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☆ We're still at half the housing inventory of 2016 through 2019, says Redfin's Glenn Kelman
▼ + stars: | 2023-02-16 | 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 EmailWe're still at half the housing inventory of 2016 through 2019, says Redfin's Glenn KelmanRedfin CEO Glenn Kelman joins Brian Sullivan and the 'CNBC Special: Taking Stock' to discuss housing data and what's really going on in the market right now.

☆ A housing market 'trough' is around the corner and should be a welcome relief to real estate firms like Zillow, a Bank of America analyst says
▼ + stars: | 2023-01-17 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +4 min

High mortgage rates and home prices have put the housing market into a deep chill. A Bank of America analyst upgraded real estate stock Zillow from "underperform" to a "buy." A dark cloud is hovering over America's housing market with each week bringing signs of doom and gloom. The rosier view wasn't because of an imminent improvement in the housing market. That's hit Zillow — which earns most of its revenue from lead generation for real estate agents — squarely in the pocket.

☆ First-time homebuyers are pretty much screwed in 2023
▼ + stars: | 2023-01-12 | by ( Alcynna Lloyd | Andy Kiersz | ) www.businessinsider.com time to read: +4 min

Starter homes are typically more affordable houses that are purchased by new home buyers. Their absence has made it difficult for many first-time buyers to afford homeownership. The stark indicator only illustrates that starter homes are vanishing from the US real-estate market. Starter homes are typically smaller, more affordable houses that are purchased by first-time buyers or those on a tight budget. With higher home prices, mortgage rates and property taxes, as well as a possible recession looming in 2023 — that could trigger mass job losses — the odds are stacked against many would-be first-time buyers.

☆ People buying homes on Florida's flood-prone coasts will likely have trouble selling in the future, Redfin CEO said
▼ + stars: | 2023-01-10 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

Climate change is spurring tropical storms in Florida, putting coastal cities at more risk for flooding. Glenn Kelman, Redfin's CEO, said homeowners in flood zones will have trouble selling to regular buyers. Glenn Kelman, the CEO of real estate brokerage Redfin, said it's a problem that is likely to escalate as climate change ramps up. According to Kelman, investors are stepping in because they are the only ones that have the cash and can "withstand the risk posed by climate change." "I visited the Tampa Bay area right after Hurricane Ian hit just to check on the welfare of our own employees.

☆ Millennials are now the 'roommate generation' after being squeezed out of homeownership by high housing costs, said Redfin CEO
▼ + stars: | 2023-01-09 | by ( Robert Davis | ) www.businessinsider.com time to read: +4 min

Redfin CEO Glenn Kelman warns that millennials could become the 'roommate generation' due to high housing costs. Millennial homebuyers may find reprieve in the Midwest or quickly-deflating markets like Boise or Salt Lake City. "We have a whole group of Americans who can't afford homes, and that's happening right as Millennials are coming of homebuying age," Kelman said. One reason is that homes in these markets are typically selling for under their list price. Meanwhile, 59% of homes in Chicago are selling for under their asking price as of October 2022 compared to 45.5% of homes selling for under ask across the US.

☆ A luxury-furniture CEO warns that 'the housing market is collapsing at a level I haven't seen since 2008'
▼ + stars: | 2022-12-09 | by ( Robert Davis | ) www.businessinsider.com time to read: +4 min

RH CEO Gary Friedman told investors on an earnings call this week that the housing market is collapsing. He previously told investors that "anyone who doesn't think we're in a recession is crazy'"Other real estate experts think the market data isn't a perfect indicator of future performance. He points to low homebuyer demand and the Federal Reserve's aggressive interest rate hikes to tame inflation for the market decline. "The housing market has collapsed, and it's gone down pretty viciously as interest rates went up," Friedman said during the call. Meanwhile, Friedman estimated that the luxury housing market, which is RH's primary market, could see a 35% to 40% decline in activity in Q4 because of high interest rates.

☆ Why corporate leaders like Mark Zuckerberg, Jack Dorsey, and Evan Spiegel are all apologizing for the massive layoffs at their companies
▼ + stars: | 2022-11-15 | by ( Sarah Belle Lin | ) www.businessinsider.com time to read: +10 min

Since the pandemic, the largest tech layoffs have been at Meta, Getir, Booking.com, Twitter, Uber, Better.com., Peloton, and Groupon, Layoffs.fyi data show. Now companies in tech are reversing some of the huge hiring that they did in the past couple of years, Lee said. Mark Zuckerberg, MetaFacebook CEO Mark Zuckerberg speaks about "News Tab" at the Paley Center, in New York on October 25, 2019. In the memo he wrote: "Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. Jack Dorsey, ex-CEO TwitterTwitter CEO Jack Dorsey testifies before the House Energy and Commerce Committee in Washington, DC, in 2018.

☆ Big corporate home-flippers bad bet on hot pandemic housing markets could spell relief for fatigued home shoppers
▼ + stars: | 2022-11-15 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

Big home-flipping companies like Opendoor and Redfin are struggling as the housing market cools. Opendoor is slashing prices on homes, while Redfin shut down its home-flipping business. In a move to offload some of the homes in its inventory, Opendoor has slashed prices and offered bonuses to buyers' agents. iBuyer home flipping is flopping in PhoenixWith the housing downturn intensifying, more companies could soon follow in their footsteps — that could mean steeper price cuts for fatigued homebuyers. "So, if iBuyers are moving faster in regards to doing price cuts, there's this spiral effect where they will typically lead and other people will anchor to what those price cuts are."

☆ US home sales will keep falling through 2023, Redfin says: 'Housing companies are in the jungle now'
▼ + stars: | 2022-11-10 | by ( Zahra Tayeb | James Rodriguez | ) www.businessinsider.com time to read: +4 min

Redfin said it expects home sales to keep falling through 2023, as it laid off 13% of its workforce. US housing companies are "in the jungle" now, its CEO said, as buyer demand falters. That means "housing companies are in the jungle now, but Redfin has been there before and come out stronger," Kelman said in separate press release. That would mean the number of existing home sales would drop from roughly 6.1 million in 2021 to roughly 4.3 million in the coming year. "The June layoff was a response to our expectation that we'd sell fewer houses in 2022; this layoff assumes the downturn will last at least through 2023," Kelman said in the memo.

☆ Premarket stocks: The 5 biggest takeaways from earnings season
▼ + stars: | 2022-11-10 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Earnings have been strong: So far, S&P 500 earnings growth has been better than expected. We also saw solid earnings from Apple (AAPL) and record profits from oil giants Chevron (CVX) and Exxon Mobil (XOM). Companies are beating earnings estimates for the third quarter by 1.8% in aggregate, according to FactSet data. More than 50 S&P 500 companies have lowered earnings per share expectations for the fourth quarter, according to FactSet data. Fourth quarter earnings per share predictions have been revised down by 4.3% since October 1, according to Bank of America analysts.

☆ Read the memo Redfin's CEO sent employees announcing that the company is laying off 862 people
▼ + stars: | 2022-11-09 | by ( Robert Davis | ) www.businessinsider.com time to read: +6 min

Read the full memo that CEO Glenn Kelman sent to employees this morning. However, 218 of the employees were offered other roles at the company as part of the wind-down, Kelmann indicates in the memo. If none of these employees accept their new roles, the total layoff will impact about 16% of Redfin's workforce. Read the full email that Kelman sent to Redfin employees:Dear Redfin,We're laying off 862 brilliant, loyal people and also closing RedfinNow. 13% LayoffWith this layoff, the number of employees at Redfin, including those at Rent and Bay Equity, will decline by 13%.

☆ High mortgage rates hit housing
▼ + stars: | 2022-10-26 | 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 EmailHigh mortgage rates hit housingGlenn Kelman, CEO of Redfin, joins Shep Smith to discuss navigating the housing market as interest rates hit their highest level in more than two decades, and mortgage applications drop to a 25-year low.

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