DIRS.INFO The most relevant business & tech news

☆ Home prices are hitting new highs again, as high rates put the squeeze on supply
▼ + stars: | 2023-07-10 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

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

☆ Mortgage rates jump to 8-month high as blowout jobs data sets up Fed to stay hawkish
▼ + stars: | 2023-07-06 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The 30-year fixed mortgage rate jumped to 7.22% on Thursday. The 30-year fixed rate mortgage rose to 7.22%, according to data compiled by Mortgage News Daily, while the weekly Freddie Mac index reached 6.81%. Now, climbing mortgage rates have overturned a three-week streak of growth for mortgage demand, which has dropped 5% for the week. For months now, elevated mortgage rates have limited the amount of homeowners looking to sell. "About 78% of home shoppers planning to buy in the near future anticipate being priced out of the market if both home prices and mortgage rates continue to rise."

Persons: That's, —, Freddie Mac, Jerome Powell, Redfin Organizations: Service, Federal Reserve, Mortgage News, Compass

☆ Homebuyers flocking to Florida have driven cities in the state to become the most overvalued in the US
▼ + stars: | 2023-07-06 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Florida now contains five of the 10 most overvalued cities in the US, thanks to hoards of newcomers in recent years. Tampa, Florida is now the third most overvalued housing market in the country, with buyers paying a 43% premium. Of the top 10 most overvalued housing markets in the US, five are now located in Florida, according to a recent study from Florida Atlantic University and Florida International University. That's a big jump from August 2021, when Florida had zero cities that cracked the top 10. High mortgage rates have driven up borrowing costs for buyers, while limited housing supply has pushed prices higher.

Persons: —, That's, Ken Johnson, Johnson Organizations: Service, Florida Atlantic University, Florida International University, North, Coral, Lakeland, FAU, Sun, Sunshine State Locations: Florida, Tampa , Florida, America, North Port, Palm, Mississippi, Miami

☆ 5 US cities seeing the biggest home price gains and the 5 suffering the steepest declines as some pockets of the market become red-hot again, according to Redfin data
▼ + stars: | 2023-07-02 | by ( William Edwards | ) www.businessinsider.com time to read: +2 min

US home prices are now down only 0.9% from this time last year, Redfin reports. The housing market continues its momentum, with home prices up every month since February. After falling 5% between June 2022 and January 2023, home price are now down just 0.9% year-over-year, according to Redfin data published Thursday. "Home-price declines are shrinking," said Dana Anderson, a data journalist at Redfin, in the report. Below, we've listed the five cities that have seen the biggest year-over-year price growth, as well as the five cities that have seen the steepest declines, according to Redfin.

Persons: Dana Anderson Organizations: Cincinnati, NSA Locations: Providence , Milwaukee, Miami, Fort Lauderdale, Redfin, U.S

☆ Cleveland has become an unlikely hotspot for millennials in search of affordability
▼ + stars: | 2023-06-29 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +4 min

With income growth outpacing rent there, these 27 to 42 year-olds have more disposable income. In order to come up with the ranking, the BofA Institute used home address data from 46 million of adults who've been customers of the bank since 2018. Cleveland residents now pay just over 17% of their income on rent, while the average American pays 20%. Pittsburgh income growth exceeded rents by 1%. Indeed, the BofA Institute found that millennials are by-and-large staying out of the housing market this cycle, but still are window shopping for the future.

Persons: —, millennials, Anna Zhou, Zhou, Clever, they're, homebuyers Organizations: Service, Bank of America Institute . Austin, BofA Institute, Bureau of Labor Statistics Locations: Tampa, Dallas, Cleveland, Tampa , Florida, Bank of America Institute . Austin , Texas, Midwest, Columbus , Ohio, Cleveland Cleveland, Providence , Rhode Island, Buffalo , New York, Pittsburgh

☆ 3 U.S. cities where it's cheaper to buy a home than to rent one—none are in Florida
▼ + stars: | 2023-06-29 | by ( Celia Fernandez | ) www.cnbc.com time to read: +3 min

Redfin ranked the only four cities in the U.S. where it's cheaper to buy than rent. But there are a few cities where taking on that mortgage — instead of paying monthly rent — is the smarter financial decision. Top 3 cities where it's cheaper to buy than to rentDetroit, Mich. Philadelphia, Pa. Cleveland, Ohio In Detroit, the number one city on the list, the typical home is 24% less expensive to buy than rent. The average estimated monthly mortgage payment for homebuyers is $1,296, compared with an average estimated monthly rent of $1,697. Philadelphia, Pennsylvania ranked as the second city in the U.S. where it's cheaper to buy a home than rent.

Persons: Redfin, Taylor Marr, Marr, Jon Lovette, Cleveland , Ohio Ken Redding Organizations: Detroit, Istock, U.S, General Motors, Ford, America, Chrysler, DigitalVision, Cleveland, Bank, Getty Locations: U.S, Mich, F11photo, Detroit, Philadelphia, Pa . Cleveland , Ohio, Chicago, Philadelphia , Pennsylvania, New York City, Ohio, Cleveland , Ohio

☆ Two Sisters Try Living Together (Again) in Washington. Who Gets the Bigger Bedroom?
▼ + stars: | 2023-06-29 | by ( Michele Lerner | ) www.nytimes.com time to read: +2 min

Caroline Berens had been perfectly happy living alone for a couple of years in Washington, when her younger sister, Emma, announced that she was planning to move to the city. So Ms. Berens didn’t immediately extend an invitation to be roommates in her one-bedroom rental in Dupont Circle. “I’ve always been frugal and have saved money to buy a home since I started babysitting at 12,” Caroline Berens said. Email: thehunt@nytimes.com]“I’m coming from college life, where I lived with three other roommates, so I’m not worried about sharing a home with Caroline,” Emma said. “Plus,” she said, “I was determined to avoid living in a basement.”Both sisters are tall, so Caroline wanted high ceilings.

Persons: Caroline Berens, Emma, Berens didn’t, “, haven’t, ”, Berens, we’ve, ” Emma Berens, “ I’ve, ” Caroline Berens, I’m, Caroline, ” Emma, Adams Morgan, Lucy, “ Caroline, Claudia Ornelas, Ms, Ornelas Organizations: Brunswick Group, Harvard, “ Locations: Washington, Dupont, Boston

☆ Americans aren't spending like they used to
▼ + stars: | 2023-06-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

You can also download the app to get notifications about our biggest markets stories. Spending has remained elevated even through the Fed's 10 straight rate hikes, but warning signs of a change have started to surface. That's going to further take the wind out of Americans' brisk spending over the last few years. From David Rosenberg to Rob Arnott, experts are sharing what the disruptive technology can mean for the economy, jobs, and stock market. The biggest companies and banks can't agree on where the stock market is heading next.

Persons: I'm Phil Rosen, You'll, let's, Derek Davis, Patek Pilippe, Audemars, Jerome Powell, Brian Moynihan, Morgan Stanley, Andy Ryan, Pablo Hernández de Cos, David Rosenberg, Rob Arnott, Stocks, Russell, Goldman Sachs, Phil Rosen, Max Adams, Hallam Bullock Organizations: Big Apple, Portland Portland Press, Getty, Rolex, Bloomberg, Bank of America, Bank of Spain, Fed, Wall Street, Royal, Nvidia, Tesla, Morningstar Locations: Madrid, Phoenix, Miami, Royal Caribbean, New York, London

☆ Rent has finally stopped rising. It's great news for tenants and the economy.
▼ + stars: | 2023-06-25 | by ( Alcynna Lloyd | Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

US rental growth is now below pre-COVID norms, giving renters more options. Rental growth in the US is now below pre-COVID norms, Jay Parsons, the SVP, chief economist and head of industry principals at RealPage, told Insider. Throughout the pandemic, soaring rental prices — brought on by population growth and heightened demand — have helped to drive inflation to historic levels. With lower inflation, renters can have increased confidence in a more stable rental economy while giving renters more options. "I think over the next year and a half, we're gonna see very limited rent growth," Parsons said.

Persons: —, Jay Parsons, Parsons, Zillow, we're Organizations: Service, Bureau of Labor Statistics, Federal Reserve Bank of Cleveland's, CPI, Federal Reserve Locations: metros

☆ A 20-year fund manager shares 8 mega-trend stocks he's betting will take market share — and the 5 he's shorting
▼ + stars: | 2023-06-23 | by ( Laila Maidan | ) www.businessinsider.com time to read: +8 min

Gary Black says the stock market will continue to trend higher with volatility this year. What the remainder of 2023 has in store for the stock market is anyone's guess at this point. But Gary Black, a 20-year fund manager, and the portfolio manager and managing partner at The Future Fund, has a more positive outlook. The next mega trend is big data and cyber security. mega trend losersOn the side of stocks being shorted, these are the companies that Black expects will lose market share due to these mega trends.

Persons: Gary Black, Phillip Wool, it's, Black, He's, cybertruck, Tesla, Elon Musk, Eli Lilly, Lilly, LULU, Armour Organizations: Federal, Federal Reserve, EV, Tesla, Company, Palo Alto Networks, Nvidia, Toyota, CNBC, Bloomberg, UA, MAX Holdings Locations: China's, overproducing

☆ The housing market is seeing its worst inventory shortage in over a decade as high rates trap homeowners and slow the spring homebuying rush
▼ + stars: | 2023-06-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Active home listings dropped 7% in May to the lowest number Redfin has ever recorded going back to 2012. That's due to high mortgage rates, which have discouraged owners from selling their homes. Meanwhile, pending home sales dropped 16%, a sign that the spring homebuying rush has faltered in the face of higher mortgage rates. Affordability and homebuying activity won't pick up until mortgage rates drop more meaningfully, Marr previously told Insider, though he said that was unlikely to happen anytime soon. He predicted mortgage rates would likely ease to just around 6% by the end of the year.

Persons: —, Redfin, Redfin's, Taylor Marr, Marr Organizations: Service Locations: Redfin

☆ Home sales barely budge from April to May in sluggish spring market
▼ + stars: | 2023-06-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

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

☆ Housing market inventory keeps declining and that's bad news for homebuyers
▼ + stars: | 2023-06-20 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

We're revisiting housing inventory today because it's one of the key sticking points that's keeping home prices elevated and buyers wary. Get this: The housing market today has 39% fewer homes for sale than before the pandemic. Mortgage rates are currently about double what they were in 2021, when ultra-low rates fueled a home-buying boom. That could help influence mortgage rates to go even higher this year. People who are sitting on the sidelines, waiting for mortgage rates to decline, should know that's unlikely to happen in the foreseeable future."

Persons: I'm Phil Rosen, Jerome Powell, Joe Raedle, There's, Powell, Redfin's Chen Zhao, Edward Seiler, Tweet, JIM WATSON, Morgan Stanley, Steve Eisman, Larry Summers, Richard Branson's, Phil Rosen, Max Adams, Hallam Bullock Organizations: realtors, Mortgage Bankers Association, US, Getty, Fed, FedEx, Nvidia, Bloomberg, Treasury, Virgin Galactic Locations: homebuilding, New York, London

☆ Here's how much money it takes to be considered 'financially comfortable' in 13 major U.S. cities
▼ + stars: | 2023-06-20 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

The phrase "financially comfortable" can mean different things to different people, whether that's having enough money to stay out of debt or being able to buy a second home. One thing is certain: The amount of money Americans say makes you financially comfortable changes depending on where you live. The amount varies by almost $1 million between cities, according to an analysis of 13 major U.S. metropolitan areas by financial services company Charles Schwab. For the purposes of the study, feeling financially comfortable is considered different from feeling rich. They ranged from $2.5 million in Denver to $4.7 million in San Francisco — the highest amount of all cities listed.

Persons: Charles Schwab, Kiplinger, San Francisco —, Warren Buffett Organizations: Boston, Dallas, Atlanta, Denver, Phoenix, Houston, Federal Locations: Francisco, California, Los Angeles, San Diego, York City, Seattle, Washington, Chicago, San Francisco , New York, U.S, Denver, San Francisco

☆ Morgan Stanley's chief US economist now says home prices are likely to drop only 2% in 2023. Here's why she thinks the housing downturn is virtually over.
▼ + stars: | 2023-06-17 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

Morgan Stanley's Ellen Zentner says housing activity has bottomed. After a huge drop off in activity, demand is starting to stabilize. Yardeni ResearchThe pickup in activity has likely been due to housing affordability stabilizing. Zentner's view that the housing market is stabilizing is a big contributing factor to her call for a soft-landing scenario, where the US economy avoids a recession. But nevertheless, housing activity has bottomed, and that's probably the most important pillar to a soft-landing."

Persons: Morgan, Ellen Zentner, Morgan Stanley's Ellen Zentner, Zentner, that's, Goldman Sachs, Jonathan Woloshin, Suisse's Ray Farris, Ian Shepherdson, undershoots, David Rosenberg Organizations: National Association of, National Association of Homebuilders, UBS Wealth Management, Rosenberg Locations: Zentner

☆ There's one big reason why housing inventory is so tight right now
▼ + stars: | 2023-06-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

A lot of moving parts today — we've got stories on Tesla, Microsoft, housing and more. Pretty much everyone with a mortgage is paying a lower rate than what's being offered today. That's compared to about 6.7% you can expect to pay on a new 30-year home loan today. Elon Musk has been shirking rent payments for Twitter, and that's creating problems for Goldman Sachs. She bought a home in Detroit for $6,300 — then figured out how to scale to 35 units and achieve financial freedom.

Persons: I'm Phil Rosen, we've, Let's, Elon Musk, Goldman Sachs, Musk, they're, Javier Milei, Jeff Bezos, Phil Rosen, Max Adams Organizations: Microsoft, Twitter, Columbia Property, Miami University, Elon Locations: Redfin, Detroit, Russia's, Argentina, New York

☆ The housing market has about 40% fewer homes for sale than before the pandemic, and listings keep falling
▼ + stars: | 2023-06-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The current housing market offers 39% fewer homes for sale than pre-pandemic, Redfind said. Homeowners are unwilling to part ways with low mortgage rates secured before borrowing costs went up. Mortgage rates are now hovering close to 7%, nearly double where they were at in 2021, when ultra-low rates fueled a home-buying boom. "People who are sitting on the sidelines, waiting for mortgage rates to decline, should know that's unlikely to happen in the foreseeable future. Edward Seiler, the associate vice president for housing economics at the Mortgage Bankers Association, told Insider earlier that the housing market has never been this unaffordable for new buyers.

Persons: Redfind, —, Chen Zhao, Redfin, Edward Seiler, Seiler Organizations: Service, Federal Reserve, Mortgage, Mortgage Bankers Association Locations: homebuilding

☆ These are the top 10 cities where Americans are overpaying for houses
▼ + stars: | 2023-06-15 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The housing market remains tight, and some US cities are seeing homes that are listed more than 40% above their historical value. New data from Florida Atlantic University broke down the most overpriced housing markets in the country. Five of the 10 most overpriced cities are located in Florida. FAU researchers compiled current home price data and compared it to historical trends to find which places Americans were overpaying the most. Below are the 10 most overpriced US cities, with the percentage signifying the premium between current prices and long-term pricing trend.

Persons: —, Ken H, Johnson Organizations: Florida Atlantic University, Service, Florida Atlantic University . Atlanta, FAU Locations: Florida, Atlanta , Georgia, Detroit , Michigan, Tampa , Florida, North Port , Florida, Coral , Florida, Memphis , Tennessee, Lakeland , Florida, Charlotte , North Carolina, Palm Bay , Florida, Winston , North Carolina

☆ One family ditched California for an Indiana town that offered them $5,000 cash, an unlimited golf membership, and coffee with the mayor
▼ + stars: | 2023-06-14 | by ( Lauren Steussy | ) www.businessinsider.com time to read: +3 min

Americans are increasingly leaving big cities in states like California for affordable enclaves. Indiana towns are offering cash and other incentives for those willing to leave city life behind. One family shared with The Los Angeles Times the perks they cashed in on in Indiana. Other perks include coffee with the town's mayor Chris Jensen and memberships to a golf club and co-working space. It's too soon to say whether the exoduses away from states like California will stick.

Persons: —, Mariah, Chad Zingarelli, Chris Jensen, Mariah Zingarelli, Matt Winters, I'm, It's Organizations: Los Angeles Times, Service, Indiana aren't, Redfin, Times, Economic Development Corp, Indiana — Locations: California, Indiana, City, San Francisco , New York, Los Angeles, Florida, Fresno , California, Noblesville , Indiana, Poplar Bluff , Missouri, Poplar Bluff's, Salt Lake City , Utah

☆ Someone making $150,000 in NYC can save nearly $50,000 by moving to Miami, one study says
▼ + stars: | 2023-06-11 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +4 min

Moving from New York City, Chicago, or San Francisco to Miami could save high earners thousands. Those making $650,000 or more could save up to $200,000 moving from NYC to Miami, a new study found. Those earning north of $150,000 per year could save anywhere from $2,000 to nearly $200,000 in a move from major metropolitan areas like New York City, Chicago, or San Francisco to Miami, a new study found. In the most extreme cases, New Yorkers making $650,000 or more could save nearly $200,000 per year in tax and cost of living savings living in Miami instead. In total, a Chicagoan moving to Miami will only save 1% or 2% of their yearly salary, while people moving from San Francisco to Miami would save about a quarter of their income.

Persons: SmartAsset, Peter Thiel Organizations: Savings, Miami Locations: New York City, Chicago, San Francisco, Miami, NYC, Florida, New York, York City

☆ All-cash homebuyers are becoming 'disruptive' to the housing market
▼ + stars: | 2023-06-08 | by ( Al Yoon | ) www.businessinsider.com time to read: +4 min

As for the cash buyers who can pay in full without taking out a mortgage, their power has only increased. In April, cash buyers represented 33.4% of transactions, far above levels hovering around 25% for most of the past decade. The data is the latest sign that cash buyers are clashing with borrowers more than ever. "Cash offers used to be an occasional nuisance and now they're becoming disruptive" to the market, said Debra Shultz, a vice president of mortgage lending at CrossCountry Mortgage. At each turn, he lost them either because he'd been outbid, or because the seller went with a cash offer, she said.

Persons: Redfin, Cash, —, homebuyers begrudgingly, Debra Shultz, Shultz, he'd, Deanna Kory, Kory, she's Organizations: Service, CrossCountry Mortgage, Corcoran Group Locations: New York City, Manhattan, In New York City

☆ The shortage of houses is hitting some people and areas harder than others
▼ + stars: | 2023-06-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The shortage is hitting some buyers more than others. The lack of affordable homes heated up competition in the market this spring, which reversed the cooldown in home prices that started last summer. At the higher price ranges, too many homes are for sale for the number of Americans who can afford them. Areas in the Midwest continue to have the highest number of affordable homes. The four cities with the largest supply of affordable homes are all in Ohio.

Persons: Noah Herrera, Danielle Hale Organizations: National Association of Realtors Locations: Realtor.com, Las Vegas, El Paso , Texas, Boise , Idaho, Spokane , Washington, Florida, Riverside, Los Angeles , California, Ohio, Syracuse , New York, Pittsburgh , Pennsylvania, Louis , Missouri

☆ One-Third of U.S. Home Buyers Paying in Cash
▼ + stars: | 2023-06-07 | by ( ) www.wsj.com time to read: 1 min

One-third of home purchases in the U.S. in April were made in cash, up from 30.7% a year earlier, and the highest share in nine years, according to an analysis by Redfin. All-cash purchases are making up a bigger portion of the home buying pie for one major reason: higher mortgage rates are deterring home buyers who take out mortgages more than they are deterring all-cash buyers. Overall home sales fell 41% from a year earlier in April in metro areas included in Redfin’s analysis, which comprised 40 of the most populous U.S. metros. That compared with a 35% decline for all-cash sales. Mortgage rates are near their highest...

Locations: U.S

☆ The internet is losing it over Apple's $3,500 mixed-reality 'uncool' headset
▼ + stars: | 2023-06-06 | by ( Reena Koh | Nidhi Pandurangi | ) www.businessinsider.com time to read: +4 min

Apple's new mixed-reality headset, the Vision Pro, was unveiled on Monday. The internet has been having a field day dunking on Apple's new $3,499 mixed-reality headset, the Vision Pro. Vision Pro has been years in the making, reportedly with some setbacks and product-design compromises along the way. Yet, it may have one fatal flaw — the Vision Pro was just another pair of nerd goggles that would make most people look decidedly uncool, Insider's Alistair Barr wrote on Tuesday. "This sounds like the disappointed crowd from Wii sports," a tweet about the viral video said.

Persons: Insider's Nicholas Carlson, Insider's Alistair Barr, Apple's, barreling, gwyneth paltrow, Anne Hathaway, It's, Steve Jobs, — Robert Evans, Robert Evans Organizations: Vision, Morning, Worldwide, Twitter, Wii, Apple Locations: Cupertino

☆ The internet is losing its shit over Apple's $3,500 mixed-reality 'uncool' headset
▼ + stars: | 2023-06-06 | by ( Reena Koh | Nidhi Pandurangi | ) www.businessinsider.com time to read: +4 min

Apple's new mixed-reality headset, the Vision Pro, was unveiled on Monday. The internet has been having a field day dunking on Apple's new $3,499 mixed-reality headset, the Vision Pro. Vision Pro has been years in the making, reportedly with some setbacks and product design compromises along the way. Yet, it may have one fatal flaw — the Vision Pro is just another pair of nerd goggles that will make most people look decidedly uncool, Insider's Alistair Barr wrote on Tuesday. And ever since the announcement, people have been relentlessly mocking Apple's first major product launch in over eight years.

Persons: Insider's Nicholas Carlson, Insider's Alistair Barr, Apple's, AppleVisionPro, barreling, gwyneth paltrow, that's, Anne Hathaway, It's, Steve Jobs, — Robert Evans, Robert Evans Organizations: Vision, Morning, Worldwide, Twitter, Wii, VR, Apple Locations: Redfin, Cupertino

Search resuls for: "RedFin"

25 mentions found