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☆ Home sales: Prices in the US housing market continue to climb
▼ + stars: | 2024-05-22 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

Washington CNN —Rising US home prices are heightening the housing affordability crisis for Americans, especially first-time buyers. Housing affordability takes into account prices, household incomes and mortgage rates. Sales fell in April for the second month in a row as mortgage rates surged past 7%. Mortgage rates track the yield on the 10-year US Treasury note, which moves in anticipation of the Fed’s decisions on interest rates. Low housing affordability typically crimps demand.

Persons: it’s, ”, Lawrence Yun, Freddie Mac Organizations: Washington CNN —, National Association of Realtors, Global, NAR, Federal Reserve, Fed, Treasury Locations: San Diego, Chicago, Detroit, America, ”

☆ Redfin CEO: Housing market will do a little bit better through the rest of the year
▼ + stars: | 2024-05-22 | 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: Housing market will do a little bit better through the rest of the yearRedfin CEO Glenn Kelman joins CNBC's 'Money Movers' to discuss the housing market, rental inflation, a new wave of young home buyers, and more.

Persons: Glenn Kelman, CNBC's Organizations: Housing

☆ Compass CEO Robert Reffkin on housing market: We are now seeing 'more sellers than buyers'
▼ + stars: | 2024-05-22 | 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 EmailCompass CEO Robert Reffkin on housing market: We are now seeing 'more sellers than buyers'Robert Reffkin, Compass co-founder and CEO, joins CNBC's 'Squawk on the Street' to discuss the latest on the existing home sales report, the health of the housing market, implementation of AI, and more.

Persons: Robert Reffkin

☆ Denver's business boom has created labor and housing shortages
▼ + stars: | 2024-05-22 | by ( Ryan Baker | ) www.cnbc.com time to read: +1 min

The city of Denver, Colorado, has undergone notable growth as skilled professionals and businesses move into the state that prides itself on 300 days of sunshine. And I don't think any place checks as many boxes as Denver does," said the city's mayor, Mike Johnston. Now, the city is facing both housing and labor shortages. Denver needs more workers to come in and fill job openings, yet it's already short 70,000 homes. That's about 15% of the price of an average home in Denver, according to real estate site Zillow.

Persons: Mike Johnston, Scott Wasserman Organizations: U.S . Census, Bell Policy Institute Locations: Denver , Colorado, Denver, U.S, Colorado

☆ New York Begins a New Wave of Evictions From Migrant Shelters
▼ + stars: | 2024-05-22 | by ( Luis Ferré-Sadurní | ) www.nytimes.com time to read: +1 min

New York City will begin a new push to evict migrants from its shelter system on Wednesday as the city enters a more aggressive phase in its effort to ease the strain that the migrant crisis has placed on the city’s budget and shelters. The first wave of evictions will affect adult migrants who were given 30-day notices a month ago as part of the city’s push to enforce stricter time limits on shelter stays. Adult migrants who wish to stay longer can receive an extension if the city determines they meet one of several exceptions. As the rules are phased in, they will eventually cover all 15,000 adult migrants that the city is paying to house in an array of hotels, tent dormitories and other buildings. Officials are also seeking to make space for the hundreds of migrants still arriving from the southern border each week.

Persons: Eric Adams Organizations: Democrat Locations: York City

☆ Opinion: Rewatching ‘Notting Hill,’ the truly unbelievable part is Hugh Grant’s house
▼ + stars: | 2024-05-22 | by ( Opinion Laura Beers | ) edition.cnn.com time to read: +11 min

The Notting Hill of the 1990s was still socially heterodox and shabby chic, a neighborhood where a group of 30-something professionals could plausibly have ended up. Even in the late 1990s, such access to disposable income marked the characters in “Notting Hill” out as privileged. Yet, in the 1990s, Notting Hill, long a center of Caribbean immigrant culture and the site of the annual Notting Hill Carnival, underwent a rapid process of gentrification. Between 1995 and 1999, Notting Hill house prices rose by 75%. The colorful terraced houses of Notting Hill, which these days sell for millions of pounds.

Persons: Laura Beers, ”, George Orwell’s, Richard Curtis ’, Julia Roberts, Anna Scott, Hugh Grant, William Thacker, Roberts, Laura Beers Laura Beers, it’s, —, Curtis, Hill’s, Hugh Grant's, Winston, George Orwell, Orwell, Tony Blair’s Britain, Bill Clinton’s America, Grant’s, Tony Blair, Steve Eason, Notting, Spike, Rhys Ifans, Notting Hill, Mike Kemp, San, Spencer Platt, Rishi Sunak’s government’s, Bill, Rewatching Organizations: American University, CNN, MCA, Everett, Notting, Labour, Hulton, Getty, Movement, Housing, Federal Reserve, New York State, Hill ” Locations: American, London, West London, Notting, West, Britain, United States, Young, Notting Hill, Central London, San Francisco, Manhattan, San Matteo, Redwood City, York

CFP Daniel Masuda Lehrman says the two biggest contributors to poverty are housing and cars. I spoke with certified financial planner Daniel Masuda Lehrman founder of Masuda Lehrman Wealth, a Honolulu, Hawaii-based financial planning firm, on how Asians living in poverty can handle several money challenges at once. That's because housing is usually the biggest expense in your budget, says Masuda Lehrman, who specializes in multigenerational wealth. If you have credit card debt, see what hardship options the card issuer offers. Consider a credit card balance transferCredit card debt is expensive.

Persons: Daniel Masuda Lehrman, Masuda, Masuda Lehrman, there's, —, doesn't Organizations: Pacific Islander Heritage, Pew Research Locations: American, America, U.S, Honolulu , Hawaii

☆ I made $600,000 last year from my online business. Skipping college paid off — I'm the first in my family to own a home.
▼ + stars: | 2024-05-22 | by ( Ellen Nguyen | ) www.businessinsider.com time to read: +6 min

This led to me making and selling icons and wallpapers, which was my first experience making money online. I decided not to go to university and instead make money onlineDespite my parents' typical concerns about formal education, I convinced them to give me a year to try making money online before considering university. AdvertisementMy themes became popular, and in 2014, I was approved to sell them on Tumblr's official online store, which significantly increased my income. I expanded my income streams after leaving the startupI started an online store called ULX Store in 2018 to sell my designs and other products. My approach to online business emphasizes starting with one main income stream and then using the earnings from that to diversify into other areas.

Persons: —, Oliur Rahman, wouldn't, Plasso, I'm Organizations: Service, Business, XDA Developers, GoDaddy, YouTube Locations: Dubai

☆ These 6 US cities are the greatest 'engines of the global economy' beating financial hubs like London and Singapore, a study of 1,000 cities worldwide says
▼ + stars: | 2024-05-22 | by ( Polly Thompson | ) www.businessinsider.com time to read: +1 min

Six US cities have been ranked as having world-leading economic vitality by the Oxford Economics Global Cities Index. But while they perform well on economic factors, the cities fall down on governance and quality of life. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . However, according to the latest Global Cities Index from research group Oxford Economics, six US cities are still the leading "engines of the global economy." This story is available exclusively to Business Insider subscribers.

Persons: —, exoduses Organizations: Oxford Economics, Service, Oxford, Dallas, Business Locations: York, Los Angeles, San Jose, Seattle, San Francisco

☆ Want to fit in while in Japan? Follow these unusually specific 'life rules' issued by the government
▼ + stars: | 2024-05-22 | by ( Vivien Soo | Penny Sadler | ) www.cnbc.com time to read: +4 min

But before they pack their bags, they may want to read Japan's "Life and Work Guidebook," which is aimed at helping foreigners fit in. But the chapter on "Daily Rules and Customs" is where foreigners will find specific guidance on "life rules" that illustrate Japan's emphasis on collectivism and respect. Not only party and music levels should be kept to a minimum, but also "voices" and "TV" levels, the guidebook states. A Japanese guidebook for foreigners advises against making noise by using washing machines early in the morning or late at night. "Be sure that your music is not too loud and cannot be overheard outside of the earphones," the guidebook states.

Persons: they're, Recep Organizations: Japan's Immigration Services Agency, Ministry of Foreign Affairs, Cyclists, Getty, Foreigners Locations: Japan, Tokyo, Daj

☆ Jim Cramer says soft Target quarter makes Walmart earnings look even better
▼ + stars: | 2024-05-22 | by ( Matthew J. Belvedere | ) www.cnbc.com time to read: +1 min

Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. Target : Shares were dropping 7% after the retailer on Wednesday reported a soft quarter and missed on earnings for the first time since November 2022. "It just wasn't as strong as the other guys," Jim Cramer said Wednesday. " Williams-Sonoma : The company behind Williams Sonoma, Pottery Barn, and West Elm delivered a huge quarter earnings beat on inline revenue. It's really a terrific situation," Cramer said.

Persons: Jim Cramer's, Jim Cramer, Sun Choe, Cramer, Anthro, Williams, Elm Organizations: CNBC, Club, Target, Walmart, Wall Street Journal, Toll, Urban, Urban Outfitters Locations: Sonoma, Williams Sonoma

☆ Home sales slipped unexpectedly in April, despite big gains in supply
▼ + stars: | 2024-05-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Sales of homes priced below $100,000 fell 7.1% year over year, while sales of those priced over $1 million jumped 40%. The median price of an existing home sold in April was $407,600, an increase of 5.7% year over year. The median price in the Northeast was $458,500, up 8.5% year over year. The median price in the West was $629,600, up 9.3% from April 2023. Correction: The supply of homes priced at more than $1 million was up 34% year over year.

Persons: Lawrence Yun, Yun Organizations: National Association of Realtors, Realtors Locations: Issaquah Highlands, Issaquah , Washington, US, Midwest, West

☆ London's answer to 'Selling Sunset' has just dropped on Netflix — and it's already getting dragged
▼ + stars: | 2024-05-22 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +3 min

Read previewA new reality show, "Buying London," dropped on Netflix on Wednesday, and it's all about London's luxury real estate market. The show is centered on Daniel Daggers and his team of real estate agents at the property company DDRE Global. Daggers says he's sold over £5 billion ($6.4 billion) of real estate over the course of his 25 years in the industry. And it's also been a success for the real estate agents involved. Mary Fitzgerald, a real-estate agent on "Selling Sunset," previously told BI that she has got more clients since appearing on the show and now sells at higher prices than before.

Persons: —, Daniel Daggers, he's, Ken Griffin, Mr, Lauren Christy, Nicole, Rebecca Nicholson, I'm, Carol Midgley, Rosi Walden, Zoe McConnell, it's, Mary Fitzgerald Organizations: Service, Netflix, DDRE, Business, DDRE Global, Guardian, The Times Locations: London, Mayfair, Holland, The, Los Angeles

☆ Williams-Sonoma CEO explains how the company deals with a difficult housing market
▼ + stars: | 2024-05-22 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

In a Wednesday interview with CNBC's Jim Cramer, Williams-Sonoma CEO Laura Alber explained how her company handles a tough housing market. "The customer isn't shopping for as much furniture as they were because of the housing slump, but they are, you know, still updating their homes," Alber said. Williams-Sonoma owns several brands besides its own namesake homewares business, including West Elm and Pottery Barn. The company reported an earnings beat on Wednesday, but saw weakness in its Pottery Barn brand. Alber acknowledged that Pottery Barn was affected by high housing costs but said Williams-Sonoma is doing better than others in the industry.

Persons: CNBC's Jim Cramer, Laura Alber, Alber, we've, Williams, We're Organizations: Sonoma Locations: Williams, Sonoma, what's

☆ Here's how much you have to make across the country just to get by
▼ + stars: | 2024-05-22 | by ( Juliana Kaplan | Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

The survival budget considers expenses such as food, housing, childcare, transportation, and healthcare, in addition to taxes and an emergency fund. Here's what ALICE household survival budgets for a typical family of four look like across the country. The total number of ALICE households jumped 12% between 2010 and 2022, particularly impacting single parents and people of color. During these 12 years, the percent change in single-male-headed ALICE households grew 35%. "Part of the survival budget is there's no savings in there," Hoopes said.

Persons: ALICE, who's, Stephanie Hoopes, United For ALICE, That's, it's, Hoopes Organizations: Service, ALICE, Business, United For, cashiers, Social Security Locations: California, Virginia, Stanton , Kansas, El Paso , Texas, America

☆ Recession is coming — and a raft of companies will fail, warns elite investor Jeffrey Gundlach
▼ + stars: | 2024-05-22 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Read previewPrepare for a recession to strike and companies to collapse as stubborn inflation and sticky interest rates take their toll, Jeffrey Gundlach warned. The economy will suffer a prolonged downturn this year or next, the billionaire investor told Fox Business on Tuesday. Persistently higher rates will drive some companies to ruin and tank the wider economy, he predicted. "I think that higher for longer is going to lead to a recession," Gundlach said. "You're not going to take out Tesla necessarily — they might have other problems, but it's not going to be because of interest rates.

Persons: —, Jeffrey Gundlach, Gundlach, Tesla, it's Organizations: Service, Fox Business, Business, DoubleLine

☆ America's Surge of Dumb Neighborhood Names, Real-Estate Rebrands
▼ + stars: | 2024-05-22 | by ( James Rodriguez | ) www.businessinsider.com time to read: +13 min

Neighborhood names are also shorthand for your rent or mortgage payments. In 2017, real-estate brokers in the historically Black New York neighborhood of Harlem sparked backlash when they tried to rebrand its south end as SoHa. At their best, new neighborhood names bring people together over a shared sense of pride in their little corner of the world. Along the way, these neighborhood names have veered into parody territory. I'm not saying that neighborhood names should be set in stone — in fact, I think it's natural for them to evolve alongside their populations.

Persons: you've, MoRA, Nashville's, they're, Let's, Gill Holland, Holland, Nestor Davidson, David Fagundes, Grant McKenzie, McKenzie, Hakeem Jeffries, Jeffries, Davidson, They're, Bob Dylan's, Marshall, Lily, I'm, Willy, Dirtbag, Little Italy — Organizations: Market, McGill University, University of Maryland, Houston, Financial, Tribeca, McGill, Google, Democratic, New York State Assembly, New York Times, Apple, North Arts District, Congress, Little Locations: Denver, Charlotte , North Carolina, LoSo, Boston, Louisville , Kentucky, NuLu, Austin, America, New York City, Louisville, Holland, North Carolina, Greenwich, Louisville's, Phoenix, Holland's, York, New York, Manhattan, Side, Chelsea, Maryland, Harlem, SoCo, Soho, Dowisetrepla, Charlotte, East Williamsburg

☆ Their Palm Springs Neighborhood Burned More Than 50 Years Ago. They Want Compensation.
▼ + stars: | 2024-05-21 | by ( Audra D. S. Burch | Carlos Jaramillo | ) www.nytimes.com time to read: 1 min

Beginning around the 1940s, a neighborhood near downtown Palm Springs became home to mostly Black and Latino residents. The one-square-mile tract was on the land of the Cahuilla Indians and offered one of the few places minorities could live because of racial housing discrimination. After a federal law change in 1959, these residents were evicted and their homes destroyed to make way for economic development. For years, former residents said they were evicted with little or no notice.

Locations: Palm Springs

☆ A Gen Xer who barely lives above the poverty line sells plasma to cover her rent because she doesn't qualify for government assistance: 'There's a lot of praying and just hanging on.'
▼ + stars: | 2024-05-21 | by ( Allie Kelly | ) www.businessinsider.com time to read: +4 min

Kelley used to drive 30 minutes across the Kentucky border every morning to work as a security guard. A growing number of American households can barely pay their bills but make too much to qualify for government assistance. Kelley can't afford healthcare and has started selling her plasma for extra moneyKelley said her top expenses are housing and food. She also said it's a lot more difficult to qualify for government assistance since she isn't actively supporting children. "If you make too much, there's no help; if you are healthy, there's no help; if you don't have kids, there's no help."

Persons: —, Lisa Kelley, Kelley, she's, ALICE —, ALICE, I've, She's, isn't Organizations: Service, Business, Survey, United Way's, Medicare Locations: Cincinnati, Kentucky, DollarTree

☆ High inflation made finances worse for 65% of Americans in 2023
▼ + stars: | 2024-05-21 | by ( Alicia Wallace | ) edition.cnn.com time to read: +4 min

The Fed on Tuesday released its Economic Well-Being of US Households report for 2023, examining the financial lives of US adults and their families. Inflation made the financial lives “worse” for 65% of US households, according to the report. Three-plus years of high inflation have taken their toll on Americans’ wallets and their psyches. That was especially true in 2022, when US inflation hit 9.1%, its highest annual rate in more than 40 years. Incomes grew healthily in 2023, but so did spending, the Fed report showed.

Persons: ”, Michelle Bowman, Tuesday’s, they’d Organizations: CNN, Reserve, Tuesday, Household Economics, Survey, ”, Federal Reserve

☆ Jamie Dimon warns inflation and higher interest rates may linger — and people are running out of spare cash
▼ + stars: | 2024-05-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Related storiesDimon warned against dismissing inflation and elevated interest rates as temporary headwinds. "That's a different world for real estate. It's a different world for assets. It's a different world for private credit. In his shareholder letter this year, he called out market complacency toward the threats of inflation, interest rates, and recession.

Persons: —, Jamie Dimon, largesse, I'm, Dimon, Warren Buffett, there's, It's Organizations: Service, AlphaSense, Business, JPMorgan, Wall Locations: Ukraine, Gaza, Russia, China, It's

☆ New York tech workers make $135,000 on average, but can't afford the vast majority of apartments on the market
▼ + stars: | 2024-05-21 | by ( Eliza Relman | Madison Hoff | ) www.businessinsider.com time to read: +6 min

Things are so bad that even tech workers, who make some of the highest salaries of any profession, are feeling the crunch. Entry-level tech workers made an average of $75,262 in 2023, and could only afford 2.1% of studio and one-bedroom rental apartments in the city, StreetEasy found. "If these tech employees can't afford housing, then who can?" But even as New York City has created 800,000 new jobs in the last 10 years, it's only built 200,000 new homes. The average tech worker makes 52% more per year than the average worker in New York City, the StreetEasy report noted.

Persons: StreetEasy, Julie Samuels, Samuels, —, Kenny Lee, Eric Adams, Kathy Hochul, Hochul, Adams Organizations: Service, Apple, Business, Tech, New York City, New York State Department of Labor, York City, New York, Yorkers Locations: New York, Manhattan, York City, San Francisco, New York City, StreetEasy, Yorker, York

The 2024 list is out — and the best cities to live in are mostly in the South and the Midwest. AdvertisementThis year's top spots include a few cities consistently ranked among the best places to live, including booming Boise, Idaho, sandstone-hued Colorado Springs, and the southern banking hub of Charlotte, North Carolina. In addition to the availability of jobs and housing, US News & World Report places a strong emphasis on the overall standard of living in each area. AdvertisementAccording to US News & World Report, here are the 15 best places to live in the US. In these spots, residents are pretty satisfied with their lives, homes are relatively affordable, and there are plenty of jobs.

Persons: —, Louis, glamor Organizations: Service, Business, Federal Reserve Bank of St, US News Locations: United States, Boise , Idaho, Colorado, Charlotte , North Carolina, Austin , Texas, Carolina, Greenville, Charleston , South Carolina, Naples , Florida, Naples

☆ China is trying to end its ‘epic’ property crisis. The hard work is just beginning
▼ + stars: | 2024-05-21 | by ( Laura He | ) edition.cnn.com time to read: +7 min

“The policymakers recognize the urgency to prevent an outright property crisis,” said Zhaopeng Xing, senior China strategist at ANZ Research. According to Goldman Sachs, the total value of unsold homes, unfinished projects and unused land in China is about 30 trillion yuan ($4.1 trillion). On Friday, Tao Ling, deputy governor of the PBOC, said the relending program could eventually underpin 500 billion yuan ($69 billion) worth of bank loans to support the buying. The Housing Ministry said Friday that local governments can instruct local state-owned enterprises to help purchase some unsold homes from developers. Just the beginningAddressing the oversupply of unsold homes is only the first step, experts say.

Persons: ”, Zhaopeng Xing, Goldman Sachs, it’s, Tao Ling, Ting Lu, Nomura, Helen Qiao, It’s, Tao, ” Jing Liu, Taylor Wang, Xing, Goldman, Donald Trump, Michelle Lam, Wei Yao, Société Générale Organizations: Hong Kong CNN —, ANZ Research, Goldman, People’s Bank of China, Greater China, Bank of America, Housing Ministry, HSBC, European Union Locations: China, Hong Kong, Hong Kong CNN — Beijing, Beijing, Greater, Société, Japan

☆ The decision to sell your home vs. rent it out is 'complicated,' experts say — what to know
▼ + stars: | 2024-05-21 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

A "For Rent" sign is posted near a home in Houston, Texas, on Feb. 7, 2022. Many Americans are sitting on low-interest-rate mortgages and could face a decision when it's time to move: sell or rent out their existing property. By comparison, the average 30-year fixed-rate mortgage was around 7% in May. That makes qualifying for a second mortgage harder, especially without tapping equity from your original property, Gumbinger said. Plus, if you're using rental income to qualify for the second mortgage, lenders typically only consider 75% of your proceeds, Gumbinger said.

Persons: Keith Gumbinger, Homeownership, Gumbinger, homebuyers Organizations: Federal Housing Finance Agency, Finance, Trump, National Association of Realtors Locations: Houston , Texas

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