DIRS.INFO The most relevant business & tech news

☆ Thinking of building an ADU in your backyard? Here are some pros and cons.
▼ + stars: | 2023-08-07 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +6 min

Backyard tiny homes are increasing in popularity, especially in California. If you're considering building a tiny home in your yard, here are some pros and cons to consider. San Jose homeowner and ADU advocate Joyce Higashi rents her backyard home to traveling nurses for $3,000 per month, she previously told Insider. Pro: Tiny homes can allow a child or elderly parent to remain nearbyAn ADU in Seattle. Selma Hepp, chief economist at CoreLogic, previously told Insider she ran into many challenges when building her ADU.

Persons: it's, Glenn Robinson, Robinson, Joyce Higashi, Eugene Chu, Peter Bohler, Cindy Loughridge, Seth Restaino, Redfin, Higashi, Selma Hepp, Abodu, George Beatty, Realtor.com Organizations: Service, National Association of Realtors ., California Housing Works, Pew Research Center, Terner Center, Housing Innovation, University of California, Villa Locations: California, Wall, Silicon, Sonoma ., National Association of Realtors . California, Redwood City , California, Jose, San Diego, Seattle, Bay, Sonoma, Golden, Berkeley, Philadelphia

☆ Stocks making the biggest moves midday: Amazon, Apple, Block, Tupperware and more
▼ + stars: | 2023-08-04 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Apple reported earnings per share for the fiscal third quarter of $1.26, 7 cents more than expected by analysts polled by Refinitiv. The company posted adjusted earnings of $37.62 per share on revenue of $5.46 billion in the second quarter. Fortinet posted 38 cents in adjusted earnings per share, while analysts polled by Refinitiv expected 34 cents per share. Dropbox posted 51 cents in adjusted earnings per share, while analysts surveyed by Refinitiv anticipated 46 cents. The company reported adjusted earnings per share of 18 cents Thursday, topping the 10 cents expected from analysts polled by StreetAccount.

Persons: Tupperware, Carl Icahn's, Hindenburg, Jack Dorsey, Nikola —, Nikola, Fortinet, Refinitiv, Opendoor, DraftKings, Dropbox, Sprout, Raymond James, —, Samantha Subin, Hakyung Kim, Pia Singh, Michelle Fox, Yun Li Organizations: Apple, Refinitiv, Revenue, Holdings, Icahn, Fortinet, Technologies, Refinitiv . Revenue, Tagger Media, Exchange, Citi, StreetAccount, Petrobras —, JPMorgan Locations: U.S, Canada

☆ The sluggish housing market is weighing on Redfin's stock as home sales 'near rock bottom'
▼ + stars: | 2023-08-04 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Redfin stock plunged as much as 24% Friday following a downbeat earnings report. "Sales volume is near rock bottom," CEO Glenn Kelman told analysts on Thursday. "Sales volume is near rock bottom," CEO Glenn Kelman told analysts on Thursday. For the third quarter, Redfin sees revenue dropping about 13% to $265 million-$279 million and losses narrowing to $21 million-$30 million from $90 million. Limited home inventory and elevated mortgage rates have kept house hunters sidelined and current homeowners reluctant to move, with many holding on to lower mortgage rates secured in prior years.

Persons: Glenn Kelman, Redfin, Redfin.com, Kelman Organizations: Service Locations: Wall, Silicon, New York, Seattle

☆ Mortgage payments are 19% more expensive than last year as home prices continue surging, Redfin says
▼ + stars: | 2023-08-04 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Mortgage payments are 19% more expensive than last year, Redfin data shows. The typical homebuyer's monthly mortgage payment was $2,605 during July. That's largely due to surging home prices and higher mortgage rates, which have raised the cost of borrowing. That's just below the all-time-high monthly mortgage payment of $2,637, which was notched in early July. Experts say affordability conditions are unlikely to improve until mortgage rates dial back more significantly, though that's unlikely to happen anytime soon.

Persons: That's, Redfin, Freddie Mac, Redfin's Organizations: Service, Mortgage, Association, American Enterprise Institute Locations: Wall, Silicon, That's

☆ Stocks making the biggest moves after hours: Apple, Amazon, Airbnb, Coinbase and more
▼ + stars: | 2023-08-03 | by ( Alex Harring | ) www.cnbc.com time to read: +4 min

Amazon reported earnings of 65 cents a share, ahead of the 35 cents expected by analysts, per Refinitiv. Airbnb — Shares slid 1% after the company reported its second-quarter earnings. Dropbox — The online collaboration platform advanced 3% on the back of strong second-quarter earnings. Square — Shares of the payments tech company dipped more than 4% in after-hours trading even after the firm reported second-quarter earnings and revenue above expectations. Square reported earnings of 39 cents per share, versus analysts' 36 cents estimate per Refinitiv.

Persons: Refinitiv, Fortinet, DraftKings, Airbnb, Coinbase, Dropbox, — Redfin, Redfin, Darla Mercado, Hakyung Kim, Sarah Min, Samantha Subin, Yun Li Organizations: Apple, Refinitiv, Revenue, Holdings, Booking Holdings, Analysts, Tagger Media

☆ The price of a typical starter home fell in San Francisco, Austin, and Phoenix, bucking a national trend — here's why
▼ + stars: | 2023-08-03 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

The cost of starter homes has grown in every US metro but three since last year, Redfin said. San Francisco, Austin, and Phoenix starter home prices declined by 13.3%, 12.2%, and 9.7%, respectively. That doesn't mean that these starter homes are cheap, or the incomes needed to afford them are minuscule. Similar to Austin and San Francisco, Bokhari chops it up to the ebb and flow of supply and demand. While starter home prices decreased in San Francisco, Austin, and Phoenix, Redfin found that the typical starter home sold for a record $243,000 in June.

Persons: Redfin, they're, Sheharyar, Bokhari, Manus Clancy, Austin, Tesla Organizations: Phoenix, Service, Apple, Google, Oracle Locations: San Francisco, Austin, Wall, Silicon, Phoenix, Francisco, homebuyers, Redfin

☆ You need to make at least $64,500 a year to afford your first home, says Redfin
▼ + stars: | 2023-08-02 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Buying your first home has become even less affordable, Redfin said. Buyers now need to make at least $64,500 a year to afford a starter home, up 13% in 12 months. Many on lower budgets can no longer stretch to even the most affordable homes, per Redfin. The real estate brokerage revealed first-time buyers must make about $64,500 a year to afford a starter home – 13% more than a year ago. "The most affordable homes for sale are no longer affordable to people with lower budgets due to the combination of rising prices and rising rates.

Persons: Redfin, Buyers, Sheharyar Bokhari Organizations: Service, Federal Reserve Locations: Wall, Silicon, New York, Chicago, Atlanta, San Francisco, Austin, Phoenix

☆ The 10 hottest cities for people who want a new hometown
▼ + stars: | 2023-08-01 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

More affordable cities such as Las Vegas topped Redfin's list for the first time ever. Major cities including San Francisco, New York, and Los Angeles saw the biggest outflow while Las Vegas topped Redfin's list for the first time ever. Like Las Vegas, both cities are relatively affordable in comparison to Los Angeles or San Francisco. The average Las Vegas home costs less than half as much as buying one in the major California cities, according to Redfin. Many of the popular cities boasted warm climates and low house prices — five of the 10 most popular destinations on Redfin's list were in Florida.

Persons: Redfin, keener, Terry Vine, Gregg Newton Organizations: Vegas, Service, Bank of America, Red Museum, Getty, Orlando , Florida Walt Disney Locations: San Francisco , New York, Los Angeles, Wall, Silicon, Vegas, Phoenix, Tampa, Las Vegas, San Francisco, California, Florida, Houston , Texas, Houston, Miami , Florida Miami , Florida, Dallas , Texas, Coral , Florida, Cape Coral , Florida, North Port, Sarasota , Florida, Sacramento , California, Orlando , Florida, AFP, Tampa , Florida Tampa , Florida, Phoenix , Arizona, Las Vegas , Nevada

☆ 1 in 4 U.S. homebuyers want to move to a different city—here's the No. 1 place they're looking
▼ + stars: | 2023-07-30 | by ( Mike Winters | ) www.cnbc.com time to read: +3 min

Homeownership costs seem to be driving the trend, as the majority of homebuyers are from cities with some of the highest home prices in the country, such as New York or Los Angeles. Net inflow is the number of people looking to move into a city minus the number of people looking to leave. This makes sense, as those are some of the cities where the most homebuyers seemingly want to leave. For instance, most out-of-town buyers looking for properties in Las Vegas are from Los Angeles. The median cost of a home in Las Vegas is $412,500 as of June, nearly half the $975,000 median cost for homes in Los Angeles, according to Redfin's data.

Persons: Redfin, they've Organizations: Las Vegas, Port Locations: South, New York, Los Angeles, Las Vegas, Tampa , Florida, Orlando, Florida, Sacramento , California, Sarasota , Florida, Coral , Florida, Dallas, Miami, Houston, Seattle , New York, Chicago, San Francisco, York City, Angeles, Washington, Boston, Seattle, Hartford , Connecticut, Denver, Detroit

☆ Blind and other anonymous forums are 'places of pure misery,' says Redfin's CEO – but also let workers 'speak truth to power'
▼ + stars: | 2023-07-30 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

The CEO of real estate brokerage Redfin said anonymous forums are "places of pure misery." "Anonymity lets us slander one another without consequences, but it's also the only way to speak truth to power," Kelman said. "That led us to think there's a need for a third-party forum where people have the freedom to talk honestly about work," Kim said. "I was living there for six months and met with Amazon employees and signed them up in person – that's how we started flying." He also hosted parties and barbecues and invited Amazon workers so Blind could get more signups through word-of-mouth.

Persons: Redfin, Glenn Kelman, they're, Kyum Kim, it's, Kelman, Kim, Andrew Bosworth, Christian Charisius, Redfin didn't Organizations: Service, Meta, Twitter, Microsoft, Google, Korean, Amazon Locations: Wall, Silicon, Korea, California, Seattle

☆ Why the US should be more excited about tiny homes
▼ + stars: | 2023-07-29 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +9 min

While there is a lot of interest in tiny homes, it's too early to measure their success. Tiny homes, generally defined as homes under 1,000 square feet — compared with the typical US home size of 2,500 square feet — are a growing market for those seeking affordability, community, and simplicity. Tiny homes — and accessory dwelling units, their slightly larger counterpart — are being eyed as a solution to the country's housing shortage. A tiny home designed and built by Colorado-based tiny home developer, Mitchcraft Tiny Homes. Tiny homes are "a spear point against the armor" to these restrictions, he added.

Persons: Katie Sandoval, Clark, Blue Wells, you've, Skylar Olsen, Zack Giffin, Giffin, Louise Beaumont, Getty, Rebecca Zisser, Muhammad Alameldin, Gavin Newsom, Joyce Higashi, Tiny, Newsom, Alameldin, It's, Barbara Clark, Sandoval Organizations: Service, Consumers, California, University of California, Housing Innovation, state's Department of Housing, Gov, Washington D.C Locations: California backyards, Wall, Silicon, Bay, Blue, South Carolina, New Hampshire, San Diego, Denver, Portland, Cities, Indianapolis, Austin, Colorado, California, ADUs, Jose, While California, —, Washington, Jersey, Sonoma .

☆ The 'richcession' isn't happening. The ultra-wealthy have never been richer and they're still spending like crazy.
▼ + stars: | 2023-07-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Experts say the richest are actually even richer and spending more than they were before the pandemic. Most Americans now have "spent up" demand for goods, but still have pent up demand for services, Zandi says. In her experience, luxury spending is highly correlated with the stock market, and investors have enjoyed handsome returns so far this year as the S&P 500 rebounds from its 2022 lows. The luxury services sector was a particular hot spot. "If this is a richcession, the rich are probably saying, bring it on," Zandi said.

Persons: they've, Mark Zandi, Zandi, they're, Rather, pricey Taylor Swift, Taylor Swift, Patek Philippe, Claudia D'Arpizio, D'Arpizio, Scott Dunn, Bridget Lackie, Lackie, Jennifer Stillman, Douglas Elliman, we've, Stillman Organizations: Service, Wall Street, Rolex, Bain & Company Locations: YOLO, Wall, Silicon, New York

☆ On tap this week: Jobs report plus 10 key earnings. Here's what we want to see
▼ + stars: | 2023-07-29 | by ( Zev Fima | ) www.cnbc.com time to read: +18 min

All three major averages advanced for the week, powered by strong mega-cap earnings and favorable inflation data. Looking to next week, earnings season enters its second half with the last of our mega-caps — Apple (AAPL) and Amazon (AMZN) — set to report on Thursday. We'll get a better read on the employment picture on Wednesday with the ADP report and then, more importantly, on Friday's nonfarm payrolls report for July. Thursday after the close brings us to the main events of the week: Earnings from Apple and Amazon. For those looking to review first quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.

Persons: We'll, that's, Stanley Black, Decker, Emerson, Bausch, Leggett, Platt, SIRI, Ares, COLM, PERI, Kraft Heinz, Phillips, Ferrari N.V, Johnson, Robinson, COOK, BUD, Kellogg, Papa, Pitney Bowes, Parker, Trimble, Ziff Davis, Nonfarm, Jim Cramer's, Jim Cramer, Jim, Apple Tim Cook, Kevin Dietsch Organizations: Nasdaq, Dow, Federal Reserve, Federal, ISM Manufacturing, Services PMI, Investors, Caterpillar, Devices, Starbucks, Natural Resources, AMD, Management, Emerson Electric and, Humana, Bausch Health, Apple, Microsoft, Resource Partners, AerCap Holdings, CNA Financial Corp, CNA, Apellis Pharmaceuticals, Bank, SJW, Hutchison China MediTech, Camtek Ltd, Silvercrest Asset Management, Loews Corp, Oxford Lane Capital Corp, Banco Santander, Silicom Ltd, SuperCom Ltd, Arista Networks, Avis Budget Group, Diamondback Energy, Lattice Semiconductor Corp, Republic Services, Yum China Holdings, Western Digital Corp, Power Systems, Tenet Healthcare Corp, Vornado Realty, BioMarin Pharmaceutical, PetMed, SBA Communications Corporation, Brixmor, Snack Foods Corp, Cushman & Wakefield, Sanmina Corporation, TFI, PMI, Cruise Line Holdings Ltd, Uber Technologies, Pfizer, Enterprise Products Partners, Merck, JetBlue Airways Corporation, Allegro MicroSystems, Altria, SunPower Corp, SiriusXM Holdings, Molson Coors Beverage, Marriott International, Toyota Motor Corp, BP, SYSCO Corp, Marathon Petroleum Corp, Ares Management, Equitrans Midstream Corporation, Game Technology, Illinois Tool, IDEXX Laboratories, Rockwell Automation, Packaging International Corp, Gartner, Zebra Technologies Corp, IQVIA Holdings, Oshkosh Corporation, Leidos Holdings, Eaton Corp, yte Corp, Lear Corp, Starbucks Corp, Devon Energy Corp, SolarEdge Technologies, Lumen Technologies, Virgin Galactic Holdings, Caesars Entertainment, VF Corp, Sciences Corp, Paycom, Vertex Pharmaceuticals, Suncor Energy, Holdings, Chesapeake Energy Corp, Boston Properties, American International Group, AIG, Allstate Corp, Aspen Technology, Electronic Arts, EA, Flowserve Corporation, Denny's, Corp, Prudential Financial, Store, Ternium S.A, Vimeo, Emerson, Lomb, CVS Health, Generac Holdings, Cameco Corp, Perion Network Ltd, Builders, Carlyle Group, Scorpio, Teva Pharmaceutical Industries, Ltd, Rithm Capital Corp, AeroSystems Holdings, Vertiv Holdings Co, Johnson Controls, CDW Corp, DuPont, Brands Holdings, Scotts Miracle, Gro, SMG, Brands, Allegheny Technologies, AmerisourceBergen Corporation, ABC, Real Estate Corporation, Adient plc, Editas, Garmin Ltd, WWE, Bunge Ltd, Criteo S.A, PayPal, QUALCOMM, Occidental Petroleum Corp, Apache Corp, Albemarle Corp, MGM Resorts International, MGM, Marathon Oil Corp, Joby Aviation, Industrial, CF Industries Holdings, Goodyear Tire &, Realty ome Corp, Metlife, Pacific Biosciences of, Rush Street Interactive, Zillow, JFrog Ltd, Herbalife Nutrition Ltd, Simon Property Group, McKesson Corp, Storage, Cerus Corporation, GXO Logistics, MAX Holdings, Health, Anheuser, Busch InBev, Warner Bros ., Cheniere Energy, ConocoPhillips, Hasbro, CIGNA Corp, Lantheus Holdings, Regeneron Pharmaceuticals, Fiverr International, Air Products & Chemicals, TopBuild Corp, EPAM Systems, Lightspeed Commerce, Aurinia Pharmaceuticals, Cummins, CMI, Slair Corporation, Starwood Property Trust, Vulcan, Alnylam Pharmaceuticals, New Energy Corp, Cedar Fair Entertainment, Intellia Therapeutics, Lending, Privia Health, Dickinson, Chimera Investment, CIM, Hyatt Hotels Corp, Lion Electric, LEV, Deluxe Corp, Murphy Oil Corp, PBF Energy, Papa John's, Targa Resources Corp, Wix.com Ltd, Apollo Global Management, LLC, Butterfly, Sempra Energy, Aptiv PLC, Brookfield Infrastructure Partners, Canada Goose Holdings, Hannifin Corporation, WESCO International, WCC, Arrow Electronics, Constellation Energy Group, Midstream Partners, Coinbase, Petroleo Brasileiro SA Petrobras, Gilead Sciences, Opendoor Technologies, Booking Holdings, Atlassian Corporation, International, Redfin Corporation, Motorola Solutions, Monster Beverage Corporation, Consolidated Edison, Rocket Companies, Apple Hospitality, Cirrus, Resources, Universal Display Corporation, Chesapeake Utilities Corp, Social, Defense, Security Solutions, Post Holdings, Tandem Diabetes Care, Nikola Corporation, Magna International, Dominion Energy, ACM Research, Frontier Communications, Brookfield Renewable Partners, inTEST Corporation, American Pipeline, TELUS International, XPO Logistics, Fluor Corp, Gray Television, Cboe, LyondellBasell Industries, Twist Bioscience, Global, Jim Cramer's Charitable, CNBC, Allen & Company Sun Valley, Getty Locations: U.S, China, India, Oxford, Chile, Illinois, Columbia, Pacific, Pacific Biosciences of California, Southern, PBI, Gilead, Sun Valley , Idaho

☆ Soaring home prices mean first-time buyers need to be making 13% more money than a year ago to afford a 'starter' home
▼ + stars: | 2023-07-28 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

A first-time homebuyer needs to earn 13% more money to afford a starter home, per a Redfin analysis. The average starter home cost $243,000 in June, sending the income needed to afford it to $64,500 per year. "The most affordable homes for sale are no longer affordable to people with lower budgets" due to rising prices and rates. The average starter home cost $243,000 in June, up 2% from the average price last year and up 45% from before the pandemic. Experts say affordability won't improve until mortgage rates pull back more significantly, though that's unlikely to happen anytime soon.

Persons: Sheharyar Bokhari, Redfin, That's, Freddie Mac Organizations: Service Locations: Wall, Silicon

☆ Black homeowners' properties are chronically undervalued by appraisers. A new immersive technology promises to change that.
▼ + stars: | 2023-07-27 | by ( Stephanie Hallett | ) www.businessinsider.com time to read: +8 min

Experts say bias in the appraisal process is the reason for the gap, but change may be coming. That's not surprising, considering 95% of appraisers in Philadelphia — a majority nonwhite city — are white, a report by the Philadelphia Home Appraisal Bias Task Force found. "It's like a flight simulator for appraisers," Swinney said. Right now, Pennsylvania is among the 42 states that have signaled PAREA is an acceptable model for training appraisers. As a City Council member, she formed the Home Appraisal Bias Task Force, which produced a report with recommendations for and data on appraisal bias in the city.

Persons: Deborah Spence, Laura Eaton, Philadelphia Spence, That's, Brad Swinney, Swinney, you've, they're, Appraisers, Cherelle Parker, Philadelphia's, she's, Parker, Spence, we've, We've Organizations: Service, —, Brookings, Federal Reserve Bank of, Data USA, Pennsylvania Department, State, Democratic, Council, Force Locations: Pennsylvania, Wall, Silicon, Philadelphia, Federal Reserve Bank of Minneapolis, America, appraisers, Philly

☆ The housing affordability crisis has boosted migration to areas vulnerable to floods, wildfires, and extreme heat
▼ + stars: | 2023-07-25 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

More people are moving into disaster-prone areas than moving out, Redfin reported. Almost half of recently moved Americans think climate risks may impact home prices. The figure for areas at risk of wildfires was 446,000, up 51%, and areas vulnerable to extreme heat saw 629,000 more people come in than leave, a 17% rise. Such regions have ample housing availability, but are more exposed to dangers such as hurricanes and wildfires. According to a previous report that also observed the migration trend to disaster-prone areas, climate-fueled risks are expected to tick up, forcing further movement.

Persons: Redfin, That's, Daryl Fairweather, It's, DeltaTerra's Capital Dave Burt — Organizations: Service, Redfin, DeltaTerra's Capital Locations: Wall, Silicon, Florida , Texas, Arizona, Florida, Louisiana

☆ High mortgage rates will keep hurting homebuyers for years to come
▼ + stars: | 2023-07-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Moody's strategists say high mortgage rates will weigh on the housing market for years to come. They see central banks keeping monetary policy tight this year, and think mortgage rates will stay stubbornly high even after easing begins. In a July report, Moody's strategists said they expect high rates to continue weighing on prospective buyers and homeowners looking to finance, as central banks appear unlikely to ease monetary policy anytime soon. "We expect central banks to maintain a tight monetary policy stance this year, before beginning to cut policy rates very gradually in 2024," according to Moody's. But even with mortgage rates hovering near two-decade highs, home prices have remained stubbornly high because of a persistent inventory shortage.

Persons: Freddie Mac Organizations: Service, Federal Reserve Locations: Wall, Silicon

☆ You'd need to be a millionaire with great credit to buy the life-size Barbie Malibu Dreamhouse
▼ + stars: | 2023-07-22 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +1 min

In the real world, it would be pretty expensive to live like Barbie — especially when it comes to housing. Consider Airbnb's life-size Barbie Dreamhouse rental in Malibu, an all-pink mansion decked out in Barbie décor, for example. That's a pretty high credit score; any score between 740 and 799 qualifies as "very good," according to Experian. While the oceanfront estate is privately owned and isn't actively for sale, several real estate companies have given varying estimates of what it may be worth. RubyHome estimates the pink mansion is worth about $10 million, Mariotti says.

Persons: Barbie, Barbie décor, Tony Mariotti, It's, Mariotti Organizations: CNBC Locations: Malibu

☆ Housing demand remains low but inventory is even lower, says Redfin CEO
▼ + stars: | 2023-07-19 | 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 demand remains low but inventory is even lower, says Redfin CEOGlenn Kelman, Redfin CEO, joins 'Squawk on the Street' to discuss what's happening in the real estate market, how long homeowners will try to keep the mortgage rates they already have, and how home buyers are paying for their homes.

Persons: Glenn Kelman, Redfin

☆ Premarket stocks: Bank CEOs are already complaining about new regulations they haven't even seen yet
▼ + stars: | 2023-07-19 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Investors, worried about the economic atmosphere and the recent regional banking collapse, breathed a sigh of relief at the results. Jamie Dimon, head of JPMorgan Chase, commented on the bank’s Friday earnings call that non-bank financial rivals were “dancing in the streets” as regulators get ready to increase bank capital requirements. “This is great news for hedge funds, private equity, private credit, Apollo, Blackstone,” Dimon said of the proposed regulations. The change, they say, will increase the financial system’s resilience following the failures of three regional banks earlier this year. “The capital in the industry is sufficient,” said Bank of America CEO Brian Moynihan on his company’s earnings call Tuesday morning.

Persons: Jamie Dimon, JPMorgan Chase, ” Dimon, ”, Jeremy Barnum, Barnum, don’t, Brian Moynihan, “ They’ve, Morgan Stanley, James Gorman, Elizabeth Warren, Richard Blumenthal, Tammy Duckworth, Martin Gruenberg, “, Taylor Marr, That’s, they’re, Bryan Mena, Neil Saunders Organizations: CNN Business, Bell, New York CNN, Silicon Valley Bank, JPMorgan, Blackstone, of America, CNBC, Valley Bank, Signature Bank, Federal Deposit Insurance, Redfin, Retail, Commerce Department Locations: New York, Silicon, Basel, Massachusetts, Elizabeth Warren , Connecticut

☆ Just 1% of all US homes changed hands so far this year
▼ + stars: | 2023-07-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Just 1% of all US homes changed hands in the first half of this year, the lowest share in at least a decade, according to data from Redfin. Just 11 of every 1,000 two-and three-bedroom urban homes have changed hands in 2023. Only 6 of every 1,000 homes in San Jose have sold so far in 2023, similar to the low turnover rates in Oakland and San Diego. The turnover rate shrank most from the pre-pandemic years in the suburbs, with 16 of every 1,000 four-bedroom or more suburban houses changing hands so far this year, two-thirds as many as 2019. That’s not happening, because so many of those homeowners have low mortgage rates.”

Persons: ”, Taylor Marr, “, Marr, Heather Mahmood, Corley Organizations: DC CNN, Redfin, “, . Workers Locations: Washington, “, California, San Jose, Oakland, San Diego, Nashville, Austin, Newark , New Jersey, Phoenix

☆ The last, best hope for homebuyers
▼ + stars: | 2023-07-19 | by ( James Rodriguez | ) www.businessinsider.com time to read: +12 min

But there may be one last hope for salvation for these hard-pressed homebuyers: brand-spanking new houses. Many builders are even dangling perks like cheaper loans or other discounts to ease the pain of higher mortgage rates. Homebuilding is typically a cyclical industry, following the ups and downs of the broader housing market. Of course, people will always move for reasons that have nothing to do with mortgage rates. Even if buyers get some relief from new housing construction, builders are still a long way off from bridging the housing shortfall.

Persons: Richard de Chazal, William Blair, de Chazal, Realtor.com, bottoming, John Burns, Black Knight, Mike Simonsen, Simonsen, bode, it's, Sheryl Palmer, Taylor Morrison, Palmer, Cristian deRitis, Jay Parsons, Matthew Walsh, Walsh, Freddie Mac, Lawrence Yun, They're, production's, James Rodriguez Organizations: Federal Reserve, National Association of Realtors, John Burns Research, Consulting, Altos Research, National Association of Homebuilders, Builders, Moody's

☆ The top 19 metro areas where real-estate demand is heating up, signaling home-value increases — and 20 where it's slowing the most — according to Redfin
▼ + stars: | 2023-07-18 | by ( Laila Maidan | ) www.businessinsider.com time to read: +4 min

A second metric the firm uses is the difference in weighted compete score, which measures the direction the market is trending in. It's based on a year-over-year change in the overall compete score. A good way to look at the data is by considering both the overall score and the changing score. Marr says investors should pay more attention to the difference in the compete score, and specifically, areas that are facing steep increases versus declines. Below is a list of June's year-over-year difference in weighted compete score listed from lowest to highest positive change and the overall weighted compete score.

Persons: Taylor Marr, Marr, it's Organizations: MLS, Boston Locations: East, Redfin, It's, Lake County , Illinois, Chicago, Austin, Nashville, Las Vegas, Phoenix, Montgomery County, Columbus, Baltimore, Elgin, IL, Louis, Camden, NJ, Akron, York, NY, Providence, RI, Madison, WI, Haven, Newark , NJ, Bridgeport, County, Hartford, Milwaukee, Cincinnati

☆ US home prices are nearing new record highs as inventory drops to all-time low
▼ + stars: | 2023-07-17 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The median sale price clocked in at $426,056 in June, just 1.5% below the all-time-high. That's as the inventory of available homes for sale dropped to a record low last month. It marks the slowest decline in home prices the housing market has seen in five months. Buyers, meanwhile, have grown used to elevated mortgage rates, which has exacerbated the inventory shortage. With home prices back near record highs, buyers are also less worried that they'll buy a house that'll plunge in value."

Persons: That's, Daryl Fairweather, they'll, Robert Reffkin, Freddie Mac Organizations: Service, Mortgage, Association, Homeowners Locations: Wall, Silicon

☆ Here are Wednesday's biggest analyst calls: Nvidia, Tesla, DraftKings, Amazon, Netflix, TJX and more
▼ + stars: | 2023-07-12 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

TD Cowen reiterates Nvidia as outperform TD Cowen said it's standing by its outperform rating on the stock. Bank of America upgrades DraftKings to buy from neutral Bank of America upgraded the fantasy sports company due to a margin inflection. Citi reiterates Tesla as neutral Citi said it's "neutral to slightly negative" on Tesla heading into earnings next week. Bank of America upgrades Stellantis to buy from neutral Bank of America said in its upgrade of the European automaker that it sees valuation upside. Bank of America downgrades Cisco to neutral from buy Bank of America said in its downgrade of Cisco that consensus estimates are too high.

Persons: TD Cowen, Cowen, it's, Oppenheimer, Baird, Locker, underperformed Ford, JPM, YTD, Holley, Tesla, Raymond James, SunPower, it's bullish, Morgan Stanley, Lazard, Davidson downgrades Redfin, Davidson Organizations: Nvidia, NVIDIA, Nasdaq, AMD, Companies, Citi, General Motors Citi, Watch, GM, JPMorgan, Bank of America, of America, UBS, Netflix, Tech, Cisco, AstraZeneca Locations: China, California

Search resuls for: "RedFin"

25 mentions found