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☆ Bidding wars no more: Regular people have a better shot at scoring a home as investors flee once-hot cities from Phoenix to Atlanta
▼ + stars: | 2023-02-23 | by ( Aj Latrace | ) www.businessinsider.com time to read: +5 min

But investors have backed off, especially in formerly hot areas like Phoenix, Redfin found. The significant drop in investor purchases means less competition for regular homebuyers. Investors purchased approximately $31 billion worth of properties — equivalent to 48,445 homes —nationwide in the last three months of 2022. They include Las Vegas, Phoenix, the New York City suburb of Nassau County, Atlanta, and Charlotte, all of which saw investor purchases fall over 60% year-over-year, the report said. But the drop in home prices and investor purchases last year could signal even more dire conditions in 2023, some analysts and experts predict.

☆ The US housing market has lost $2.3 trillion in value from its peak as home prices tumble
▼ + stars: | 2023-02-22 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

US homes lost 4.9% of their value from a 2022 peak, equating to $2.3 trillion, according to a report from Redfin. The overall value of homes stood at the $45.3 trillion at the end of 2022. "The housing market has shed some of its value, but most homeowners will still reap big rewards from the pandemic housing boom," Redfin Economics Research Lead Chen Zhao said in a statement. On Tuesday, the National Association of Realtors said the US housing market could be close to bottoming out, as existing home sales hit the lowest level since 2010. Meanwhile, other market commentators have warned the US housing market is on the verge of a crash akin 2008.

☆ A typical home in Vail, Colorado, is over $1 million, leaving workers with few living options. 4 people take us inside their housing crisis as home prices in tourist towns across the country spike.
▼ + stars: | 2023-02-20 | by ( Robert Davis | ) www.businessinsider.com time to read: +12 min

Vail is among the most expensive Colorado housing markets, with a median home price over $1 million. Weibel's struggle to find affordable housing in Vail speaks to similar issues playing out in other ski towns like Jackson, Wyoming, and Park City, Utah. In her spare time, Weibel works part time as a babysitter, a summer-school tutor, and a ski instructor at Vail Resorts. Getty ImagesSam Stevens, 25, has seen firsthand how Vail's expensive housing market is straining the town's budget for important infrastructure projects. He eventually moved in with one of his friends in Eagle-Vail, about 8 miles west of the Vail Ski Resort.

☆ Billionaire Grant Cardone says he and other real estate investors will 'save the day' and prevent a home price crash
▼ + stars: | 2023-02-20 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

High home prices and mortgage rates have sparked a downturn in US real estate. Grant Cardone, a billionaire real estate manager, says investors will prevent that from happening. While the housing slump is escalating this year, there's a brighter future ahead, billionaire real estate fund manager Grant Cardone told Benzinga, as published by Yahoo Finance. As the real estate market softens, strategists at Goldman Sachs projected various markets, including Austin and Phoenix, will likely see peak-to-trough home declines of more than 25%. Single family homes may be a new frontier for the billionaire known for authoring books such as How to create wealth investing in real estate.

☆ In this volatile housing market, here's how to know when the bottom is in
▼ + stars: | 2023-02-18 | by ( Tim Mullaney | ) www.cnbc.com time to read: +13 min

"People for the most part have come to terms with interest rates." No return of 2008, or 3% mortgage rate The biggest reason why housing prices aren't plunging like they did after 2008? At current levels, the Housing Affordability Index says the median buyer can afford the median U.S. home — but barely. Having seen 6 percent interest rates when she bought her first place in 2007, she's not daunted by today's rates, she said. "People have wrapped their heads around where interest rates are, and they have adapted," Fisher said.

☆ A 27-year-old real-estate investor who rehabbed 7 Austin properties last year is now targeting San Antonio, where homes can cost less than $100,000. Here are 3 reasons it's the next big investor hot s
▼ + stars: | 2023-02-18 | by ( Aj Latrace | ) www.businessinsider.com time to read: +5 min

San Antonio. You can buy homes for relatively cheap"A lot of people have overlooked San Antonio," Crenshaw said. January data from Redfin pegs the median home price in San Antonio at $255,000, which is less than half of Austin's $530,000. San Antonio — the fastest-growing large city in the nation between 2020 and 2021, gaining nearly 14,000 people, per census data — remains attractive to newcomers. Relocators get affordability in San Antonio, Crenshaw said, without sacrificing exciting nightlife and other big-city attractions such as museums and professional sports teams like the NBA's Spurs.

☆ Stocks making the biggest moves premarket: DraftKings, DoorDash, Deere, Roku and more
▼ + stars: | 2023-02-17 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

The company reported a loss of 53 cents per share on revenue of $855 million. Deere & Company — Shares advanced 3% after Deere exceeded expectations on the top and bottom lines in its latest quarter. Roku jumped 11% Thursday after the company reported a smaller-than-expected loss in its latest quarter. The company reported a 57 cent per share loss on $480 million of revenue. It reported revenue of $1.01 billion, below the consensus estimate of $1.02 billion.

☆ Stocks making the biggest moves midday: Deere, Airbnb, AutoNation, Moderna and more
▼ + stars: | 2023-02-17 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves midday:Deere — Shares rose 7.7% after the company reported earnings-per-share of $6.55 for its fiscal first quarter, topping the $5.57 expected by analysts polled by Refinitiv. Some Wall Street analysts remained cautious on the stock, citing risks including competition and slower-than-expected consumer adoption of alternative accommodations. Still, earnings and revenue missed Wall Street estimates. The sports betting company reported a loss of 53 cents per share on revenue of $855 million. The real estate company reported a 57 cent per share loss on $480 million of revenue.

☆ Zillow Signals More Pain Ahead in Online Real Estate
▼ + stars: | 2023-02-16 | by ( Laura Forman | ) www.wsj.com time to read: 1 min

Zillow is telling investors that housing affordability challenges remain ‘front and center’ this year. Investors in online real estate platforms probably could waste a lot of energy figuring out how low home prices will go or whether mortgage rates have topped out, but common sense beats all that number crunching. U.S. home purchases fell more than 40% in the fourth quarter from a year earlier, Redfin reported this week. Meanwhile, online real-estate stocks including Zillow Group , Redfin, Opendoor Technologies and Compass are up an average of more than 90% this year so far. That is probably wishful thinking.

☆ We're still at half the housing inventory of 2016 through 2019, says Redfin's Glenn Kelman
▼ + stars: | 2023-02-16 | 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 EmailWe're still at half the housing inventory of 2016 through 2019, says Redfin's Glenn KelmanRedfin CEO Glenn Kelman joins Brian Sullivan and the 'CNBC Special: Taking Stock' to discuss housing data and what's really going on in the market right now.

☆ Homebuyers have a better shot at scoring a deal on a house in the 14 cities where home prices have plummeted the most
▼ + stars: | 2023-02-16 | by ( Aj Latrace | ) www.businessinsider.com time to read: +2 min

According to Black Knight, 14 of the 50 largest US markets have seen home prices fall by 6% or more. The San Francisco Bay Area leads the nation with the largest drop in home prices. Softening home prices in some of the most expensive cities will benefit buyers. But there's a chance for them to come off the sidelines — in fact, some already have — as prices fall in some key areas. Leading the nation with the largest drop from the 2022 peak is San Francisco, where home prices have fallen nearly 17%.

☆ Investor Home-Purchases Plunge by Half in Fourth Quarter Amid Housing Slump
▼ + stars: | 2023-02-15 | by ( Will Parker | ) www.wsj.com time to read: 1 min

Houses in a subdivision of Atlanta. Investor purchases of homes posted a 46% decrease in the last three months of 2022 from the same quarter a year earlier. Investors bought fewer homes last quarter than they have in years, extending a retreat that has coincided with the pullback by conventional buyers stymied by higher mortgage rates. Large and small businesses purchased 48,445 homes in the last three months of 2022, a 46% decrease from the same quarter a year earlier and the second straight quarter of large declines, according to a report from real-estate firm Redfin , which tracked sales of single-family homes, condominiums and other properties across 40 major metro areas.

☆ The 11 U.S. cities where rent prices fell the most in January
▼ + stars: | 2023-02-15 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

U.S. renters are finally getting a break on their rent, with prices dropping in 11 major markets in January, according to new data by online realtor Redfin. Median asking rent dropped to $1,942 last month, down from a 2022 peak of $2,053. Only four cities posted double-digit rent growth in January 2022, compared with 38 in January 2021. The number of cities with price drops also continues to climb, from just two a year ago to 11 in January. January rent prices for this study are based on 20,000 apartment listings from Rent.com for the 50 largest metro areas in the country.

☆ 5 reasons so many people are moving to Tennessee, according to a 25-year-old broker who's helped Californians and New Yorkers relocate there
▼ + stars: | 2023-02-14 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +5 min

Taxes are lowerPeople leaving states like California or New York often cite high income and property taxes as key motivations for their departure. (It's not all cheap: some new Floridians have been surprised by rising property taxes.) Like Florida, Tennessee has no income tax, as well as a property tax rate well below the national average. According to financial information and advice company SmartAsset, Tennessee's median annual property tax paid is $1,317, which is about half the national average. "One of the reasons why they're considering Tennessee is because of the affordability in terms of taxes," Foster said.

☆ Investors need to embrace these stocks that we love
▼ + stars: | 2023-02-12 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +8 min

I’ve typically done this stock picking feature in early to mid February as a Stocks We Love type of story, pegging it to Valentine’s Day. The restaurant stocks in particular could do well. Inflation is obviously still a concern for big consumer brands. Consumer prices rose 6.5% over the past 12 months through December, down from a 7.1% pace in November. Up nextMonday: Earnings from TreeHouse Foods (THS), Avis Budget (CAR), FirstEnergy (FE), IAC (IAC) and PalantirTuesday: US CPI; Japan GDP; UK employment report; earnings from Coca-Cola, Asahi Group, Marriott (MAR).

☆ Key inflation data in the week ahead will offer clues to future Fed rate moves and the market's path
▼ + stars: | 2023-02-11 | by ( Zev Fima | ) www.cnbc.com time to read: +8 min

Looking forward The January consumer price index (CPI) , which calculates the average change over time in prices that shoppers pay for goods and services, is slated for Tuesday. Economists and investors will use the number to gauge the odds of a soft landing or hard landing for the economy. The producer price index (PPI) for January, which calculates the change in selling prices received by producers of goods and services, is out on Thursday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

☆ More people will make thousands by selling stakes in their homes to Wall Street firms, according to one company that already sees elevated interest from homeowners
▼ + stars: | 2023-02-10 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

But high mortgage rates are making it difficult for homeowners to take advantage of this wealth. Home equity investments are a way to raise cash without taking out a new loan. However, higher mortgage rates have made it more difficult for Americans to take advantage of this wealth. He said the company foresees "strong demand" for the home equity investments in the coming months. According to a Redfin analysis of government data, 85% of US homeowners tote a mortgage rate far below today's level of 6%.

☆ Real-estate investing in a down market: Strategies to use, how far home prices will fall, cities where prices are falling the most, which markets to invest in, and more
▼ + stars: | 2023-02-09 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

That's bad news for current real-estate investors, and probably good news for prospective ones. On the other hand, it's potentially good news for prospective real-estate investors who have been sitting on the sidelines waiting for better deals. Below is a list of Insider stories to help navigate the current real-estate investing landscape as prices fall. They see US home prices falling another 6% in 2023, putting peak-to-trough declines at around 10%. Justin Sullivan / Getty ImagesOne of the most common financing strategies real-estate investors use to build up a portfolio is the BRRRR method: buy, rehab, rent, refinance, repeat.

☆ Cities in Tennessee are constantly getting named the best places to move. Are they?
▼ + stars: | 2023-02-09 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +3 min

Tennessee cities like Chattanooga and Knoxville often show up on lists of the best places to live. Even smaller Tennessee cities have experienced an influx in movers. Even Nashville dwellers are turning their back on city life and spreading out in smaller Tennessee towns like Clarksville, Pleasant View, and Ashland City, according to Frate. "In 2017 my average sales price was in the $180,000s," Frate said. "Now my average sales price is in the low to mid $300,000s."

☆ One of the most active homebuyers on Wall Street just predicted the demise of Opendoor and other iBuyers that have made housing so volatile
▼ + stars: | 2023-02-08 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +3 min

In an interview with Bloomberg, Mullen doesn't see nearly as much chaos in today's housing woes, though pitfalls and opportunities still abound. In today's market, with most homeowners paying substantially lower mortgage rates than prevailing levels and mortgage delinquencies low, regular people aren't likely to sell. Homebuilders, representing another industry that's highly sensitive to housing market swings, are under pressure but can survive, Mullen said. Stepping back, Mullen's read is that too many institutions got in at the top of the housing market. "The most obvious example is iBuyers," Mullen said.

☆ The Phoenix housing bubble spectacularly popped in 2008. Countless signs point towards a similar struggle now. Here's how bad it really is.
▼ + stars: | 2023-02-05 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +9 min

Phoenix's housing market is quickly deteriorating as a pullback in demand triggers home price declines. And as Phoenix's housing market performs an about-face from the dramatic rise it had witnessed from spring 2020 through summer 2022, experts across the country are debating the possibility of the whole market imploding. And as of January 2023, area home sales are down 74% year-over-year, according to John Burns Real Estate Consulting. The Phoenix Valley — a sprawling desert metropolis that's home to nearly 5 million people — is no stranger to speculative real estate bubbles. Phoenix's housing market could be on track to normalizingDespite the numerous indicators of a weakening housing market, Phoenix may simply be facing a correction versus a crash, several experts told Insider.

☆ Confessions of 20-somethings who live at home and splash out on cars, designer handbags, and nightclubs instead
▼ + stars: | 2023-02-04 | by ( Dan Latu | Kelsey Neubauer | ) www.businessinsider.com time to read: +9 min

They're also spending the money they would have spent on rent on pricey goods and travel. Courtesy of Julia MachajProfession: EngineerIf she weren't living with her parents she'd live in: Stamford, Connecticut, where the rent starts at $1,875, according to Rent.com. Courtesy of Jonathan BranchProfession: AccountantIf he wasn't living with his parents he'd live in: Arlington, Virginia, where rent starts at $1,999, according to Rent.com. He's spent money on: $700 Sony camera and $800 lensesJonathan Branch recently turned 30, but spent his twenties living at home in Fairfax, Virginia. Courtesy of Gabby BeckfordProfession: Travel influencerIf she weren't living with her parents she'd live in: Seattle, Washington, where rent starts at $1,560, according to Rent.com.

☆ Low-income renters are frustrated by Biden's new plan to make housing more affordable because they don't think it does enough to combat surging rents
▼ + stars: | 2023-02-04 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +6 min

The White House outlined actions it's taking to protect tenants amid rising rents and evictions. Tenants' groups told Insider that they wanted decisive legal and financial action from the president. In addition to that, the White House also published a "Blueprint for a Renters Bill of Rights," endorsing fair housing practices and a tenants' right to organize. "On the one hand, we are encouraged that the White House has released this Blueprint as a statement of values," Martin said. "As a blueprint, the document's statements don't do anything to materially help improve conditions for renters," he said.

During the pandemic, mortgage rates plummeted below 3%, flooding the real estate market with homebuyers trying to snag a good rate. "Mortgage rates have trended down in the past couple of months," he says. So... [for] someone waiting for a 3% or 4% mortgage rate, it's not going to happen." For example, Rocket Mortgage is currently offering a mortgage rate buydown program called Inflation Buster. Evaluate whether you're buying for the right reasons and determine if you and your budget are ready for this important milestone.

☆ Homebuyers, rejoice! You can afford to bid on a more expensive home now that mortgage rates have fallen below 6%
▼ + stars: | 2023-02-03 | by ( Robert Davis | ) www.businessinsider.com time to read: +4 min

The US housing market is warming back up because of declining mortgage rates. The average for 30-year mortgage rates have just dipped below 6% for the first time in months. Mortgage rates dipped below 6% on February 2, according to Mortgage Daily News, marking their lowest reading since September 2022. The declining mortgage rates have helped to bring buyers back to the market and bolster purchasing power. "We went from sellers controlling everything, to now being more of a neutral, and even almost a buyer's market."

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