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☆ U.S. home sales fell in September for eighth straight month
▼ + stars: | 2022-10-20 | by ( The Associated Press | ) www.nbcnews.com time to read: +4 min

Sales of previously occupied U.S. homes fell in September for the eighth month in a row, matching the pre-pandemic sales pace from 10 years ago, as house hunters grappled with sharply higher mortgage rates, rising home prices and a still tight supply of properties on the market. The National Association of Realtors said Thursday that existing home sales fell 1.5% last month from August to a seasonally adjusted annual rate of 4.71 million. The housing market has been slowing this year because of rising mortgage rates. Higher mortgage rates reduce homebuyers’ purchasing power, resulting in fewer people being able to afford to buy a home. “Higher mortgage rates always impact these expensive markets more heavily than other markets,” Yun said.

☆ U.S. existing home sales slide again in September; jobless claims fall
▼ + stars: | 2022-10-20 | by ( Dan Burns | ) www.reuters.com time to read: +6 min

SELLERS' MARKET NO MOREExisting home sales fell 1.5% to a seasonally adjusted annual rate of 4.71 million units last month, the NAR said. Outside of the short-lived plunge during the spring of 2020, when the economy was reeling from the first wave of COVID-19, this was the lowest sales level since September 2012. Economists polled by Reuters had forecast sales would decrease to a rate of 4.70 million units. As a result, he expects the sales rate to decline further in the months ahead, perhaps to as low as 4.5 million annually, which would be roughly 4% to 5% lower than the current sales pace. "We don't look for claims to fall much below current levels, but we don't look for a significant rise in claims or unemployment either until we enter a recession in 2023."

☆ Existing home sales fall to a 10-year low in September, as mortgage rates soar
▼ + stars: | 2022-10-20 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Sharply higher mortgage rates are causing an abrupt slowdown in the housing market. Despite the slowdown in sales, inventory continues to drop. There were 1.25 million homes for sales at the end of September, down 0.8% compared with September 2021. Homes priced between $100,000 and $250,000 dropped 28.4% from a year ago, while sales of homes priced between $750,000 and $1 million declined 9.5%. "Homeowners love their 3% mortgage rate, and they don't want to give that up," Yun said.

☆ Morgan Stanley now expects home price growth to dip negative in 2023 as mortgage rates surge to their highest levels since 2007 — and shares 4 charts that show how extreme conditions in the housing ma
▼ + stars: | 2022-10-13 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Average 30-year mortgage rates, by some measures, now sit above 7%. Add Morgan Stanley to the list of firms who now expect a decline in home prices in 2023. "We now think that YoY home price growth will turn negative in the first half of the year before finishing 2023 at -3%," they added. Morgan StanleyThe Morgan Stanley strategists see that trend to continuing. That's assuming mortgage rates stay at 6%, which they estimate is probably a conservative level.

☆ Meet the brightest investors and dealmakers under 35 from firms like Blackstone and Bridgewater navigating today's choppy markets.
▼ + stars: | 2022-09-29 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

After months of interviews and countless rounds of fact checking, meet 25 best-in-class investors, traders, and dealmakers under the age of 35, from firms like JPMorgan, BlackRock, and Apollo, among others. Here is the latest crop of rising stars — Wall Streeters under the age of 35 who are pushing their teams to the top. The end result celebrates people from all walks of life who are infusing new ideas at the biggest firms. He works across the firm's funds TPG Capital and TPG Growth, and also covers TPG's impact-oriented initiative called The Rise Fund. HBCUvc's operating chief reviews hundreds of applications for the program that offers paid internships at VC firms.

☆ Wall Street shops get dinged for nearly $2 billion in penalties for failing to police bankers' use of Whatsapp
▼ + stars: | 2022-09-28 | by ( Aaron Weinman | ) www.businessinsider.com time to read: +5 min

Some of the world's largest banks from Goldman Sachs to Morgan Stanley will cough up nearly $2 billion in penalties to the US regulators for failing to sufficiently monitor their employees' use of unauthorized messaging apps. At the heart of the matter here are bankers' use of communications platforms like Whatsapp or Signal. These are encrypted messaging apps that bankers regularly use to communicate with clients and even journalists. The largest US banks, boutiques, and European lenders were caught up in a probe around the use of unauthorized messaging apps. Whatsapp, for example, is a popular messaging app with bankers dealing with clients based outside the US.

☆ The average starter home in New York City has shrunk to the size of four parking spots
▼ + stars: | 2022-09-24 | by ( Jordan Hart | ) www.businessinsider.com time to read: +1 min

The cost of an average starter home in New York City ranges from $400,000 to $800,000, according to StreetEasy. Starter homes in NYC have shrunk by 9% in the last three years, the real estate marketplace found. The median square footage for a Manhattan home is now equal to that of four-and-a-half parking spots. The New York City housing market is notorious for buyers willing to pay more for less, but the size of a typical Manhattan starter home in is only getting smaller. Although first-time residences in Queens and the Bronx have shrunk the most, Manhattan homes remain the smallest.

☆ Mortgage demand rises for the first time in six weeks despite sharply higher interest rates
▼ + stars: | 2022-09-21 | by ( Diana Olick | ) www.nbcnews.com time to read: +2 min

Mortgage application volume increased last week for the first time in six weeks, according to the Mortgage Bankers Association, despite a rise in interest rates. “The weekly gain in applications, despite higher rates, underscores the overall volatility right now as well as Labor Day-adjusted results the prior week,” Kan said. Mortgage rates shot even higher this week, according to a separate survey by Mortgage News Daily. Investors will be watching specifically for commentary not on a current rate hike but on what may be ahead. “The forecasts will amplify whatever volatility we already may have seen with the rate hike decision.

Register now for FREE unlimited access to Reuters.com RegisterThe Amazon logo is seen outside its JFK8 distribution center in Staten Island, New York, U.S. November 25, 2020. REUTERS/Brendan McDermid/File PhotoCompanies Amazon.com Inc FollowSept 21 (Reuters) - Amazon.com Inc (AMZN.O) said on Wednesday it would add 2.7 gigawatts of clean energy capacity through several new projects as it seeks to use 100% renewable energy across its business by 2025. Amazon's renewable energy projects would total 379 after the addition of the 71 new ones and it expects to generate 50,000 gigawatt hours (GWh) of clean energy from its entire portfolio, equivalent of powering 4.6 million U.S. homes each year. The new projects include three large-scale plants in the Indian state of Rajasthan with a capacity of 420 megawatts (MW), rooftop solar projects in France and Austria, and its first solar farm in Poland. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Savyata Mishra in Bengaluru; Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Mortgage demand rises for the first time in six weeks, despite sharply higher interest rates
▼ + stars: | 2022-09-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage application volume increased last week for the first time in six weeks, according to the Mortgage Bankers Association, despite a rise in interest rates. "The weekly gain in applications, despite higher rates, underscores the overall volatility right now as well as Labor Day-adjusted results the prior week," Kan said. Mortgage rates shot even higher this week, according to a separate survey by Mortgage News Daily. Investors will be watching specifically for commentary not on a current rate hike but on what may be ahead. "The forecasts will amplify whatever volatility we already may have seen with the rate hike decision.

☆ 5 things to know before the stock market opens Wednesday
▼ + stars: | 2022-09-21 | by ( Mike Calia | ) www.cnbc.com time to read: +3 min

ET, while Chairman Jerome Powell will discuss the central bank's rationale at 2:30 p.m. You can stream it live here at CNBC.com. Putin escalatesRussian President Vladimir Putin delivers a speech during a ceremony to receive letters of credence from newly-appointed foreign ambassadors at the Kremlin in Moscow, Russia, September 20, 2022. Pavel Bednyakov| Sputnik | ReutersRussian President Vladimir Putin said he would call up some of the country's reserves as his invasion of Ukraine runs into setback after setback. Mortgage demand somehow risesReal estate listings Adam Jeffery | CNBCAnother week, another wacky turn in the housing market. In the second quarter, YouTube posted its slowest revenue growth since 2019, when Alphabet started breaking out the unit's sales.

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☆ One in five home sellers is now dropping their asking price as the housing market cools
▼ + stars: | 2022-09-02 | by ( Diana Olick | ) www.nbcnews.com time to read: +2 min

Home sellers are getting nervous, as the once hot housing market cools fast. One in five sellers in August dropped their asking price, according to Realtor.com. Homes in August sat on the market an average of five days longer than they did a year ago — the first annual increase in time on the market in over two years. The supply of homes for sale is also rising fast, up nearly 27% from a year ago, even as fewer sellers decide to list. “Expect homes to linger on the market, which may lead to another small uptick in the share of sellers lowering their prices.”

☆ When homeowners associations were first created, they helped keep Black people out of the neighborhood. They're still doing it today.
▼ + stars: | 2020-09-18 | by ( Mariette Williams | Stephanie Hallett | Read More | ) www.businessinsider.com time to read: +8 min

Today, HOAs are majority white and Asian, and Black homeowners say they experience targeted discrimination and harassment by their HOAs. Black homeowners say they're targeted by HOAsWhile the federal Fair Housing Act was passed in 1968, prohibiting racial discrimination in the sale and rental of homes, HOAs still find ways to exclude or discriminate against Black homeowners. HOA discrimination can also look like preferential treatment of white homeowners. While some accusations of HOA discrimination can be considered circumstantial, many HOAs still have "racially restrictive" language in their documents. Homebuyers may not have the funds to hire a lawyer, and HOA discrimination is often hard to prove.

Persons: —, Jonathan Rothwell ,, HOAs, Melchior Julien, HOA, Julien, Rose Vincent, Vincent, Xers, Rothwell, Banning Organizations: Service, HOAs, Greenville News, HOA, Business, Americans Locations: HOAs, HOA, South Carolina, Florida, Tallahassee, South Florida

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