DIRS.INFO The most relevant business & tech news

☆ Stocks gain after Fed’s Powell hints rate cuts are coming
▼ + stars: | 2024-08-23 | by ( Krystal Hur | ) edition.cnn.com time to read: +3 min

New York CNN —Stocks rose Friday morning as Wall Street cheered a signal from Federal Reserve Chair Jerome Powell that long-awaited interest rate cuts are finally coming. Powell said that “the time has come” to ease rates, currently perched at a 23-year high, at a key economic summit in Jackson Hole, Wyoming. He also noted that the labor market has cooled enough not to pressure inflation higher and that the central bank does not want to see more weakening in job market conditions. Some officials also fretted that the softening labor market could weaken considerably if policy stays restrictive for too long. Recent data has shown that US job growth was weaker than previously estimated in the 12 months leading up to March.

Persons: Stocks, Jerome Powell, Powell, there’s, ”, Jack Janasiewicz Organizations: New, New York CNN, Federal, Dow, Nasdaq, Labor Statistics, Solutions, National Association of Realtors, Target, Boeing Locations: New York, Jackson Hole , Wyoming

The average 30-year mortgage rate fell to 6.46% this week, according to Freddie Mac. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 30-Year Fixed Mortgage RatesThe average 30-year fixed mortgage rate was 6.46% this week, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 5.62% this week, according to Freddie Mac data, which is a four-basis-point decrease from the previous week. As inflation comes down and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates should fall further as well.

Persons: Freddie Mac, Sam Khater, Freddie Mac's Organizations: National Association of Realtors, Zillow, Federal Reserve Locations: Chevron

☆ How buyers and sellers are navigating real estate’s seismic shake-up
▼ + stars: | 2024-08-19 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

Traditionally, home sellers in the US have been responsible for paying real estate commissions. The standard 5% or 6% commission was usually split between the seller’s broker and the buyer’s broker, referred to as cooperative compensation. After August 17, sellers and their agents are prohibited from advertising how much they would pay to a buyer’s agent in the MLS. Given the new rules, McMahan said she might reconsider her offer of a 3% buyers’ broker commission the next time she sells her home. These agreements are intended to inform buyers that they may be responsible for covering their Realtor’s commission payment themselves if a seller chooses not to offer it.

Persons: Dana McMahan, ” McMahan, “, McMahan, ”, —, David Ryder, Bill Colson, Colson, ” Colson Organizations: CNN, National Association of Realtors, Realtors, MLS, ”, NAR, Bloomberg, Getty, Maryland, Navy Locations: Louisville , Kentucky, Blue Ridge , Georgia, Maryland, Georgia

☆ The NAR settlement comes into effect today: Here’s what changing and why
▼ + stars: | 2024-08-17 | by ( Samantha Delouya | ) edition.cnn.com time to read: +7 min

Here’s what you need to know:Two key changesHistorically, buyers were not expected to pay their real estate broker directly. That’s because Realtor commission fees — to both the buyers’ agent and the sellers’ agent — were paid by a home seller. Tiffany Hagler-Geard/Bloomberg/Getty ImagesThe second change affects the relationship between prospective home buyers and their real estate agents. A key element to these agreements is that a buyer’s agent cannot receive more compensation than what the buyer initially signed onto, even if a seller is willing to offer more. The National Association of Realtors agreed to settle litigation over commission rules for US real estate agents, clearing the way for possible changes in how Americans buy and sell homes.

Persons: CNN —, Kevin Sears, ”, —, Tanya Monestier, “, Tiffany Hagler, They’re, Norm Miller, Monestier, “ You’re, ” Leo Pareja, ” Pareja, David Ryder, ‘ let’s, University of San Diego’s Miller, Miller Organizations: CNN, National Association of Realtors, Realtors, MLS, University, Buffalo School of Law, Geard, Bloomberg, Getty, Buyers, University of San, eXp Realty Locations: Larchmont , New York, University of San Diego, Seattle , Washington, US

☆ The change that Realtors’ powerful trade group resisted for decades is finally happening
▼ + stars: | 2024-08-14 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Much of that is by design, reinforced by the National Association of Realtors, a mega trade group with monopoly-like control over US real estate. Sellers, who historically have paid both the listing agent and the buyer’s Realtor, will be on the hook for their agent’s fee. While NAR has long stated that the 5% to 6% fee was always negotiable, in practice, that’s just not happening. One recent national study found that “buyer agents do in fact steer clients away from properties that offer low buyer agent commissions,” and that those properties take longer to sell, if they sell at all. The changes to the commission model upend decades of legal and political wrangling to maintain Realtors power in American real estate.

Persons: Sellers, ”, Stephen Brobeck, that’s, That’s, ” Brobeck, Kenny Parcell, Parcell, “ They’ve, they’ve, Brobeck, “ Organizations: New, New York CNN, National Association of Realtors, Consumer Federation of America, NAR, Realtors, MLS, of Justice, CNN, New York Times Locations: New York, Washington

☆ Home equity is 'not like bread,' expert says — 'It won't go stale.' Here's when it makes sense to tap it
▼ + stars: | 2024-08-13 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Using home equity is "certainly a less expensive borrowing option than resorting to personal loans or credit cards," McBride said. As of August 7, the current average home equity loan interest rate is 8.59%, according to Bankrate. The average HELOC interest rate is 9.37%. To compare, the average personal loan interest rate is 12.38% , Bankrate found. The average credit card interest rate stands at 24.92%, according to LendingTree.

Persons: Iuliia, McBride, Bankrate, Houzz, Jessica Lautz, We've Organizations: Houzz, National Association of Realtors, NAR Locations: U.S

☆ NAR settlement set to hit real estate agents this week: Here’s how they’re preparing
▼ + stars: | 2024-08-12 | by ( Samantha Delouya | ) edition.cnn.com time to read: +7 min

Starting August 17, new rules will roll out that overhaul the way Realtors get paid to help people buy and sell their homes. This could pave the way for real estate companies with alternative business models, like flat-fee and discount brokerages, to thrive. Redy, which operates nationwide, is a marketplace that allows real estate agents to bid on home listings, meaning agents could pay homesellers for the opportunity to represent them, cutting into their own commissions. “This is part of this notion of shifting how real estate is always done,” Cofini said. “Consumers don’t know this is coming,” Flyhomes’ chief strategy officer, Adam Hopson, said of the NAR changes.

Persons: Leo Pareja, Kevin Sears, ” Sears, “, Mary Schumann, ” Schumann, TD Cowen, Shelly Cofini, ” Cofini, Flyhomes, Adam Hopson, Will, Madison Mathias, Mathias, I’ve, “ I’m Organizations: CNN — Realtors, Realtors, National Association of Realtors, eXp Realty, NAR, ”, CNN Locations: theory, Minnesota, Chapin , South Carolina

☆ Mortgage rates plunge to lowest level in more than a year
▼ + stars: | 2024-08-08 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington CNN —US mortgage rates plummeted this week after weaker-than-expected employment data raised the odds of the Federal Reserve cutting interest rates next month. The standard 30-year fixed-rate mortgage averaged 6.47% this week, mortgage financing giant Freddie Mac said Thursday. Mortgage rates have steadily fallen over the past several weeks since reaching a 2024 peak of 7.22% in early May. Mortgage rates track the benchmark 10-year US Treasury yield, which moves in anticipation of the Fed’s decision on interest rates. Lower mortgage rates and a bigger housing stock will eventually entice more buyers to eventually enter the market.

Persons: Freddie Mac, That’s, ”, Sam Khater, Freddie Mac’s, “ Homebuyers, ” Lawrence Yun, Lisa Sturtevant, “ Organizations: Washington CNN, Federal Reserve, Las, P Global, Harvard Joint Center for Housing Studies, CNN, Treasury, National Association of Realtors, Fed, NAR, “, Bright MLS Locations: New York, San Diego, Las Vegas, Tampa, Denver, Minneapolis, United States

☆ China's city dwellers will soon have more pets than toddlers, and there's one way investors can cash in on the trend, Goldman Sachs says
▼ + stars: | 2024-08-05 | by ( Kwan Wei Kevin Tan | Aditi Bharade | ) www.businessinsider.com time to read: +6 min

Read previewChina's baby bust could see its urban pet population outnumbering the number of toddlers by 2030, investment bank Goldman Sachs wrote in a July 28 report. According to Goldman Sachs' forecasts, China will have more than 70 million urban pets by 2030. AdvertisementThe rise in pet ownership, the bank said, could help push China's pet food market to $12 billion by 2030. People having more pets than babies shouldn't be surprising considering how China is presently grappling with a demographic crisis. China's population shrank again in 2023, with the number of deaths exceeding the number of births by 2.08 million people.

Persons: —, Goldman Sachs, Lin Zhang, Zhang, Zheng Mu, Zheng, Cash, haven't, Bihan Chen, Emily Huang, Huang, Ann, Hunter van Kirk Organizations: Service, Business, country's National Bureau of Statistics, University of New, Zhang, National University of Singapore, National Association of Realtors, NAR, Bloomberg Intelligence Locations: China, country's, University of New Hampshire, Europe, East Asia

☆ New homes are getting smaller. That could be big news for first-time buyers
▼ + stars: | 2024-08-05 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

In 1973, the median size of completed single-family homes was 1,525 square feet, according to US Census data. But as the cost of buying a home has exploded and McMansions have fallen out of favor, homebuilders have reversed course, building smaller homes with an eye to first-time buyers. Today, smaller, often more affordable homes under 1,000 square feet are harder to come by in most US suburbs. According to an NAHB survey, 17% of homebuilders said they built homes on smaller lots in 2023 to support home sales, and 14% said they built more townhouses. Smaller homes and fewer amenitiesHeather Eisenmann, a Realtor who specializes in selling new construction in Clarksville, Tennessee, said that she’s noticed that many of the new homes she shows now have smaller bedrooms and living rooms.

Persons: Jordyn Carias, ”, homebuilders, Alan Ratner, “, we’ve, Levittowns, wasn’t, Jacob Anbinder, ” Anbinder, Levitt, Irving Haberman, Michael Murray, Heather Eisenmann, she’s, ” Eisenmann Organizations: CNN, Zelman, Associates, National Association of Homebuilders, Cornell University, Sons, National Association of Realtors, Census Bureau Locations: Muscatine , Iowa, America, Levittown, New York, Puerto Rico, Real, United States, Horton, Clarksville , Tennessee, Muscatine, Sacramento

☆ Home valuations are rising faster than incomes. Here's why that could hurt homeowners' wallets
▼ + stars: | 2024-08-02 | by ( Charlotte Morabito | In Charlottemorabito | ) www.cnbc.com time to read: +3 min

Home prices have been rising faster than incomes, which can be a problem for homeowners because as the value of a home rises, so does the cost to maintain it. 'Paper' wealth and rising expensesTips for homebuyersViehman of the NAR recommends people shopping for a home "lean on their realtor first." Viehman also recommends leaving room in your monthly budget to address the possibility of surprise expenses. "Just because you qualify for $3,000 a month in a mortgage payment doesn't mean you should max it out right now," she said. Tips for current homeownersCurrent homeowners who are struggling to meet their monthly payments also have some options to consider.

Persons: homeownership, Devon Viehman, Mark Hamrick, homebuyers, Viehman Organizations: Chamber of Commerce, National Association of Realtors, NAR, Consumer Financial, Department of Housing, Urban Locations: Devon

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 average 30-year fixed mortgage rate was 6.78% last week, according to Freddie Mac. 15-Year Fixed Mortgage RatesLast week, average 15-year mortgage rates were 6.07%, a two-basis-point increase from the previous week, according to Freddie Mac data. Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: they've, you'll, Freddie Mac, it's Organizations: Federal Reserve, National Association of Realtors, Zillow Locations: Chevron

☆ Housing affordability is 'moving in the right direction,' economist says. Here's what to know
▼ + stars: | 2024-07-30 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

A slight decrease in mortgage rates in the month of June definitely helped buyers, said Yun. Housing affordability is improving ever so modestly, but it is moving in the right direction. While there's still an affordability challenge broadly, conditions are "moving towards a more neutral market," Orphe Divounguy, a senior economist at Zillow. Total housing inventory registered at the end of June was 1.32 million units, up 3.1% from May and 23.4% from a year ago, according to NAR. Competition is easing fastest in the South, where all major southern markets except Dallas and Raleigh are either neutral or buyer-friendly, according to the June 2024 Zillow Housing Market Report.

Persons: Yun, Freddie Mac, Lawrence Yun, Chen Zhao, there's, Selma Hepp Organizations: Sdi, CNBC, Investors, National Association of Realtors, Zillow Locations: Redfin, Dallas, Raleigh

☆ More than half of American renters who want to buy a home fear they’ll never afford one
▼ + stars: | 2024-07-29 | by ( Matthew Egan | Matt Egan | ) edition.cnn.com time to read: +5 min

Among those same renters who can’t afford to buy a home right now, 54% think it’s unlikely they’ll ever be able to, the poll found. The CNN poll found that 90% of renters younger than 45 say they’d like to buy but can’t afford it, compared with 79% of those age 45 and above. Most adults (53%) younger than 45 who want to buy but can’t afford it believe it’s at least somewhat likely they’ll eventually be able to buy a home. Among renters who want to buy but can’t afford it, 40% say the biggest barrier is saving for a down payment, according to the CNN poll. Seventy percent of Americans call owning a home essential to achieving the American dream, the CNN poll found.

Persons: SSRS, Brent Bjornsen, ” Bjornsen, Hurricane Harvey, We’re, ”, Baby, ’ Jeremy Andersson, Millennials, ” Andersson, “, Andersson, I’m, “ I’m, Zillow, they’ll, they’d, “ I’ve, “ It’s Organizations: New, New York CNN, CNN, Baby Boomers, Federal Reserve, National Association of Realtors, Covid Locations: New York, United States, America, Phoenix , Arizona, Houston, Atlanta , Georgia

☆ 16 cities with hot job markets where homes cost $150,000 less than the national average
▼ + stars: | 2024-07-27 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Read previewAffordable homes are already rare in this cutthroat housing market, so finding a fairly priced property in a city with promising job prospects may seem like an impossible task. While property prices are no longer surging, they're still elevated, as are mortgage rates. "In-demand, affordable markets, such as those on the Wall Street Journal/Realtor.com Housing Market Ranking list, have seen prices climb, especially high relative to pre-pandemic prices." Homes in those standout cities also cost 6% more than last year, while the rest of the US had flat home prices. Within that group, there were 16 real-estate markets where homes were at least $150,000 less than the national average that also had an unemployment rate at or below 4%.

Persons: —, Realtor.com, Hannah Jones, Danielle Hale, Jones, Hale Organizations: Service, Business, Street Journal, National Association of Realtors, Wall Street Locations: Realtor.com

The summer is usually a peak time for the housing market, but rising prices and still-high mortgage rates have kept demand relatively low. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. 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. 30-Year Fixed Mortgage RatesLast week's average 30-year fixed mortgage rate was 6.78%, according to Freddie Mac. Mortgage rates increased dramatically over the last two years, but they're expected to go down at some point this year.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, you'll, it's Organizations: Federal Reserve, National Association of Realtors, Zillow Locations: Chevron

☆ A $1 million starter home is now the norm in more than 200 US cities
▼ + stars: | 2024-07-26 | by ( Samantha Delouya | ) edition.cnn.com time to read: +4 min

A Thursday report from Zillow indicates that a typical starter home is now worth $1 million or more in 237 cities, up from 84 cities in 2019, underscoring America’s ongoing home affordability crisis. “We see the largest number of million-dollar starter homes in expensive coastal markets. To further complicate things for first-time buyers, the value of starter homes has grown at a faster pace than the average home. According to Zillow, starter home values have grown 54.1% over the past five years, while the average US home has increased by 49.1%. The nationwide average price tag for a starter home is $196,611, according to Zillow.

Persons: underscoring, ” Orphe, “, It’s, homebuyer, Zillow, Jeffrey Jenkins, Divounguy, “ That’s, ”, Lawrence Yun Organizations: CNN, Gallup, National Association of Realtors, University of Southern Locations: Zillow, California , New York, New Jersey, University of Southern California, United States

☆ Defining a buyer's market 'is always a bit tricky,' real estate expert says: 4 signs to monitor
▼ + stars: | 2024-07-26 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

Despite those headwinds, some indicators show the housing market is shifting away from a seller's market. That doesn't mean it's a buyer's market — yet: "The term buyer's market is always a bit tricky to work with," said Chen Zhao, the economic research lead at Redfin, an online real estate brokerage firm. There are "rules of thumb" to define a buyer's market, like having more than four months of supply, she said. "We're still nationwide somewhat in a seller's market, not a buyer's market yet," he said. Here are four signs that can help you recognize if the housing market in your area is more in buyers' favor: 1.

Persons: Freddie Mac, Chen Zhao, Zhao, they're, We're, Daryl Fairweather, Redfin, Julie Zubiate, Selma Hepp, Sellers Organizations: National Association of Realtors, NAR, Federal, Zillow, CNBC, Finance, Sdi, San Francisco Bay Area Locations: U.S, Redfin, San Francisco Bay

Mortgage rates haven't moved much in recent days, with average 30-year mortgage rates sticking around 6.51% so far this week, according to Zillow data. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.05% this week, according to Freddie Mac data, which is a 12-basis-point decrease from the previous week. As inflation comes down and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates should fall further as well. Now that the Fed has paused hiking rates, mortgage rates have come down a bit.

Persons: Lawrence Yun, Freddie Mac Organizations: National Association of Realtors, Zillow, Federal Reserve, Fed Locations: Chevron

☆ June home sales slump, pointing to a buyer's market as supply increases
▼ + stars: | 2024-07-23 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

"We're seeing a slow shift from a seller's market to a buyer's market," said Lawrence Yun, chief economist for the Realtors. These inventory levels are the highest supply since May 2020, boosted by homes sitting on the market longer. Supply of homes for sale is weakest on the lower end, but is seeing a new surge now. While the sales price nationally is high, new listing prices are lower. Either home sales rise, or, if the prices do not rise, the prices would buckle down," Yun added.

Persons: Lawrence Yun, Danielle Hale, Yun Organizations: National Association of Realtors, Realtors, Realtor.com, Investors Locations: Patchogue, N.Y, Patchogue , New York

☆ The US housing-market logjam keeps getting worse
▼ + stars: | 2024-07-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Existing home sales fell in June to nearly to their slowest pace since 2010. The decline comes as home prices notched a record high in the same month. 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 . AdvertisementThe pace of existing home sales fell close to a record low in June as record-high prices and persistently high mortgage rates turned buyers away.

Persons: — Organizations: Service, National Association of Realtors, Business

☆ How down payment assistance programs can help clear the path to homeownership
▼ + stars: | 2024-07-23 | by ( Genna Contino | ) www.cnbc.com time to read: +3 min

Two renters pose in front of their new home that they're renting from Roots, a program that helps renters invest in real estate. Then Hunnicutt found a $1,050-per-month two-bedroom apartment tied to Roots, a real estate investment trust based in the Atlanta area that aims to help renters of the properties in its portfolio build wealth toward homeownership. Will Hunnicutt with his dog Bailey in his Atlanta home that he rented through Roots, a company that helps renters build wealth by investing in real estate. As buyers continue to struggle with home affordability, experts say programs that help with down payments may be worth another look. One barrier toward homeownership is having enough savings for a down payment.

Persons: Katie Curran, Will Hunnicutt, Hunnicutt, Bailey, It's, They're, homebuyer Organizations: CNBC, SurveyMonkey, National Association of Realtors, PMI, Mortgage Locations: Atlanta, U.S

Like other consumer rates, mortgage rates are impacted in large part by what's going on in the economy. This allowed mortgage rates to drop as low as they did, with 30-year mortgage rates reaching an all-time low of 2.65% in January 2021, according to Freddie Mac. Because mortgage rates are still so high, some hopeful homebuyers have decided to wait for lower rates to start shopping for homes. Mortgage rates in 2024: FAQsWill mortgage rates go down in 2024? All consumer interest rates, including mortgage rates, should start to ease as soon as inflation slows further.

Persons: Homebuyers, homebuyers, what's, Fannie Mae, Freddie Mac, Lawrence Yun, that's Organizations: Fed, Bureau of Labor Statistics, NAR, National Association of Realtors, CNBC, Federal Housing Finance Agency, Veterans United, Loans, Federal Reserve, Mortgage, Association Locations: Chevron

Though many Americans believe the housing market is at risk of crashing, the economists who study housing market conditions overwhelmingly do not expect a crash in 2024 or beyond. How low demand can cause a housing market crashA sudden drop in homebuying demand can lead to a housing market crash. What a housing market crash would mean for homebuyersAnything is possible, and nobody has a crystal ball to see for certain what will happen in the housing market in the coming months and years. Preparing for a potential housing market crashRight now, you probably don't need to be preparing for the housing market to crash. Housing market crash FAQsWhat are the key signs of an impending housing market crash?

Persons: homebuyers, Fannie Mae's, Lawrence Yun, Yun, isn't Organizations: Housing Survey, National Association of Realtors, Housing Locations: exurbs, Chevron

Market trends and data analysisTo get a better idea of whether you should sell now, get familiar with your local housing market. The best time to sell a house depends on your local market, but generally speaking, you'll find the following are true. This would provide steady monthly income and allow you to wait to sell until market conditions improve. You should consider local market conditions, your financial and personal needs, and larger economic conditions before you sell your house. To determine the best time to sell your house, look at local market trends, economic forecasts, and seasonal patterns.

Persons: they're, you'll, it's, we'll Organizations: Data, National Association of Realtors, Chevron Locations: Chevron

Search resuls for: "National Association of REALTORS"

25 mentions found