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Homebuilder sentiment rises in July
  + stars: | 2023-07-18 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHomebuilder sentiment rises in JulyCNBC's Rick Santelli and Diana Olick report on the latest economic and housing data.
Persons: Rick Santelli, Diana Olick
Builder sentiment in the market for single-family homes rose 1 point in July to 56, according to the National Association of Home Builders/Wells Fargo Housing Market Index. Builders say low supply in the resale market is driving demand for new construction, but higher mortgage rates and supply-side challenges continue to put pressure on the market. The average rate on the popular 30-year fixed mortgage crossed over 7% briefly in May and then again at the end of June. Those higher rates are straining affordability in the market, where prices for existing homes are rising yet again. Despite higher mortgage rates, however, builders are using fewer incentives.
Persons: Robert Dietz, NAHB's Organizations: National Association of Home Builders, Federal Reserve, . Census Locations: Wells Fargo
Agriculture and the overall food ecosystem are responsible for roughly one third of global greenhouse gas emissions. Growing all the things we eat at the increasing volumes we need depletes the soil of nutrients and produces harmful carbon emissions. Regenerative agriculture aims to reduce emissions and protect soil through various methods. "Is it good for the environment, good for the water, good for soil health? Regrow then sells all that information to customers like General Mills , which has pledged to advance regenerative agriculture on one million acres of farmland by 2030.
Persons: Regrow, John Deere, Anastasia Volkova, Mills, Steve Rosenzweig, General Mills Organizations: Pillsbury, Corporations, Galvanize, Ventures, Microsoft, Time Ventures, Cargill Locations: Canada
Investing in technology to make farming greener
  + stars: | 2023-07-10 | 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 EmailInvesting in technology to make farming greenerCNBC's Diana Olick joins 'Power Lunch' to report on the attempt to make farming greener.
Persons: Diana Olick
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
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailReal estate facing low inventories, foreclosures, and delinquencies, says Black Knight's Andy WaldenBlack Knight's Andy Walden and CNBC's Diana Olick join 'The Exchange' to discuss pandemic era migration trends impacting the real estate market, top states for population growth, and how demographics and homebuilding trends are moving home prices.
Persons: Black, Andy Walden Black, Andy Walden, CNBC's Diana Olick
Mortgage rates soar to highest level since November
  + stars: | 2023-07-07 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMortgage rates soar to highest level since NovemberCNBC's Diana Olick reports on the latest news regarding mortgage rates.
Persons: Diana Olick
The average rate on the popular 30-year fixed mortgage hit 7.22% on Thursday, according to Mortgage News Daily. Mortgage rates follow loosely the yield on the 10-year Treasury , which leapt higher following a much stronger-than-expected employment report from ADP. The 30-year fixed mortgage rate has now risen 31 basis points in just the past week. For sellers, higher mortgage rates have created a so-called golden handcuff effect. They now don't want to move and have to give up that low rate to buy at a higher rate.
Persons: Jerome Powell, Powell, Jiayi Xu Organizations: Mortgage News, Treasury, Federal, Fed
Mortgage rates last week hit their highest level since the end of May, which in turn weighed on mortgage demand. Total mortgage application volume dropped 4.4% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Demand is now at its lowest level in a month. While that was the average rate for the week, a separate survey from Mortgage News Daily showed the rate crossed over 7% last Thursday. "However, the average loan size for a purchase application declined to $423,500 – its lowest level since January 2023."
Persons: Joel Kan, Kan Organizations: Mortgage, Federal Locations: homebuying
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAverage rate on 30-year mortgage jumps 14 points to 7.22% after strong ADP jobs reportCNBC's Diana Olick reports on the latest news regarding mortgage rates.
Persons: Diana Olick
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNewly built home sales grew while existing pending sales plummeted in MayCNBC's Diana Olick reports on the health of the housing market.
Persons: Diana Olick
The number of homes for sale this month was actually 7% higher than June of last year, according to Realtor.com. An even tighter housing market ahead means home prices are unlikely to cool. They began to fall because mortgage rates had doubled in a matter of months. "Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing," NAR's chief economist, Lawrence Yun, said in a release. Higher mortgage rates have been less of a factor, as builders, some of whom have their own mortgage arms, have been buying down rates for buyers.
Persons: Craig Lazzara, DJI, Lawrence Yun, hadn't, Peter Boockvar Organizations: Mortgage News Daily, National Association of Realtors, Census, Builders, Bleakley Financial
Mortgage demand grows, driven by sales of new homes
  + stars: | 2023-06-28 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com   time to read: +2 min
Mortgage rates turned higher again last week. Total mortgage application volume rose 3% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. These applications have increased for three straight weeks to the highest level since early May, despite still-high mortgage rates. Builders are driving demand in part by offering incentives, like paying down mortgage rates. The widening spread and the increase in the jumbo rate stem from the recent regional bank failures.
Persons: Joel Kan, Kan, Fannie Mae, Freddie Mac Organizations: Mortgage, Census, Builders, Bank Locations: U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMortgage interest rates matter 'less today than they have historically': NAR's Jessica LautzJessica Lautz, NAR deputy chief economist, joins CNBC's special 'Taking Stock' and CNBC's Diana Olick to discuss the state of the housing market, real estate pricing and consumer behavior when it comes it home buying.
Persons: Jessica Lautz Jessica Lautz, Diana Olick
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
Consumer confidence improved more than anticipated in June
  + stars: | 2023-06-27 | 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 EmailConsumer confidence improved more than anticipated in JuneCNBC's Rick Santelli and Diana Olick report on the latest economic data.
Persons: Rick Santelli, Diana Olick
The government's precipitation expectation model from the National Oceanic and Atmospheric Administration, or NOAA, is called Atlas 14. "It leverages the best available historical precipitation data that was available the time that the study was performed." It is not the only state using Atlas 14 to inform its infrastructure projects. "I can't speak to how some of those engineering decisions are made," Salas said when asked if Atlas 14 should still be used. There are multiple climate risk modeling firms with vast precipitation forecasting data, but most charge for it, and states already have the Atlas 14 data.
Persons: it's, Matthew Eby, Fernando Salas, Salas, Eby, Stephen Schapiro, " Salas Organizations: Biden administration's Infrastructure Investment, Jobs, First Street Foundation, National Oceanic, Atmospheric Administration, NOAA, Geo - Intelligence Division, National Weather Service, ., Infrastructure, state's Department of Transportation, New, New Jersey Department of Transportation, NJ Department of Environmental Locations: United States, Upper Midwest, New Jersey
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOutdated climate models put billions of federal infrastructure funds at riskCNBC's Diana Olick joins ‘Squawk on the Street’ to report on how outdated government rainfall models could waste billions of federal infrastructure spending.
Persons: Diana Olick, Squawk
The slow spring sales pace is a combination of still-high prices, elevated mortgage rates and a critical shortage of homes for sale. At the current sales pace that represents a three-month supply. Strong demand has kept a floor under home prices, which would normally drop more given the slow sales pace. While sales of homes in all price tiers are now lower compared with a year ago, sales of homes priced between $250,000 and $500,000 were down 12%. Nearly three-quarters of the homes sold in May were on the market for less than a month.
Persons: Lawrence Yun, Danielle Hale Organizations: National Association of Realtors, That's, NAR, Realtor.com Locations: Northeast, Midwest, South, Redfin
May economic indicators negative for 14th consecutive month
  + stars: | 2023-06-22 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMay economic indicators negative for 14th consecutive monthCNBC's Rick Santelli and Diana Olick report on the latest economic data.
Persons: Rick Santelli, Diana Olick
The average rate on the most popular mortgage, the 30-year fixed, fell for the third straight week, but demand for mortgages didn't move much. Total mortgage application volume increased 0.5% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. This marks the second straight week that jumbo loans have a higher rate than conforming loans. Homebuyers are starting to get used to higher interest rates, but the continued drop in new listings of homes for sale is keeping sales low. Federal Housing Administration demand rose more than conventional loan demand.
Persons: Joel Kan, Jerome Powell Organizations: Mortgage, Federal Housing Administration, Census, Federal, Financial Services
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMortgage demand bumps up 0.5% despite a drop in mortgage ratesCNBC's Diana Olick reports on the latest news in real estate.
Persons: Diana Olick Organizations: Email
Demand for mortgages stays flat despite a decline in rates
  + stars: | 2023-06-21 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDemand for mortgages stays flat despite a decline in ratesCNBC's Diana Olick joins 'The Exchange' to discuss a three-week decline in mortgage rates, a subdued demand for mortgages, and a rise in jumbo loan rates.
Persons: Diana Olick
Housing starts surge by 22% in May, blowing past expectations
  + stars: | 2023-06-20 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHousing starts surge by 22% in May, blowing past expectationsCNBC's Diana Olick joins 'The Exchange' to discuss May housing start numbers, a rise in single-family building starts and permits, and a jump in builder sentiment.
Persons: CNBC's Diana Olick Organizations: Housing
Housing starts surge in May
  + stars: | 2023-06-20 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHousing starts surge in MayCNBC's Steve Liesman and Diana Olick report on May's housing starts data, mortgage applications and builder sentiment.
Persons: Steve Liesman, Diana Olick Organizations: Housing
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