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High mortgage rates had a huge impact on the housing market last year, but we'll likely see conditions improve in 2024. Mortgage rates rose to a more than two-decade high last year, and homebuying demand all but disappeared as a result. "Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months." See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates inched down to 5.76% last week, according to Freddie Mac data.

Persons: Lawrence Yun, you'll, Freddie Mac, it's, they've Organizations: Mortgage, National Association of Realtors, NAR, Zillow, Federal Reserve Locations: Chevron

☆ A short-seller who gained over $66,022 in December with a win ratio of 95% shares the 3 red flags that helped him evade short squeezes and led him to have one of his best months
▼ + stars: | 2024-01-21 | by ( Laila Maidan | ) www.businessinsider.com time to read: +7 min

And these short sellers pile up on top of each other with their biased opinions," Capablanca said. But because of the increased number of short sellers, a stock can blow past that and remain elevated over multiple days. So even if the market seems dead, nothing is there to trade, they will force a trade," Capablanca said. This rule helped him avoid Vivos Therapeutics (VVOS), a stock that many short sellers he knew tried to short. Such an outcome could lead to a continued elevated price, driving short sellers out for weeks, he said.

Persons: David Capablanca, lockdowns, Capablanca, it's, POL Organizations: Capablanca, Guardian, Yahoo, Traders, Therapeutics, Yahoo Finance, shorting C4 Therapeutics

☆ A software consultant who day trades stocks gained 805% in 2023. He shares 3 chart indicators that led him from consistent losses to becoming profitable.
▼ + stars: | 2024-01-20 | by ( Laila Maidan | ) www.businessinsider.com time to read: +8 min

He joined his private access program, a paid educational platform for trading stocks, where he spent a year learning the content. The stock's price should pull back organically, meaning the volume parallel to the downward price move should be gradual. On a daily chart like the one above, it's based on the past nine days. If the stock's price doesn't fall below it or forms a support line, it signals that the price could likely retrace and increase. Instead of entering five to 10 trades daily, he now keeps it at two to three.

Persons: Goverdhan Gajjala, William O'Neil, Gajjala, Mark Minervini, It's, Minervini's, Norman Zadeh, Zadeh Organizations: Service, Investor's Business Daily, US, EMA, Health Intelligence Locations: Dallas

☆ Biden administration plans to slash overdraft fees at big banks: 'I call it exploitation,' president says
▼ + stars: | 2024-01-19 | by ( Ryan Ermey | ) www.cnbc.com time to read: +2 min

The Consumer Financial Protection Bureau on Wednesday proposed a set of new rules that would slash the fees banks charge customers for withdrawing more than the available funds in their account. Americans have paid an estimated $280 billion in overdraft fees since 2000, according to data from the consumer watchdog agency. "For too long, some banks have charged exorbitant overdraft fees — sometimes $30 or more — that often hit the most vulnerable Americans the hardest, all while banks pad their bottom lines," President Joe Biden said in a statement. Overdraft fees affect some 23 million households in a given year, and the proposed cutbacks would save Americans about $3.5 billion annually, the CFPB says. Much of that money would theoretically return to the pockets of lower income bank customers: Consumer Reports says 8% of bank customers generate nearly 75% of banks' revenue from such fees.

Persons: Joe Biden Organizations: Consumer Financial, Biden, Consumer

☆ Jacob Elordi finally sniffed the 'Saltburn' bathwater candle and thinks it smells like detergent
▼ + stars: | 2024-01-19 | by ( Ayomikun Adekaiyero | ) www.businessinsider.com time to read: +2 min

Jacob Elordi smelled a "Saltburn"-themed scented candle on "The Tonight Show Starring Jimmy Fallon." Elordi appeared on Thursday's episode of "The Tonight Show Starring Jimmy Fallon," and host Jimmy Fallon gifted him a candle. AdvertisementOliver (Barry Keoghan) puts his face in Felix's (Jacob Elordi) bathwater in "Saltburn." Amazon MGM StudiosAlthough the bathtub scene is not the only explicit scene in "Saltburn," it is the most talked about scene on social media. While viewers found the bathtub scene disturbing, Elordi defended the scene in an interview with USA Today.

Persons: Jacob Elordi, Jimmy Fallon, —, Jacob Elordi's bathwater, Felix, masturbates, Oliver, Barry Keoghan, Elordi, Fallon, Priscilla, Cailee Spaeny, Suzie Davies, Keoghan, Davies, Emerald Fennell, Fennell Organizations: Service, MGM Studios, Business, USA Locations: Felix's

☆ The housing market will take off in a 2024 renaissance as construction, demand are set to surge, National Association of Home Builders CEO says
▼ + stars: | 2024-01-19 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewThe housing market is about to exit its slowdown and take off in a new growth period, according to National Association of Home Builders CEO Jim Tobin. AdvertisementThat's partly because mortgage rates have continued their steady decline in recent months. At the same time, prospective buyers are likely warming up to the new norm of 6% mortgage rates, and could be readying themselves to jump back into the housing market, he said. "I think that the world is getting ready to realize that we're no longer going back to those 3%-4% mortgage rates. Improving affordability conditions could cause home sales to jump 5% while home prices decline 1% in 2024, according to Redfin.

Persons: —, Jim Tobin, Tobin, Freddie Mac Organizations: Service, National Association of Home Builders, Business, Yahoo Finance, Mortgage, Association . Housing

The National Association of Realtors said Friday that existing U.S. home sales totaled 4.09 million last year, an 18.7% decline from 2022. Despite easing mortgage rates, existing home sales fell 1% in December from the previous month to a seasonally adjusted annual rate of 3.78 million, the slowest sales pace since August 2010, the NAR said. Last month's sales pace is short of the roughly 3.83 million that economists were expecting, according to FactSet. “The latest month’s sales look to be the bottom before inevitably turning higher in the new year,” said Lawrence Yun, the NAR's chief economist. The national median home sales price rose 4.4% in December from a year earlier to $382,600, the NAR said.

Persons: Freddie Mac, ”, Lawrence Yun Organizations: ANGELES, The National Association of Realtors, NAR, Federal Reserve, Treasury Locations: U.S

☆ DocuSign, Zoom, and Twilio thrived in the pandemic-era stock market. In 2024, they're some of cloud software's most likely M&A targets.
▼ + stars: | 2024-01-19 | by ( Ellen Thomas | ) www.businessinsider.com time to read: +2 min

With the promise of generative AI fueling investment in technology, industry experts expect 2024 to be an active year for cloud software M&A. The market is right for buyers and sellers, as companies like Salesforce and Nvidia enter 2024 with cash on hand and mature startups face a slowed venture market. "There's so much demand for amazing talent in AI," Somasegar said. Deals in 2024 will likely be at smaller valuations, Jaluria noted. Jaluria expects that several companies that flourished during the pandemic — only to lose momentum with the rise in return-to-office mandates — are likely candidates for M&A in 2024.

Persons: Somasegar, Rishi Jaluria, Jaluria, Jaluria's Organizations: Business, Nvidia, Madrona Venture Group, RBC Capital Markets, Activision Locations: Seattle, Figma

The expectation of lower mortgage rates and higher demand means this year's homebuying season is shaping up to be a busy one. Though mortgage rates are expected to go down in 2024, there's no guarantee of when exactly they'll start to drop. Currently, average 30-year mortgage rates are down from their fall 2023 peak and have generally been hovering below 6.5% this month. Mortgage rates don't directly follow the Fed's benchmark rate, but investor expectations of how Fed moves could impact the broader economy can push mortgage rates up or down. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: there's, Christopher Waller, Waller, they'll, you'll, Fannie Mae Organizations: Federal Reserve, Fed, Brookings Institution, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ More sellers are entering the housing market, says HousingWire's Logan Mohtashami
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMore sellers are entering the housing market, says HousingWire's Logan MohtashamiLogan Mohtashami, HousingWire lead analyst, joins 'The Exchange' to discuss his 2024 housing outlook, the state of existing vs. new home sales, and more.

Persons: HousingWire's Logan Mohtashami Logan Mohtashami, HousingWire

☆ I sold my house in Austin for full price in 2 months thanks to patience and some homework
▼ + stars: | 2024-01-18 | by ( Cork Gaines | ) www.businessinsider.com time to read: +8 min

Selling a house in this market can be tricky with high mortgage interest rates and steep prices. AdvertisementSelling a home for a good price in this housing market can be challenging but not impossible. What's more, mortgage interest rates remain high compared to several years ago but have dropped slightly recently. Buyers can still beat current interest ratesMeanwhile, some potential buyers are finding creative ways to avoid high interest rates and purchase homes. While nothing is guaranteed with interest rates, this is exactly what the Fed is projected to do, holding interest rates steady in the first part of 2024 before starting to lower rates later in the year.

Persons: —, Cork, there's, Gary Miller, Austin Organizations: Austin, Service, Cork Gaines, Brigade, National Association of Realtors Locations: Austin

☆ Bitcoin slides back to $40,000 as post-ETF correction deepens
▼ + stars: | 2024-01-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Cryptocurrencies tumbled on Thursday, with bitcoin falling back to $40,000. Bitcoin last traded lower by 3.6% at $41,167.14, according to Coin Metrics. The move in bitcoin weighed on crypto-related stocks, too. "We are still in the correction post-ETF launch," said Julio Moreno, head of research at crypto data provider CryptoQuant. "Short-term traders and large bitcoin holders are still doing significant selling in a context of a risk-off attitude," he added.

Persons: Cryptocurrencies, bitcoin, Bitcoin, Microstrategy, Iris Energy, Julio Moreno Organizations: Metrics, Miners, Marathon, Iris Locations: bitcoin

LOS ANGELES (AP) — Japan's Sekisui House Ltd. is buying Denver-based homebuilder M.D.C. Holdings Inc. for $4.9 billion in a deal that would make the Japanese company the fifth-largest builder of new homes in the U.S. The companies said Thursday that they reached a definitive agreement for Osaka-based Sekisui to acquire M.D.C. Holdings for $63 per share. The all-cash offer translates to a roughly 19% premium over M.D.C. Holdings' closing stock price Wednesday. Political Cartoons View All 253 ImagesIn addition to the U.S. and Japan, Sekisui House has operations in Australia, the U.K., China and Singapore. Among the U.S. home construction brands it now operates are Woodside Homes, Holt Homes, Chesmar Homes and Hubble Homes.

Persons: Toru Tsuji, Sekisui, homebuilders Organizations: ANGELES, Sekisui, Holdings Inc, U.S, M.D.C, Holdings, M.D.C . Holdings, . Holdings, Richmond American Homes, Woodside Homes, Holt Homes, Chesmar, Hubble Homes, Residential Holdings Locations: Denver, Osaka, California , Florida , Texas, Japan, Australia, China, Singapore, U.S, Woodside, Sekisui

☆ Most people buying homes get screwed into spending thousands on a tedious fee. That may be about to change.
▼ + stars: | 2024-01-18 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

An alternative to title insurance called an attorney-opinion letter might help buyers save money. Title insurance, which is required to close on most properties in the US, can cost hundreds or thousands of dollars. The savings from using attorney-opinion letters could help Americans facing high prices and high borrowing costs better afford homeownership. Some say title insurance is obsolete, since modern technology has improved access to public records essential for confirming a home's title or owner. "It's been clear for years that something is seriously wrong with title insurance," Schwartz wrote in 2022.

Persons: —, Insider's Mattathias Schwartz, Fannie Mae, Schwartz, Homebuyers, Forbes Organizations: Service, Street, Mortgage, Iowa, The New York Times Locations: Philadelphia, Midwest

NEW YORK (AP) — Americans stepped up their spending even more than expected in December, closing out the holiday season and the year on an upbeat tone. Retail sales rose 0.6% in December compared with November's 0.3% increase, according to the Commerce Department. Sales at stores selling general merchandise rose 1.3%, while sellers of clothing and accessories saw business up 1.5%. While consumers continue to face higher borrowing costs, tighter credit conditions and higher prices, spending is being fueled by a strong job market and rising wages. Higher energy and housing prices boosted overall U.S. inflation in December, a sign that the Federal Reserve’s drive to slow inflation to its 2% target will likely remain a bumpy one.

Persons: Paul Wiseman Organizations: Commerce Department, Federal Locations: Washington

☆ Off the Charts: If Apple goes much lower it could be overwhelmed by sellers
▼ + stars: | 2024-01-17 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Off the Charts: If Apple goes much lower it could be overwhelmed by sellers'Mad Money' host Jim Cramer goes off the charts with Apple as the stock struggles.

Persons: Apple, Jim Cramer Organizations: Apple

☆ Move over, millennials: Gen Zers are coming for boomers' houses
▼ + stars: | 2024-01-17 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

After all their economic misfortune, they'll still face a turbulent housing market and potentially tens of thousands of dollars' worth of necessary updates to boomers' aging houses. In his 2022 paper, "Who will buy the baby boomers' homes when they leave them? ", Engelhardt argued that mass aging would send ripples through the housing market but fail to push down prices significantly. After that point, demand for home purchases will once again outpace supply as millennials buy more homes and younger generations, like Gen Z and Gen Alpha, file in behind them. The timing of boomers' exit will mostly benefit younger generations, like Gen Z and Gen Alpha, who should find themselves on steadier footing than their predecessors.

Persons: Xers, they've, Zers, they'll, Odeta Kushi, Kushi, Gary Engelhardt, Engelhardt, Issi Romem, Meredith Whitney, Boomers, Gen Zers —, Gen, who've, millennials, boomers, Jessica Lautz, Nicole Bachaud, They've, Redfin, Alpha, they're, Lautz, savvier, Zoomers, James Rodriguez Organizations: millennials, Syracuse University, Boomers, Federal Reserve, Alpha, National Association of Realtors Locations: granny, New York, Los Angeles, Chicago, Dallas

The Ram Mandir's opening Monday would fulfill a decadeslong Hindu nationalist pledge that is expected to resonate with voters during the upcoming national election expected in April or May. The narrow roads have given way to four-lane pilgrim route, including the newly developed 13-kilometer (8-mile) Ram Path leading to the temple. At least two head priests from a Hindu sect have refused to go the opening ceremony, saying consecrating an unfinished temple goes against Hindu scriptures. And volunteers from Modi’s party and other Hindu nationalist groups are going door to door, distributing religious flags and pamphlets. Many others shared Bhatia's feelings about the temple's opening.

Persons: Lord Ram, Hinduism’s, Ram, Narendra Modi's, Modi, Ananya Sharma, ” Sharma, Om Prakash Bhatia, —, marigold, “ Lord Ram, ” Bhatia, “ Jai Sri Ram, ”, “, Gaurav Shourey, ” ___ Banerjee, Piyush Nagpal Organizations: DELHI, Bharatiya Janata Party, Associated Press Locations: India's, Ayodhya, homestays, India, Modi, Indian, New Delhi, vermillion, Lucknow

☆ Classic car auction site Bring a Trailer's sales hit record $1.4 billion even as prices drop
▼ + stars: | 2024-01-16 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

Total auction sales of classic cars (for both online and live auctions) fell 3% last year to $4.19 billion from $4.32 billion in 2022, according to data from Classic.com. The growth in the number of cars sold helped to offset a decline in prices. The average price of a car sold on the site fell to $54,000 in 2023 from $59,500 in 2022. Bring a Trailer's sales increased about 2% last year to over $1.4 billion from $1.35 billion in 2022, according to the company's CEO Randy Nonnenberg. Bring a Trailer sold over 30,000 cars in 2023, up 19% from 2022.

Persons: Randy Nonnenberg, Nonnenberg, Sellers, Pagani Organizations: CNBC, Ferraris, Ferrari, Porsche, Porsche Carrera, BAT Locations: —

☆ UBS raises S&P 500 target for 2024, sees nearly 8% gain from here
▼ + stars: | 2024-01-16 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

The S & P 500 is in for yet another strong year, according to UBS. The firm lifted its year-end target on the S & P 500 from 4,850 to 5,150, representing 7.7% upside for the benchmark stock index from Friday's close. The S & P 500 ended last week at 4,783.83. This year's more dovish Federal Reserve policy supports higher valuations, Golub said, upping his 2024 earnings-per-share estimate on the S & P 500 by $10 to $235. "While the S & P 500 advanced throughout 2023, leadership has become more pro-cyclical over the past 3 months, an indication of investor optimism toward the economy," Golub said.

Persons: Jonathan Golub, Golub, upping Organizations: UBS, Federal, Technology

☆ Financials sellers need to realize these stocks need a rest, says Jim Cramer
▼ + stars: | 2024-01-16 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFinancials sellers need to realize these stocks need a rest, says Jim Cramer'Mad Money' host Jim Cramer discusses the day's market action and what dragged the major indices down today.

Persons: Jim Cramer

☆ Struggling insurance upstart Oscar is making a long shot bet on a Trump-era program to fuel growth
▼ + stars: | 2024-01-16 | by ( ) www.businessinsider.com time to read: +6 min

The New York insurance company has struggled to find its footing for years. At the top of the list is this little-known Trump-era policy, which offered employers a new way to give workers health benefits. Oscar has struggled with deep lossesBertolini is the former CEO of the insurance company Aetna. The company raised its health plans' prices and renegotiated contracts with healthcare providers and vendors — including its pharmacy-benefit manager — to lower expenses. In the future, Oscar plans to design specific health plans that cater to those types of customers.

Persons: —, Joshua Kushner, Mario Schlosser, Oscar, it's, Mark Bertolini, It's, Bertolini, Trump, Ari Gottlieb, Elijah Nouvelage, haven't Organizations: Service, Business, New, Morgan Healthcare, Aetna, Reuters, HRAs Locations: New York, ICHRAs

☆ The housing market is breaking out of mortgage rate lock as a wave of sellers look poised to list their homes in the coming years, Zillow says
▼ + stars: | 2024-01-16 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The housing market could be breaking free from the "rate lock" phenomenon that froze activity in 2023. That's because owners appear less deterred by high mortgage rates when considering whether to sell their homes, Zillow said. 21% of owners are considering selling their homes in the next three years, a Zillow survey shows. Currently, mortgage rates look to be less of a determining factor when considering a sale." Prices and mortgage rates are expected to continue easing slightly this year, Redfin economists predicted.

Persons: Zillow, —, That's, Sylar Olsen, Freddie Mac Organizations: Service

☆ Apple is offering rare iPhone discounts in China
▼ + stars: | 2024-01-15 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +2 min

New York CNN —Apple is offering temporary discounts on its iPhones and other products in China, in an extremely rare move for Apple that comes as competition within Asia’s smartphone market grows more intense. Although third-party sellers at times discount Apple products, Apple itself very rarely offers deals or sales, part of its effort to maintain a premium brand image – something that has been particularly important as Apple seeks to attract high-end buyers in China. The new discounts on the iPhone in China are raising fresh questions about how demand for Apple products is faring recently in the world’s second-largest economy. China has long been a key market for the iPhone maker, with roughly one-fifth of Apple’s overall sales last year coming from China. Last week, Apple lost its status as the stock market’s most valuable company, taking a back seat to Microsoft.

Persons: Yong Xiong Organizations: New, New York CNN, Apple, Mac, Huawei, Wall Street Journal, Research, Jefferies Research, Reuters, Microsoft Locations: New York, China

☆ Even wealthy Los Angeles residents are moving to (slightly) cheaper cities and mansions out of state
▼ + stars: | 2024-01-15 | by ( Dan Latu | Kelsey Vlamis | ) www.businessinsider.com time to read: +6 min

Many wealthy buyers say they were driven out by a so-called mansion tax in Los Angeles, among other tax-related issues. Los Angeles topped Redfin's list of US metropolitan areas that homeowners are most looking to leave, based on their user data of home searches. Wealthier Americans — those making more than $200,000 per year — are moving out of high-cost cities like New York and Los Angeles, according to personal finance site SmartAsset. San Diego real-estate agent Jennifer Janzen says she's recently had Los Angeles clients head south to trade up in style. Another client of Janzen's was a young family who grew tired of the city life in Los Angeles.

Persons: —, Gus Lira, Lira, Lira's, Summerlin, she's, Jennifer Janzen, Janzen, Sotheby's, grâce, Jade Mills, Rob Desantis, Mary Fitzgerald Organizations: Service, Getty, Hollywood, Las, Golden, LA, Bloomberg, Los, Netflix Locations: Los Angeles, Malibu, California, Orange County, Las Vegas, Nevada, Vegas, Red, Vegas from California, Seattle, Florida , Texas, Tennessee, New York, Diego, Angeles, Rancho Santa Fe, San Diego, LA, Santa Fe, Manhattan

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