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☆ NPR criticizes Twitter for slapping it with a ‘state-affiliated media’ label
▼ + stars: | 2023-04-05 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

In a statement, NPR CEO John Lansing called the decision to lump NPR in with other outlets that Twitter identifies as being under government control as “unacceptable.”“We were disturbed to see last night that Twitter has labeled NPR as ‘state-affiliated media,’ a description that, per Twitter’s own guidelines, does not apply to NPR,” Lansing said. Twitter’s labels for state-affiliated media first rolled out in 2020. “State-financed media organizations with editorial independence, like the BBC in the UK or NPR in the US for example, will not be labeled,” Twitter said at the time. Then, on Wednesday, as a backlash unfolded to Twitter’s decision, sharp-eyed internet users noticed that Twitter had deleted NPR from the policy. Meanwhile other outlets similar to NPR, such as the BBC — which is also exempt from state-affiliated media labeling under Twitter’s policies — remain unlabeled.

☆ Dominion can force Murdochs to testify at Fox News defamation trial, judge says
▼ + stars: | 2023-04-05 | by ( Marshall Cohen | ) edition.cnn.com time to read: +1 min

Washington, DC CNN —Dominion Voting Systems can force Fox Corporation executives Rupert and Lachlan Murdoch to testify on the witness stand at this month’s scheduled defamation trial, a Delaware judge said Wednesday. Delaware Superior Court Judge Eric Davis said at a hearing that if Dominion subpoenas the Murdochs to testify in person, he would not quash those subpoenas, and the Murdochs would need to show up. “They are relevant to the case… if Dominion wants to bring them live, they need to issue a trial subpoena, and I would not quash it,” Davis said. He added that “it would be my discretion that they come” to testify in-person at the trial, which is scheduled to begin later this month in Wilmington, Delaware. Fox News denies wrongdoing and says the case is a meritless assault against the First Amendment.

☆ Mortgage rates fall for the third week in a row
▼ + stars: | 2023-03-30 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Homebuyers saw another week of falling mortgage rates, with the average rate dropping last week for the third week in a row, according to data from Freddie Mac released Thursday. “Economic uncertainty continues to bring mortgage rates down,” said Sam Khater, Freddie Mac’s chief economist. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “Pent-up housing demand is evident with every gain in affordability, whether it be softening prices or lower mortgage rates,” said Jones. “The mortgage market has seen a partial revival in March, with the recent decline in mortgage rates boosting borrower demand,” said Bob Broeksmit CEO of the Mortgage Bankers Association.

☆ US home prices fell in January for the seventh-straight month
▼ + stars: | 2023-03-28 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US home prices fell for the seventh month in a row in January, even as mortgage rates eased, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index, released Tuesday. Miami had a year-over-year price increase of 13.8%, followed by Tampa with a 10.5% increase and Atlanta with an 8.4% increase. That battle has caused mortgage rates to spike over the past year, resulting in many home buyers being priced out of purchasing a home. Mortgage rates are expected to be volatile for as long as the Fed has to work to pull back runaway inflation. “Just how much prices will rise from winter lows will depend on whether mortgage rates stabilize and creep downward or stay high and volatile.”

☆ New home sales rose for the third month in a row
▼ + stars: | 2023-03-23 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —New home sales rose in February, climbing for the third month in a row as mortgage rates eased off their highs of the past year and buyers looked to new construction amid historically low inventory of existing homes for sale. Sales of new single‐family houses were at a seasonally adjusted annual rate of 640,000, up from a revised 633,000 in January. In a bit of a setback for buyers, prices of new homes rose from January. The median price for a new home rose to $438,200 in February, up from $427,500 the previous month. This is a supply of 8.2 months at the current sales rate.

☆ Mortgage rates fall for a second week
▼ + stars: | 2023-03-23 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates dropped again this week for the second week in a row amid lingering concerns about bank failures and uncertainty in the financial markets. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “Each downward tick in mortgage rates is met with increased buyer demand, as many eager home shoppers take advantage of the slightly lower cost of financing a home,” she said. “At the current price and mortgage rate level, the typical housing payment on a median-priced home is 43% higher than one year ago,” said Jones.

☆ Home prices just broke a decade-long streak
▼ + stars: | 2023-03-21 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

The steep decline in sales activity is driven by the large increase of mortgage rates over the past year. Mortgage rates remain volatile — in February, rates rose half of percentage point — but prices in some areas are cooling, according to NAR. “Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines,” said Lawrence Yun, NAR’s chief economist. The huge jump in sales was surprising, said Yun, showing just how sensitive homebuyers are to slight reductions in mortgage rates. This has pushed rates lower over the past week.

☆ US home building surged in February
▼ + stars: | 2023-03-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —US home building jumped higher in February, turning around after five consecutive months of falling. As mortgage rates trended lower from November through January, builders have begun to feel more optimistic that conditions may improve in 2023. But recent strong economic data and uncertainty in the banking sector mean that inflation concerns remain, along with volatile mortgage rates. In February building permits were at a seasonally adjusted annual rate of 1.524 million. “However, interest rates and development costs remain high, while prices are softening — which is impacting the potential upside on home sales.”And mortgage rates remain volatile for buyers.

☆ Mortgage rates plunge in wake of bank failures
▼ + stars: | 2023-03-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates dropped this week in the wake of several bank failures, reversing course after rising half a percentage point over the past month. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The events of the past week, ranging from strong economic indicators to unforeseen events in banking, sent mortgage rates down. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “This year, both prices and mortgage rates are higher than a year ago, resulting in a 50% increase in housing costs for the typical US home.

Then came the derailment of a Norfolk Southern train on February 3, releasing toxic chemicals into the air and nearby water, and he fears crashing the value of his home. There are too many unknowns.”Stewart, 65, recently voiced his fury and sadness about what he lost to Norfolk Southern CEO Alan Shaw on a February 22 Town Hall about the derailment on CNN. Homeowners are worried that in addition to any health risks from the chemical release, the derailment has greatly diminished the value of their homes. I think they’re going to be in the crosshairs of the accountants of Norfolk Southern saying ‘We’re not going to pay full compensation.’”Norfolk can afford to compensate homeownersPaying the homeowners and businesses wouldn’t necessarily be difficult for Norfolk Southern. Those values are only a fraction of the money that Norfolk Southern earns.

☆ Mortgage rates rise for the fifth-straight week
▼ + stars: | 2023-03-09 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Mortgage rates edged further toward 7%, rising for the fifth consecutive week, as the Federal Reserve suggests rate increases will continue amid stubborn inflation. “Mortgage rates continue their upward trajectory as the Federal Reserve signals a more aggressive stance on monetary policy,” said Sam Khater, Freddie Mac’s chief economist. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Housing market chilledRising mortgage rates have put a damper on the spring selling season. While applications for a mortgage rose slightly last week after three weeks of declines, according to the Mortgage Bankers Association, activity is muted.

☆ The US housing market is short 6.5 million homes
▼ + stars: | 2023-03-08 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

The gap between single-family home constructions and household formations grew to 6.5 million homes between 2012 and 2022. However, this figure overstates the housing shortage, since new multi-family homes offer options both to buyers and renters. During the same time period, 13.3 million housing units were started, and 11.9 million were completed. This includes 9.03 million single-family homes and 4.2 million multi-family homes. Of those, only 8.5 million single-family homes and 3.4 million multi-family homes are completed.

☆ Racial homeownership gap larger now than a decade ago
▼ + stars: | 2023-03-02 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

The homeownership rate for White Americans in 2021 was 72.7%, but the rate for Black Americans was 44%, according to NAR’s analysis of the most recent data. The homeownership rate for Asian Americans was 62.8% and for Hispanic Americans it was 50.6%. The homeownership rate for Black Americans varies from 15% to 55% across the country. The states with the highest homeownership rate for Black Americans were South Carolina at 55%, Delaware at 54%, and Mississippi at 54%. Meanwhile, the homeownership rate for White Americans ranged from 50% to 81% across the country.

☆ Mortgage rates rise for the fourth week in a row
▼ + stars: | 2023-03-02 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates shot up for the fourth consecutive week, as inflation concerns remain. “However, given sustained economic growth and continued inflation, mortgage rates boomeranged and are inching up toward 7%.”The lower rates in January brought buyers back into the market, Khater said. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “The recent jump in mortgage rates has led to a retreat in purchase applications, with activity down for three straight weeks,” said Bob Broeksmit, MBA’s CEO.

☆ Mortgage applications drop 28% as rates climb
▼ + stars: | 2023-03-01 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

With mortgage rates half a percentage point higher over the past month, home buyers are pulling back even as the spring home buying season should be heating up. Mortgage applications were down 5.7% for the week ending February 24 from the week prior as rates trended higher, according to the Mortgage Bankers Association. “After a brief revival in application activity in January when mortgage rates dropped down, there has now been three straight weeks of declines in applications as mortgage rates have jumped 50 basis points over the past month,” said Joel Kan, MBA’s vice president and deputy chief economist. The Fed does not set the interest rates that borrowers pay on mortgages directly, but its actions influence them. Mortgage rates tend to track the yield on 10-year US Treasury bonds, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions.

☆ US home prices fell in December for the sixth-straight month
▼ + stars: | 2023-02-28 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —US home prices fell for the sixth month in a row in December, as rising mortgage rates pushed prospective buyers out of the housing market, according to the latest S&P CoreLogic Case-Shiller US National Home Price Index, released Tuesday. Compared to prices from the year before, US home prices nudged higher in December, but the pace of that growth slowed from prior months. The cities with the strongest price appreciation were all in the Southeast, with Miami, up 15.9% from last year, seeing the strongest prices for the fifth-straight month. In November, prices in San Francisco had fallen on a year-over-year basis and the city’s decline worsened in December, with prices down 4.2% year-over-year. “Given these prospects for a challenging macroeconomic environment, home prices may well continue to weaken.”This story is developing and will be updated.

☆ Pending home sales blew past expectations last month as buyers pounced on lower rates
▼ + stars: | 2023-02-27 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Pending home sales crushed expectations in January, when mortgage rates dropped from recent highs of more than 7% and home buyers jumped at the opportunity. According to data released Monday from the National Association of Realtors, it was the largest monthly sales increase since June 2020. The pending sales index, based on signed contracts to buy a home rather than the final sales that are accounted for in existing home sales, rose by 8.1% from December to January, beating economists’ predictions for a rise of 1%. “Buyers responded to better affordability from falling mortgage rates in December and January,” said Lawrence Yun, chief economist at NAR. But since then, mortgage rates have risen again, climbing almost half a percentage point since the beginning of February, according to Freddie Mac.

☆ FTC won’t block Amazon acquisition of One Medical, but scrutiny of the deal is not over
▼ + stars: | 2023-02-22 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

The One Medical deal would also allow Amazon to expand its telehealth services and acquire valuable relationships with hospital systems, industry analysts have said. But while Amazon can consummate the deal without the immediate threat of an FTC antitrust suit, the agency is still investigating the acquisition. “The FTC’s investigation of Amazon’s acquisition of One Medical continues,” said FTC spokesman Douglas Farrar. The FTC plans to warn Amazon it may close the deal at its own risk, an agency official said. Amazon’s deal to acquire One Medical follows its 2018 purchase of the online pharmacy service PillPack, which later became Amazon Pharmacy.

☆ Biden admin cuts some mortgage fees amid housing affordability crisis
▼ + stars: | 2023-02-22 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

The move affects mortgage insurance premiums paid by new borrowers who take out loans insured by the Federal Housing Administration. But for homebuyers struggling to enter the housing market, there are some loans like FHA that come with required mortgage insurance. But for borrowers unable to enter the housing market another way, FHA loans can often be the cheapest option. In addition, only a fraction of all home sales are financed with FHA loans. Only 811,362 out of 5.7 million purchase loans originated in 2021 were FHA loans, or about 14.3%, according to HUD.

☆ Home sales sank in January for the 12th straight month
▼ + stars: | 2023-02-21 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —US home sales declined in January for the 12th consecutive month as mortgage rates remained elevated and stubbornly high prices kept homebuyers out of the market. That’s the longest streak of declining home sales on record, going back to 1999, and also marks the weakest sales activity since 2010. In January 2022, the average rate for a fixed-rate mortgage ranged from 3.22% to 3.55%, according to Freddie Mac. “Prices vary depending on a market’s affordability, with lower-priced regions witnessing modest growth and more expensive regions experiencing declines.”Even as home sales dropped, home prices continued to climb last month nationally. Inventory remains historically low, with few homeowners looking to give up their ultra-low mortgage rates to buy a new home with a higher rate.

☆ Here are the US cities where home prices are actually falling
▼ + stars: | 2023-02-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

San Jose, California, was the most expensive place to purchase a home in the United States in the fourth quarter. Prices for San Francisco homes are already down 21% in the fourth quarter from the peak median price of $1,550,000 in the second quarter. Among the most expensive cities that saw prices falling are Anaheim, California, with the median price of $1,132,000, down 1.6% from a year ago; Los Angeles, with the median price of $829,100, down 1.3%; and Boulder, Colorado, with the median price of $759,500, down 2.0%. Other places with falling prices saw the big price increases during the frenzied home buying market of the past few years. Instead, prices for single-family homes climbed in nearly 90% of metro areas tracked by NAR in the fourth quarter: 166 markets out of 186 saw prices still going up.

☆ Inflation pushes up mortgage rates for second week in a row
▼ + stars: | 2023-02-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates climbed higher for the second consecutive week, following four weeks of declines. After climbing for most of 2022, mortgage rates had been trending downward since November, as various economic indicators indicated inflation may have peaked. Inflation is keeping mortgage rates volatile, said Sam Khater, Freddie Mac’s chief economist. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Last week, applications fell 7.7% from one week earlier, according to the Mortgage Bankers Association.

☆ US new home construction fell in January for the fifth straight month
▼ + stars: | 2023-02-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +1 min

Washington, DC CNN —US home building fell again in January, marking five straight months of declines, even as mortgage rates moderated and inflation cooled. Housing starts, a measure of new home construction, fell by 4.5% in January from December. Starts in January fell to a seasonally adjusted annual rate of 1.31 million, down from the revised December estimate of 1.37 million. Housing starts had big drops in May and July last year, when spiking mortgage rates pushed many prospective home buyers to the sidelines. With mortgage rates that have trended lower since November, builders have begun to feel more optimistic that conditions may improve in 2023.

☆ Home builder sentiment sees biggest monthly jump since 2013
▼ + stars: | 2023-02-15 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Home builder confidence jumped this month by the largest amount in almost 10 years, as falling mortgage rates pulled in more buyers. All three metrics rose in February for the second straight month, showing the strongest reading since September and the largest monthly increase for builder sentiment since June 2013. “Even as the Federal Reserve continues to tighten monetary policy conditions, forecasts indicate that the housing market has passed peak mortgage rates for this cycle,” he said. But mortgage rates that are lower now than they were last fall are improving affordability for buyers. The average mortgage rate for a 30-year, fixed-rate mortgage rate peaked last year at 7.08% in November, according to Freddie Mac.

☆ Here's what you can do now to be ready to buy a home this spring
▼ + stars: | 2023-02-09 | by ( Anna Bahney | ) edition.cnn.com time to read: +8 min

Mortgage rates have been ticking down, yet remain volatile. If you are ready and able to buy a home, the day-to-day movements of rates should matter less than finding a home you can afford. Borrowers can also lower monthly payments by paying more upfront to buy down their mortgage rate. Buyers can then use that money to buy down the interest rate on their mortgage and reduce their payments. Mortgage rates are trending down, but it’s not going to be a perfect downward curve, said Melissa Cohn, regional vice president of William Raveis Mortgage.

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