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☆ Governors, Biden administration push to quadruple efficient heating, AC units by 2030
▼ + stars: | 2023-09-21 | by ( ) www.cnbc.com time to read: +5 min

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

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

LOS ANGELES (AP) — Sales of previously occupied U.S. homes fell for the third month in a row in August, as higher mortgage rates, rising prices and a dearth of properties on the market shut out many would-be homebuyers. Would-be homebuyers are also seeing their purchasing power diminish as mortgage rates push higher. Mortgage rates have been echoing moves in the 10-year Treasury yield, which lenders use as a guide to pricing loans. The yield has been climbing amid expectations that the Federal Reserve will keep short-term interest rates higher for longer to fight inflation. “It's possible mortgage rates may go up to 8% in the short run,” Yun said.

Persons: ”, Lawrence Yun, Yun, Freddie Mac, “, ” Yun Organizations: ANGELES, National Association of Realtors, “, Buyers, NAR, Treasury, Federal Reserve, Federal Locations: U.S, It’s

General view of flood water covering the area as a powerful storm and heavy rainfall hit Al-Mukhaili, Libya September 11, 2023, in this handout picture. As the storm moved along the North African coast, Egypt's authorities sought to calm its worried citizens by telling them Daniel had finally lost its strength. For Greece, the storm that formed on Sept. 4 followed a period of blazing heat and wildfires. Before Storm Daniel struck, hydrologist Abdelwanees A. R. Ashoor of Libya's Omar Al-Mukhtar University had warned that repeated flooding of the wadi posed a threat to Derna. Yet even better-resourced Greece struggled to deal with the power of Storm Daniel.

Persons: Daniel, Storm Daniel, Suzanne Gray, Christos Zerefos, Leslie Mabon, hydrologist, Omar Al, Mukhtar University, Edmund Blair, Mark Heinrich Our Organizations: REUTERS Acquire, Ahram, Britain's University of Reading, International Federation of, Red Crescent Societies, Academy of Athens, The Open University, Homes, Thomson Locations: Mukhaili, Libya, Handout, Greece, Derna, ATHENS, LONDON, Thessaly, Britain

☆ Factbox: US offshore wind projects facing inflation headwinds
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +10 min

One megawatt (MW) can power about 1,000 U.S. homes but since wind is an intermittent resource - 1 MW of offshore wind can power about 500 U.S. homes, according to offshore wind developers. SOUTH FORKDenmark's Orsted (ORSTED.CO), the world's largest offshore wind power developer, is building the 132-MW project off Rhode Island and Massachusetts. COMMONWEALTH WINDThe 1,232-MW project off Massachusetts, which was formerly a part of the larger New England Wind project, is also facing potential delays. ATLANTIC SHORES OFFSHORE WIND SOUTHThe joint venture between Shell and French EDF is developing a large offshore wind park off New Jersey. MARWINMaryland's first offshore wind project is expected to start operations in 2025-2026.

Persons: Joe Biden, Kevin Lamarque, Joe Biden's, GW, Lazard, Vineyard, Orsted, Eversource, NYSERDA, Norway's Equinor, Avangrid, MARWIN, Nerijus Adomaitis, Nichola Groom, Scott DiSavino, Marguerita Choy Organizations: Federal, State, White, REUTERS, U.S, U.S . Department of Energy, Reuters, Washington , D.C, U.S . Energy Information Administration, Avangrid, Copenhagen Infrastructure Partners, Public Service Enterprise, Orsted, Eversource Energy, Rhode Island Energy, Dominion Energy, Virginia Beach, Dominion, NYSERDA, COMMONWEALTH, Shell, EDF, US, Italy's Renexia SpA, US Wind, Thomson Locations: Washington , U.S, U.S, New England, New York, Pennsylvania, Washington ,, Spanish, Copenhagen, Rhode Island and Massachusetts, New Jersey, Rhode, Connecticut, Orsted, VIRGINIA, Virginia, York, Long, Montauk, Massachusetts, French, ATLANTIC, Atlantic Shores, Italy's Renexia, Maryland

☆ 'House-rich' Americans are sitting on nearly $30 trillion in home equity. Here's how to tap it
▼ + stars: | 2023-09-07 | by ( Jessica Dickler | ) www.cnbc.com time to read: +1 min

Thanks to skyrocketing housing prices, homeowners are now sitting on nearly $30 trillion in home equity, according to the St. Louis Federal Reserve — just shy of the 2022 peak. How to tap your home for cashFactor in the terms, rates and risksWhen it comes to borrowing against your home, the terms can vary greatly, according to a LendingTree report that analyzed more than 580,000 home equity loan offers across the country. The average home equity loan amount offered to homeowners is $104,102, LendingTree found. Access to HELOCs has improved, although the most preferable terms still go to borrowers with higher credit scores and lower debt-to-income ratios. "Though a home equity loan can be a good way to pay for big expenses, like major renovations, or to consolidate high-interest debt, getting one isn't without drawback," added Jacob Channel, LendingTree's senior economist.

Persons: Louis Federal Reserve —, LendingTree, Nicole Bachaud, Jacob, LendingTree's Organizations: Louis Federal Reserve Locations: Homes, Iowa, Maryland

☆ Buying Is Just the Beginning. What Does It Really Cost to Own a Home?
▼ + stars: | 2023-09-07 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

You’ve got your down payment and you’ve been approved for a mortgage. If you want to know the actual price of owning a home, throw in closing costs, moving expenses, homeowner’s insurance, private mortgage insurance (P.M.I.) With a down payment of that size, lenders typically require P.M.I. So, that average-value three-bedroom home ended up requiring an outlay of about $623,290 over 13.2 years of ownership. Mortgage payments alone accounted for $270,593 of that, with maintenance and repairs adding up to $192,139.

Persons: You’ve, you’ve

On Sunday, Evergrande reported losses of 33 billion yuan ($4.53 billion) for the first half of the year, versus a 66.4 billion yuan loss in the same period a year earlier. The Chinese property sector’s worsening debt crisis poses a significant challenge for President Xi Jinping and his policy makers, with the country’s economy already reeling from weaker domestic and overseas demand. China’s State Council Information Office, which handles media queries on behalf of the government, declined to comment on the property market and Evergrande’s fate. He sold the first complex the following year for 80 million yuan, according to Evergrande’s website. The committee investigated the matter after banks seized 13.4 billion yuan ($1.84 billion)of deposits held by the property-services unit in 2021.

Persons: Aly, Hui Ka Yan, Hui, Evergrande, Suppliers haven’t, ”, Anne Stevenson, Yang, Evergrande’s, Xi Jinping, Reuters wasn’t, Kelly Richmond Pope, ” Hui, “ Evergrande, Stevenson, Engen Tham, Julie Zhu, Clare Jim, Cassell Bryan Organizations: China Evergrande Group, REUTERS, Rights, China Evergrande, HK, Reuters, Suppliers, J Capital Research, Information Office, Political, Conference, Guangzhou Evergrande, soccer’s, Hong, Forbes, HengTen Networks, Management, Chicago’s DePaul University, Evergrande, Financial, Communist Party, “, China, Shanghai, Cassell, Low, Thomson Locations: China, Shenzhen, Guangdong province, Rights SHANGHAI, HONG KONG, United States, U.S, China’s, Henan province, Beijing, Hong Kong, Guangzhou, Evergrande, HengTen, Evergrande’s Hong Kong, Shanghai

☆ Energy storage firm EOS nabs conditional loan guarantee of up to $400 million
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Aug 31 (Reuters) - Long-term energy storage company EOS Energy Enterprises (EOSE.O) has received a conditional commitment for an up-to $400 million loan guarantee from the federal government, an office of the U.S. Department of Energy said on Thursday. The loan guarantee is for construction of four manufacturing lines to produce next-generation utility and industrial scalezinc bromine battery energy storage systems in Turtle Creek, Pennsylvania, the Loan Programs Office said. EOS said the total cost of the project, called AMAZE, will be $500 million. AMAZE is expected to create up to 50 union contractor construction jobs and as many as 650 new operations jobs when at full capacity, it said. Reporting by Timothy Gardner Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

Persons: EOS, AMAZE, Timothy Gardner, Marguerita Choy Organizations: EOS Energy Enterprises, U.S . Department of Energy, Office, Thomson Locations: Turtle Creek , Pennsylvania

☆ Who Profits After Natural Disasters Like Hurricanes and Wildfires
▼ + stars: | 2023-08-31 | by ( Anthony Dimauro | ) www.businessinsider.com time to read: +13 min

After Hurricane Michael struck Florida in 2018, home sales rose significantly, allowing disaster investors to reap the rewards. This venture has the potential to be even more rewarding given the increasing frequency of natural disasters in the US. But federal disaster relief is painfully slow to respond and often doesn't cover most of the costs. And while moratoriums on damaged land sales aren't a long-term, legally tenable solution, there are ways state officials might be able to deter disaster investors. As the threat of natural disasters increases, so will disaster profiteers.

Persons: Josh Green, Ian, Hurricane Michael, Hurricane, Joe Raedle, Hurricane Maria, Congress —, Hurricane Sandy, it's, Anthony DiMauro Organizations: Nashville Metro Council, FEMA, Hurricane, Centers for Environmental, Federal Reserve's Survey, Consumer Finances, Emergency Managment Agency, Small Business Administration, Urban Institute, Office, Congress, of Housing, Urban, Bloomberg, Newsweek, L.A Locations: Hawaii, Maui, Hawaii's, Tennessee, Nashville, Florida, Wilsey, New Orleans, California, Puerto Rico, Lahaina, New York

☆ With housing, Buffett chooses a great location
▼ + stars: | 2023-08-30 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

WASHINGTON, Aug 30 (Reuters Breakingviews) - Mortgages are pricey, but Warren Buffett seems to think that’s a good thing for homebuilders. Horton (DHI.N), Lennar (LEN.N) and NVR (NVR.N), just as mortgage rates hit the highest level in nearly 23 years. That’s 3% less than last year, and 7% less than the average used-home price today. Horton, NVR and Lennar on Aug. 14. The conglomerate, run by billionaire investor Warren Buffett, purchased $726 million, $71 million and $17 million of DR Horton, NVR and Lennar shares, respectively, throughout the second quarter, according to a Securities and Exchange Commission filing.

Persons: Warren Buffett, Berkshire Hathaway, D.R . Horton, Horton, NVR, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, U.S . Bureau of Labor Statistics, Buffett, Berkshire, Securities and Exchange Commission, Mortgage Bankers Association, Census, Thomson Locations: . Berkshire, D.R ., Horton, U.S, New York, Los Angeles, Berkshire, that’s, homebuilders D.R, DR

☆ A key stat suggests the housing market won't see 'cascading' price drops anytime soon
▼ + stars: | 2023-08-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Fannie Mae reported that the single-family serious delinquency rate is down 0.54% in July. Housing expert Bill McBride pointed to the data as reason not to expect widespread home price declines. AdvertisementAdvertisement"Freddie's serious delinquency rate peaked in February 2010 at 4.20% following the housing bubble and peaked at 3.17% in August 2020 during the pandemic," McBride wrote. Single Family Serious Delinquency Rates Calculated RiskThe decline in serious delinquencies point to low rates of foreclosures, which in turn suggest stable prices. The dynamic was on display in 2008, when a wave of bank foreclosures dragged the US housing market down, with prices plummeting as much as 20% in parts of the country.

Persons: Fannie Mae, Bill McBride, Freddie Mac, McBride Organizations: Service Locations: Wall, Silicon

☆ Home sales fall again in July, as supply drops to near quarter-century low
▼ + stars: | 2023-08-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Homes sold at the slowest July pace since 2010. This count is for closings, so contracts were likely signed in May and June, when mortgage rates went from around 6.5% to well over 7%. Sales fell month to month in all regions except the West, where they rose 2.7%. Roughly three-quarters of the homes sold were on the market for less than a month, indicating still strong demand. "The housing market is at a pivotal point as we head into fall," said Lisa Sturtevant, chief economist at Bright MLS, noting higher mortgage rates in particular.

Persons: it's, Lawrence Yun, Danielle Hale, Buyers, Lisa Sturtevant Organizations: National Association of Realtors, Homes, Realtor.com, Realtors, Federal Housing Administration, Bright MLS

☆ Ukrainians torn by evacuation calls as Russian shells fall in northeast
▼ + stars: | 2023-08-20 | by ( Maria Starkova | ) www.reuters.com time to read: +2 min

[1/4] Red Cross volunteers help local residents to evacuate from the city of Kupiansk-Vuzlovyi in Kharkiv region, amid Russia's attack on Ukraine, in Kharkiv, Ukraine August 15, 2023. Regional authorities announced a mandatory evacuation of civilians from near the Kupiansk front earlier this month due to daily Russian shelling. At 1:20 p.m., the second shelling of the city center injured three civilian men, including an emergency medical assistant, and a 20-year-old woman. Russia denies deliberately targeting civilians in its invasion of Ukraine, which has killed thousands, uprooted millions, and destroyed cities. Reporting by Maria Starkova in Lviv, Ukraine; Writing by Elaine Monaghan in Washington; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Vyacheslav Madiyevskyy, Dmytro Lozhenko, Oleh Synehubov, Lozhenko, Maria Starkova, Elaine Monaghan, Paul Simao Organizations: Red Cross, REUTERS, Thomson Locations: Kupiansk, Vuzlovyi, Kharkiv, Ukraine, Russia's, Kupiansk district, Russia, Lviv, Washington

☆ Houses Are Still Big. Prices Are Much Bigger.
▼ + stars: | 2023-08-17 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

Until the 1960s, a typical single-family home built in the United States measured about 1,500 square feet. By the turn of the 21st century, the median home size was topping 2,000 square feet, according to the Census Bureau. Homes in this region now average 2,477 square feet, with the highest cost per square foot in the country. In the South, new homes sold in 2022 averaged 2,608 square feet, about 3 percent smaller than they were a decade ago, and second in size behind Northeastern homes. The smallest homes were sold in the Midwest, averaging 2,397 square feet, 2 percent smaller than a decade earlier.

Organizations: Census, LendingTree, U.S Locations: United States

☆ Maui wildfires: What are the deadliest wildfires in US history?
▼ + stars: | 2023-08-13 | by ( Stephen Culp | ) www.reuters.com time to read: +5 min

The causes of the Hawaii wildfires, which started on Tuesday night, have not yet been determined. Hawaii Governor Josh Green on Sunday called a part of the island of Maui that was devastated by wildfires a "war zone". Reuters GraphicsHOW MANY DIED IN THE CLOQUET AND GREAT HINCKLEY FIRES? Since 2018, wildfires in the United States have destroyed nearly 63,000 structures, the majority of which were homes. In 2022, there were 66,255 wildfires in the United States, compared with 18,229 in 1983, when record keeping began, per the National Oceanic and Atmospheric Administration (NOAA).

Persons: Josh Green, Peshtigo, Partridge, Hinckley, Stephen Culp, Lisa Shumaker Organizations: National Fire Protection Association, Historical Society, Reuters, HINCKLEY, Library of Congress, NFPA, Federal Emergency Management Association, FEMA, Environmental Protection Agency, Interagency Fire Center, Fire, Hinckley, Oceanic, Atmospheric Administration, NOAA, Thomson Locations: Maui, Hawaii, Lahaina, Wisconsin, Minnesota, Hinckley, Mission, Miller, United States, California

☆ 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

☆ The price of a typical starter home fell in San Francisco, Austin, and Phoenix, bucking a national trend — here's why
▼ + stars: | 2023-08-03 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

The cost of starter homes has grown in every US metro but three since last year, Redfin said. San Francisco, Austin, and Phoenix starter home prices declined by 13.3%, 12.2%, and 9.7%, respectively. That doesn't mean that these starter homes are cheap, or the incomes needed to afford them are minuscule. Similar to Austin and San Francisco, Bokhari chops it up to the ebb and flow of supply and demand. While starter home prices decreased in San Francisco, Austin, and Phoenix, Redfin found that the typical starter home sold for a record $243,000 in June.

Persons: Redfin, they're, Sheharyar, Bokhari, Manus Clancy, Austin, Tesla Organizations: Phoenix, Service, Apple, Google, Oracle Locations: San Francisco, Austin, Wall, Silicon, Phoenix, Francisco, homebuyers, Redfin

☆ Foreign buyers of U.S. homes fall to lowest level on record
▼ + stars: | 2023-08-02 | by ( Diana Olick | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailForeign buyers of U.S. homes fall to lowest level on recordCNBC's Diana Olick joins 'Squawk on the Street' to report on why foreign buyers of U.S. real estate are pulling back.

Persons: Diana Olick

☆ Foreign Purchases of U.S. Homes Slump to All-Time Low
▼ + stars: | 2023-08-01 | by ( Nicole Friedman | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/foreign-purchases-of-u-s-homes-slump-to-all-time-low-818bc0bf

Persons: Dow Jones

☆ A historic settlement could bring environmental justice to a Chicago neighborhood that's been filled with polluting industries
▼ + stars: | 2023-07-21 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +8 min

"If you take away our health, you take away our wealth," Sanchez, a community planning manager at the Southeast Environmental Task Force, told Insider. The first-of-its-kind settlement with HUD could be a model for environmental justice advocates in other cities. If the city didn't agree to address environmental harms, it risked losing hundreds of millions of dollars in federal housing money. "Now all levels of city government have to listen to us and develop policies that are protective of public health." Sanchez said the case underscored the importance of updating city policies, because administrations come and go.

Persons: Oscar Sanchez, Sanchez, polluters, Robert Weinstock, who's, he's, Cheryl Johnson, Johnson, Jamie Kelter Davis, Weinstock, Brandon Johnson, Charles Rex Arbogast, Angela Tovar Organizations: Service, Environmental, Force, US Department of Housing, Urban Development, Northwestern University's Pritzker School of Law, Urban, Community, Factories, Washington, Getty, Chicago AP Locations: Chicago's, Chicago, Lincoln Park, Black, Calumet

☆ Power demand breaks record in Texas again during heat wave
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

July 18 (Reuters) - Power demand in Texas hit a record high for a second straight day on Tuesday as homes and businesses cranked up air conditioners to escape a brutal heat wave. The Electric Reliability Council of Texas (ERCOT), which operates the grid for more than 26 million customers representing about 90% of the state's power load, has said it has enough resources available to meet soaring demand. That is the fifth record high in ERCOT this summer. One megawatt can power around 1,000 U.S. homes on a typical day, but only about 200 homes on a hot summer day in Texas. Rising economic and population growth has boosted electricity use in Sun Belt states like Texas and Arizona even though overall U.S. power demand is projected to ease in 2023 after hitting a record high in 2022.

Persons: ERCOT, Scott DiSavino, Leslie Adler, Sonali Paul, Chris Reese Organizations: Reliability, of Texas, Sun, Thomson Locations: Texas, ERCOT, Houston, Dallas, Arizona

☆ Texas power use breaks record for second day in heat wave
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Demand for power in Texas hit a record high for a second day in a row on Thursday as homes and business kept air conditioners cranked up during a lingering heat wave. The Electric Reliability Council of Texas (ERCOT), which operates the grid for more than 26 million customers representing about 90% of the state's power load, has said it has enough resources available to meet soaring demand. After setting 11 peak demand records last summer, ERCOT said usage hit a preliminary 81,406 megawatts (MW) on Thursday, topping the record hit one day earlier, of 81,351 MW. One megawatt can power around 1,000 U.S. homes on a typical day, but only about 200 homes on a hot summer day in Texas. Meteorologists at AccuWeather forecast high temperatures in Houston, the biggest city in Texas, would hit 100 degrees Fahrenheit (37.8 Celsius) almost every day from July 13-19.

Persons: ERCOT, Scott DiSavino, Harshit Verma, Sandra Maler, Leslie Adler Organizations: Reliability, of Texas, Thomson Locations: Texas, Houston, Dallas

☆ Home prices are hitting new highs again, as high rates put the squeeze on supply
▼ + stars: | 2023-07-10 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

Prices began dropping last summer, after the average interest rate on the 30-year fixed-rate mortgage more than doubled in just six months. Buyers may have simply gotten used to higher rates. The sharp jump in mortgage interest rates last year threw cold water on an overheated housing market, but it didn't last long. Even with rates still high, home prices are now gaining again, and the gains are accelerating with each new month. "Earlier this year I shared that I believed 6% mortgage rates were accepted as the new normal.

Persons: Walden, Andy Walden, Black Knight, Robert Reffkin, Estate, Knight Organizations: Black, Compass, National Association of Realtors, Redfin Locations: Midwest, Northeast, San Jose , California, San Diego , Los Angeles, San Francisco, Seattle, Austin , Texas

☆ Cleveland has become an unlikely hotspot for millennials in search of affordability
▼ + stars: | 2023-06-29 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +4 min

With income growth outpacing rent there, these 27 to 42 year-olds have more disposable income. In order to come up with the ranking, the BofA Institute used home address data from 46 million of adults who've been customers of the bank since 2018. Cleveland residents now pay just over 17% of their income on rent, while the average American pays 20%. Pittsburgh income growth exceeded rents by 1%. Indeed, the BofA Institute found that millennials are by-and-large staying out of the housing market this cycle, but still are window shopping for the future.

Persons: —, millennials, Anna Zhou, Zhou, Clever, they're, homebuyers Organizations: Service, Bank of America Institute . Austin, BofA Institute, Bureau of Labor Statistics Locations: Tampa, Dallas, Cleveland, Tampa , Florida, Bank of America Institute . Austin , Texas, Midwest, Columbus , Ohio, Cleveland Cleveland, Providence , Rhode Island, Buffalo , New York, Pittsburgh

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