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☆ Home prices are back on the rise as the spring market proves more competitive than expected
▼ + stars: | 2023-05-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

After cooling for the better part of last year, home prices are on the rise again. "Just five months ago, prices were declining on a seasonally adjusted month-over-month basis in 92% of all major U.S. markets. Competition among buyers is not only pushing prices higher but also accelerating the market again. Of the nation's 50 largest housing markets by population, just Austin, Salt Lake City and San Antonio are seeing prices fall month to month. A separate report released Tuesday from CoreLogic focuses on home price comparisons from a year ago, but also shows prices gaining month to month.

☆ Russia’s battered wartime economy is still chugging along as it taps its wealth fund, raises taxes, and ramps up imports
▼ + stars: | 2023-05-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Shares of First Republic dropped more than 40% in pre-market trading today, while JPMorgan stock ticked 2.9% higher. Let's check in on Russia's wartime economy. To the surprise of many forecasters, Russia's economy has held up better than expected as it carries on into the second year of its war on Ukraine. And leaked documents, first reported by the Washington Post, suggest that Russia can fund its war for at least another year. Specifically, US intelligence says Moscow can rely on its sovereign wealth fund to help pay for its war efforts, as well as higher corporate taxes and ramped-up imports.

☆ The 11 neighborhoods Zillow users are most obsessed with — and how much homes cost in each locale
▼ + stars: | 2023-04-29 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +2 min

The website HouseFresh identified the most popular neighborhoods with Zillow home shoppers. Home shoppers searched and viewed houses in these areas the most on Zillow. Read on for the top 11 locations, which are scattered throughout the South and West. A new report from HouseFresh, an indoor air quality advisory website, has ranked the neighborhoods that Americans find the most interesting. The majority of neighborhoods that make up HouseFresh's list have median home values that surpass the national average of $334,269, according to Zillow.

☆ A solid start to earnings season will be put to the test in the week ahead
▼ + stars: | 2023-04-29 | by ( Zev Fima | ) www.cnbc.com time to read: +14 min

The biggest week of this earnings season showed us that things aren't as bad as many feared. The week ahead of earnings, including several more Club names, should tell us more. The results are always important, but it's the guidance and management commentary we will really hone in on to better understand the path ahead. In Amazon's case, a solid first quarter for its AWS cloud business was overshadowed by management seeing a material slowdown in April. ET: Nonfarm Payrolls Looking back It was the biggest week of this earnings season for the Club as several of our mega-cap holdings and industry bellwethers reported results.

☆ There's an unusual decline in housing inventory that's preventing home prices from falling further
▼ + stars: | 2023-04-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

New listings of homes for sale are down more than 20% nationwide, according to Redfin. "The lack of new listings is driving an unseasonal decline in the total number of homes for sale." Nearly half of homes on the market sell within two weeks, the highest portion in almost a year. "The lack of new listings is driving an unseasonal decline in the total number of homes for sale." "High mortgage rates have caused some homebuyers to bow out of the market," Redfin deputy chief economist Taylor Marr said.

☆ Early-aughts 'It' girl Cory Kennedy entering her 'hipster Martha Stewart' era pretty much sums up how millennials are gearing up for middle age
▼ + stars: | 2023-04-26 | by ( Bartie Scott | ) www.businessinsider.com time to read: +5 min

Cory Kennedy was the internet's first "It" girl as a teenager in the early aughts. "I want to garden, like a freaking hipster Martha Stewart," Kennedy told New York Magazine. It's a reminder of her time as "the internet's first 'It' girl," as New York Magazine dubbed her in a recent profile. In her recent article in The Atlantic, Twenge said millennials have experienced "a breathtaking financial comeback" since the mid-2010s. Even Martha Stewart jumped on the teenage-dirtbag train — though she could take some notes from Kennedy on the sleaze.

☆ Homebuyers hoping for better deals as prices drop are getting slammed as average payments just hit a record high
▼ + stars: | 2023-04-25 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

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 PolicyBut homebuyers' monthly mortgage payments still soared to a new all-time high. Housing affordability is as awful as ever due to the high rates and the lack of homes for sale. However, there's no such luck: as home prices retreated, the typical US homebuyer's monthly mortgage payment soared to $2,538, a new all-time high. Higher mortgage rates are freezing current homeowners, too. "The good news is that people who already own homes have locked in relatively low mortgage payments," Marr said in a September housing report.

☆ Maybe millennials didn't get screwed by the economy after all
▼ + stars: | 2023-04-24 | by ( Matt Turner | ) www.businessinsider.com time to read: +7 min

There's a common perception that millennials have gotten screwed by the economy. But a recent article makes a convincing case for why the common idea of broke millennials is a myth. By 2019, households headed by Millennials were making considerably more money than those headed by the Silent Generation, Baby Boomers, and Generation X at the same age, after adjusting for inflation." While 69% of baby boomers owned their own home at 40, the same is true for 62% of millennials, a seven-percentage-point gap. Per data from the St Louis Fed, the Millennial/Gen Z wealth is currently tracking with Gen X after initially getting off to a tough start.

☆ Barbara Corcoran says she was fired before the first season of ‘Shark Tank’—she got her job back with a simple email
▼ + stars: | 2023-04-23 | by ( Megan Sauer | ) www.cnbc.com time to read: +3 min

Barbara Corcoran experienced every professional's worst nightmare: She landed her dream job, only to have the offer rescinded. It's unusual for job offers to get rescinded after you've signed on the dotted line, but not impossible. Last summer, amid fears of a looming recession, large companies like Coinbase, Twitter and Redfin took back job offers before a number of employees could log on for their first days. It was primarily a reaction to inflation, co-founder and CEO of the recruiting company WizeHire Sid Upadhyay told CNBC Make It last June. Upadhyay recommended asking your network for job leads, revisiting other job offers and getting in touch with former employers.

☆ More Gen Zers are achieving a dream that was largely out of reach for millennials when they were young: They're homeowners
▼ + stars: | 2023-04-21 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

A Redfin report found that 30% of Gen Zers owned homes at age 25 in 2022. Gen Zers were greeted by a stronger labor market as they established their careers. So how did Gen Z gain the competitive edge? It all comes down to a healthy labor market, Daryl Fairweather, the chief economist at Redfin, told Insider. "It has a lot to do with the timing of when Gen Z entered the labor market versus when millennials did," Fairweather said.

☆ 5.5% may be a magic number for mortgage rates
▼ + stars: | 2023-04-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Mortgage rates more than doubled over the past year, reaching as high as 7.08% in November, according to Freddie Mac’s average weekly mortgage rate for a 30-year fixed rate loan. The survey found that 5.5% mortgage rates seem to be the tipping point. A majority of respondents — 71% — said they are not willing to accept a mortgage rate above 5.5%. Looking at forecasts of mortgage rates for the rest of the second quarter of 2023, no major forecast is even predicting rates under 6%. Furthermore, 5.5% is lower than the historical average for mortgage rates.

☆ A real-estate investor with a 311-unit portfolio shares a recession-proof strategy she's using that all but guarantees she receives market-value rent payments
▼ + stars: | 2023-04-19 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Anne Curry has a sizable real-estate portfolio of 311 units, much of it consisting of multifamily properties. But there's a recession-proof route that Curry and other landlords take: rent to low-income tenants with a voucher for rent, also known as Section 8 recipients. "If you were going to rent a unit out for, let's say $1,800, just market rate, to anyone...to get highest market rent, sometimes you need to do more on the remodel," she said. "Section 8 pays around market regardless of whether everything is completely rehabbed like you would if you were going to try to get highest market rent." Curry also recently discovered that there are grants for affordable housing landlords to update properties that are below living standards.

☆ A real-estate investor who estimates his properties have appreciated over 60% in value explains exactly what he's looking for in a property — and how he finds great deals
▼ + stars: | 2023-04-19 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

Part-time real estate investor Atif Afzal says his properties have gone up in value by more than 60%. He invests in Monroe, New York, which is about 50 miles north of New York City. Atif Afzal bought his first property in Monroe, New York in 2019. What he's looking for in an investment propertyAfzal has a few specific requirements when he's looking at investment opportunities. It helps that he's worked with the same realtor since day one, he said, since she's aware of exactly what types of properties he's looking for.

☆ US foreclosure filings jump 22%, and repossessions hit highest level in 3 years
▼ + stars: | 2023-04-19 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Foreclosure filings climbed 22% in the first quarter compared to a year ago, analytics firm ATTOM said. Foreclosure activity has increased for 23 consecutive months after a federal moratorium was lifted. Foreclosure activity has increased for 23 consecutive months after a federal moratorium was lifted, reaching 95,712 filings last quarter. Now Illinois, Delaware and New Jersey are undergoing the highest foreclosure rates, ATTOM said. But while foreclosure rates are on a continued uptick, they are still significantly below historic levels.

☆ The 10 most prestigious private preschools in Miami — and how to get in
▼ + stars: | 2023-04-19 | by ( Robin Madell | ) www.businessinsider.com time to read: +5 min

Valeria Avirett is an education consultant and the founder of Miami School Advisors. She says as Miami has become more desirable, spots in top preschools are harder to land than ever. "People are moving to Miami seeking a lifestyle and not necessarily moving for a job," Valeria Avirett, an educational consultant and the founder of Miami School Advisors, told Insider. "I struggled to find the right school for my own children in Miami — Westminster Christian School, which we all loved! Avirett's team released the first edition of "The Miami Preschool Guide" in spring last year, which profiles 101 preschools in the most popular areas of Miami.

☆ Home prices see largest decline since 2012 as banking crisis hits demand: 'There's this fear that everything will crash'
▼ + stars: | 2023-04-19 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

"That killed the buyer momentum that had been building, and brought us right back to where we were last year when mortgage rates shot up. For example, prices in Boise surged a record 40.9% in May 2021 amid low mortgage rates, the remote-work trend, and relative affordability. But since then, mortgage rates have soared amid Federal Reserve rate hikes. While they have come off last year's peak of 7%, the 30-year-fixed mortgage rate averaged 6.54% in March, up from 4.17% a year earlier. Meanwhile, the higher mortgage rates are keeping buyers and sellers on the sidelines, and March saw new listings drop 23.3% year over year, Redfin said.

☆ Rents just fell to their lowest level in over a year as ballooning prices from the pandemic start to deflate, Redfin says
▼ + stars: | 2023-04-18 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Rents in March declined to their lowest level in over a year, according to data from Redfin. That's largely due to the excess supply of multifamily units that were built during the pandemic. "Rents ballooned during the pandemic, and are now returning to earth," said a Redfin real estate agent. The trend is backed by earlier data from Moody's, which found that rents this year for multifamily units have declined in 76% of housing markets. In the previous two years, rents surged because incomes grew and millennials started families, Redfin explained.

☆ The 10 major US cities with the lowest property taxes — and how much typical homeowners can expect to pay in each one
▼ + stars: | 2023-04-18 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +2 min

LendingTree found how much homeowners pay for property taxes in 50 of the nation's largest cities. Insider broke out the 10 US metropolitan areas with the lowest property taxes. Take Birmingham, Alabama, for example, where homeowners pay the lowest property taxes on the list of an average of $995 a year. That's a staggering $8,096 cheaper than the property taxes of those living in New York. However, just because the South has relatively low property taxes now doesn't mean it will remain that way.

☆ Redfin reports the first annual rental decline in three years
▼ + stars: | 2023-04-17 | by ( Diana Olick | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRedfin reports the first annual rental decline in three yearsCNBC's Diana Olick joins 'Squawk on the Street' to discuss multi-family housing developments, decreased pressure on rent prices, and rental demand increasing in New York City with declines in Miami.

☆ First Annual Drop in Rents Since Pandemic Began, Redfin Says
▼ + stars: | 2023-04-15 | by ( Joseph Pisani | Talal Ansari | ) www.wsj.com time to read: 1 min

Rental prices are easing after years of soaring during the pandemic. Median rent fell 0.4% to $1,937 in March from a year ago, according to a report released Friday by Redfin Corp. It was the first annual decline since March 2020, when the pandemic began, the real-estate company said. The drop brought rents to their lowest level in 13 months.

☆ Today's homebuyers have their mortgage rate tipping point, and it's artificially low
▼ + stars: | 2023-04-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

Today's homebuyers are exceptionally sensitive to mortgage rates with house prices so high — and they've found their tipping point. After years of government intervention following the great recession and the first years of the Covid-19 pandemic that kept mortgage rates artificially low, today's buyers have a skewed view of what "normal" mortgage rates are. In addition, 62% of buyers said they believed that a "historically normal mortgage rate" was below 5.5%. "Today's homebuyers are extremely sensitive to fluctuating interest rates, and a significant drop in mortgage rates would likely make the market more competitive." Nearly two-thirds of respondents said they've had to reduce their housing budgets due to the current level of mortgage rates.

☆ Boomers Are Buying up Homes, Blocking Millennials From Housing Market
▼ + stars: | 2023-04-05 | by ( James Rodriguez | ) www.businessinsider.com time to read: +9 min

The housing market is not a generation-versus-generation cage match. "So the fact that they are now trailing behind the baby boomer population just speaks to the difficulty of the housing market today." A lot has changed in the housing market since the NAR's survey period. In a housing market of "haves" and "have nots," equity-rich homeowners have the edge over hopeful first-time buyers. Millennials know that they have time on their side, since boomers will eventually age out of the market entirely.

☆ Zillow's chief economist explains why the party is over for short-term real-estate investing tactics like house-flipping — and says long-term strategies designed to generate cash flow are an investor'
▼ + stars: | 2023-04-04 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

You know, long run mortgage rates are expected to be around five-and-a-half, six." Economists at other real-estate firms share similar views to Olsen's in respect to mortgage rates, at least for the rest of 2023. Plus, when mortgage rates eventually fall, one can refinance into a lower rate, improving an investor's positive cash flow. In the meantime, there's a way that buyers can get around high mortgage rates, Olsen said. Many sellers are offering concessions, like paying for repairs and helping pay for a rate buydown.

☆ San Francisco, New York, and LA top the list of cities Americans are flocking away from, according to a report
▼ + stars: | 2023-04-01 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

San Francisco, New York, and Los Angeles are the top cities Americans want to leave, according to Redfin. New York City, which comes in second place on Redfin's list, is the US' most populous city, with around 8.5 million residents in July 2021, per US Census Bureau estimates. The country's next biggest cities are Los Angeles, with an estimated population of 3.8 million, and Chicago, at 2.7 million, per US Census Bureau data. For people considering leaving New York City, Miami was the most popular city, while for Los Angeles this was Las Vegas. The list of cities Americans are looking to leave is more diverse, with nine states featured.

Women still earn 18% less than men, but a new report shows a rise in homeownership for single women. Fintech CEOs say that increased advocacy for women's rights contributed to the rise in single women's homeownership. See 30-year mortgage rates right now »Here are the top three states where single women own more homes than men:In Florida , 4.55% more single women than single men own homes, with a total of 854,297 single women homeowners in the state. In Maryland , 4.53% more single women own homes, with a total of 141,740 single women homeowners in the state. In Delaware, 4.5% more single women own homes, with a total of 28,551 single women homeowners in the state.

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