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☆ Why Maui’s rebuilding effort will be so expensive
▼ + stars: | 2023-08-18 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

All told, doing business in Hawaii is about 30% more expensive than the cost of doing business in the rest of the United States, according to Moody Analytics. “Based on similar historical events, this is likely conservative, as building delays and supply and demand cause additional pressures on reconstruction costs,” said Verisk. Construction permitting generally takes longer in Hawaii than most mainland locations, said Jessica Leorna, CEO of the state’s Building Industry Association. That’s especially true for construction workers, who were in short supply even before the fires, according to the state’s Building Industry Association. And workers from elsewhere in the state or the Southeast could drive home on weekends,” he said.

Persons: ”, Beau Nobmann, Jae C, ” Jason Thies, Nobmann, Jessica Leorna, Jones, it’s, Adam Kamins, there’s, Ian, “ That’s Organizations: New, New York CNN, Moody Analytics, HPM, Homes, Industry Association, Labor, Labor Department, state’s, Moody’s Analytics, Moody’s Locations: New York, Maui, United States, Hawaii, Lahaina , Hawaii, Canada, Asia, West Coast, California, Washington, Hawaii’s, Florida

☆ Goldman Sachs: 20 Cities With Highest and Lowest Home-Price Growth
▼ + stars: | 2023-08-17 | by ( Laila Maidan | ) www.businessinsider.com time to read: +2 min

Goldman Sachs says determined home buyers aren't being deterred by higher interest rates. Strategists at Goldman Sachs no longer expect home prices to drop for the full year 2023. Homeowners who are locked into lower rates aren't likely to give that up in exchange for new property. Housing affordability has returned to its historic 2007 lows, according to Goldman Sachs' Housing Affordability Index. This means smaller, more affordable homes are increasing demand, leading to higher price growth in that part of the housing market.

Persons: Goldman Sachs, Roger Ashworth, Goldman Locations: Charlotte, Atlanta

Mortgage rates and home prices have spiked over the past couple of years, making homebuying more expensive than ever. High mortgage rates coupled with high home prices have made buying a house significantly more expensive than it's been in previous years. 5 advantages of buying a house when mortgage rates are highThere's no perfect time to buy a house. But mortgage rates are expected to drop throughout the next couple of years. According to the Mortgage Bankers Association's latest forecast, mortgage rates could drop below 5% by the end of 2024.

Persons: Freddie Mac, they're, Sarah Alvarez, You'll, Melissa Cohn, they've, Cohn, Alvarez, it's Organizations: Service, Privacy, Finance, Gallup, Census Bureau, Department of Housing, Urban, William, Mortgage Locations: Wall, Silicon

☆ 4 Americans moved to New Zealand for safety, scenic hikes, and the small-town feel. "I just felt this calm, like, 'I'm home,'" one said.
▼ + stars: | 2023-08-16 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +9 min

He moved back to his home base of Irvine, California, in 2003 but always hoped to return to New Zealand. Four Americans who moved to New Zealand told Insider their reasons for departing the US. A Los Angeles resident visited for 20 years before making his move more permanentJon Kroll lived in Los Angeles for 35 years and visited New Zealand on and off for 20 years as a break from the congestion of Los Angeles. He downsized from his four-bedroom home in Los Angeles. Wellington, New Zealand, provides the small-town feel his family was looking forNative Wyomingite Ryan Rogers departed for New Zealand more than a decade ago for work.

Persons: Garvey Daniels, Daniels, Daniels —, —, they've, Garvey Daniels Daniels, he's, Jon Kroll, Kroll, WellingtonNZ Kroll, who's, I've, Heather Gadonniex, Gadonniex, Heather Gadonniex Matakana, she's, Wyomingite Ryan Rogers, Rogers, WellingtonNZ Rogers Organizations: Service, New Zealand, Stats NZ, New, NZ, Los, Auckland —, Zealand, CoreLogic NZ, Kiwis, San, San Francisco Bay Area Locations: New Zealand, LA, Wall, Silicon, Auckland , New Zealand, Irvine , California, California, New, Australia, Colorado, Los Angeles, Wellington, Auckland, Zealand, San Francisco Bay, Northern California, Matakana , New Zealand, Oakland, Bay, San Francisco, Wellington , New Zealand, London, Vancouver, Wyoming

☆ Hawaiian Electric stock plunges 40% after lawsuit alleges it failed to shut power off ahead of the Maui wildfires
▼ + stars: | 2023-08-14 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +3 min

The suit alleges that Hawaiian Electric Industries “chose not to deenergize their power lines during the High Wind Watch and Red Flag Warning conditions for Maui before the Lahaina Fire started,” despite knowing the risks of sparking a fire in those conditions. The company and subsidiaries “also chose not to deenergize their power lines after they knew some poles and lines had fallen and were in contact with the vegetation or the ground,” the suit alleges. He added that Hawaiian Electric does not have a formal shut-off program in place, and precautionary shut-offs have to be arranged with first responders. Despite this, Hawaiian Electric (HE) did not enforce a public safety power shutoff, a temporary pause of service to certain areas due to increased fire risk. These included an $11 billion insurance settlement, as well as $1 billion paid to affected local governments.

Persons: ”, “, Jim Kelly, ” Kelly, CoreLogic, Josh Green, Hawaii’s, – CNN’s Andy Rose Organizations: New, New York CNN, Electric Industries “, Hawaiian Electric, CNN, Hawaii Gov, National Weather Service, Western Fire Chiefs Association, Electric, Pacific Gas and Locations: New York, Maui, Lahaina, Hawaii, Honolulu, California

☆ Thinking of building an ADU in your backyard? Here are some pros and cons.
▼ + stars: | 2023-08-07 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +6 min

Backyard tiny homes are increasing in popularity, especially in California. If you're considering building a tiny home in your yard, here are some pros and cons to consider. San Jose homeowner and ADU advocate Joyce Higashi rents her backyard home to traveling nurses for $3,000 per month, she previously told Insider. Pro: Tiny homes can allow a child or elderly parent to remain nearbyAn ADU in Seattle. Selma Hepp, chief economist at CoreLogic, previously told Insider she ran into many challenges when building her ADU.

Persons: it's, Glenn Robinson, Robinson, Joyce Higashi, Eugene Chu, Peter Bohler, Cindy Loughridge, Seth Restaino, Redfin, Higashi, Selma Hepp, Abodu, George Beatty, Realtor.com Organizations: Service, National Association of Realtors ., California Housing Works, Pew Research Center, Terner Center, Housing Innovation, University of California, Villa Locations: California, Wall, Silicon, Sonoma ., National Association of Realtors . California, Redwood City , California, Jose, San Diego, Seattle, Bay, Sonoma, Golden, Berkeley, Philadelphia

☆ Australia home prices rise 5th straight month but pace slowing -CoreLogic
▼ + stars: | 2023-07-31 | by ( Stella Qiu | ) www.reuters.com time to read: +2 min

CoreLogic figures on Tuesday showed prices nationally rose 0.7% in July from June, slowing from a jump of 1.1% in the earlier month. Since finding a floor in February, national prices have risen 4.1%, following a 9.1% decline from their peak in April last year. Home price gains in Sydney slowed to 0.9% for the month compared with June, down from growth of 1.7%, the data showed. CoreLogic research director Tim Lawless said sellers were becoming more active at a time that is normally seasonally subdued, with new listings added in Australia's main cities in July lifting by 3.9% over the previous month. Listings in Sydney jumped 9.9% from a year ago and were 18% higher than the average for the previous five years.

Persons: Tim Lawless, Lawless, PropTrack, Stella Qiu, Tom Hogue Organizations: SYDNEY, Reserve Bank of Australia, Reuters, Thomson Locations: Sydney, Australia's

Though they rose rapidly in the first half of July, mortgage rates plunged a couple of weeks ago and inched down further today. Average 30-year mortgage rates have been hovering in the 6.4% to 6.6% range this week. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.06% this week, according to Freddie Mac data. Mortgage rates increased dramatically in 2022 and have been volatile so far in 2023, but they're expected to trend down later this year.

Persons: Jerome Powell, Selma Hepp, you'll, Freddie Mac Organizations: Federal Reserve, Fed, Zillow Locations: Chevron

☆ If Barbie's Malibu Dreamhouse were real, it would cost $2.7 million more now than in 1962
▼ + stars: | 2023-07-26 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

Corelogic identified how much Barbie's iconic Dreamhouse has appreciated since its 1962 debut. It discovered that Barbie's mansion has seen the most appreciation during the past three years. A new report from Corelogic identifies how much Barbie's iconic Dreamhouse — if it were real — has appreciated in 20 markets across the country since its debut in 1962. While a life-sized iteration of the Barbie Dreamhouse exists on Airbnb — though its booking period is now closed — it did not figure into Corelogic's price estimate. Thomas Malone, a researcher with Corelogic, told Insider that given the location of Barbie's Dreamhouse and the demand seen during the pandemic, it's not surprising that Barbie's home is so expensive today.

Persons: Corelogic, She's, Barbie, Selma Hepp, Thomas Malone, Dreamhouse, it's, Malone Organizations: Service, Malibu Locations: Los Angeles, Phoenix, New York, Wall, Silicon, Malibu , California

Mortgage rates spent the first half of July climbing, but they've since receded a bit and are now holding steady. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year Fixed Mortgage RatesThe current average 30-year fixed mortgage rate is 6.78%, according to Freddie Mac. 15-year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.06%, down 24 points from the prior week, according to Freddie Mac data. But average 30-year fixed rates will likely remain somewhere in the 6% to 7% range throughout 2023.

Persons: —, Lawrence Yun, homebuyers, Yun, you'll, Freddie Mac Organizations: National Association of Realtors, NAR, Federal Reserve, Zillow Locations: Chevron

☆ Home prices continue to climb with 'striking' regional differences, says S&P Case-Shiller
▼ + stars: | 2023-07-25 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Home prices in May rose for the fourth straight month on the S&P CoreLogic Case-Shiller home price index, but regional differences are widening. The index's 10-city composite gained 1.1%, and the 20-city composite gained 1%. Current homeowners are reluctant to sell, given that most are paying mortgage rates that are less than half of today's rates. Demand returned after the initial jump in mortgage rates, as buyers seem to be getting used to a new normal. Correction: Home prices in May rose for the fourth straight month on the S&P CoreLogic Case-Shiller home price index.

Persons: Craig Lazzara, It's, Hannah Jones Organizations: Midwest Locations: U.S, Chicago, Cleveland, New York, Seattle, San Francisco

☆ Here’s why home prices stayed high in May
▼ + stars: | 2023-07-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

“The ongoing recovery in home prices is broadly based.”Before seasonal adjustment, prices rose in all 20 cities in May, as they had also done in March and April. Month over month, home prices rose in May for the fourth consecutive month. “Though home prices are likely to continue to cool slightly, limited inventory relative to buyer demand will likely keep prices somewhat afloat. By 1983, partly spurred by high inflation, the price rose to $75,500, and it continued rising to $126,100 by 1993. “It is worth noting that market data are coming up on last year’s record-high prices, notched during May and June,” he said.

Persons: “, ”, Craig Lazzara, “ It’s, Hannah Jones, Jones, George Ratiu, May’s, Ratiu, ” Ratiu Organizations: DC CNN, City Composites, Realtor.com, ”, National Association of Realtors, Federal Reserve Locations: Washington, Chicago, Cleveland, New York, Seattle, Las Vegas, Phoenix, Miami, Tampa , Florida, “, ’

☆ 10 US cities where home-price growth is regressing the most as high mortgage rates worsen affordability, according to Goldman Sachs
▼ + stars: | 2023-07-14 | by ( Laila Maidan | ) www.businessinsider.com time to read: +2 min

Goldman Sachs expects price growth to decline for the rest of the year. Since it's based on a three-month moving average, the report includes data from as far back as January when mortgage rates were slightly below today's rates. "With mortgage rates now ~75bp higher, we expect some affordability-related pressures will drive weaker home price growth in coming months," Karoui wrote. Although Goldman expects mortgage rates to slip to 6.4% by year-end, the cost of financing a home will still be relatively high. The higher rates mean prospective homebuyers will face relatively higher monthly payments, putting a damper on demand and price growth in several cities.

Persons: Goldman Sachs, Lotfi Karoui, Karoui, Goldman Organizations: Federal Reserve Locations: Seattle, Las Vegas

☆ Australian home prices climb for fourth month in June
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +2 min

REUTERS/David Gray/File PhotoSYDNEY, July 3 (Reuters) - Australian home prices rose for a fourth consecutive month in June as a sustained squeeze on housing supply helped lift values nationwide, data showed on Monday. Property consultant CoreLogic figures showed national home prices were up 1.1% in June from the previous month, after bottoming in February and starting a sustained rise. Every state and territory capital except Tasmania's Hobart recorded higher prices for dwellings, according to CoreLogic. "A slowdown in the pace of capital gains could be a reflection of a change in sentiment as interest rate expectations revise higher," Lawless said. "Higher interest rates and lower sentiment will likely weigh on the number of active home buyers, helping to rebalance the disconnect between demand and supply."

Persons: David Gray, Tasmania's Hobart, CoreLogic's Tim Lawless, Lawless, Sam McKeith, William Mallard Organizations: REUTERS, ., Reserve Bank of Australia, Thomson Locations: Sydney, Clovelly, Australia, Tasmania's, CoreLogic, New South Wales, Brisbane, Queensland

☆ 5 US cities seeing the biggest home price gains and the 5 suffering the steepest declines as some pockets of the market become red-hot again, according to Redfin data
▼ + stars: | 2023-07-02 | by ( William Edwards | ) www.businessinsider.com time to read: +2 min

US home prices are now down only 0.9% from this time last year, Redfin reports. The housing market continues its momentum, with home prices up every month since February. After falling 5% between June 2022 and January 2023, home price are now down just 0.9% year-over-year, according to Redfin data published Thursday. "Home-price declines are shrinking," said Dana Anderson, a data journalist at Redfin, in the report. Below, we've listed the five cities that have seen the biggest year-over-year price growth, as well as the five cities that have seen the steepest declines, according to Redfin.

Persons: Dana Anderson Organizations: Cincinnati, NSA Locations: Providence , Milwaukee, Miami, Fort Lauderdale, Redfin, U.S

☆ Here’s how the resilient housing market benefits our home improvement and construction stocks
▼ + stars: | 2023-06-28 | by ( Paulina Likos | ) www.cnbc.com time to read: +7 min

There are new signs of a resilient housing market and a home renovation rebirth with potentially bullish implications for three of our Club names. Shares of Stanley Black & Decker (SWK) and Caterpillar (CAT), whose tools and machinery are used in homebuilding, have been on the upswing in recent weeks. "There are a lot of projects that go on top of residential construction that require mining materials, which Caterpillar is a big player in." Discounter retailer TJX should also reap the benefits of a resilient housing market as new and existing homeowners seek to furnish their homes with high-quality branded goods at a discount. (Jim Cramer's Charitable Trust is long SWK, CAT, TJX.

Persons: Stanley Black, Decker, Brett Linzey, Stanley, Michael Shlisky, Davidson, It's, Shlisky, Stuart Millar, Miller, Lennar, Jim Cramer's, Jim Cramer, Jim, David Paul Morris Organizations: Caterpillar, TJX, Commerce Department, Conference Board, Mizuho Securities, JPMorgan, Caterpillar's, Industries, D.A, Consumers, U.S, CNBC, Bloomberg, Getty Locations: homebuilding, North America, Lennar, TJX, Maxx, Emeryville , California

☆ The Federal Reserve thinks catastrophe is coming for US businesses
▼ + stars: | 2023-06-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

One report, written by the Federal Reserve's own economists, left me with not exactly an upbeat outlook. Federal Reserve Board Chair Jerome Powell testifies during a House Committee on Financial Services hearing, Wednesday, July 18, 2018, Capitol Hill in Washington. That is, more than a third of companies could default in the coming months, thanks to tightening monetary policy. Basically, they are predicting that companies feel pain in times of policy tightening, especially those with weaker balance sheets to begin with. Investors should monitor these bearish signals to stay ahead of a potential sell-off in the stock market.

Persons: Phil Rosen, You'll, Jerome Powell, Jacquelyn Martin, Ander Perez, Orive, Yannick Timmer, Kevin Rendino, he's shorting, Goldman Sachs, Morgan Stanley, Max Adams, Hallam Bullock Organizations: Federal, Financial Services, Capitol, European Central Bank, Bloomberg, Bank of America, Barclays, Elon Musk's Locations: New York, Washington, London

CNN —Home prices rose in April for a third consecutive month, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index released Tuesday. After seasonal adjustment, the national index rose 0.5% in April from March. Before seasonal adjustments, the national index rose 1.3% from March. “The US housing market continued to strengthen in April 2023,” said Craig Lazzara, managing director at S&P DJI. Low inventory is keeping prices strongAlthough mortgage rates have risen since last year, prices remain strong in part because there are fewer options available for those who can still afford to buy.

Persons: ”, Craig Lazzara, Danielle Hale, we’ve, ” Hale Organizations: CNN, Federal Reserve Locations: today’s, Realtor.com

☆ Home prices rose for third straight month in April, S&P Case-Shiller index says
▼ + stars: | 2023-06-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Home prices in April were still down 0.2% compared with April 2022, according to the S&P CoreLogic Case-Shiller national home price index. A major jump in mortgage rates last summer caused a decline in prices. "The ongoing recovery in home prices is broadly based," Craig Lazzara, managing director at S&P DJI, said in a release. Before seasonal adjustments, prices rose in all 20 cities in April, as they had also done in March. Seasonally adjusted data showed prices rising in 19 cities in April versus 14 in March.

Persons: Ryan Ratliff, Ryan Paredes, Ariadna Paredes, Craig Lazzara, DJI, homebuying, Danielle Hale, Realtor.com, we've Organizations: Estate, Max Advance Realty, Cleveland Locations: Cutler Bay , Florida, Miami, Chicago, Atlanta, Boston, San Francisco

☆ Rent has finally stopped rising. It's great news for tenants and the economy.
▼ + stars: | 2023-06-25 | by ( Alcynna Lloyd | Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

US rental growth is now below pre-COVID norms, giving renters more options. Rental growth in the US is now below pre-COVID norms, Jay Parsons, the SVP, chief economist and head of industry principals at RealPage, told Insider. Throughout the pandemic, soaring rental prices — brought on by population growth and heightened demand — have helped to drive inflation to historic levels. With lower inflation, renters can have increased confidence in a more stable rental economy while giving renters more options. "I think over the next year and a half, we're gonna see very limited rent growth," Parsons said.

Persons: —, Jay Parsons, Parsons, Zillow, we're Organizations: Service, Bureau of Labor Statistics, Federal Reserve Bank of Cleveland's, CPI, Federal Reserve Locations: metros

☆ Forget about a housing market crash, Harvard researchers say. Here are the 4 reasons they say a repeat of the mid-2000s drop in home prices is unlikely.
▼ + stars: | 2023-06-24 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

They cited a strong labor market, low foreclosure rates, favorable demographics, and low supply. That was their biggest drop since the mid-2000s housing bubble, when home prices fell 27% over the course of a few years. As long as interest rates remain elevated, home price growth will likely continue to slow. First is that the labor market remains healthy. But so far this year, the labor market has continually surprised economists to the upside.

Persons: Hoff, Ian Shepherdson, Desmond Lachman —, millennials, Ellen Zentner, Morgan Stanley's, Z, it's, there's, Louis Organizations: Harvard Joint Center for Housing Studies, Harvard University, Federal Reserve, Harvard Joint Center for Housing, FHFA National Mortgage Database, Federal Reserve Bank of St, JPMorgan, Mortgage, Association

☆ Gen-Z homebuyers are flocking to these 3 cities the most - and avoiding California and New York
▼ + stars: | 2023-06-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Salt Lake City has become the most popular city for Gen Z homebuyers, a LendingTree report found. Expensive cities like San Francisco, New York, and San Jose, California, were the least popular among Gen Z. At the same time, adult Gen Zers have come of age in a remote-friendly professional landscape, altering beliefs about housing and location. The next two most popular cities included the relatively inexpensive Oklahoma City and Birmingham, Alabama, with mortgage requests hovering at 22.36% and 20.79%, respectively. The second and third least popular cities, per the report, were New York and San Jose, California, at 8.88% and 9.70%, respectively.

Persons: Gen Z, —, Zers, Gen, Louis, Gen Zers, LendingTree Organizations: Gen, Oklahoma City, Service, Gen Zers Locations: Salt Lake City, Oklahoma, Birmingham , Alabama, San Francisco , New York, San Jose , California, Indianapolis, Cincinnati, St, San Francisco, New York, California, San Jose

☆ Ray Dalio just named which major economy presents the biggest investment opportunity
▼ + stars: | 2023-06-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

This morning we have stories on Ray Dalio, the topsy-turvy housing market, troubled commercial real estate, and more. Ray Dalio said India presents the next big investment opportunity. Troubled assets in the sector just reached $64 billion, climbing 10% in the first quarter of the year. The housing market suggests that the US economy dodged the recession bullet. According to Carson Group, recent strength in housing starts and building permits indicates that construction groups are confident about demand.

Persons: I'm Phil Rosen, Ray Dalio, topsy, Buckle, Eoin Noonan, it's, There's, Warren Buffett, Melinda Gates, Fundstrat's Tom Lee, Phil Rosen, Jason Ma, Nathan Rennolds Organizations: Getty, Berkshire Hathaway, Melinda Gates Foundation, Carson Group, Manheim, Homeowners, Bank of America Locations: India, China, Russia, Ukraine, New York, Los Angeles, London

☆ Central banks around the world just made borrowing costs more expensive
▼ + stars: | 2023-06-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

The central banks of the UK, Turkey, Norway, and Switzerland all raised interest rates yesterday. The Bank of England is the UK's central bank. Let's start with the Bank of England's decision to raise interest rates by 50 basis points and bring borrowing costs to 5%. Turkey's central bank, meanwhile, raised interest rates by 650 basis points to 15%, which was somehow less than markets expected. Just to cover our bases: Norway's central bank raised its core lending rate by half a percentage point, and Switzerland's policymakers hiked its benchmark rate by a quarter point.

Persons: Phil Rosen, Powell, Myron Jobson, Recep Tayyip Erdogan, Spencer Platt, Jerome Powell's, Goldman Sachs, David Rosenberg, it's, Warren Buffett, Jason Ma, Nathan Rennolds Organizations: Bank of England, Bank of, Interactive, New York Stock Exchange, U.S . House, Dow, Getty, Apogee Enterprises, Homeowners, Apple, Microsoft, Nvidia, S3 Partners, BMO Capital Markets, Berkshire Hathaway, Gates Foundation Locations: Manhattan, Turkey, Norway, Switzerland, Maremagnum, Turkey's, New York City, U.S, New York, Los Angeles, London

☆ Homeowners now have less equity than a year ago, the first annual decline in a decade
▼ + stars: | 2023-06-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The average US homeowner with a mortgage has less home equity now than 12 months ago. Equity per borrower slipped 1.9% from the same time last year, CoreLogic data shows. It's the first annual decline in homeowner equity since 2012. In total, homeowners with a mortgage cumulatively lost $108.4 billion in home equity since the first quarter of 2022, about a 0.7% drop. On Thursday, the National Association of Realtors said prices for existing homes fell in 3.1% May, the largest annual decline in since late 2011.

Persons: —, Edward Seiler Organizations: Service, Associated Press, National Association of Realtors

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