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☆ Insider Today: A Google loophole exposed
▼ + stars: | 2023-09-28 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

This post originally appeared in the Insider Today newsletter. In today's big story, we're looking at how a Google loophole brings advertisements for illegal drugs hosted on defaced government websites to the top of search results. Previously, that wasn't an issue since these web pages never appeared in Google searches because website owners restricted Google from indexing them. AdvertisementAdvertisementThe result is people using internal search functions to create webpages advertising drugs on websites viewed as trustworthy by Google. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: —, Jamie Dimon, Tom Brady, Kendall Jenner, Arantza Pena, Insider's Katherine Long, hasn't, Katherine, Paul Sancya, Glenn Kelman, Meta, Dwyane Wade, Victor, Jenny Chang, Rodriguez, ThredUp, Nancy Pelosi, Karlie Kloss, Spike Lee, Nattakorn, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Costco, Tech, Business, Google, Alcohol and Drug Foundation, Conference Board, JPMorgan, NBA, Amazon, Big Tech, Atlantic, ABC, Nike, Accenture Locations: Russia, Ukraine, Washington ,, New York City, San Diego, London, New York

☆ Redfin CEO explains why the housing market is taking a beating
▼ + stars: | 2023-09-26 | 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 EmailRedfin CEO explains why the housing market is taking a beatingGlenn Kelman, Redfin CEO, joins 'Squawk on the Street' to discuss how big of an impact the higher mortgage rates are having on the housing industry, whether the Federal Reserve's rate hike path is having the intended effect on home prices, rents, and more.

Persons: Glenn Kelman, Redfin

☆ US housing market valuation climbs to record $52 trillion as construction 'powerhouse' drives the surge
▼ + stars: | 2023-09-26 | by ( Aruni Soni | ) www.businessinsider.com time to read: +3 min

The US housing market's total valuation has hit a record high $51.9 trillion, Zillow said. Florida surpassed New York as the state with the second most valuable housing market. AdvertisementAdvertisementThe US housing market's total valuation is nearly 50% more than what it was before the pandemic, and that's not because of climbing home prices, according to Zillow. US housing market valuation ZillowWith mortgage rates hovering around the highest level in two decades, many homeowners have decided to stay put and stick to their low-interest home loans. AdvertisementAdvertisementIn fact, Florida dethroned New York as the state with the second most valuable housing market, according to Zillow.

Persons: Zillow, — Organizations: Service, Builders, New, New York, Jacksonville Locations: Florida, New York, Los Angeles, San Francisco, Boston, Miami, Washington, New, Tampa , Miami, Cities, Orlando, North Port, Sarasota, Tampa

☆ The 10 most affordable US cities for renters
▼ + stars: | 2023-09-25 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

Jefferson City, MO, ranks as the most affordable metro area in the US for renters. Jefferson City, MO, ranked as the most affordable metro area for US renters, according to data from the US Census Bureau. For the top cities, Insider analyzed the share of residents with affordable rent, meaning the percent of residents who pay less than 30% of their income on rent. Around two-thirds of renters in Sheboygan and Appleton had affordable rent, while 63% in Racine had affordable rent. The data supports recent findings that wealthier Americans are moving to Montana and Idaho for more affordable rent.

Persons: Lucie, Louis Organizations: Metro, Service, Census Locations: Jefferson City ,, Ohio , Wisconsin, Wyoming, Wall, Silicon, Missouri , Wisconsin, Jefferson City, Missouri, Lima, Ohio, Wisconsin, Sheboygan, Appleton, Racine, Wyoming , South Dakota , Montana , North Carolina, Washington, Montana and Idaho, Florida, Homosassa Springs, Naples, Port St, Miami, Fort Lauderdale, York, Newark, Jersey City, Midwest, Northeast, Lincoln , Fresno, St, Tampa

☆ Opinion | The Fed Drove up Mortgage Rates. Why Doesn’t That Count as Inflation?
▼ + stars: | 2023-09-22 | by ( Peter Coy | ) www.nytimes.com time to read: +2 min

From March 2022, when the Fed began raising rates, through this July, personal interest payments, excluding those on mortgage loans, rose 69 percent, according to Bureau of Economic Analysis data. Mortgage interest was in the C.P.I. But if you own and the price of your house goes up, that’s kind of good. To put it another way, interest is fundamentally different from the goods and services in the Bureau of Labor Statistics’ marketbasket. Taking out a 30-year mortgage loan allows you to move into a house now.

Persons: ” Robert Gillingham, Walter Lane, ”, homeownership Organizations: Fed, Bureau of Labor Statistics, bureau’s, Labor, of Labor Statistics ’

Girls and young women want to be homeowners by the time they're 30 — a higher priority even than getting married or earning a lot of money. About half, 52%, of young women ages 7 to 21 want a house by 30, the most of any goal, according to Girlguiding's Girls' Attitude Survey 2023 . To compare, 48% want to be married by age 30, and 39% said it's a goal to earn a lot of money. The organization polled 2,614 girls and young women in the U.K. between the ages of 7 and 21 earlier this year. Lenders look at your debt-to-income ratio to figure out how much mortgage debt you can take on.

Persons: Fannie Mae, it's, Melissa Cohn, William Raveis, Kamila Elliott, Cohn, Jessica Lautz, Elliott, Roth, Lazetta Rainey Braxton, Braxton Organizations: Fannie, William Raveis Mortgage, Federal Reserve, Wealth Partners, National Association of Realtors, CNBC, Partners, IRA, CNBC FA Council, CNBC FA Locations: New York, Atlanta

☆ These are the 10 most affordable US cities to live in with mortgage rates near multi-decade highs, according to Bank of America
▼ + stars: | 2023-09-20 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Mortgage rates are at their highest levels since the early 2000s after slipping late last year, while home price growth has ticked back up this summer after steadily falling from its pandemic peak. Mortgage rates are near multi-decade highs right now. Many people are bailing on big, pricey citiesBut not all US cities are equally affected by lofty mortgage rates and elevated property prices. 10 highly affordable US citiesProspective property owners priced out of costly cities and squeezed by historically high mortgage rates may want to look at homes in the most affordable US markets. Below are the 10 US markets with the highest affordability values as of the most recent data, according to Bank of America and the National Association of Realtors.

Persons: Freddie Mac, BofA Organizations: Federal Reserve, Bank of America, National Association of Realtors ., Denver, The Sunshine, National Association of Realtors, NAR Locations: San Jose , Los Angeles, Anaheim, National Association of Realtors . Florida, Colorado, Miami, Naples, Boulder, Angeles, New York, San Francisco, Seattle, Jacksonville , Florida, Columbus , Ohio, Austin , Texas, San Antonio , Texas, Tampa , Florida, Orlando , Florida

☆ The vicious cycle of homeowners insurance: It's increasingly expensive to protect homes in the disaster-prone areas that need it most
▼ + stars: | 2023-09-20 | by ( Dan Latu | ) www.businessinsider.com time to read: +6 min

Earlier this year, Allstate joined State Farm in no longer offering new home insurance in California over climate risk. Across the country, 83% of prospective homebuyers said climate risk factored into where they are shopping for homes, according to a recent Zillow study. Danny Collins of Hobe Sound, Florida, told Insider in July how the bank holding his mortgage raised his monthly rate by $1,000, citing increased flood insurance. Matheus told Insider. Have you moved or are you considering a move because of climate risk and extreme weather events?

Persons: Carolyn Kousky, Berkshire Hathaway, Vox, Dave Jones, they'll, Danny Collins, Collins, Bob Stephens, Stephens, Martha Flanagan, Jason Beury, Charles Matheus, Kelly Roberge, Matheus, Dan Latu Organizations: Service, The Washington Post, Environmental Defense Fund, Allstate, Berkshire, Nationwide, National Association of Insurance, . Erie Insurance Group, Washington Post, State Farm, Farmers Insurance, Insurance, Wall Street, Journal, Hobe, Marathon Locations: Florida, Kansas, New York, California, Louisiana, United States, Coral, Florida's, Hobe Sound, Arizona, Brooklyn , New York, Kansas City , Kansas, Utica , New York, dlatu@insider.com

☆ Loma Linda, California, the only Blue Zone in the US, has cheaper homes than elsewhere in the state
▼ + stars: | 2023-09-19 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +5 min

Home buyers seeking a Blue Zone lifestyle in the US have limited options. Loma Linda, CA, is among the smallest Blue Zones by population and its real estate market is tight. Despite high demand, a typical home sale in Loma Linda is still less pricey than the state average. Loma Linda, California is located about 60 miles east of Los Angeles. Hulda Crooks Park in Loma Linda David Keith Canete/Getty ImagesAverage home sales in Loma Linda, according to RedFin and Zillow, ran between $545,000 and $603,000 in the last year.

Persons: Loma, Brandon Rivinius, Rivinius, you'll, Crooks, Loma Linda David Keith Canete, I've Organizations: Service, Loma Linda, Loma, Google, Brandon, Reliable, tote, National Association of Realtors, California Association of Realtors, Loma Linda University, Group, Blue Zone Locations: Loma Linda, CA, Wall, Silicon, States, California, Los Angeles, Loma, Loma Linda , California

☆ US housing starts fall to lowest level since 2020 in worrying sign for the economy
▼ + stars: | 2023-09-19 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

August US housing starts fell to its lowest level in three years in a worrying sign for the economy. "The sharp drop in housing starts is concerning because housing has been one of the pillars of the economy that has held up," a CIO said. US housing starts, which refers to the beginning of construction of a new home, plunged 11% in August to 1.23 million, representing its lowest level since June 2020. The drop in housing starts coincides with a decline in homebuilder sentiment, which fell in September to its lowest level since April. AdvertisementAdvertisementBut there was one sign of hope for the economy in the August report of housing starts, and that's the fact that housing permits jumped 7% to 1.54 million.

Persons: Chris Zaccarelli, Zaccarelli, that's, I've, Jaime Moore, Jeffrey Roach Organizations: Service, Alliance, LPL Financial Locations: Wall, Silicon

☆ Insider Today: Tech's biggest lie
▼ + stars: | 2023-09-18 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +9 min

In recent years, some members of Congress have lacked a basic understanding of technology, let alone something as complex as generative AI. Marc Benioff spent much of the annual Dreamforce conference sounding the alarms on how untrustworthy generative AI is right now. Marc Benioff spent much of the annual Dreamforce conference sounding the alarms on how untrustworthy generative AI is right now. It's International Equal Pay Day. The UN General Assembly created this day in 2019 with "equal pay for work of equal value" in mind.

Persons: Mark Sumersett, isn't, Simon Simard, Daron Acemoglu, Insider's Aki Ito, Acemoglu, hasn't, Aki, It's, Nat Friedman, Rebecca Zisser, Peter Brown, Marc Benioff, Salesforce, Greg Johnson, Gary Reyes, Janette Beckman, Getty, Johnny Nunez, Lynn Goldsmith, Dakarai Akil, Tupac, Akon, Sean Kingston, Gucci Mane, There's, Carly Pearce, Valter Longo, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, MIT, Renaissance Technologies, Bloomberg Beta, McAfee, Oakland Tribune Staff, Interscope Records, Academy of Country, FOX, UN, Assembly, Getty Locations: Wall, Silicon, New York City, San Diego, London, New York

☆ Why the middle-class is being permanently priced out of Miami
▼ + stars: | 2023-09-18 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +5 min

More apartments are being built in Miami than anywhere else in the US, the Wall Street Journal reported. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Now, "the Florida housing market is undergoing a restructuring as a result of the work-from-home phenomenon," housing expert Jonathan Miller told Insider. Particularly in South Florida, it's a sign that these wealthier newcomers — mostly from the northeast — have permanently altered Miami's housing market, Miller said. For wealthier newcomers who moved from the northeast, Miami luxury housing is actually comparatively cheap, Miller said.

Persons: Jonathan Miller, Miller, Daryl Fairweather, Rich, Eli Beracha, Mercedes Cabrera, WPTV Organizations: Wall Street Journal, Service, Wall Street, Redfin Corp, Bloomberg, Hollo, Real, Florida International University, Dade, Street Journal Locations: Miami, Wall, Silicon, Florida, South Florida, Real Estate, Manhattan, Broward, Palm Beach, Hileah, Dade County, Southeast Florida

☆ 3 former Californians share why they decided to chase the American dream in Texas
▼ + stars: | 2023-09-17 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +8 min

Having spent seven years in the costly city, Cheng couldn't ignore the profound effect its high living expenses were having on his finances. In 2021, almost 108,000 people migrated from California to Texas, according to an analysis of the most recent Census data. AdvertisementAdvertisementAs COVID-19 shut down the city, Cheng felt as if he and his wife's hard-earned money was being squandered. Courtesy of Jackie Burse"I chose the area because it's more affordable to live here as a single woman," Burse told Insider. While living in California, Burse had become increasingly concerned about parental rights and policy makers "overstepping boundaries."

Persons: Pengyu Cheng, Cheng couldn't, Cheng isn't, Thompson, Cheng, Austin, Jackie Burse, Burse, I've, I'm, Michael Sullivan, Rosa, Sullivan, Michael, Rosa's Organizations: Golden, Service, San, Bay Area, Apple, Texans, Republican, Sullivans, Corpus Christi Locations: California, Texas, Golden State, San Francisco, Bay, Valley, Redfin . Texas, Pengyu, Austin, Orange County, San Antonio , Texas, In California, San Antonio, Madera , California, Kingsville , Texas, Madera, Fresno, Kingsville, Corpus

☆ The 10 least expensive states to own a home
▼ + stars: | 2023-09-17 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +2 min

Here are 10 states, including Ohio and Iowa, where homeownership is less than the national average. According to Zillow, the average cost of a home in the US is $349,770, as of August. Hawaii is one of the more expensive states to live in, and has the highest cost of homeownership, according to Self. But there's good news for prospective homebuyers: There are states where the costs of homeownership are significantly less than the national average. Here are the 10 least expensive states to own a home, according to Self.

Persons: homeownership, Zillow, Angi Organizations: Service Locations: Ohio, Iowa, Wall, Silicon, Hawaii

☆ The housing market is brutal. These 6 charts show just how bad things are for buyers.
▼ + stars: | 2023-09-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Record-high monthly mortgage payments and low home inventory have made the housing market historically unaffordable. Below are 6 charts illustrate how difficult the current housing market is for buyers. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyAdvertisementAdvertisementThe housing market has never before been this unaffordable for Americans. These six charts from real estate group Redfin show just how brutal it is for people navigating the current market. AdvertisementAdvertisementSeparate National Association of Realtors' data published last month showed that home prices saw a record increase in over half of the US housing market over the past quarter.

Persons: it's Organizations: Service, Federal Reserve, Redfin, metros, Association of Realtors Locations: Wall, Silicon, San Jose, Milwaukee, Atlanta, Las Vegas, Newark , NJ, Seattle, San Antonio ,, San Jose ,

Like other consumer rates, mortgage rates are impacted in large part by what's going on in the economy. The MBA forecast sees rates falling more aggressively, predicting that 30-year mortgage rates will drop to 5% by the end of 2024. 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. Mortgage rates in 2024: FAQsWhat will mortgage rates do in 2024? Once the Federal Reserve stops hiking rates and inflation slows, all consumer interest rates, including mortgage rates, will likely start going down in 2024.

Persons: homebuyers, what's, Afifa Saburi, Fannie Mae's, Freddie Mac, Lawrence Yun, that's, Karen Kostiw, Coldwell Banker Warburg, refinance, Saburi Organizations: Service, Federal Reserve, Bureau of Labor Statistics, Veterans United, Loans, NAR, National Association of Realtors, CNBC, Federal Housing Finance Agency, Coldwell Banker, Mortgage, Association Locations: Wall, Silicon, New York City, Chevron

☆ Manhattan median rent remains at record high of nearly $4,400 a month
▼ + stars: | 2023-09-14 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

Manhattan renters may have reached their "affordability threshold" in August, as median rents remained at record high, according to a new report. The median rent in Manhattan in August was $4,370 a month, unchanged from the record high in July, according to data from brokerage firm Douglas Elliman and the appraisal and research firm Miller Samuel. The drop suggests that while asking rents for new leases are high, renters are balking at the prices. In short, Manhattan renters may have reached their price limit. According to Redfin, the median national rent in August was $2,052, just $2 below the record-high last year.

Persons: Douglas Elliman, Miller Samuel, Jonathan Miller, Miller, Redfin Organizations: Brokers Locations: East Village, New York, Manhattan

☆ 3 cities with opportunities 'hiding in plain sight': A housing expert says it's probably a good time to buy the dip in these markets as prices plummet while populations and wages surge
▼ + stars: | 2023-09-13 | by ( William Edwards | ) www.businessinsider.com time to read: +3 min

In a recent video, he highlighted three cities where prices are still a decent way off their highs despite favorable fundamentals like wage growth and population growth. When it comes to population growth, Austin grew by 2.7% between 2021 and 2022, according to Census Bureau data. The list incorporates cities seeing economic and population growth. Both wage and population growth are theoretically supportive of home prices as they support demand. "This means all three markets SHOULD be primed for home prices to increase, BUT sellers are still dropping prices.

Persons: Dave Meyer, Shutterstock, Meyer, there's, Austin, Phoenix, bode Organizations: National Association of Realtors Locations: Phoenix , Arizona, Austin , Texas, Provo , Utah, Austin, Provo, West, Phoenix, Utah County

☆ Cash-strapped New Yorkers are doing the unthinkable: Moving to Jersey City
▼ + stars: | 2023-09-10 | by ( Juliana Kaplan | Noah Sheidlower | ) www.businessinsider.com time to read: +12 min

New Yorkers fed up with a tough housing market are making the pilgrimage to Jersey City. New York City housing is becoming more elusive and expensive, and Jersey City is an attractive option. That's not to say that Jersey City is much cheaper, but there are more options: Along the Hudson River waterfront in Jersey City, dozens of luxury high-rises have sprouted up within the last 10 years, some filled with their own coffee shops, heated pools, and rooftop dog runs. Now, he knows at least eight to 10 acquaintances who have taken the Jersey City plunge since he moved. When it comes to the space and amenities that Jersey City provides, "once you have it, you can't go back."

Persons: Chelsea Vaughn, I'm, Vaughn, brownstones, Vaughn isn't, Steven Fulop, Fulop, cringes, Alexa Lacayo, would've, She'd, Susannah Byrne, Byrne, should've, Joey Politano, Zack Chibane, he's, Chibane Organizations: Service, Bushwick, Jersey City, New, Apple, Jersey, NYC, Income Housing Association, Alexa, New York's Financial, York, New Jersey, New York Locations: Jersey City, While Jersey, York, New York City, Jersey, Wall, Silicon, Brooklyn, Brooklyn , Manhattan, Vaughn, Harlem, New York, Grove, —, It's, Florida, New, Manhattan, Hoboken, Murray Hill, Hudson, NYC, New Jersey

☆ Gen Z is better at saving than millennials. A new survey says it has a more positive outlook on homeownership, too
▼ + stars: | 2023-09-09 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +3 min

Gen Z is more optimistic about owning a home compared to millennials, per a Redfin survey. Previous surveys found that Gen Z is also ahead when it comes to home purchases. Of the 1,340 members of Gen Z surveyed, around 12% said they believed homeownership would not be possible in their lifetime. Millennials being more concerned about saving up for a home falls in line with studies that found Gen Z is doing a better job of holding on to its savings , per the Center for Generational Kinetic's State of Gen Z report. Gen Zers and millennials both expressed concerns that high home costs and student loan debt, among other factors, would prevent them from being homeowners.

Persons: Gen Z, homeownership, Gen Zers, Z, Redfin, Daryl Fairweather, Zers, millennials, Fairweather, it's Organizations: Service Locations: Wall, Silicon, Kinetic's

These are tough times for the housing market. Meanwhile on Wednesday, the Mortgage Bankers Association said mortgage applications have plunged 28% since last year and are now at the lowest level since late 1996. After two years of a pandemic-fueled housing market frenzy and another year of rising rates and tight inventory, consumers are weary. During the pandemic, as the Federal Reserve moved to lower interest rates, mortgage rates fell to 3% and below, prompting a wave of refinancings. “Mortgage applications declined to the lowest level since December 1996, despite a drop in mortgage rates,” said Joel Kan, deputy chief economist at the Mortgage Bankers Association.

Persons: Freddie Mac’s, ”, Lisa Sturtevant, ” Sturtevant, Joel Kan, Redfin, Niko Voutsinas Organizations: Mortgage Bankers Association, National Association of Home Builders, Housing, Bright MLS, “, Federal Reserve, Mortgage, Association Locations: Washington, Chicago

☆ An Evolving Salt Lake City Hopes to Be ‘Just Like Austin’
▼ + stars: | 2023-09-05 | by ( Miranda S. Spivack | ) www.nytimes.com time to read: +1 min

Also seeding tech start-ups are Kimmy and Sergio Paluch, who founded Beta Boom, which funds underrepresented tech entrepreneurs who lack easy access to capital. Like many other recent arrivals, Ms. Paluch said, she wanted to be part of the evolving city but was also acutely aware that the growth had raised housing prices. The state, unlike many others, does not require developers to include affordable housing in their projects. In the past, “you had to look really hard to find the underground, the arts, the music,” said Ms. Brown, who is also the executive director of Craft Lake City, which organizes arts festivals in the city. “But you do not have to go outside of our state to find incredible talent,” she added.

Persons: Sergio Paluch, Paluch, ”, Redfin, Mendenhall, Angela H, Brown, “ Organizations: Beta, Gardner Policy, University of Utah, Craft Locations: Utah, Salt, Craft Lake City

☆ The housing market is stuck: Americans can't afford homes, investors aren't buying property, and economists see little relief ahead
▼ + stars: | 2023-09-02 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Low inventory, high mortgage rates, and high prices have created a difficult housing market. Low inventory, high mortgage rates, and high prices have put the housing market into a state of unaffordability that's weighing on house hunters, current homeowners, and even real estate investors. AdvertisementAdvertisementAs things stand, roughly one-quarter of homeowners are sitting on mortgage rates of less than 3%, near the highest on record. The seasonally-adjusted data showed prices climbed in every single city in the group's 20-city index. Otherwise said, half the cities in our sample now sit at all-time high prices."

Persons: we've, Craig J, Lazzara, DJI, Daryl Fairweather, haven't, Shay Stein, Realtor.com, Fannie Mae, Bill McBride Organizations: Homeowners, Service Locations: Wall, Silicon, Realtor.com

☆ 'Where ambition goes to die': These tech workers flocked to Austin during the pandemic. Now they're desperate to get out.
▼ + stars: | 2023-08-31 | by ( Ben Bergman | Jordan Pandy | ) www.businessinsider.com time to read: +11 min

Many tech workers in California moved to Austin during the pandemic in search of a new lifestyle. Some tech workers say they regret moving there, given its middling tech scene and "fake" atmosphere. They cited several contributing factors, including extreme temperatures, traffic, overcrowding, and — perhaps most surprising — a middling tech scene that fails to live up to the hype. From Silicon Valley to the Silicon HillsNot long ago, Austin's tech scene was ascendant, with national headlines suggesting it could take on Silicon Valley. He acknowledged there's not much of a tech scene there but will take that over what he perceived as Austin's smoke and mirrors.

Persons: Austin, Mike Chang, Chang, Tesla, Danielle Fountain, Fountain, Elon Musk, Jim Breyer, Joe Lonsdale, Bill Gurley, Musk, Gurley, Emily Chang, John Andrew Entwistle, who's, John Andrew Entwistle Entwistle, Entwistle, oversold, Nicholas Falldine, there's, Nick Thomas, Austin doesn't, Thomas, he's, Sam Parr, I'm, Sheharyar, Redfin, Bokhari, It's, frolic Organizations: Oracle, Facebook, Google, Apple, Breyer Capital, Austin Chamber, Austin, Lone Star, US Postal Service Locations: California, Austin, Los Angeles, Bay, Silicon, Silicon Valley, Austin's, Palo Alto, Westchester County , New York, Fayetteville , Arkansas, Austin , Texas, San Francisco

☆ With housing, Buffett chooses a great location
▼ + stars: | 2023-08-30 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

WASHINGTON, Aug 30 (Reuters Breakingviews) - Mortgages are pricey, but Warren Buffett seems to think that’s a good thing for homebuilders. Horton (DHI.N), Lennar (LEN.N) and NVR (NVR.N), just as mortgage rates hit the highest level in nearly 23 years. That’s 3% less than last year, and 7% less than the average used-home price today. Horton, NVR and Lennar on Aug. 14. The conglomerate, run by billionaire investor Warren Buffett, purchased $726 million, $71 million and $17 million of DR Horton, NVR and Lennar shares, respectively, throughout the second quarter, according to a Securities and Exchange Commission filing.

Persons: Warren Buffett, Berkshire Hathaway, D.R . Horton, Horton, NVR, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, U.S . Bureau of Labor Statistics, Buffett, Berkshire, Securities and Exchange Commission, Mortgage Bankers Association, Census, Thomson Locations: . Berkshire, D.R ., Horton, U.S, New York, Los Angeles, Berkshire, that’s, homebuilders D.R, DR

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