage rates to spike over the past year, resulting in many home buyers being priced out of purchasing a home. Mortgage rates are expected to be volatile for as long as the Fed has to work to pull back runaway inflation. “Just how much prices will rise from winter lows will depend on whether mortgage rates stabilize and creep downward or stay high and volatile.”

☆ Home prices will fall this year but then enter a growth period like the one that started in the late 1980s, Zillow survey shows
▼ + stars: | 2023-03-02 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

US home prices will fall 1.6% in 2023, then rise by an average yearly rate of 3.5% through 2027, a Zillow survey said. Under that scenario, home prices will be up 23% in 2027 from 2021 levels, according to Zillow. In 2023, home prices will fall 1.6%, then rise at an average clip of 3.5% per year from 2024 through 2027, the Zillow Home Price Expectation survey showed. And mortgage rates will decline after the first quarter, most of the economists in the Zillow survey predicted, estimating a 6% rate to linger till the year's end. Zillow's Thursday findings provide a more moderate outlook on a housing market that has some analysts worried of a crash.

The case for falling rentSomething strange is happening in the apartment market. More than 971,000 apartment units were under construction across the US at the end of 2022, the second-largest number on record. There's only so much people are willing to pay,'" said Jon Leckie, a researcher for Rent, a platform that helps landlords market their properties. For now, though, the wave of supply that's already underway should keep rents in check over the next couple of years. Now, as landlords shift their focus from jacking up rents to filling up units, renters can once again look ahead to better days.

WASHINGTON — Renters are on track to get some relief in 2023 as a growing number of indicators suggest the red-hot rental market has started to cool, a shift that could also help bring down decades-high inflation that has been pushing interest rates higher. That shift is good news not only for renters, but for the economy as a whole. “The balance of power in the rental market has really shifted very rapidly to renters,” said Jay Parsons, chief economist for real estate technology firm RealPage. The market has really changed materially.”In the last several months of 2022, online real estate firms Zillow, Redfin and Apartment List recorded significant drops in rental asking prices. “We saw the year-over-year growth in our rent index peak last February, and it’s been decelerating ever since then,” Tucker said.

☆ Here’s what to expect in the housing market this year
▼ + stars: | 2023-01-05 | by ( Anna Bahney | ) edition.cnn.com time to read: +8 min

Washington, DC CNN —Last year was a wild ride in the US housing market. So what’s in store for the housing market this year? “Mortgage rates are really critical to the path of the housing market in the year ahead,” said Jeff Tucker, senior economist at Zillow. “Yes, things have cooled way down in the housing market, but we don’t have a glut of homes for sale,” said Tucker. A plain, boring, vanilla year in the housing market would be a wonderful surprise.”

☆ It's official: Remote work is going to make it easier to buy a home
▼ + stars: | 2023-01-04 | by ( James Rodriguez | ) www.businessinsider.com time to read: +12 min

Remote work pushed housing trends into warp speedIn some ways, the pandemic's housing shifts were a long time coming. The shift to remote work also hastened many people's desire for more space. Across the country, remote workers chose to part ways with roommates or seek out larger homes. Elon Musk asserted his authority at Twitter by putting an end to remote work. On the other hand, as my colleague Aki Ito previously argued, a recession could further ingrain remote work as employers look to cut spending on real estate.

☆ 5 ways to make affordable housing for all in 2023 — from construction laws to mortgage financing
▼ + stars: | 2023-01-01 | by ( Kelsey Neubauer | Alcynna Lloyd | ) www.businessinsider.com time to read: +11 min

Houston has been able to keep its housing affordable in large part because of just this, he said. Jeff Tucker, the chief economist at Zillow, also told Insider that the biggest hurdle to affordable housing was "zoning reform." California has already done this when its citizens voted to pass Proposition 46, which provides funding specifically for affordable housing. It allocated just shy of $1 billion to the multifamily sector, according to CCIM, and is expected to see $13 billion in private funds be pushed into affordable housing. In July, Ginnie Mae, a federally-backed mortgage provider, specifically focused on affordable housing, requested that a manufactured home mortgage program be extended.

☆ This chart shows just how out-of-control rent has gotten: The typical person has to work 64.2 hours just to pay rent — up from 56 hours just two years ago
▼ + stars: | 2022-10-25 | by ( Britney Nguyen | Madison Hoff | ) www.businessinsider.com time to read: +3 min

Demands for rental units are declining as housing costs soar with the price of essentials like food. The average renter in the US would have to work over 64 hours to afford rent, Zillow data shows. Phoenix, Orlando, and Las Vegas are among the metropolitan areas where demand is slowing the most. In metropolitan areas like Phoenix, Orlando, and Las Vegas, demand for rental units is slowing down the most, according to rental-data tracker RealPage. The good news, Tucker said, is that rent growth is "cooling off," and there are more rental homes that will be available.

☆ Home prices are finally falling. But how low will they go?
▼ + stars: | 2022-10-22 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

From the 2006 peak to the 2012 trough, national home prices fell by 27%, according to S&P CoreLogic Case-Shiller Indices, which measures US home prices. Now they are coming down.”With mortgage rates more than doubling since the start of this year, the calculations for a homebuyer have changed considerably. They predict prices will rebound and rise again in 2024, with the median price ticking up 3.3% to 376,000 by the end of 2024. “If our forecast for Fed rate cuts is realized, mortgage rates are likely to fall slightly just as cooling inflation pressures boost real income growth. And Boise, Idaho, where prices surged nearly 60% during the pandemic, is already seeing annual declines, with prices falling 3.9% year over year in September, according to Zillow.

☆ Covid-19 Vaccine Rollout Carries Lessons for Pharma Supply Chains, Says Pfizer Executive
▼ + stars: | 2022-09-24 | by ( Liz Young | ) www.wsj.com time to read: +4 min

Newsletter Sign-up The Logistics Report Top news and in-depth analysis on the world of logistics, from supply chain to transport and technology. As the coronavirus rapidly spread across the U.S. in early 2020, Pfizer and Moderna each threw enormous resources behind the effort to perfect vaccines using novel technology that delivers mRNA, a type of genetic material. With the vaccine still under development, the company began designing its supply chain to rapidly scale up production and to start distribution of millions of doses once regulators approved the vaccine. Trucks carrying the first shipment of Pfizer’s Covid-19 vaccine in December 2020. Pfizer created a shipping container about the size of a suitcase that was packed with vaccine vials and dry ice to keep the doses effective for up to 10 days.

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