DIRS.INFO The most relevant business & tech news

☆ Amazon Tops UPS and FedEx to Become Biggest U.S. Delivery Business
▼ + stars: | 2023-11-27 | by ( Dana Mattioli | Esther Fung | ) www.wsj.com time to read: 1 min

Amazon.com has grabbed the crown of biggest delivery business in the U.S., surpassing both UPS and FedEx in parcel volumes. The Seattle e-commerce giant delivered more packages to U.S. homes in 2022 than UPS, after eclipsing FedEx in 2020, and it is on track to widen the gap this year, according to internal Amazon data and people familiar with the matter. Postal Service is still the biggest parcel service by volume; it handles hundreds of millions of packages for all three companies.

Organizations: UPS, FedEx, U.S . Postal Service Locations: U.S, Seattle

The latest decline brought the average rate on a 30-year mortgage down to 7.29% from 7.44% last week, mortgage buyer Freddie Mac said Wednesday. “In recent weeks, rates have dropped by half a percent, but potential homebuyers continue to hold out for lower rates and more inventory,” said Sam Khater, Freddie Mac’s chief economist. Political Cartoons View All 1265 ImagesThe average rate on a 30-year home loan climbed above 6% in September 2022 and has remained above that threshold since. Just four weeks ago, it averaged 7.79% — the highest average on record going back to late 2000. The average rate is now at the lowest level it’s been in nine weeks, when it was 7.19%.

Persons: Freddie Mac, “, ”, Sam Khater, Freddie Mac’s Organizations: ANGELES, Treasury, Federal Reserve Locations: U.S

☆ Home sales fell to a 13-year low in October as prices rose
▼ + stars: | 2023-11-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The October sales count is based on closings from contracts likely signed in August and September. At the end of October there were 1.15 million homes for sale, down 5.7% from a year earlier. Sales fell in all price categories up to $750,000, but there was an increase in sales of higher end homes. Yun also noted that there are more homes available for sale on the higher end of the market. First-time buyers represented 28% of October sales, unchanged from a year ago and still significantly lower than the 40% share they have represented historically.

Persons: Lawrence Yun, Yun Organizations: National Association of Realtors

LOS ANGELES (AP) — Sales of previously occupied U.S. homes slumped in October to their slowest pace in more than 13 years as surging mortgage rates and rising prices kept many prospective homebuyers on the sidelines. That’s weaker than the 3.90 million sales pace economists were expecting, according to FactSet. They have fallen five months in a row, held back by climbing mortgage rates and a thin supply of properties on the market. Political Cartoons View All 1260 Images“Lack of inventory along with higher mortgage rates (are) really hindering home sales,” said Lawrence Yun, the NAR’s chief economist. That amounts to just a 3.6-month supply, going by the current sales pace.

Persons: ”, Lawrence Yun, Freddie Mac, homebuyers Organizations: ANGELES, National Association of Realtors, Homes, NAR Locations: U.S

☆ Diwali, the Festival of Lights, explained
▼ + stars: | 2023-11-11 | by ( Manav Tanneeru | Harmeet Kaur | ) edition.cnn.com time to read: +6 min

CNN —More than a billion Hindus, Sikhs, Jains and Buddhists around the world are celebrating Diwali, the festival of lights. Narinder Nanu/AFP/Getty Images• Choti Diwali, or Naraka Chaturdashi: The second day of Diwali marks Lord Krishna’s defeat of the demon king Narakasura. • Diwali, or Lakshmi Puja: The third day of the festival is what people typically think of as Diwali. For some Hindus, Diwali marks Rama and Sita’s triumphant return to their kingdom after 14 years of exile. For Jains, Diwali signifies the day Lord Mahavira, their last spiritual leader, attained physical death and achieved enlightenment.

Persons: It’s, Rafiq Maqbool, Lakshmi, Dhanvantari, Ayurveda, Narinder Nanu, Krishna’s, Narakasura, •, Krishna, Lord Indra’s, • Bhai Dooj, Lord Yama, tilak, Prince Rama, Vishnu, Sita, Ravana, Rama, Sita’s, Xavier Galiana, Lord Krishna’s, Bali, Bandi, Hargobind, Emperor Jahangir, Jahangir, Guru Hargobind, Mahavira, Emperor Ashoka, Manjunath Kiran, patti, Shiva, Parvati Organizations: CNN, Getty, Lord Locations: India, Nepal, Malaysia, Fiji, Homes, Mumbai, AFP, Vrindavan, Bangalore

The latest decline brought the average rate on a 30-year mortgage down to 7.5% from 7.76% last week, mortgage buyer Freddie Mac said Thursday. As mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already out of reach for many Americans. They also discourage homeowners who locked in far lower rates two years ago, when they were around 3%, from selling. This average rate on a 30-year mortgage is now at the lowest level it's been since the first week of October, when it was 7.49%. The average rate on a 30-year home loan climbed above 6% in September 2022 and has remained above that threshold since, reaching 7.79% two weeks ago.

Persons: Freddie Mac Organizations: ANGELES, Treasury, U.S, Federal Reserve Locations: U.S

☆ Biden’s economic scorecard touts fragile advantage
▼ + stars: | 2023-11-09 | by ( Ben Winck | ) www.reuters.com time to read: +11 min

And if the political strategist James Carville was right that “it’s the economy, stupid,” the next several months could make or break Joe Biden’s economic record. As things stand, the current ruler of the free world touts a fragile advantage. Households’ disposable income after adjusting for inflation hit a record $20 trillion in the month that Biden’s measure was approved, according to the Bureau of Economic Analysis. STUDENT LOANSForgiving swaths of student debt was another of Biden’s campaign promises, but his efforts have so far failed. And with higher interest rates making debt service more expensive, Biden’s spending could come back to bite him on election day.

Persons: Joe Biden, Ken Cedeno, James Carville, Joe Biden’s, “, aren’t, Breakingviews, it’s, Biden, Donald Trump, Mitch McConnell, ”, Realtor.com, Congressional Republicans haven’t, haven’t, WALL, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: Edmond's Catholic, REUTERS, Rights, Reuters, House, Republican, AMERICAN, ACT, Brookings Institution, Analysis, Walmart, Nordstrom, Deere, Caterpillar, Republicans, Commerce Department, Micron, Bank of America, Gallup, Federal Reserve, United Auto Workers, RSM, Congressional Republicans, Biden, Reuters Graphics Reuters, Conservative, Thomson Locations: St, Rehoboth Beach , Delaware, U.S, New York, Arizona, West Virginia

☆ A $1.8 billion earthquake just hit the real estate industry
▼ + stars: | 2023-11-05 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

On Tuesday afternoon at a courthouse in Kansas City, Missouri, the collective nightmare of the real-estate industry became reality. For decades, the basic structure of how real-estate agents get paid when they help someone buy or sell their home has remained roughly the same. Here's how it works: When you list your home for sale on an MLS, you're required to offer a commission to the buyer's agent. The good buyer's agents who can prove their value will be fine, Brobeck predicted. The wild thing is, the decision could be just the beginning of tumult for the real-estate industry.

Persons: Burnett, —, Stephen Brobeck, Brobeck, Mike Rosenthal, Rosenthal, Sellers, Saul Klein, you've, Klein, Keller Williams, Bob Goldberg, Inman, Opendoor, James Rodriguez Organizations: National Association of Realtors, NAR, MLS, Consumer Federation of America, Consumer, nab, New York Times, Justice Department Locations: Kansas City , Missouri, Missouri , Illinois, Kansas, California

☆ Real-estate agents may be forced to charge home buyers less, thanks to a new $1.8 billion verdict
▼ + stars: | 2023-11-05 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

On Tuesday afternoon at a courthouse in Kansas City, Missouri, the collective nightmare of the real-estate industry became reality. For decades, the basic structure of how real-estate agents get paid when they help someone buy or sell their home has remained roughly the same. Here's how it works: When you list your home for sale on an MLS, you're required to offer a commission to the buyer's agent. The good buyer's agents who can prove their value will be fine, Brobeck predicted. Buyers might also start making offers on the condition that the seller agrees to pay both agents' commissions — otherwise, no deal.

☆ Bezos makes third losing bet on real estate
▼ + stars: | 2023-11-03 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

It’s not the only questionable real estate decision Bezos has made in the past several years. He announced in a Thursday Instagram post that he will move to Miami, leaving the Washington city where he founded Amazon in 1994. Bezos grew up in the south-Florida city in the early 1980s, and he will return to a two-mansion compound worth some $147 million, according to Bloomberg. Miami-based real estate had a renaissance during the pandemic as people sought warmer climates where they could be outside. Still, the founder is no stranger to real estate bets that don’t always make financial sense.

Persons: Jeff Bezos, It’s, Bezos, Ken Griffin, David Tepper, lockdowns, That’ll, don’t, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, Amazon, Bloomberg, U.S . Federal Housing Finance Agency, Reuters Graphics Reuters, Dade, University of Miami, Homes, Climate, U.S . Federal Aviation Administration, Shepard, Thomson Locations: Miami, Seattle, Florida, Washington, Bezos, Indian, Arlington , Virginia, Arlington, Cape Canaveral

The decline brought the average rate on a 30-year mortgage down to 7.76% from 7.79% last week, mortgage buyer Freddie Mac said Thursday. As mortgage rates rise, they can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already out of reach for many Americans. The average rate on a 30-year home loan climbed above 6% in September 2022 and has remained above that threshold since. And higher yields on 10-year Treasurys tend to push up mortgage rates. The average rate was unchanged from last week at 7.03%.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, it’s, Lisa Sturtevant, Bob Broeksmit Organizations: ANGELES, Treasury, U.S, Federal Reserve, Bright MLS, ”, Treasury Department, Mortgage, Association, “ Locations: U.S

LOS ANGELES (AP) — A series of court challenges are seeking to upend longstanding real estate industry practices that determine the commissions agents receive on the sale of a home — and who foots the bill. But already the NAR and several real estate brokerages are facing another lawsuit over agent commission rules. As home prices have soared in recent years, pushing the national median sales price to $394,300 as of September, so have agents’ commissions. Traditionally, that works out to a 5% to 6% commission split roughly evenly between the buyer’s and seller’s agents. “The real solution is for buyers to be able to finance the buyer-agent commissions as part of their mortgages.

Persons: “, ” Mantill Williams, Williams, Fresh, ’, ” Williams, ”, Stephen Brobeck, Max, Brobeck, Michelle Chapman Organizations: ANGELES, National Association of Realtors, NAR, Western, of, Redfin Corp, Weichert Realtors, Compass Inc, “, Consumer Federation of America, Inc, MLS, Associated Locations: Missouri, U.S, of Missouri, New York

☆ Cramer: This market has put investors in a box. This is how we break out of it
▼ + stars: | 2023-10-29 | by ( Jim Cramer | ) www.cnbc.com time to read: +12 min

How can you not keep the federal funds rate higher for longer when you get a U.S. GDP number that surpasses the real GDP of China. He sees the three Oreos taken out of the bag and the higher price nonetheless. The average person hurt by higher rates is collateral damage to the greater anti-inflation mission. All the market has to do is reach a price level that is too darned compelling. And who says we won't see higher rates until the horizon is at last upon us?

Persons: aren't, Estee Lauder, Jerome Powell, Powell, it's, He's, calvary, Jim Cramer's, Jim Cramer, Jim, Squawk, Virginia Sherwood Organizations: Treasury, Signature Bank, Silicon Valley Bank, First, Bank, Federal Reserve, Disney, Fed, Costco, Homes, Jim Cramer's Charitable, CNBC Locations: U.S, China, Russia, Saudi Arabia

WASHINGTON (AP) — The Justice Department has secured a $9 million settlement with Ameris Bank over allegations that it avoided underwriting mortgages in predominately Black and Latino communities in Jacksonville, Florida, and discouraged people there from getting home loans. Garland has prioritized civil rights prosecutions since becoming attorney general in 2021, and the current administration has put a higher priority on redlining cases than before. The anti-redlining effort has now secured $107 million in relief, including the Ameris settlement, which a judge must approve. A $31 million settlement with Los Angeles-based City National in January was the largest for the department. The Ameris case is the first brought by the department in Florida, said Roger Handberg, the U.S. attorney for the Middle District of Florida.

Persons: Biden, General Merrick Garland, “ Redlining, ” Garland, Garland, redlining, Roger Handberg, ”, Kristen Clarke, Ken Sweet Organizations: WASHINGTON, Justice, Ameris Bank, Ameris, National, Middle, Middle District of, ___ Associated Press Locations: Black, Jacksonville , Florida, Atlanta, Jacksonville, Homeownership, Los Angeles, Florida, U.S, Middle District, Middle District of Florida, ”, ___, New York

LOS ANGELES (AP) — The cost of financing a home surged again this week with the average long-term U.S. mortgage rate at its highest level since December 2000. The average rate on the benchmark 30-year home loan rose to 7.63% from 7.57% last week, mortgage buyer Freddie Mac said Thursday. The average rate rose to 6.92% from 6.89% last week. The average rate on a 30-year mortgage is now more than double what it was two years ago, when it was just 3.09%. The weekly average rate on a 30-year mortgage has remained above 7% since mid-August and is now at the highest level since Dec. 1, 2000, when it averaged 7.65%.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Bob Broeksmit Organizations: ANGELES, “, Mortgage, Association, ”, Treasury, U.S Locations: U.S

“Clearly, the story of limited inventory and rising and rising mortgage rates continues to hinder the home sales market,” said Lawrence Yun, the NAR’s chief economist. Political Cartoons View All 1211 ImagesYun also said he expects mortgage rates will ease by next spring. Mortgage rates have been climbing along with the 10-year Treasury yield, which lenders use as a guide to pricing loans. That amounts to just a 3.4-month supply, going by the current sales pace. The combination of higher mortgage rates and rising prices has particularly hurt first-time homebuyers who don't have any home equity to put toward their down payment.

Persons: That’s, “, ”, Lawrence Yun, Yun, Freddie Mac Organizations: ANGELES, National Association of Realtors, Sales, Treasury, U.S, Homes, NAR Locations: U.S

☆ The majority of Americans think they're better off financially than their parents were—especially Gen Z
▼ + stars: | 2023-10-17 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +3 min

Despite this, a slight majority of adults say they're doing better financially than their parents were at their age, according to a recent LendingTree study . Just over half — 51% — of adults say they're in a better financial position than their parents were at their age. The more money they make, the more likely people are to think they're better off than their parents, LendingTree found. Among households earning $100,000 a year or more, 79% say they're doing better than their parents. Interestingly, though, adults who have their own children are more likely to say they're doing better financially than their parents were at their age.

Persons: it's, LendingTree, Gen Zers, they're, Gen, Millennials, flack, X, Gen Xers Organizations: Pew Research, National Institute on Retirement, CNBC

Abu Assi said he had found life in the Gaza Strip, one of the world's most densely populated places, interesting, but nine days ago his life changed. It’s unsafe, it’s not fair," said Abu Assi, whose parents gave Reuters permission to speak to him as he is a minor. “The war really has affected Gaza in a horrible way. Britain's foreign office on Friday updated its travel guidance to tell its citizens in Gaza to follow Israeli advice and relocate to southern Gaza. "Maybe I could leave Gaza, if Rafah does open, then Alhamdulillah (praise be to God), maybe I could leave because of the bombs.

Persons: Abu Assi, “, It’s, I’ve, ”, Michael Georgy, Sharon Singleton Organizations: British, Hamas, Thomson Locations: GAZA, Gaza, Rafah, Egypt, Israel, Gaza’s, Khan, Kippur, Palestinian, “

The average rate on the benchmark 30-year home loan rose to 7.57% from 7.49% last week, mortgage buyer Freddie Mac said Thursday. The average rate on a 30-year home loan climbed above 6% in September 2022 and has remained above that threshold since. This marks the first 12-month period that the benchmark mortgage rate has been at 6% or higher since the early 2000s. It's now at the highest level since Dec. 1, 2000, when it averaged 7.65%. "With mortgage rates well above 7%, some prospective homebuyers are turning to ARMs to lower their monthly payment in the short term amidst these high mortgage rates,” said Bob Broeksmit, the MBA's CEO.

Persons: Freddie Mac, It's, ”, Hannah Jones, there's, Bob Broeksmit Organizations: ANGELES, —, Mortgage, Association, Treasury, U.S Locations: U.S

Homes a tenth the size of Mar-a-Lago on tiny inland lots sell for that in the Town of Palm Beach, a wealthy island enclave. It is also a club, private beach resort, historical artifact and banquet hall with a ballroom that features gold leaf. The much smaller Palm Beach compound once owned by the Kennedy political dynasty sold for $70 million three years ago. SO HOW DID PALM BEACH COUNTY COME UP WITH SUCH A LOW TAX ASSESSMENT? If Mar-a-Lago had a $1 billion assessed value, it’s property tax bill would be approximately $18 million.

Persons: Donald Trump's Mar, Trump, Judge Arthur Engoron, Liza Pulitzer, ”, Pulitzer, Brown Harris Stevens, Rob Thomson, Marjorie Merriweather Post, E.F, Hutton, Richard Nixon, Gerald Ford, Jimmy Carter, Mona Lisa, Renoir, Eli Beracha, Lago, ” Beracha, Thomson, Kennedy, Becky Robinson, Jared Moskowitz, Robinson, Letitia James, James, — Organizations: New, Palm, Trump, Waterfront Properties, Historic Landmark, Post, Mar, Florida, Hollo, Real, U.S . Rep, South, South Florida Democrat, Trump , New York Locations: FORT LAUDERDALE, Fla, York, Florida, Palm Beach, Intracoastal Waterway, Post, Mar, Lago, summering, New Jersey, Trump, South Florida, Trump ,, New York

LOS ANGELES (AP) — The cost of financing a home surged again this week as the average long-term U.S. mortgage rate climbed to its highest level since December 2000, further dimming the affordability outlook for many would-be homebuyers. The average rate on the benchmark 30-year home loan rose to 7.49% from 7.31% last week, mortgage buyer Freddie Mac said Thursday. The average rate on a 30-year mortgage is now more than double what it was two years ago, when it was just 2.99%. The weekly average rate on a 30-year mortgage has remained above 7% since mid-August and is now at the highest level since Dec. 8, 2000, when it averaged 7.57%. Mortgage rates have been climbing along with the 10-year Treasury yield, which lenders use as a guide to pricing loans.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s Organizations: ANGELES, Mortgage, Association, Federal, Treasury, Federal Reserve, U.S Locations: U.S

☆ New England states join to buy offshore wind power as US industry struggles
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +3 min

By joining forces, the states hope to counter the pain rippling across the nascent U.S. offshore wind industry, which is expected to play a key part in decarbonizing the power sector and revitalizing domestic manufacturing. The three states will seek multi-state offshore wind proposals for selection in 2024 for up to 6,000 megawatts (MW) of power. “One year ago, Avangrid was the first offshore wind developer in the United States to make public the unprecedented economic headwinds facing the industry," Avangrid said in a release. Avangrid has said it planned to rebid the Park City project in future offshore wind solicitations. Those Massachusetts power companies include units of Eversource Energy (ES.N), National Grid (NG.L) and Unitil (UTL.N).

Persons: Brian Snyder, Maura Healey, Avangrid, France's, Scott DiSavino, Aurora Ellis Organizations: REUTERS, American, Offshore WINDPOWER Conference, Eversource Energy, Grid, Shell, Thomson Locations: Rhode, U.S, New England, Massachusetts, Rhode Island and Connecticut, Connecticut, Boston, Park City, United States, Park

☆ Stock futures are little changed after Tuesday's sharp losses: Live updates
▼ + stars: | 2023-09-26 | by ( Hakyung Kim | ) www.cnbc.com time to read: +2 min

Dow Jones Industrial Average futures rose by 34 points, or 0.1%. Futures linked to the S&P 500 inched up 0.1%, while Nasdaq 100 futures added 0.1%. Economists' estimates called for 695,000, per Dow Jones. Economists polled by Dow Jones had forecasted 105.5. Economists expect they declined 0.5%, according to Dow Jones.

Persons: Dow, Dow Jones, Rob Haworth, Blanke, Robert Schein, Schein Organizations: Dow Jones Industrial, Nasdaq, Costco, Homes, Census Bureau, Department of Housing, Urban Development, Conference, Bank Asset Management, Micron Technology Locations: U.S

Asian shares were mixed on Friday after another slump on Wall Street driven by expectations that U.S. interest rates will stay high well into next year. Political Cartoons View All 1173 ImagesTokyo's Nikkei 225 fell 0.2% to 32,501.59. Why chance their big swings when Treasurys are paying higher interest. That in turn could give the Fed more reason to keep rates higher for longer. Manufacturing and the housing industry have felt the sting of higher interest rates in particular and have struggled more than the broad job market.

Persons: Hang Seng, Sensex, Australia's, Telsa, Splunk Organizations: Bank of Japan, Federal Reserve, Fed, Dow Jones, Nasdaq, Big Tech, Nvidia, Cisco Systems, Cisco, Wall Street, FedEx, Treasury, Manufacturing, New York Mercantile Exchange, Brent, U.S Locations: Hong Kong, Shanghai, Tokyo, Seoul, Sydney, Hong, Wall, U.S

Climate Alliance and the Biden administration are expected to announce a pledge Thursday to quadruple the number of heat pumps in U.S. homes by 2030, from 4.7 million to 20 million. Heat pumps use little electricity, yet are able to heat and cool buildings. Buildings account for more than 30% of global greenhouse gas emissions. The pledge on heat pumps is a collection of state initiatives to work toward the goal of ramping down emissions to zero by 2050. Alliance governors have pledged to collectively reduce their greenhouse gas emissions by at least 26% by 2025 and at least 50% by 2030, compared to 2005 emission levels.

Persons: Biden, Jay Inslee, Stephen Porder, ”, Amanda Smith, we’ve, Janet Mills, “, Ali Zaidi Zaidi, Kathy Hochul, Alexandra Rempel Organizations: U.S . Climate Alliance, Washington, Brown University, U.S, Heat, International Energy Agency, “, New, University of Oregon, AP Locations: U.S, Pennsylvania, Providence , Rhode Island, Maine, Washington , New York, California, Paris

Search resuls for: ". Homes"

25 mentions found