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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSeptember pending home sales jumped 7.4% as mortgage rates fellCNBC's Diana Olick reports on the latest economic data to cross the tape.
Persons: Diana Olick
These so-called "pending" sales were at the highest level since March and 2.6% higher than September of last year. Since pending sales are based on signed contracts, representing people out shopping during the month, it is the most current indicator of buyer demand. "Further gains are expected if the economy continues to add jobs, inventory levels grow, and mortgage rates hold steady." Regionally pending sales were higher year over year in the Northeast and West and flat in the Midwest and South. The levels of mortgage demand are still historically low, and sales, while higher, are as well.
Persons: Lawrence Yun, Selma Hepp Organizations: National Association of Realtors, Analysts, Mortgage News, Realtors, Mortgage, Association Locations: Northeast, West, Midwest, homebuyers
Pending home sales jump to highest level since March
  + stars: | 2024-10-30 | 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 EmailPending home sales jump to highest level since MarchCNBC's Diana Olick joins 'The Exchange' to discuss the latest housing data.
Persons: Diana Olick
Mortgage rates rose last week for the fourth time in five weeks, causing another pullback in refinancing. Total mortgage application volume was essentially flat, falling 0.1% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Government refinances accounted for a large part of the decrease, dropping 12 percent over last week," wrote Joel Kan, an MBA economist, in a release. Real estate brokerages have reported a surge in interest from homebuyers recently, as the supply of homes for sale has increased. Mortgage rates moved higher to start this week.
Persons: Government refinances, Joel Kan, brokerages, Matthew Graham Organizations: Mortgage, Mortgage News Locations: Atlanta , Georgia, refinances, Government
New home sales rise 4.1% in September
  + stars: | 2024-10-24 | by ( Diana Olick | Rick Santelli | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNew home sales rise 4.1% in SeptemberCNBC's Rick Santelli and Diana Olick report on the latest economic data to cross the tape.
Persons: Rick Santelli, Diana Olick
Closing the Deal with the Property Brothers
  + stars: | 2024-10-24 | 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 EmailClosing the Deal with the Property BrothersOver the past five years, the real estate market has changed drastically. Now, a lack of inventory combined with high home prices has created a tough environment for those looking to move. "Property Brothers" Drew and Jonathan Scott talk about what trends they're seeing in the housing market, issues surrounding home affordability and their latest venture to help combat some of these housing issues.
Persons: Drew, Jonathan Scott
Sales fell in three out of four U.S. regions, with just the West region seeing a gain. Inventory rose 1.5% month to month to 1.39 million homes for sale at the end of September. That represents a 4.3-month supply at the current sales pace. Distressed property sales accounted for only 2% of all transactions in September.”The pressure of still low inventory continues to push prices higher. First-time buyers pulled back again, making up just 26% of September sales.
Persons: , Lawrence Yun, ” Yun, Cash, Yun Organizations: National Association of Realtors, Homes Locations: U.S
New technology, however, using drones, artificial intelligence and weather balloons aims to modernize and accelerate that process. Near Space Labs, a Brooklyn, New York-based startup, invented "Swifts," or stratospheric, AI-enabled robotic cameras that fly on weather balloons. The giant weather balloons fly twice as high as airplanes cruise. Insurance and reinsurance companies, like Swiss Re, are using Near Space to help them understand and price risk. In addition to Third Sphere, Near Space Labs is backed by Crosslink Capital, Wireframe Ventures, IAG Firemark Ventures, Toyota Ventures and Leadout Capital.
Persons: Helene, Milton, Rema Matevosyan, Matevosyan, Shaun Abrahamson, Lisa Rizzolo Organizations: Space Labs, Labs, Swifts, Insurance, Swiss, Crosslink, Wireframe Ventures, IAG Firemark Ventures, Toyota Ventures, Leadout, CNBC Locations: Brooklyn , New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNear Space Labs is using robotic balloons to create a faster way to map insurance riskCNBC’s Diana Olick joins 'Power Lunch' to discuss how a startup is using robotic balloons to map climate risk.
Persons: Diana Olick Organizations: Labs
Single-family housing starts jump 2.7% in September
  + stars: | 2024-10-18 | 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 EmailSingle-family housing starts jump 2.7% in SeptemberCNBC's Diana Olick joins 'The Exchange' to report on new housing numbers for September.
Persons: Diana Olick
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAugust business inventories post in line with estimates; Homebuilder sentiment rises in OctoberCNBC's Rick Santelli reports on the latest economic data to cross the tape.
Persons: Rick Santelli
Amazon Web Services is investing over $500 million in nuclear power, announcing three projects from Virginia to Washington State. Amazon is the latest large tech company to buy into nuclear power to fuel the growing demands from data centers. An estimated 70% of the world’s internet traffic travels through Data Center Alley each day. “Small modular nuclear reactors will play a critical role in positioning Virginia as a leading nuclear innovation hub,” said Virginia Gov. “Amazon and X-energy are poised to define the future of advanced nuclear energy in the commercial marketplace,” said X-energy CEO J. Clay Sell.
Persons: It’s, there’s, , Matthew Garman, Bob Blue, Glenn Youngkin, Youngkin, Garman, Ken Griffin, Clay Organizations: Amazon, Services, Washington State, AWS, Amazon’s, Dominion Energy, Nuclear, Google, Kairos, Constellation Energy, Microsoft, Dominion, Gov, Energy, Fund, Citadel, Ares Management Corporation, NGP, University of Michigan, Talen Energy, Susquehanna Steam Electric Locations: Virginia, Washington, Dominion’s, SMRs, ” Virginia, U.S, Northern Virginia, Loudon County, Washington State, Northwest, Maryland, Salem Township , Pennsylvania, Talen
Mortgage interest rates rose last week for the third straight week, hitting the highest level since August. Total mortgage application volume fell 17% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Refinance demand, which is most sensitive to weekly rate moves, fell the hardest, down 26% week-to-week. Applications for a mortgage to purchase a home fell 7% for the week but were 7% higher than the same week one year ago. The recent rise in mortgage rates may have slowed the resurgence in refinancing, but homebuyers may be less concerned about interest rates today and more concerned about the shape of the economy in the coming months.
Persons: Joel Kan Organizations: Mortgage
Amazon Web Services is investing over $500 million in nuclear power, announcing three projects from Virginia to Washington State. Amazon is the latest large tech company to buy into nuclear power to fuel the growing demands from data centers. "Amazon and X-energy are poised to define the future of advanced nuclear energy in the commercial marketplace," said X-energy CEO J. Clay Sell. Last spring, AWS invested in a nuclear energy project with Talen Energy , signing an agreement to purchase nuclear power from the company's existing Susquehanna Steam Electric Station, a nuclear power station in Salem Township, Pennsylvania. AWS also purchased the adjacent, nuclear-powered data center campus from Talen for $650 million.
Persons: It's, there's, Matthew Garman, Bob Blue, Glenn Youngkin, Youngkin, Garman, Ken Griffin, Clay Sell Organizations: Amazon, Services, Washington State, AWS, Dominion Energy, Nuclear, Google, Kairos, Constellation Energy, Microsoft, Dominion, Gov, Energy, Fund, Citadel, Ares Management Corporation, NGP, University of Michigan, Talen Energy, Susquehanna Steam Electric Locations: Virginia, Washington, Dominion's, SMRs, U.S, Northern Virginia, Loudon County, Washington State, Northwest, Maryland, Salem Township , Pennsylvania, Talen
An abrupt turn higher for mortgage interest rates caused weekly demand from both potential homebuyers and current homeowners to drop. Total mortgage application volume fell 5.1% last week compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "In the wake of stronger economic data last week, including the September jobs report, mortgage rates moved higher," said Mike Fratantoni, chief economist at the Mortgage Bankers Association. Last year at this time, mortgage rates were 131 basis points higher. Mortgage rates moved sharply higher last Friday, following the release of the stronger-than-expected monthly employment report, according to a separate survey from Mortgage News Daily.
Persons: Mike Fratantoni, Fratantoni, Matthew Graham Organizations: Mortgage, Association, Mortgage News Locations: Los Angeles , California
"Modern Hydrogen produces clean hydrogen without renewable power. We can do this because we split apart natural gas into clean hydrogen and solid carbon," said Tony Pan, CEO of Modern Hydrogen. Natural gas is a cleaner fuel than oil, but it still emits harmful carbon dioxide when burned. Clients put the Modern Hydrogen system, which looks like a large box, where they would normally use their natural gas. Modern Hydrogen is backed by Gates Frontier, At One Ventures, National Grid Partners, NextEra Energy, Miura Group and Irongrey.
Persons: Tony Pan, Chris Kroeker, Pan, Lisa Rizzolo Organizations: Monolith, Natural Gas, Gates Frontier, One Ventures, National Grid Partners, NextEra Energy, Miura Group, National, CNBC Locations: Seattle, U.S, Canada, Japan, Long, , New York, New York
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailModern Hydrogen is using carbon byproduct to make cheaper and greener asphaltCNBC’s Diana Olick joins 'Power Lunch' to discuss how a startup is using a carbon byproduct to make stronger and greener asphalt.
Persons: Diana Olick
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMortgage rates rise again as consumer confidence in housing hits highest level in over two yearsCNBC's Diana Olick joins 'The Exchange' to report on mortgage rates rising again after a surge on Friday.
Persons: Diana Olick
As concerns about flooding, extreme temperatures, and wildfires grow, this tool also helps agents inform their clients in discussing climate risk, insurance, and long-term affordability." But climate risk firm First Street, which incorporates the effects of climate change into its property risk scores, shows nearly 12% of homes in the state at flood risk. Each for-sale listing on Zillow now displays First Street risk scores for flood, fire, wind, air and heat. This is especially true for the flood risk, because climate change is already intensifying the severity of rainfall, even in minor storms. More than 80% of buyers now consider climate risk when purchasing a home, according to a survey by Zillow.
Persons: Skylar Olsen, Hurricane Helene, Ed Kearns, We've, Zillow, Kearns Organizations: FEMA, Federal Emergency Management Agency, Government, First Locations: North Carolina, Carolina
The average rate on the 30-year-fixed mortgage jumped 27 basis points Friday morning following the release of the government's monthly employment report. Mortgage rates do not follow the Fed, but they loosely follow the yield on the 10-year U.S. Treasury. For mortgage rates, it is all about what the expectation is next for the Fed. "MBA's forecast is for longer-term rates, including mortgage rates, to remain within a relatively narrow range over the next year," Mortgage Bankers Association's chief economist Michael Fratantoni wrote after the jobs report was released. "This news will push mortgage rates to the top of that range, but we do expect that mortgage rates will stay close to 6% over the next 12 months."
Persons: Matthew Graham, Michael Fratantoni Organizations: Mortgage News, Federal Reserve, Treasury, Mortgage, Association's
New tools help homebuyers navigate risk
  + stars: | 2024-10-04 | 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 EmailNew tools help homebuyers navigate riskCNBC's Diana Olick joins 'The Exchange' with details about First Street's homebuyer tools to navigate climate risks for properties.
Persons: Diana Olick
Mortgage rates moved ever so slightly higher last week, but it was enough to take a little heat out of what had been a briefly red hot refinance market. That caused total mortgage application volume to fall 1.3% for the week, according to the Mortgage Bankers Association's seasonally adjusted index. The rate was 139 basis points higher the same week one year ago. As a result, mortgage rates were up modestly," said Mike Fratantoni, MBA's SVP and chief economist in a release. Mortgage rates moved very slightly lower again to start this week, as bond yields dipped following escalations in the bombing in the Middle East conflict.
Persons: Mike Fratantoni, Fratantoni Organizations: Mortgage, MBA's
The Reality of AI in Real Estate
  + stars: | 2024-10-02 | 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 EmailThe Reality of AI in Real EstateWhen it comes to the red-hot real estate market, buyers, sellers, and brokers alike are always looking for an edge for the best place and the best deal. Can AI be a gamechanger? Ryan Serhant, CEO of luxury real estate brokerage and media company SERHANT and reality star of "Owning Manhattan" tells us how he's deploying AI at his firm and how he sees the technology changing the industry.
Persons: Ryan Serhant Locations: Manhattan
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWarehouses could be a big winner from port strikes, in the short-termCNBC’s Diana Olick joins 'Power Lunch' to discuss a surprising sector that could benefit from the port strike.
Persons: Diana Olick
A steady decline in mortgage rates to two-year lows has current homeowners rushing to take advantage of potential savings. Applications to refinance a home loan surged 20% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "As a result of lower rates, week-over-week gains for both conventional and government refinance applications increased sharply." Mortgage applications to purchase a home rose just 1% for the week and were 2% higher than the same week one year ago. Mortgage rates haven't moved much to start this week, and will likely wait for more pressing economic data later this week and at the start of October.
Persons: Joel Kan, Kan Organizations: Mortgage Locations: San Rafael , California
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