DIRS.INFO The most relevant business & tech news

☆ 20 metro areas expected to see the fastest-appreciating real estate in 2024 and 5 most at risk of declining. Plus, what will happen to mortgage rates, according to a property data firm.
▼ + stars: | 2024-01-15 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

Tight inventory, combined with pent-up demand, kept prices in an uptrend last year despite 23-year-high mortgage rates, according to Selma Hepp, CoreLogic's chief economist. AdvertisementCooling mortgage rates and newly built homes will help bring more houses on the market but won't create enough inventory to outpace demand, wrote Hepp. She isn't expecting much change to mortgage rates but said that they will likely be slightly higher from January to February, in line with historical trends that precede the busy spring sales season. If inflation remains tamed and trending downward, and the Federal Reserve begins cutting rates as a response, declining mortgage rates would follow, she added in an email to Business Insider. Metro area Forecasted YOY % change Redding CA Metropolitan Statistical Area 7.30% Santa Maria-Santa Barbara CA Metropolitan Statistical Area 6.81% Bremerton-Silverdale WA Metropolitan Statistical Area 6.51% Coeur d'Alene ID Metropolitan Statistical Area 6.49% Fairbanks AK Metropolitan Statistical Area 6.38% Santa Rosa CA Metropolitan Statistical Area 6.37% Corvallis OR Metropolitan Statistical Area 6.36% Merced CA Metropolitan Statistical Area 6.32% Bend-Redmond OR Metropolitan Statistical Area 6.29% Mount Vernon-Anacortes WA Metropolitan Statistical Area 6.20% Grand Junction CO Metropolitan Statistical Area 6.09% Longview WA Metropolitan Statistical Area 6.07% Pocatello ID Metropolitan Statistical Area 6.00% Casper WY Metropolitan Statistical Area 5.99% Walla Walla WA Metropolitan Statistical Area 5.88% Lewiston ID-WA Metropolitan Statistical Area 5.87% Santa Cruz-Watsonville CA Metropolitan Statistical Area 5.81% Prescott AZ Metropolitan Statistical Area 5.70% Lakeland-Winter Haven FL Metropolitan Statistical Area 5.67% Kahului-Wailuku-Lahaina HI Metropolitan Statistical Area 5.63%The list below is CoreLogic's forecast for the five metro areas that are at the highest risk of price declines.

Persons: —, Selma Hepp, it's, Hepp, isn't Organizations: Service, Business, Federal Reserve, Redding, Santa Barbara, Metropolitan, Silverdale WA Metropolitan, Coeur, Fairbanks AK Metropolitan Statistical, Santa, Corvallis, Longview, Longview WA Metropolitan, Casper, Casper WY Metropolitan, Walla Walla WA Metropolitan, Lewiston, Prescott, Prescott AZ Metropolitan, Lakeland Locations: Metro, Maria, Santa, Bremerton, Silverdale WA, Coeur d'Alene, Santa Rosa, Merced CA, Redmond, Vernon, Anacortes WA, Longview WA, Pocatello, Casper WY, Walla Walla WA, Santa Cruz, Watsonville CA, Prescott AZ, Haven, Lahaina HI

☆ US home prices jump another 5% on tumbling mortgage rates and tight supply
▼ + stars: | 2024-01-10 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

US home prices climbed 5.2% year-over-year in November, according to CoreLogic. Falling mortgage rates and a dwindling supply have helped prop up the market. AdvertisementUS home prices have continued to climb, according to CoreLogic data, with tumbling mortgage rates helping prop up the nation's supply-starved housing market. The US housing market stagnated last year – but there have been signs of a thaw in recent months, with mortgage rates falling away from 23-year highs. Home prices rose the most in the US's northeastern region in November – with the Rhode Island, Connecticut, and New Jersey housing markets each experiencing double-digit year-over-year growth.

Persons: Selma Hepp, —, Freddie Mac Organizations: Service, Biden Administration, National Association of Realtors Locations: –, Rhode Island , Connecticut, New Jersey, Idaho , Utah, Washington

☆ Home prices are surging — and Detroit gained the most in November, beating Miami for the first time
▼ + stars: | 2024-01-09 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Home prices are rising faster and faster each month, fueled by a decline in mortgage rates. Areas seeing year-over-year price declines in November were Idaho (-1.3%); Utah (-0.4%); and Washington, D.C. (-0.2%). The lower the mortgage rate, the greater the buying power for consumers. While prices are expected to soften slightly later next year, much of that will depend on supply. At current low supply levels and demand increasing due to lower mortgage rates, for now at least, prices have nowhere to go but up.

Persons: Selma Hepp, CoreLogic Organizations: Northeast, Rhode, D.C Locations: Connecticut, New Jersey, Idaho, Utah, Washington

☆ 50 cities showing where rents are surging or dropping compared to home values — and how to determine whether it's worth buying or renting, according to experts
▼ + stars: | 2023-11-30 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

But home prices are still on the rise, according to a November 28 note from Selma Hepp, the chief economist at CoreLogic. The outcome is that many remain renters, which drives up demand for rental property and the cost of rent. If the cost of rent is 20% below the price of owning a home monthly, then it may be comparable. Rent prices are based on listings from Rent.com. For example, take the cost of rent over five years; let's say it's $3,000 x 12 months = $36,000 annually.

Persons: Selma Hepp, they'll, Suzanne Miller, Miller, Price, Shmuel Shayowitz, Shayowitz Organizations: Business, Home, Empire State, Seattle -, Dallas, Fort, Redfin, Kansas, Jacksonville, Birmingham, NA Milwaukee, Phoenix, Boston, Orlando, Virginia, KY, UT, Oklahoma Locations: Redfin . Metro, Seattle, Dallas, Seattle - Tacoma, Bellevue, Everett, Tacoma, Fort Worth, Metro, Columbus, Providence, RI, Kansas City, Angeles, Buffalo, NY, Indianapolis, York, Hartford, Jose, Antonio, Minneapolis, Detroit, MI, Virginia Beach, Louis, Washington, San Diego, Atlanta, Richmond, Cincinnati, San Francisco, Philadelphia, Tampa, WA, Denver, Riverside, CA, Cleveland, Baltimore, Pittsburgh, Charlotte, NC, Orleans, LA, Nashville, TN, Memphis, Raleigh, Louisville, Jefferson County, Houston, Salt Lake City, Miami, Chicago, Sacramento, Vegas, Portland, Austin, New York City

☆ Average homebuyers are beating out Wall Street landlords
▼ + stars: | 2023-11-29 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

The shutdowns of 2020 created a perfect storm for the housing market — and supercharged the clash between Wall Street and regular homebuyers. Given the attention these markets received during the pandemic, it's no wonder that the battle between Wall Street and Main Street became the dominant story of COVID-era homebuying. Advertisement"If Wall Street was really gobbling up Main Street," Sharga told me, "we would see homeownership rates go down." Wall Street landlords have also been increasingly selling off homes to regular people, a Business Insider analysis found. Still circlingWhile average homebuyers have staged a comeback over the past three years, Wall Street isn't ready to jump out of the housing market altogether.

Persons: homebuyers, That's, Wall, elbowed, Rick Sharga, CJ Patrick Company, they're, who've, Axios, Sharga, CoreLogic, Pretium —, John Voorheis, Voorheis, —, Freddie Mac, James Rodriguez Organizations: Rage, Federal Reserve Bank of Philadelphia, Parcl Labs, Labs, National Association of Realtors, Wall Street, Investor, Wall, Tricon, Associates, Investors, Center for Economic Studies, Census Locations: Phoenix, Chicago, homebuilders, homeownership, Dallas, Charlotte, North Carolina, Atlanta

☆ US annual home price growth at 6.1% in September, FHFA says
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsNov 28 (Reuters) - U.S. annual home price growth accelerated again in September, underscoring the rebound of the housing market as it entered the final quarter of the year, data showed on Tuesday. Home prices rose 6.1% on a year-over-year basis in September, up from an upwardly revised 5.8% increase in the prior month, the Federal Housing Finance Agency (FHFA) said. On a quarterly basis, annual house prices increased 5.5% between the third quarter of last year and the comparative period this year. The report also showed prices rose moderately on a month-over-month basis, in line with recent trends. Annual house prices rose the most in the New England and Middle Atlantic regions in August, with gains of 11.4% and 8.3%, respectively, the FHFA data showed.

Persons: Sarah Silbiger, Lindsay Dunsmuir, Paul Simao Organizations: REUTERS, Federal Housing Finance Agency, Federal Reserve, Chicago, Thomson Locations: Washington , U.S, New England, Atlantic, Detroit

☆ Home Prices Hit Fresh Record in September
▼ + stars: | 2023-11-28 | by ( Nicole Friedman | ) www.wsj.com time to read: 1 min

Home sales have slumped from a year ago, but prices aren’t falling because inventory is unusually low. Photo: Gene J. Puskar/Associated PressHome prices rose to a new record in September due to a shortage of homes for sale, even as high interest rates made home purchases less affordable. The S&P CoreLogic Case-Shiller National Home Price Index, which measures home prices across the nation, rose 3.9% from a year earlier in September, compared with a 2.5% annual increase the prior month. The September level was the highest since the index began in 1987.

Persons: Gene J Organizations: Associated Press

☆ US home prices hit another record high in September, rising for the eighth straight month
▼ + stars: | 2023-11-28 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —US home prices continued to rise in September, hitting a new record high and marking the eighth consecutive month of increases, according to data released Tuesday. Even as mortgage rates lingered above 7% in September, historically low inventory continued to push up the price of a home. Prices rose 0.7% in September from the month before, according to seasonally adjusted data from the S&P CoreLogic Case-Shiller US National Home Price Index. Compared to a year ago, the national composite index also rose, with prices up 3.9% from September 2022, the data shows. Higher prices and higher mortgage rates led to crushing affordability challenges for homebuyers in September, bringing existing home sales to 13-year lows.

Persons: ”, Craig Lazzara, Dow, Charlotte ,, Hannah Jones, Jones Organizations: DC CNN, Dow Jones, Las, Realtor.com, homebuyers Locations: Washington, Atlanta, Boston, Charlotte, Charlotte , North Carolina, Chicago, Cleveland, Detroit, Miami ; New York, Tampa , Florida, San Diego, New York, Las Vegas, Portland , Oregon, Northeast, Midwest

☆ US stocks trade mixed as investors hit pause on November rally ahead of Fed comments
▼ + stars: | 2023-11-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +1 min

Stocks traded mixed on Tuesday as investors slowed down on the November rally. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementUS stocks traded mixed on Tuesday as investors pulled back on the November rally ahead of remarks from a cadre of Federal Reserve officials. Policymakers on the docket today include Fed Governors Christopher Waller, Michelle Bowman, and Michael Barr, as well as Chicago Fed President Austan Goolsbee.

Persons: Stocks, —, Christopher Waller, Michelle Bowman, Michael Barr, Austan Goolsbee, Goldman Sachs Organizations: Traders, Federal Reserve, Service, Fed, Chicago Fed, Bank of America, RBC Capital Markets, Here's, Dow Jones

☆ Home prices kept rising even as mortgage rates surged, S&P Case-Shiller says
▼ + stars: | 2023-11-28 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Higher mortgage rates appear to be doing very little to cool home prices. Nationally, prices were 3.9% higher in September compared with the same month a year earlier, up from a 2.5% annual gain in August, according to the S&P CoreLogic Case-Shiller Index. "We've commented before on the breadth of the housing market's strength, which continued to be impressive," Craig Lazzara, managing director at S&P DJI, said in a release. "Although this year's increase in mortgage rates has surely suppressed the quantity of homes sold, the relative shortage of inventory for sale has been a solid support for prices." "Unless higher rates or exogenous events lead to general economic weakness, the breadth and strength of this month's report are consistent with an optimistic view of future results," Lazzara added.

Persons: We've, Craig Lazzara, DJI, Lazzara Locations: Detroit, San Diego, New York, Las Vegas, Phoenix, Portland , Oregon

Consumers grew somewhat more optimistic about the future of the economy in November as expectations about inflation improved, but their sense of the current state of affairs worsened a bit. Still, two-thirds of consumers surveyed still expect a recession to be “somewhat” or “very likely” within the next 12 months. However, that is well above current inflation of 3.2% and forecasts from the Federal Reserve and mainstream economists. In the peak hour from 10 p.m. to 11 p.m. EST, consumers spent $15.7 million a minute, according to online analytics firm Adobe. One thing that might make some consumers happy is that home prices continued to increase in September.

Persons: ”, Dana Peterson, ” Peterson, Jeffrey Roach, Craig J, Lazzara, Lisa Sturtevant Organizations: Conference, Federal Reserve, LPL, “, Adobe, MLS Locations: Detroit, San Diego

☆ 20 US cities where home prices are expected to take off due to affordability and tax advantages — plus where mortgage rates could be by the end of 2024, according to a property-data firm
▼ + stars: | 2023-11-09 | by ( Laila Maidan | ) www.businessinsider.com time to read: +3 min

Contagion from spiking yields quickly trickled into real estate, lifting the average 30-year fixed mortgage rate above 8%. "Even before mortgage rates went up to 8%, we saw significant slowing in home sales activity, and some recent reports pointed to a 12-to-13-year low." But where mortgage rates will be depends on the fed funds rate. Following this trend, CoreLogic indicators forecast that mortgage rates could be at about 6.3% by year-end. Forecasts are based on multiple metrics including home prices, the unemployment rate, real disposable income per capita, and population growth.

Persons: Selma Hepp, Hepp Organizations: Reserve Locations: California

☆ This is the least affordable housing market since 1984. It’s getting worse
▼ + stars: | 2023-11-07 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

Wannabe homebuyers are getting hammered by a painful combination of high mortgage rates and high home prices. For the first time, monthly payments are above $2,500 – and that doesn’t even include taxes, insurance or other fees. Turmoil in the bond market and the Federal Reserve’s war on inflation have driven up mortgage rates to levels unseen since 2000. Aided by emergency action from the Fed, mortgage rates briefly tumbled below 2.7% in late 2020 and early 2021. At today’s rates, monthly payments on a $500,000 home would stand at roughly $3,265 after putting 20% down.

Persons: Ronald Reagan, Andy Walden, They’ve, Freddie Mac Organizations: New, New York CNN, Intercontinental Exchange, ICE, New York Stock Exchange Locations: New York, homeownership

☆ America's cities are vying for a hot new title: best place to ride out the coming dystopia
▼ + stars: | 2023-11-02 | by ( Matthew E. Kahn | ) www.businessinsider.com time to read: +14 min

For decades, cities have duked it out for titles like "best city for business" or "healthiest city in America," but now they're starting to compete for a new title: best place to ride out dystopia. While Sun Belt cities are working to mitigate these challenges, the increased risks also create an opportunity for once forgotten cities. The declaration has been followed up with investments in key areas — climate resilience was one of the four pillars that made up the city's four-year strategic plan released at the start of 2023. And the cities that could become climate havens have their weather downsides — Buffalo will still have some harsh winters, too. If Buffalo, Detroit, Pittsburgh, and other cities succeed in their climate-resilience agendas, they will grow, attracting residents from more at-risk areas of the country.

Persons: Tesla, Byron Brown, Redfin, Matthew E, Kahn Organizations: Los Angeles, Fortune, Sun, National Oceanic, Atmospheric Administration, Association of Environmental, Federal Emergency Management Agency, FBI, Street Foundation, Pittsburgh, The New York Times, University of Southern, Hoover Institution Locations: America, West, Midwest, Dallas, Houston, Atlanta, Buffalo , New York, Detroit, USA, Florida, California, South, Baltimore, Cincinnati, Phoenix, Angeles County, Miami, Dade County, Lake Erie, Buffalo, Duluth , Minnesota, Grand Rapids , Michigan, Chicago, Northern, Pittsburgh, Rust, Los Angeles, University of Southern California

☆ U.S. Home Prices Rose to Record in August
▼ + stars: | 2023-10-31 | by ( Nicole Friedman | ) www.wsj.com time to read: 1 min

The combination of high home prices and rising mortgage rates is making home purchasing unaffordable to many would-be buyers. Photo: Jamie Kelter Davis for The Wall Street JournalHome prices rose in August to a record high as a shortage of homes for sale kept the market competitive. The S&P CoreLogic Case-Shiller National Home Price Index, which measures home prices across the nation, rose 2.6% from a year earlier in August, compared with a 1.0% annual increase the prior month. The August level was the highest since the index began in 1987.

Persons: Jamie Kelter Davis Organizations: The Wall Street

☆ US home prices rose in August for the seventh straight month
▼ + stars: | 2023-10-31 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —US home prices continued to rise in August, hitting a new record high and marking the seventh consecutive month of increases. Prices rose 0.9% in August from the month before, according to seasonally adjusted data from the S&P CoreLogic Case-Shiller US National Home Price Index released Tuesday. Compared to a year ago, the national composite index also rose, with prices up 2.6% from August 2022, according to Case-Shiller data. On a seasonally adjusted basis, prices increased in 19 of 20 cities in August — and Cleveland only missed by a hair. Where prices are rising and falling the mostWhile 12 of the 20 cities reported higher prices in the year ending August 2023 versus the year ending July 2023, seven of 20 cities reported lower prices.

Persons: ”, Craig Lazzara, Dow, Charlotte ,, ” Lazzara, Lazzara Organizations: DC CNN, Dow Jones Indices, “, Cleveland Locations: Washington, Atlanta, Boston, Charlotte, Charlotte , North Carolina, Chicago, Detroit, Miami, New York, —, Las Vegas, West

Home prices rose 0.4% in August and at an annual rate of 2.6%, as low inventories buoyed prices even while mortgages hit the 7% level. The CoreLogic Case-Shiller index for the month found 12 of the 20 cities in the index saw higher prices in August from the year-ago period. home prices continued to rise in August 2023,” said Craig J. Lazzara, managing director at S&P DJI. “The year’s increase in mortgage rates has surely suppressed housing demand, but after years of very low rates, it seems to have suppressed supply even more. Political Cartoons on the Economy View All 604 Images“The affordability challenge is being exacerbated by persistently higher mortgage rates,” said Lisa Sturtevant, chief economist for Bright MLS.

Persons: ”, Craig J, Lazzara, ” Selma Hepp, Lisa Sturtevant, Hannah Jones, That’s, Rhys Williams, It’s, Venkat Balakrishnan, –, Dana Peterson, “, ” Peterson Organizations: Bright MLS, Federal Reserve, ”, Census Bureau, “, Realtor.com, Management, Fed, Conference Board, Hamas, Financial Group Locations: Chicago, New York, Detroit, Las Vegas, “, Israel

☆ How the Fed is using its multi-trillion-dollar balance sheet to fight inflation
▼ + stars: | 2023-10-29 | by ( Bryan Mena | ) edition.cnn.com time to read: +9 min

Washington, DC CNN —The Fed’s fight against inflation is about to enter a new phase, but the central bank’s enormous balance sheet will continue to play a key role. The Fed also manages a multi-trillion-dollar balance sheet that accounts for trillions in government securities and lists how much currency is in circulation. For over a year now, the Fed has been steadily shrinking its balance sheet to help cool the economy. The Fed’s balance sheet is currently at around $7.9 trillion, down from its peak of $9 trillion in early 2022 right before the runoff. They also see alternative scenarios for the end of the balance sheet runoff if there isn’t a recession.

Persons: that’s, Lael Brainard, What’s, Wells, Jerome Powell, JPMorgan Chase’s Jamie Dimon, Jamie Dimon, Krystal Hur, Dimon —, Mr, Dimon, JPMorgan Chase, what’s, Estee Lauder, Kraft Heinz, Yum, Bausch, Eli Lilly, Molson Organizations: CNN Business, Bell, DC CNN, Congress, Fed, Wall Street, JPMorgan, JPMorgan Chase, CNN, HSBC, McDonald’s, China’s National Bureau of Statistics, Bank of Japan, Pfizer, Caterpillar, Marathon Petroleum, Sirius XM, Anheuser, Busch, BP, Chesapeake Energy, US Labor Department, Global, Board, CVS, GSK, Humana, Reuters, Apollo Global Management, Brands, Garmin, Cruise Line Holdings, Qualcomm, Airbnb, PayPal, MetLife, Aflac, AIG, Allstate, Prudential, P Global, Institute for Supply Management, Federal Reserve, ConocoPhillips, Starbucks, Duke Energy, Shopify, Ferrari, Marriott International, Moderna, Fox, Molson Coors, Hyatt, Apple, Motorola, Bank of England, Dominion Energy, Gartner, Restaurant Brands Locations: Washington, Treasuries, China’s, Mondelez, DoorDash, Avis, Shell, Cigna

☆ Australia's tight rental market forces tenants to make tough choices
▼ + stars: | 2023-10-29 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

Reuters GraphicsNEARING THE PEAKMany tenants, particularly in the most expensive city Sydney, have already been priced out of houses. PropTrack data showing house rents nationally were unchanged at A$550 per week, or about A$2,380 ($1,508) per month, in the September quarter. Apartment rents nationally jumped 4% during the quarter, double the June quarter rate of increase, to an average of A$520 per week, making them almost as costly. Prices across Australia's entire rental stock rose 7.6% in the third quarter from a year ago, the largest increase since 2009, according to official data, and similar to gains seen in the U.S. where rental costs have also surged. ($1 = 1.5780 Australian dollars)Reporting by Stella Qiu; Editing by Wayne Cole and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Lara Weeks, Weeks, Cameron Kusher, Michele Bullock, Christian Postiglione, Tim Beattie, Beattie, Stella Qiu, Wayne Cole, Jamie Freed Organizations: REA, Reuters Graphics, Reserve Bank of Australia, Nationwide, ANZ, Housing, Thomson Locations: SYDNEY, Sydney, U.S, Bondi, Australia, Western Australia, Adelaide

☆ After hurricane, Mexican president urges insurers to hurry payouts
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] Hospital worker Jesus Rojas fixes his damaged house in the aftermath of Hurricane Otis in Acapulco, Mexico, October 27, 2023. REUTERS/Alexandre Meneghini/File Photo Acquire Licensing RightsMEXICO CITY, Oct 27 (Reuters) - Mexican President Andres Manuel Lopez Obrador on Friday urged insurance companies to speed up payouts after powerful Hurricane Otis wreaked havoc on Acapulco's beach resorts and surrounding impoverished communities. The storm intensified with unexpected speed just prior to making landfall on Wednesday, becoming the most powerful storm to ever strike Mexico's Pacific coast. In Acapulco, Otis claimed at least 27 lives according to the local governor's tally issued on Thursday, which has not been updated. The investment manager calculated "a high probability" Mexico will get half of the bond's $125-million payment earmarked towards Pacific hurricanes.

Persons: Jesus Rojas, Alexandre Meneghini, Andres Manuel Lopez Obrador, Otis, Lopez Obrador, CoreLogic, Bond, Stefanie Eschenbacher, David Alire Garcia, Rod Nickel Organizations: REUTERS, MEXICO CITY, Hurricane, Investments, Pacific, World Bank, Thomson Locations: Hurricane, Acapulco, Mexico, MEXICO

☆ 3 reasons it could be the right time to buy a home, despite high interest rates
▼ + stars: | 2023-10-22 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Despite high prices and mortgage rates, they said homeownership will pay off for many people in the long-run. Many Americans have been left wondering when — if ever — the time will be right for them to enter the housing market. "Many homeowners first bought their home when interest rates were high — the 50-year average rate on a mortgage is 7.8%," he said. Even if cuts to interest rates cause mortgage rates to fall, they're unlikely to return to the near-zero levels they were in 2022. If and when mortgage rates fall, Yun said that some homeowners who have been eager to move — but have been reluctant to give up their low interest rates — will likely decide to sell.

Persons: homeownership, —, Andy Walden, homebuyers, Jerome Powell, Alex Wong, Daryl Fairweather, Redfin's, Lawrence Yun, Yun, Selma Hepp, Connolly, Mott aren’t, David Meyer, Redfin's Fairweather, Fairweather, There's, there's, Jenna Stauffer, Hepp, Meyer Organizations: Service, National Association of Realtors, ICE Mortgage Technology, CNBC, Federal Reserve, Reserve, CoreLogic, Brigade, Homeowners, International Realty Locations: Washington , DC

☆ The CIO of a hedge fund says he's betting home prices are going to drop at least 15-20% as consumers start to weaken and 'smart money' gets out of the market
▼ + stars: | 2023-10-19 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

Daniel Bustamante, the hedge-fund CIO who won big in his short bet against shares of Carvana last year, is now betting millions of dollars that the housing market will slow significantly. Bustamante's call for home prices is an outlier in terms of where most Wall Street economists see the housing market headed. ATTOMAnother sign that things may go sour in the housing market is that institutional investors, or "smart money", has increasingly stopped buying residential properties, he said. RedfinAgain, Bustamante sees significant downside to home prices ahead. Recession warnings on Wall Street have become quieter in recent months as jobs and consumer spending data have held up.

Persons: Daniel Bustamante, DR, they'll, Bustamante, Bustamante anecdotally, ATTOM Organizations: Bustamante & Co, KB, Federal, National Locations: Carvana, Maricopa County , Arizona

☆ Moody's shares its top 10 cities for home-price appreciation over the next 3 years — including 5 with median prices under $170,000 — with home values on a national basis set to fall further
▼ + stars: | 2023-10-15 | by ( William Edwards | ) www.businessinsider.com time to read: +2 min

But the housing market isn't necessarily locked into a period of sustained high home prices, at least yet, according to housing-focused Moody's economist Matthew Walsh. Walsh told Insider on Thursday that he expects national home prices to fall by around another 4% by the end of the current cycle. Below, we've listed the 10 markets where Walsh sees the highest upside from August 2023 through August 2026. While Walsh is most bullish on these markets, he said the appreciation wouldn't be flashy. We've also listed the current median home price in each market, according to Redfin data.

Persons: Matthew Walsh, Walsh, We've Organizations: National, National Association of

☆ Goldman Sachs shares 10 US metro areas where home prices are still rising — and 10 where houses have gotten cheaper over the last year
▼ + stars: | 2023-10-14 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Aspiring homebuyers won't like what Goldman Sachs has to say about the housing market. Home prices will likely end this year up 1.8% before accelerating by 3.5% in 2024, according to Goldman Sachs' latest projections. By contrast, some cities in the West and Southwest saw prices plunge after soaring significantly during the pandemic. Ten of these metropolitan areas saw outsized property price growth while the other half saw prices decline from 2022. Along with each city is its year-over-year growth, total and annualized price growth since 2000, and median price.

Persons: homebuyers, Goldman Sachs, Roger Ashworth, Goldman, Corelogic, Ashworth Locations: Goldman Sachs, West, Southwest, Denver , Colorado

That changed in September when U.S. central bank officials themselves sensed that progress on housing inflation might have stalled. Data released on Thursday confirmed a jump in shelter prices that, for a month at least, bucked the trend. "The uptick in housing inflation this month was the key surprise. Housing inflation will need to decline sharply over the coming months for us to see inflation near 2%." In the list of risks for inflation to remain elevated, Fed officials in September pointed to "the effects of a strong housing market."

Persons: Sarah Silbiger, Olu Sonola, aren't, Jerome Powell, Kathy Bostjancic, disinflation Powell, Andrew Hunter, CoreLogic, Hunter, Howard Schneider, Paul Simao, Jonathan Oatis Organizations: REUTERS, Rights, Federal Reserve, Fitch, Fed, Nationwide, Reuters Graphics Reuters, Capital Economics, Reuters, Thomson Locations: Washington , U.S, U.S

Search resuls for: "CoreLogic"

25 mentions found