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☆ Market prophet Gary Shilling warns stocks could crash 30% — and says the odds are 'very much in favor of a recession'
▼ + stars: | 2024-03-05 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Stocks may crash 30% and a recession could hit within months, Gary Shilling said. Shilling predicted the housing market would rebound in time, and dismissed de-dollarization fears. AdvertisementA legendary market prophet has warned that overpriced stocks may come crashing down, and a recession might strike within months. "Stocks are very, very expensive now" relative to both corporate earnings and rival assets like Treasury bonds, Gary Shilling recently told the Retirement Lifestyle Advocates radio show. The president of A. Gary Shilling & Co. is known for making several prescient market calls over the past four decades.

Persons: Gary Shilling, Shilling, —, Merrill Lynch's, bitcoin, It's, there's Organizations: Service, Polaroid, Federal Reserve, Fed, Companies, Homes, greenback

☆ Germany’s housebuilding sector is in a 'confidence crisis' as the economy struggles
▼ + stars: | 2024-02-23 | by ( Sophie Kiderlin | In | ) www.cnbc.com time to read: +3 min

Patrick Pleul | Picture Alliance | Getty ImagesGermany's housebuilding sector has gone from bad to worse in recent months. "The housebuilding sector is, I would say, a little bit in a confidence crisis," Dominik von Achten, chairman of German building materials company Heidelberg Materials, told CNBC's "Squawk Box Europe" on Thursday. In January both the current sentiment and expectations for the German residential construction sector fell to all-time lows, according to data from the Ifo Institute for Economic Research. The business climate reading fell to a negative 59 points, while expectations dropped to negative 68.9 points in the month. Habeck pointed to higher interest rates as a key challenge for the economy, explaining that those had led to reduced investments, especially in the construction sector.

Persons: Patrick Pleul, Dominik von Achten, CNBC's, Klaus Wohlrabe, Robert Habeck, Wohlrabe, It's, Achten Organizations: Getty, Heidelberg Materials, Ifo Institute for Economic Research, Hamburg Commercial Bank, PMI, Climate Locations: Germany, Ifo, Heidelberg

☆ Wall Street learns an important lesson. Don’t fight the Fed
▼ + stars: | 2024-02-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

That sudden volatility highlights something that we often write about in Before the Bell: the major mismatch between policymaker and investor expectations for interest rate cuts this year. Federal Reserve officials, including Chair Jerome Powell, have repeatedly said they envision at most three rate cuts in 2024. Wall Street, meanwhile, has ignored those warnings and has opted to practice unflinching optimism instead. It’s not the first time they’ve had to learn an important lesson: Don’t fight the Fed. Bad for the markets, good for the Fed: Markets clearly don’t often take kindly to higher-for-longer interest rates, which can negatively impact earnings and stock prices.

Persons: New York CNN —, Jerome Powell, Dow, It’s, they’ve, Don’t, –, ”, Quincy Krosby, Arnim Holzer, José Torres, Chris Zaccarelli, doesn’t, ” Carl Icahn, Carl Icahn, Icahn, Chris Isidore, JetBlue’s, Samantha Delouya, Lyft, Erin Brewer Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Nasdaq, of Labor Statistics, BLS, Treasury, LPL, Fed, Interactive Brokers, CPI, Independent, Alliance, JetBlue, Spirit Airlines, Analysts Locations: New York, December’s, “, ”

☆ A fight over sewage is preventing Long Island from solving its crippling housing crisis
▼ + stars: | 2024-02-14 | by ( Eliza Relman | ) www.businessinsider.com time to read: +9 min

The people of Suffolk County, Long Island, need to start considering it. Like most of the suburbs surrounding New York City, Suffolk County is suffering from a major shortage of homes. In December, New York Governor Kathy Hochul announced she'll send $59 million to Long Island to deal with water contamination and sewer upgrades. “The governor has said she wants to see more housing on Long Island. Last year, Long Island public officials led the charge against Gov.

Persons: —, Hunter Gross, “, ” Gross, Long, Suffolk County’s, Ed Romaine, Kathy Hochul, you’ve, ”, Joe, Edmund Smyth, ” Smyth, ” Long, Kathy Hochul’s, who’ve, boomers, can’t, that's, Ian Wilder, Nathan Cummings, ” Cummings, Cummings Organizations: Service, Hamptons, Business, Newsday, Republican, ” Long Islanders, Gov, New, Housing Services, Yale Law Locations: Suffolk County, Long, New York City, Huntington, Suffolk, New York, Huntington , Suffolk County, Levittown, Black, Old Lyme , Connecticut

☆ US Accuses Pennsylvania Lender FNB of Redlining in North Carolina
▼ + stars: | 2024-02-05 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) - First National Bank of Pennsylvania was sued on Monday by the U.S. Department of Justice and the state of North Carolina, which accused it of lending discrimination known as redlining in the Charlotte and Winston-Salem, North Carolina markets. Redlining occurs when lenders deny or discourage mortgage applications and loans in neighborhoods based on the race, color, or national origin of people who live there. The Pittsburgh-based bank's redlining allegedly included locating and maintaining nearly all branch locations and mortgage loan officers outside these neighborhoods, and relying on majority-white areas for referrals and loan applications. The lawsuit seeks restitution to victims, a civil fine, an injunction against further redlining and other remedies. The lender ended 2023 with about $46.2 billion of assets and 350 branches in seven states plus Washington, D.C.(Reporting by Jonathan Stempel in New York, editing by David Ljunggren)

Persons: FNB, redlining, Salem, Jonathan Stempel, David Ljunggren Organizations: Reuters, National Bank of Pennsylvania, U.S . Department of Justice, Charlotte, Housing, Winston, Washington , D.C Locations: North Carolina, Winston, Salem , North Carolina, Pittsburgh, Salem, Washington ,, New York

WHAT ARE LOCAL ‘CRIME-FREE’ OR ‘NUISANCE’ ORDINANCES? Photos You Should See View All 45 ImagesAnti-crime and nuisance ordinances have been around for years and are widespread in their usage. More than 2,000 cities nationwide have enacted such policies since the 1990s, according to the Chicago-based Shriver Center on Poverty Law. Critical studies and lawsuits indicate enforcement of nuisance laws frequently occur in poorer neighborhoods and communities of color. Other area cities have rewritten their ordinances, including Faribault in 2022 as it agreed to pay $685,000 to settle a federal lawsuit over the law.

Persons: ”, Corey Bernstein, Devon Orland, “ We’ve, ” Orland, Louis, ___ Hanna Organizations: U.S . Department of Justice, Shriver, Poverty Law, Crime Free Association, DOJ, Housing, National Disability Rights, American Civil Liberties Union, New, New York Civil Liberties Union, U.S . Department of Housing, Urban Development, Louis Park Locations: Minneapolis, Chicago, Anoka , Minnesota, Hesperia , California, Georgia, New York, Rochester, Troy , New York, Peoria , Illinois, Cleveland, Los Angeles, Philadelphia, Norristown , Pennsylvania, Maryland, California, Illinois, California , Illinois , Ohio, Pennsylvania, Golden Valley, St, Bloomington, Faribault, Topeka , Kansas

☆ 'Venice has been lost, but we can still save Florence:' Italy's fight against Airbnb
▼ + stars: | 2023-12-01 | by ( Dan Latu | ) www.businessinsider.com time to read: +4 min

30% of homes in central Florence, Italy, are listed on Airbnb, the Wall Street Journal said. In October, Florence decided to ban all new Airbnb listings in the city center. Florence is not alone in its attempts to limit the reach of short-term rentals. Venice has been lost, but we can still save Florence." Efforts to combat the effects of short-term rentals haven't broken through nationally.

Persons: —, David, It's, Dario Nardella, Florence, Linda Sanesi, Nardella, I'm, Massimo Torelli Organizations: Wall Street Journal, Service, Rome's La Sapienza University, Wall Street Locations: Florence, Italy, Rome's, Florence's, Nardella, New York City, Portugal, Venice

☆ Americans’ debt levels — and delinquencies — are on the rise
▼ + stars: | 2023-11-07 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

The increases in credit card delinquency were the sharpest among borrowers in the range of 30 to 39 years old, according to the New York Fed. Newly delinquent auto loan balances continued to climb, as well, with transitions into serious delinquencies hitting 13-year highs, survey data showed. Still, thanks mostly to higher-quality mortgage loans, overall delinquencies remain below pre-pandemic levels, New York Fed researchers said. Credit card balances, which in the second quarter surpassed the trillion-dollar mark for the first time, continued to grow at historic rates. This year is on pace to have the lowest origination values since 2014, New York Fed data shows.

Persons: ”, Donghoon Lee, “, Mortgage originations Organizations: Minneapolis CNN, Federal Reserve Bank of New, New York Fed, ” New York Fed, Mortgage Locations: Minneapolis, New, New York

☆ Brace for 8% mortgage rates to drag the US housing market into a 1980s-style recession, Wells Fargo warns
▼ + stars: | 2023-10-31 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

The US housing market looks like it's headed for a recession, Wells Fargo has warned. AdvertisementAdvertisementThe Federal Reserve's aggressive interest-rate hikes could be about to trigger a housing-market recession that echoes the slowdown of the 1980s, Wells Fargo has warned. "Although mortgage rates may gradually descend once the Federal Reserve begins to ease monetary policy, financing costs are likely to remain elevated relative to recent norms," they added. Please Lower Interest Rates." AdvertisementAdvertisement"The plea for assistance from housing industry participants, both in the early 1980s and more recently, illustrates the severe impact higher interest rates can have on the residential sector," Dougherty and Barley wrote.

Persons: Wells Fargo, —, Charlie Dougherty, Patrick Barley, Freddie Mac, Jackson, Paul Volcker, National Association of Homebuilders, Jerome Powell, Dougherty, Barley Organizations: Service, Federal, Fed, Wells, National Association of Realtors, Mortgage Bankers Association, National Association of Locations: Redfin

☆ Goldman Sachs sees housing starts next year slumping to their lowest level since the early 1990s
▼ + stars: | 2023-10-23 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Slumping demand and surging mortgage rates are likely to lead to the slowest period for housing sales in 30 years, according to Goldman Sachs. Lurking over all the housing market, though, has been the surge in mortgage rates that have come along with the Federal Reserve's efforts to bring down inflation . Mortgage rates have risen in tandem, rocketing from around 3.8% when the Fed started tightening to more than 7.6% nationally now, according to Freddie Mac data. "We expect this 'lock-in' effect to push existing home sales even lower in the coming months and to limit any rebound next year," Walker wrote. After a robust period in the third quarter, Goldman and most of Wall Street expects GDP growth to slow considerably.

Persons: Goldman Sachs, Goldman, Ronnie Walker, Freddie Mac, Walker Organizations: Federal, Fed Locations: U.S

Black students are far less likely to have access to high school personal finance classes. But high schools with a majority of Black students are less likely to have a guaranteed personal finance course in their high schools. The student debt gapBlack borrowers are disproportionately burdened by student loan debt. Student debt can be daunting, but there are scholarships out there for Black students. 4. Credit discriminationRedlining is a well-known form of credit discrimination , but the issue goes beyond mortgages.

Persons: —, Tiffany Aliche, Pell, Biden, There's, Homeownership, doesn't, Aliche Organizations: Service, Finance, The Institute, College, NPR, National Bureau of Economic Research, Housing, Federal Reserve, Civil, Equal, The Association of African American Financial Locations: Brookings, Zillow

Mortgage rates are likely to stay at frightening levels even after the Halloween season is over. But we may finally see 30-year mortgage rates dip back below 7% next year, Fannie Mae says. "With ongoing affordability constraints and rising mortgage rates, much of that activity has essentially been given back. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.89% last week, according to Freddie Mac data.

Persons: Fannie Mae, they've, Fannie Mae's, Doug Duncan, Freddie Mac, it's Organizations: Zillow Locations: Chevron

☆ Microsoft, Amazon among the companies shaping AI-enabled hiring policy
▼ + stars: | 2023-10-11 | by ( Rachel Curry | ) www.cnbc.com time to read: +7 min

As businesses implement AI in hiring, they must earn and maintain the trust that these processes are working as they should. In partnership with companies including Amazon, Unilever, Koch Industries and Microsoft, the principles address transparency, fairness, non-discrimination, technical robustness, safety, governance and accountability with the use of AI in hiring. Meanwhile, the protocols specify the criteria for third-party AI vendor certification to promote accountability beyond the employer. He cited the potential implications of a video interview, where AI technology could collect data about a candidate's voice, inflection and eye movements. Ultimately, he says communication and consent for reasonable use are two best practices for AI in hiring that employers shouldn't skip.

Persons: Josh Millet, Google's Bard, Eric Reicin, Reicin, Millet, China's iTutorGroup, they're Organizations: Center for Industry, Amazon, Unilever, Koch Industries, Microsoft, BBB, Healthworks, California Supreme, National Bureau of Economic Research, U.S, Commission, Reuters Locations: New York, California

☆ The housing market will drag the economy into a hard landing unless the Fed takes these 'simple steps,' trade groups warn
▼ + stars: | 2023-10-10 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Housing trade groups urged the Federal Reserve to stop hiking interest rates immediately. The NAHB, MBA, and NAR warned that a hard landing is likely, unless the Fed takes two "simple steps." AdvertisementAdvertisementThe Federal Reserve needs to take two "simple steps" to assure that it sticks a soft landing in the economy, according to three housing industry trade groups. AdvertisementAdvertisementThe trade groups pointed out that housing activity accounts for an estimated 16% of GDP in the US. "We urge the Fed to take these simple steps to ensure that this sector does not precipitate the hard landing the Fed has tried so hard to avoid," the letter concluded.

Persons: —, Jerome Powell Organizations: Federal Reserve, NAR, Fed, Service, Reserve, National Association of Home Builders, Mortgage Bankers Association, National Association of Realtors, Treasury, MBS

The storied and fragile lagoon city is not alone in its struggle to manage an onslaught of tourists in the low-cost flight era. But the stakes are particularly high this week as the UNESCO World Heritage Committee decides whether to add Venice to its list of endangered world sites. Critics charge that the tax was rushed through to impress the UNESCO committee that the city is acting to curb mass tourism. The recommendation to downgrade Venice cites not only management of mass tourism, but also the impact of climate change. Venice is one of six sites, including two in war-ravaged Ukraine, that the committee may officially declare to be in danger.

Persons: ’ ’, Michele Zuin, Saint Organizations: UNESCO World Heritage Committee, UNESCO, Venice Locations: VENICE, Italy, Venice, Rome, St, Ukraine, Ukraine’s, Kyiv, Lviv, Nessebar, Bulgaria, Turkey, Kamchatka, Russia’s

☆ One unintended consequence of the unaffordable housing market: Crashing furniture sales
▼ + stars: | 2023-09-12 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

US furniture retailers like RH and Williams-Sonoma are struggling to sell products in a tight housing market. The unaffordable housing market is stretching wallets and making new furniture less of a priority for buyers. A slew of furniture brands have reported weaker earnings in the most recent quarter. Furniture retailers have reported weaker sales as Americans, who are struggling to break into the housing market, aren't buying the usual amount of couches, tables, and home goods. "A housing shortage and the over 20-year high on fixed mortgage rates has slowed down housing activity.

Persons: RH, Hooker, Jeremy Hoff Organizations: Williams, Service, Bloomberg, San Francisco Federal Reserve Bank Locations: Sonoma, Wall, Silicon, Williams, Elm, Virginia

☆ 'We're one gust of wind away from recession': A JPMorgan global strategy chief shares why the economy is still at risk despite rising optimism — and 3 places he's bullish on now
▼ + stars: | 2023-09-01 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

"We're one gust of wind away from recession," Kelly said. While he hasn't seen any cracks in that industry recently, he's wary of dismissing that as a risk, especially if interest rates climb further. The smartest investments to make now are in Europe, Japan, and emerging markets excluding China, Kelly said. But emerging markets are where many of the most tantalizing opportunities are, in Kelly's opinion. An exception within emerging markets is China.

Persons: JPMorgan's David Kelly, Kelly, David Kelly, Kelly inched, It's, hasn't, homebuilding, it's, he's Organizations: Asset Management, Fed, Federal, JPMorgan Asset Management, 19.9x, Japan's Nikkei Locations: Europe, Japan, China

☆ Nvidia, key Powell speech to take center stage next week in midst of Wall Street's August woes
▼ + stars: | 2023-08-18 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

The week ahead will "revolve around three things," Infrastructure Capital Management CEO Jay Hatfield remarked on the week ahead. "Nvidia's earnings, Nvidia's earnings and, to a lesser degree, Jackson Hole." Nvidia earnings Many investors expect Nvidia will beat expectations for the second quarter when it reports results next Wednesday . More commentary from Jackson Hole If Nvidia is the key microeconomic event next week, Jackson Hole will dominate macroeconomic discussion. Powell delivers his address at the annual central bank forum hosted by the Kansas City Fed next Friday morning.

Persons: Jerome Powell, Jay Hatfield, Jackson, Management's Yung, Yu Ma, Hans Mosesmann, Hatfield, Powell, Ross Mayfield, Ray Farris, Fed Governor Bowman, Michael Bloom Organizations: Federal, Infrastructure Capital Management, Dow, Nasdaq, Treasury, Fitch, Federal Reserve, BMO, Nvidia, Rosenblatt Securities, Infrastructure Capital Management's, Kansas City Fed, Fed, Infrastructure Capital, Credit Suisse, Richmond Fed, Federal Reserve Bank of Chicago, PMI, New, Body, Devices, Autodesk, Chicago, . Kansas City Fed Manufacturing, Intuit, Ulta Locations: , Wyoming, China, Infrastructure Capital Management's Hatfield, Powell, . Kansas, Michigan

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsAug 17 (Reuters) - A U.S. judge in Florida on Thursday declined to block the state's law barring citizens of China and other "countries of concern" from owning homes or land in the state. Winsor, an appointee of Republican then-President Donald Trump, denied a bid by four Chinese nationals to block the law pending the outcome of their lawsuit filed in May. Florida's law prohibits individuals who are "domiciled" in China and are not U.S. citizens or green card holders from purchasing buildings or land in the state. The ACLU claims the law violates the U.S. Constitution's guarantees of equal protection and due process and the federal Fair Housing Act (FHA), which prohibits housing discrimination based on race and national origin. The Biden administration filed a brief last month agreeing that the Florida law violates the FHA.

Persons: Dado Ruvic, District Judge Allen Winsor, Winsor, Donald Trump, Ashley Gorski, general's, Ron DeSantis, Biden, Daniel Wiessner, Alexia Garamfalvi Organizations: REUTERS, District, Republican, American Civil Liberties Union, U.S, Chinese Communist Party, ACLU, Housing, Thomson Locations: U.S, Florida, China, Tallahassee , Florida, Cuba, Venezuela, Syria, Iran, Russia, North Korea, Albany , New York

☆ The genius plan that could bring down skyrocketing home prices
▼ + stars: | 2023-08-07 | by ( Eliza Relman | ) www.businessinsider.com time to read: +15 min

Not only did this help to slow down skyrocketing housing costs, it inspired a bipartisan, nationwide expansion of the policy. Home prices in Auckland, New Zealand's biggest city, doubled between 2009 and 2016 and prices across the rest of the country followed close behind. "A typical New Zealand city looks a lot like a typical US city," Gray said. There are three models of housing construction in US cities right now, Gray said. "In terms of an overall objective, I think bringing down house prices to construction costs is an ultimate sign of housing abundance."

Persons: Upzoning, Jenny Schuetz, Matthew Maltman, who's, Ryan Greenaway, Guo Lei, Maltman, There's, Auckland's upzoning, Vicki Been, Bill de Blasio, Schuetz, Nolan Gray, Gray, let's, Brett Coomer, that's, Allison Zaucha, Freemark, we're, Emily Hamilton, Eliza Relman Organizations: Brookings Institute, Auckland, Economic, University of Auckland, New, National Party, Housing, Economic Development, New Zealand, California YIMBY, Urban Institute, Houston, Montana Republicans, George Mason University Locations: New Zealand, Auckland, Australian, Zealand, Auckland , New, New Zealand's, New York, Europe, California, Zealanders, San Francisco, Los Angeles, Phoenix, Houston, Atlanta, Denver, Seattle, Washington, Portland , Oregon, Montana, California . Utah, Minneapolis, New York City

☆ Why it's so hard to build homes in your neighborhood
▼ + stars: | 2023-08-05 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +12 min

Single-family homes in Arlington, Massachusetts. Around 75% of residential land in the United States is zoned for single-family homes only. This has had the effect of encouraging ever-larger single-family homes and limiting housing options, like smaller houses. “You can’t just do it all with zoning reform,” Walla Walla City Manager Elizabeth Chamberlain told CNN. The second wave of single-family zoning laws spread during the 1970s, historians say, and the policies became more restrictive.

Persons: Suzanne Kreiter, ”, Jenny Schuetz, “, —, Ben McCanna, Joe Biden’s, Richard Kahlenberg, Kathy Hochul’s, Elizabeth Chamberlain, “ It’s, Nancy Kaye, William Fischel, Fischel, Carlos Avila Gonzalez, Yonah Freemark, we’re, ” Freemark Organizations: New, New York CNN, Boston Globe, Brookings Metro, Republicans, Portland Press Herald, Getty Images, ”, CNN, Homes, “, Dartmouth University, Homeowners, San Francisco Chronicle, AP, Pew Charitable Locations: New York, Arlington , Massachusetts, United States, “, Maine, Getty Images Minneapolis, Arlington , Gainesville, Charlotte, Walla Walla , Washington, Oregon , California, Washington , Montana, Connecticut , Arizona, ” Walla Walla City, Cities, Louisville , Kentucky, Flushing , Queens, America, San Francisco, Los Angeles , New York City, Seattle, Chicago , Philadelphia, Portland, Washington, Walnut Creek , California, Minneapolis, Portland , New Rochelle , New York, , Virginia, Towns, Walla, Walla Walla

☆ UK lender Virgin Money sticks to annual outlook despite mortgage pressures
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

Signage on display outside of a Virgin Money store in central London, Britain, July 27, 2021. REUTERS/Henry Nicholls/File PhotoAug 2 (Reuters) - British challenger bank Virgin Money UK (VMUK.L) on Wednesday maintained its full-year outlook and reported stable net interest margin (NIM) in the third quarter despite pressure from its mortgages business. Virgin Money has been restructuring itself as it grapples with a drop in footfall and transaction volumes. Virgin Money said higher interest rates were offset by spread pressure in mortgages and continued deposit migration. The London-listed lender also announced its plans to buyback shares worth 175 million pounds ($159.58 million) in fiscal year 2023 and more in 2024.

Persons: Henry Nicholls, Yadarisa, Rashmi Organizations: Virgin, REUTERS, British, Virgin Money, Thomson Locations: London, Britain, Bengaluru

☆ Morgan Stanley: These are the 5 key themes shaping the housing market for years to come, and the 5 stock-market industries filled with opportunities and pitfalls investors need to watch for
▼ + stars: | 2023-08-02 | by ( Mark Reeth | ) www.businessinsider.com time to read: +8 min

Morgan Stanley economists see a stronger housing market cycle and interest rates being cut in 2024. Luckily, Morgan Stanley strategists think the housing market is finally reaching a turning point. That will mark the end of the current craziness and the beginning of a new housing market cycle. As for the US industries and stocks connected to the housing market, Wilson noted that tomorrow's market will bring about different winners and losers. Higher interest rates mean higher mortgage rates, and higher mortgage rates mean lower demand for mortgages.

Persons: Morgan Stanley, Mike Wilson, Wilson, homebuyers, there's, isn't, Morgan Stanley Wilson Organizations: Housing Locations: homeownership, rentership

☆ America's housing market has a unique advantage that makes it more stable than other countries', Morgan Stanley says — and names its 3 favorite stock picks for the recovery
▼ + stars: | 2023-07-29 | by ( Laila Maidan | ) www.businessinsider.com time to read: +2 min

The US housing market is entering a recovery phase, according to a Morgan Stanley note. Like the economy, the housing market goes through boom and bust cycles, including expansion, hyper-supply, recession, and recovery. Investors and homeowners can thank one key feature: the 30-year fixed mortgage rate. The average 30-year fixed mortgage rate as of Friday was 6.66%, up from about 5.3% a year ago and 2.8% two years prior. Below are three US-listed stocks that Morgan Stanley sees upside in for this theme.

Persons: Morgan Stanley, Michelle Weaver, Weaver Organizations: Investors, Federal Reserve

☆ US new home sales fall, but trend remains strong
▼ + stars: | 2023-07-26 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

Summary New home sales fall 2.5% in June; up 23.8% year-on-yearMedian new house price drops 4.0% year-on-yearWASHINGTON, July 26 (Reuters) - Sales of new U.S. single-family homes fell in June after three straight monthly increases, but the trend remained strong as an acute shortage of previously owned homes underpins demand. Economists polled by Reuters had forecast new home sales, which account for a small share of U.S. home sales, would drop to a rate of 725,000 units. New home sales are counted at the signing of a contract, making them a leading indicator of the housing market. While the overall the housing market continues to stabilize, higher mortgage rates and the renewed house price appreciation could delay a recovery. The median new house price in June was $415,400, a 4.0% drop from a year ago.

Persons: Conrad DeQuadros, Richard de Chazal, William Blair, Jerome, Powell, Lucia Mutikani, Andrea Ricci, Paul Simao Organizations: U.S, Commerce Department, Brean, Reuters, Mortgage, Association, National Association of Home Builders, Federal, Treasury, Thomson Locations: WASHINGTON, New York, U.S, Midwest

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