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☆ 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

☆ Forget snowbirds: 'Sweat birds' flee the heat of Texas and Arizona to spend summer in cooler northern climates
▼ + stars: | 2023-08-30 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +8 min

It allows them to partake in outdoor activities in the summer and provides a change of scenery. "I have never been happy with the heat," Woudenberg told Insider. "Sweat birds" — or "fire birds," which Woudenberg prefers — ditch the heat and opt for a cooler experience in the summer by relocating north. Northern California provides some relief from the Dallas heat for one sweat birdChuck Anderson is originally from Nebraska but has lived in Dallas since 1980. He naturally gravitates toward warmer climates, he said, but Dallas' summer weather has become a bit too much.

Persons: Cindy Woudenberg, Woudenberg, it's, Mike Pennekamp, Galia, Mike, Chuck Anderson, Kim Anderson, Chuck Anderson Anderson, Anderson, Kim, Dallas, Realty Anderson Organizations: Service, Midwest, Dallas, Anderson, Realty Locations: Wall, Silicon, Phoenix, Woudenberg, Baldwin , Michigan, Grand Rapids, Arizona, Arizona and Michigan, Michigan, In Michigan, Lake Michigan, Florida, Idaho, Miami, snowbirds , Florida, South Florida, Driggs , Idaho, Jackson , Wyoming, North Carolina, Teton, California, Nebraska, Dallas, Colorado , Idaho, Montana, Truckee , California, Nevada, Reno, Lake Tahoe, Truckee

☆ It’s not just crime: What’s really going on with San Francisco’s shrinking retail district
▼ + stars: | 2023-08-30 | by ( Samantha Delouya | ) edition.cnn.com time to read: +7 min

Mapping the exodusUnion Square has historically been a major commercial hub in the heart of San Francisco’s downtown. A complicated decline in downtownThe reasons for downtown San Francisco’s economic troubles are multi-faceted. In addition, San Francisco’s downtown has experienced a rise in its unhoused population. As San Francisco’s downtown area has emptied over the last three years, property crimes and retail thefts have risen, according to San Francisco Police Department data. Travel to San Francisco has yet to recover fully to pre-pandemic levels, according to data from San Francisco International Airport.

Persons: —, ”, Elon Musk, Tesla, Francisco, “, Lori Lincoln, San Francisco —, Lincoln, Breed, Alexander Quinn, Breed’s, Sarang Peruri Organizations: Los Angeles CNN, Lease, Google, city’s, Nordstrom, CNN, Westfield, San Francisco Centre, KGO, University of California, San Francisco Police Department, San Francisco International, San Francisco Travel, Tourism, San, Oxford Economics, Asia hasn’t, San Francisco Mayor London, Francisco’s, Oxford Capital Group, Ikea, IKEA Locations: Francisco’s, United States, San Francisco’s, Union, Westfield, San Francisco, San, California, Redfin, Palo Alto, Asia, Americas, Europe, Pacific, San Mateo, Lincoln, China, Downtown, Chicago

☆ I'm a millennial with dreams of owning my own home, but the cutthroat real-estate market has kept me living with my parents in Florida
▼ + stars: | 2023-08-29 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

PR account executive David Triana, 27, moved back in with his parents in Clermont, Florida, in 2019. He and his fiancé want to live in Davenport or Clermont, Florida, where the median home sales prices are $363,000 and $475,000, respectively, according to Redfin. I'm an account executive at a PR firm and I currently live in Clermont, Florida, a town that is 45 minutes southwest of downtown Orlando. The real-estate market in Orlando is hotThe greater Orlando area has become busier and there's a lot of new real-estate development. A sidewalk in Clermont, Florida.

Persons: David Triana, homeownership, I've, We're Organizations: Service, Disney Locations: Clermont , Florida, homeownership, Wall, Silicon, Florida, Davenport, Orlando, Puerto Rico, Cuban, United States, Texas, Winter, Clermont

☆ Google to begin selling maps data to companies building solar products, hopes to generate $100 million in first year
▼ + stars: | 2023-08-28 | by ( Jennifer Elias | ) www.cnbc.com time to read: +4 min

Among the new offerings will be a Solar API, which could be used by solar installers like SunRun and Tesla Energy and solar design companies like Aurora Solar, according to a list of example customers viewed by CNBC. Some of the data from the Solar API will come from a consumer-focused pilot called Project Sunroof, a solar savings calculator that originally launched in 2015. It also offers 3D modeling of the roofs of buildings and nearby trees based on Google Maps data. At the time, Morgan Stanley had estimated Google Maps would earn $11.1 billion by this year as new travel products and promoted pins began to increase ad revenue. In June, CNBC found the company was laying off employees at traffic-reporting app Waze, which it acquired in 2013, and combining it with the Google Maps team.

Persons: There's, it's, Morgan Stanley, Brian Nowak Organizations: CNBC, Tesla Energy, Google, Marriott, Amazon, Microsoft

☆ American homes are shrinking, but it isn't making houses any more affordable
▼ + stars: | 2023-08-28 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +4 min

Yet, the cost per square foot has markedly accelerated over the same period, data from John Burns Research and Consulting shows. We saw increased prices across the board, and that's showing up in that increased price per square foot." Not only are prices per square foot going up, data suggests that contractors are less likely to build homes with a lower price per square foot. AdvertisementAdvertisementFurther double-digit jumps in price per square foot are less likely to materialize in the current environment. But as floor plans get smaller, price per square foot could stay stubbornly high.

Persons: John Burns, That's, Chris Porter, demographer, Porter, Redfin Organizations: Census, John, John Burns Research, Consulting, Builders, Service, Homeowners, Wall Street Journal Locations: Wall, Silicon, Indiana, Zillow

☆ Large US homebuilders raise prices as existing home supply remains tight
▼ + stars: | 2023-08-25 | by ( Ananta Agarwal | ) www.reuters.com time to read: +3 min

It is thereby squeezing the pool of existing homes, which are typically more affordable than new construction. Public homebuilders on average have raised prices in about two-thirds of their communities, said BTIG analyst Carl Reichardt. This comes as the pricing gap between existing and new homes has narrowed, following a price appreciation in the resale market. "When the existing home market is seeing a price appreciation, it supports pricing power for new construction." However, as a consequence of recovery in new construction prices since last year, "affordability is close to its worst levels in at least the last three decades," said James Egan, Morgan Stanley housing strategist.

Persons: Andrew Kelly, Carl Reichardt, Matthew Bouley, James Egan, Morgan Stanley, Egan, homebuilders, BTIG's Reichardt, Ananta Agarwal, Shinjini Organizations: Lennar Corporation, REUTERS, Federal Reserve Economic, Lennar, PulteGroup Inc, U.S . Census, National Association of Realtors, Barclays, Thomson Locations: Morristown, Morristown , New Jersey, U.S, Bengaluru

☆ 'Guppies' are the latest real estate phenomenon: young people giving up on ever buying homes
▼ + stars: | 2023-08-24 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

More Gen Z and millennials are opting out of the rat race and sticking to renting instead. British real estate company Zoopla has dubbed the new generation of non-buyers as "guppies"Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. The term, coined by British real estate company Zoopla, is a play on the 1980s phrase "yuppie," which meant a young, financially successful professional. This mirrors a similar situation in the US, where competition is also heating up between potential first-time homebuyers. AdvertisementAdvertisementInstead of stressing over down payments and mortgage rates, guppies are comfortable renting for the foreseeable future even though they're making good money, MarketWatch reported.

Persons: Zoopla, They're, Zers, homebuyers, Sheharyar Bokhari Organizations: Service, National Association of Realtors, MarketWatch Locations: British, Wall, Silicon, guppie, California, Sacramento

☆ Inside Tampa's plan to build more affordable housing as the city's popularity explodes
▼ + stars: | 2023-08-24 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +5 min

Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Those worries are pushing the city to look for ways to get developers to build more housing — including affordable units, Tampa Mayor Jane Castor told Insider. In order to ease the hardships that some residents are facing, Castor said the city is incentivizing developers to increase housing supply generally. An influx of residents has helped drive up housing prices Tampa. Typically, such arrangements let builders move ahead with projects if development plans include affordable or workforce housing.

Persons: Jane Castor, somethings, Castor, it's, Walter Bibikow Organizations: Service, Tampa, Getty Images Locations: Tampa, Florida, Wall, Silicon, Austin , Texas, San Francisco, Rent.com, Clearwater Beach, Ixefra, Getty Images Tampa

☆ My wife and I left San Francisco for Austin to start a family. We love it because people talk less about their careers and more about their kids.
▼ + stars: | 2023-08-23 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

Pengyu Cheng and his wife moved from San Francisco to Austin, Texas, in 2021. I first settled in San Jose and then moved to San Francisco in 2019. AdvertisementAdvertisementThe state's homelessness crisis — especially in San Francisco and Los Angeles — have also made living there unbearable. In 2021, my wife and I left San Francisco for Austin. We had enough of San FranciscoOur desire to leave San Francisco accelerated in 2020.

Persons: Pengyu Cheng, Cheng, Heidi Yu Organizations: Service, Austin, Apple Locations: San Francisco, Austin , Texas, Bay, Texas, Wall, Silicon, California, San Jose, Los Angeles, Pengyu, Austin, Francisco

☆ The looming crisis that's going to crush homeowners from coast to coast
▼ + stars: | 2023-08-23 | by ( Taylor Dorrell | ) www.businessinsider.com time to read: +16 min

To maintain profitability, insurance companies have to take in more in monthly premium payments from customers than they pay out in damage claims. This has prompted insurance companies to back out of certain markets or pressure states to raise caps on premiums. Without robust rate caps such as those in California, insurance costs have risen by over 200% while DeSantis has been in office. He also signed legislation in December that protects insurance companies from liability claims and disincentivizes homeowners from filing claims to begin with. Despite these policies, insurance prices have continued to go up and insurers have continued to flee the market.

Persons: Cinda Larimer, Larimer's, Larimer, Anthony Roach, Larimer's who's, I've, Roach, Chubb, Justin Sullivan, Benjamin Keys, Anita Waters, Waters, Ron DeSantis, DeSantis, Desantis, Hurricane Ian, Dale, Deb Weideling, they've, Keys, Philip Mulder, Jeffrey Greenberg, Jeff Goodell, Xavier Cortada, I'm, Cortada, we're, Betsy, Cinda Larimer wasn't, , haven't, Taylor Dorrell Organizations: Navy, Insurance, Rush, Allstate, American International Group, University of Pennsylvania's Wharton School, US Army Corps of Engineers, . Farmers Insurance, AAA, Washington Post, National Bureau of Economic Research, US Treasury, Universal, Getty, Miami, Dakotas, Nationwide, Penn, National Flood Insurance, FAIR, Bay Area Locations: Paradise , California, Paradise, Sacramento, California, , California, . State, Florida, South Carolina, South Florida, Fort Myers Beach, Hurricane, In Miami, States, Louisiana , Oregon, Colorado, Hawaii, Coast, Minnesota, Midwest, Bay, Columbus , Ohio

☆ Americans now need to spend 43% of their income to afford a home as mortgage rates surge to a 23-year high
▼ + stars: | 2023-08-22 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Americans need to spend nearly half of their income to afford a home as mortgage rates soar, a market expert said. "US housing affordability is worse today than the peak of the last housing bubble," Charlie Bilello said. The average rate on the 30-year fixed mortgage jumped this week to a 23-year high of 7.48%, per Mortgage News Daily. Mortgage rates have climbed in response to the Federal Reserve's steep interest-rate increases over the past six quarters to combat inflation. "US housing affordability is worse today than the peak of the last housing bubble.

Persons: Charlie Bilello Organizations: Mortgage, Service, Privacy, Mortgage News, Creative Planning Locations: Wall, Silicon

☆ The No. 1 best state to retire in the U.S.—it's not Florida
▼ + stars: | 2023-08-19 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

The best state to retire in 2023 isn't Florida. 1 state to retire, according to a recent Bankrate study. To determine which states are the best for retirees, Bankrate used data from a number of sources, including the U.S. Census Bureau, the Tax Foundation and the Centers for Medicare and Medicaid. Since most retirees live on a fixed income, lower housing costs can help them stretch their dollars further than other states, Bankrate reports. Here are the best and worst states to retire in 2023, according to Bankrate.

Organizations: Southeast . Iowa, U.S . Census Bureau, Tax Foundation, Centers, Medicare Locations: Florida, Southeast

☆ The housing market is at 'rock bottom,' says Redfin's CEO, as high rates and prices take their toll
▼ + stars: | 2023-08-17 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

High mortgage rates and price increases have meant fewer property listings. The market has hit "rock bottom," Redfin CEO Glenn Kelman told MarketWatch. Redfin CEO Glenn Kelman says it's hit "rock bottom." Kelman told MarketWatch that higher house prices have played a part in reducing mobility for young people in the US. "Apartments are expensive and houses are expensive, so I think household formation is going to be low," he said.

Persons: Glenn Kelman, it's, Freddie Mac, " Kelman, Kelman Organizations: Service Locations: Wall, Silicon

☆ Here's why Americans can't stop living paycheck to paycheck
▼ + stars: | 2023-08-17 | by ( Juhohn Lee | ) www.cnbc.com time to read: +2 min

For many Americans, payday can't come soon enough. As of June, 61% of adults are living paycheck to paycheck, according to a LendingClub report. In other words, they rely on those regular paychecks to meet essential living expenses, with little to no money left over. Almost three-quarters, 72%, of Americans say they aren't financially secure given their current financial standing, and more than a quarter said they will likely never be financially secure, according to a survey by Bankrate. That amount already accounts for about 61% of the median take-home pay.

Persons: Ida Rademacher, there's, Kamila Elliott Organizations: Aspen Institute, Principal Financial, Institute, Finance, U.S . Bureau of Labor Statistics, for Community, Economic Research, Wealth Partners, CNBC's Locations: U.S, Atlanta

☆ Homeowners are tapping into home equity to get cash
▼ + stars: | 2023-08-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

That means homeowners are now collectively sitting on nearly $30 trillion in home equity, according to the St. Louis Federal Reserve. Other reasons that borrowers gave for taking out a HELOC or home equity loan included debt consolidation and emergency cash management. Hidden source of valueA homeowner’s equity in their home can be a tremendous source of wealth. A homeowner’s equity will fluctuate over time as they make payments on their mortgage and real estate market dynamics impact the current value of the home. Mortgage balances stay high because of home equity loansNationally, mortgage balances remain near record highs as some people turn to home equity loans, rather than HELOCs, according to a quarterly report from TransUnion.

Persons: ”, Marina Walsh, ” Walsh, HELOC originations, Joe Mellman, Freddie Mac, Mellman Organizations: DC CNN, Louis Federal Reserve, Equity Lines of, Mortgage, Association, TransUnion, “, refinances Locations: Washington, originations, U.S

☆ Middle class Americans are moving straight into fire and drought because they can't afford to live in the cities that are safer from climate change
▼ + stars: | 2023-08-15 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Rising housing costs have helped push Americans into parts of the country more vulnerable to climate change. The trend shows how the burden of climate change is falling disproportionately on less affluent people. Rather than leaving areas at high risk of natural disasters and other climate issues, more Americans are moving into them. But if lower-risk cities continue to price people out, the burden of climate change will fall even more disproportionately on less affluent communities. A recent Brookings Institution report recommended several ways that policymakers can encourage Americans to seek climate safety.

Persons: Hurricane Harvey, Freddie Mac, Rich, homebuyers, Jenny Schuetz, Julia Gill Organizations: Service, Brookings, Federal Housing Finance Agency Locations: New York, San Francisco, Southern, Florida, Houston, West, Bend , Oregon

☆ Here are 13 stocks Jim Cramer is watching Tuesday, including Ollie's and Norfolk
▼ + stars: | 2023-08-15 | by ( Jim Cramer | ) www.cnbc.com time to read: +2 min

Workday (WDAY): Jefferies raises price target to $275 from $250, another positive call on enterprise software, which has been the Achilles heel of the Nasdaq. Deckers Outdoor (DECK) price target to $618 from $564 at TD Cowen. Ollie's Bargain Outlet (OLLI) PT raised to $83 from $67 at Wells Fargo, sees significant surge in bargain shopping. Substack meets MasterClass meets The Economist meets The New Yorker ... XPO Logistics (XPO) is out of penalty box. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jefferies, Oppenheimer, Buffett, LEN, Horton, Cowen, OLLI, Substack, MasterClass, Morgan Stanley, Jim Cramer's, Jim Cramer, Jim, Andrew Harrer Organizations: Southern, Getty Images, Hollywood, Barclays, Nasdaq, Textron, Bank of America, PayPal, XPO Logistics, Jim Cramer's Charitable, CNBC, Norfolk Southern Corp, Bloomberg, Getty Locations: Susquehanna, Wells Fargo, Singapore, Norfolk , Virginia

☆ Californians are fleeing to Texas, where homes and the cost of living are cheaper
▼ + stars: | 2023-08-14 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

Many Californians have relocated to Texas, as higher housing costs drive them out of the state. In 2021, almost 108,000, people migrated from California to Texas, according to an analysis of the most recent Census data. The saying is that everything is "bigger" in Texas but, for Californians, is it also cheaper? And in June, Redfin found its median home sale price to be $362,000, compared with the US median sale price of $425,177 as of June. In 2022, he and his wife, Erika Dominguez, moved to Dallas, after struggling to afford rent in California, USA Today reported.

Persons: Rogelio Saenz, Saenz, Redfin, Ryan Petersen, Erika Dominguez, Petersen, Peterson, Petterson, Alcynna Lloyd Organizations: Census, Service, Lone Star, University of Texas, USA Today, USA, Instacart, alloyd Locations: Texas, California, Wall, Silicon, San Antonio, Orange County, Dallas, USA

☆ The 10 best U.S. states for flipping houses, maximizing ROI—half are in the South
▼ + stars: | 2023-08-13 | by ( Celia Fernandez | ) www.cnbc.com time to read: 1 min

House flipping can be a lucrative business, but especially if you choose the right location. Joybird, a handcrafted furniture company, analyzed 11 factors in real estate markets across the United States to uncover the best locations to maximize the return on your investment in flipping houses. The factors used were determined using data from Zillow, Redfin, the U.S. Bureau of Labor Statistics and more. They include:median home pricethe average price of fixer-upper homesnumber of fixer-upper homesmedian days on the markethome flipping gross ROIproperty tax rateaverage kitchen remodeling costaverage bathroom remodeling costnumber of real estate agentsnumber of construction managersnumber of construction laborersFive out of the top 10 states on Joyride's final ranking are located in the South, indicating this region of the United States is ideal for home flipping.

Organizations: U.S . Bureau of Labor Statistics Locations: United States, Zillow

☆ Looking to buy a starter home? They're more expensive than ever.
▼ + stars: | 2023-08-13 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +2 min

In June, the median sale price for the typical starter home reached an all-time high of $243,000. The income needed to purchase a typical starter home has increased 13% from 2022, to $64,500. That's because starter homes are disappearing from the market as homeowners with low, locked-in monthly payments refrain from listing their homes for sale, and homebuilders focus on more lucrative projects. It means the few that are making their way to the market are priced way higher than they once were. Here's the state of starter homes right now.

Persons: Gen Zers Organizations: Service Locations: Wall, Silicon

☆ The US housing market hits a record value of $47 trillion as the inventory shortage fuels a price boom
▼ + stars: | 2023-08-11 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The US housing market just reached a new all-time high valuation of $47 trillion, Redfin reported. Low inventory has pushed up home values, according to a Redfin analysis of 90 million US residences. The report said a shortage of homes has been propping up housing values, based on a Redfin estimate on more than 90 million US residential properties. Notably, the housing market has now offset the $2.9 trillion decrease in value that happened between June 2022 and February 2023 as a result of rising mortgage rates. "The dominance of the 30-year fixed rate mortgage in America is propping up home values," Redfin economist Chen Zhao said.

Persons: Redfin, Chen Zhao, they're, That's, Zhao Organizations: Service Locations: Wall, Silicon, America, Los Angeles, U.S

☆ The worst of the housing affordability crisis may be over, but that doesn't mean it'll get easier to buy a home soon
▼ + stars: | 2023-08-10 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The worst of the housing affordability crisis has already passed, Morgan Stanley said. Mortgage rates are expected to see a small decline while the inventory shortage improves only slightly. "Affordability remains very challenged. "Supply remains incredibly tight, but it's not getting tighter." Mortgage rates are expected to decline through the end of the year as interest rate volatility in the economy winds down.

Persons: Morgan Stanley, it's, Jim Egan, Morgan Stanley's, Egan, Price Organizations: Service, Mortgage Bankers Association, Black, National Association of Realtors Locations: Wall, Silicon

You're a lot more likely to be able to buy a house in a competitive market if you can pay with cash. Reduce your risk when you buy before you sell with a guaranteed backup offer from Calque. If you're eager to buy a new house and want to make a cash offer but haven't sold your current house yet to have the cash on hand, there are ways to do it. Certified financial planner Taylor Kovar shared three pieces of advice for anyone who wants to make this happen in 2023. Also, it's important to note that you typically cannot make 401(k) contributions while you have an outstanding 401(k) loan.

Persons: there's, haven't, Taylor Kovar, Kovar, you've Organizations: Calque, Service Locations: Wall, Silicon, Calque

☆ Home prices this summer have hit a new all-time high in a majority of the US
▼ + stars: | 2023-08-08 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Home prices hit a new-all-time high across the US in June as the shortage in inventory drags on. Prices reached fresh peaks in 30 out of 50 housing markets tracked by Black Knight, the firm said in a new report. Meanwhile, the housing market is short around 3.8 million units, per an estimate from Freddie Mac. Across all markets, prices grew 0.8% year-per-year in June, surging from just a 0.2% increase reported in May. The average 30-year fixed mortgage rate inched higher to 6.9% the last week, according to Freddie Mac.

Persons: Black Knight, Freddie Mac, We've, Andy Walden, That's Organizations: Service, Knight Locations: Wall, Silicon

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