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Search resuls for: "Orphe"


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☆ Millennials are now the 'roommate generation' after being squeezed out of homeownership by high housing costs, said Redfin CEO
  + stars: | 2023-01-09 | by ( Robert Davis | ) www.businessinsider.com   time to read: +4 min
Redfin CEO Glenn Kelman warns that millennials could become the 'roommate generation' due to high housing costs. Millennial homebuyers may find reprieve in the Midwest or quickly-deflating markets like Boise or Salt Lake City. "We have a whole group of Americans who can't afford homes, and that's happening right as Millennials are coming of homebuying age," Kelman said. One reason is that homes in these markets are typically selling for under their list price. Meanwhile, 59% of homes in Chicago are selling for under their asking price as of October 2022 compared to 45.5% of homes selling for under ask across the US.
☆ A 44-year-old who moved from California to Indiana saves $3,210 a month and thinks more people should consider living in the Midwest: 'LA is the glitz and glamour, but when you take that aside, are yo
  + stars: | 2023-01-01 | by ( Alcynna Lloyd | ) www.businessinsider.com   time to read: +6 min
Vanessa Hughes recently moved to West Lafayette, Indiana, a city of 45,000 and a major university. In West Lafayette, she's paying half the amount for a significantly bigger space with a yard for their two dogs. In 2023, the search for affordable housing could pull more homebuyers towards Midwestern spots like West Lafayette. Michael Hickey/Getty ImagesBy the end of November, they had made the move to West Lafayette. West Lafayette is just one place that offers people incentives to move there.
☆ Homebuyers will flock to the Midwest in 2023 because prices will still be too expensive in coastal states, a Zillow economist predicts
  + stars: | 2022-12-06 | by ( Robert Davis | ) www.businessinsider.com   time to read: +6 min
The Midwest could be 2023's hottest housing market because it's affordable, one Zillow economist said. Buyers may look at cities like Chicago, Indianapolis, and Cleveland, where prices have remained stable. Homebuyers in expensive markets like Denver, New York City, and San Francisco were routinely searching for homes in less expensive midwestern markets, the report added. The typical home in Milwaukee is $181,000 while in St. Louis, buyers should expect to spend $176,500, Zillow suggests. But waiting out this market may not be the best approach for buyers ready and able to buy now."
☆ Home prices are falling at the fastest rate in 15 years. 7 real estate analysts and economists break down how bad they think it's going to get.
  + stars: | 2022-11-30 | by ( Alcynna Lloyd | ) www.businessinsider.com   time to read: +8 min
As demand fades in the housing market, price cuts have become widespread. However, despite more sellers cutting asking prices, home prices have still increased by 10.6% year-over-year. On an annual basis, Fannie Mae says house price growth will turn negative beginning in the second-quarter of 2023. According to Freddie Mac's Sam Khater, house price growth will average 6.7% in 2022 and then decline by 0.2% in 2023. With inventory levels at all-time lows, he believes supply and demand dynamics will give way to significant price declines nationwide.
☆ The 9 US cities where buyers have the best shot at scoring a home because home prices have dropped the most since the spring
  + stars: | 2022-11-26 | by ( Alcynna Lloyd | ) www.businessinsider.com   time to read: +4 min
As homebuyer activity slows, home prices are falling in cities across the country. To get a sense of where home prices are falling the most, we examined home-price data Zillow sent exclusively to Insider. After digging through the numbers for dozens of housing markets, we picked out nine US cities where home prices have rapidly cooled in recent months. So what I expect in those markets is that prices will come down." Read on to see how much prices have fallen in these markets and where else homebuyers are seeing the most discounts.
☆ U.S. weekly jobless claims at 3-month high; equipment spending resilient
  + stars: | 2022-11-23 | by ( Lucia Mutikani | ) www.reuters.com   time to read: +7 min
"While this could be interpreted as evidence of a softening labor market, we would caution against this. They were boosted by a 5,024 jump in California, likely reflecting the technology sector job cuts. Economists, however, did not expect the technology sector layoffs would be a major drag on the labor market and the overall economy. These so-called core capital goods orders decreased 0.8% in September. Shipments of core capital goods jumped 1.3% after dipping 0.1% in September.
☆ Many Americans are ditching their dreams of owning a house as recession fears flare, says the CEO of one of the nation's largest homebuilders
  + stars: | 2022-10-29 | by ( Alcynna Lloyd | ) www.businessinsider.com   time to read: +4 min
Not only is this a 23.2% decline from the rate a year ago — it also marks the slowest rate of sales since September 2012. So far in 2022, US housing construction has fallen in four out of nine months. It's a scenario that Orphe Divounguy, a senior economist at Zillow, said will not only impact home builders, but the overall housing market. "What is surprising is that rising rates normally push out potential homebuyers, but they have also pushed out potential sellers," Divounguy told Insider. With less housing inventory being introduced to the market, home prices are likely to remain high.
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