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Like other consumer rates, mortgage rates are impacted in large part by what's going on in the economy. This allowed mortgage rates to drop as low as they did, with 30-year mortgage rates reaching an all-time low of 2.65% in January 2021, according to Freddie Mac. Because mortgage rates are still so high, some hopeful homebuyers have decided to wait for lower rates to start shopping for homes. Mortgage rates in 2024: FAQsWill mortgage rates go down in 2024? All consumer interest rates, including mortgage rates, should start to ease as soon as inflation slows further.

Persons: Homebuyers, homebuyers, what's, Fannie Mae, Freddie Mac, Lawrence Yun, that's Organizations: Fed, Bureau of Labor Statistics, NAR, National Association of Realtors, CNBC, Federal Housing Finance Agency, Veterans United, Loans, Federal Reserve, Mortgage, Association Locations: Chevron

☆ The housing market is close to a rare buying opportunity with prices set to drop in pandemic boom towns, analyst says
▼ + stars: | 2024-07-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Read previewProspective homebuyers may be better off staying on the sidelines: the housing market is on its way to a rare buying opportunity, with steep home price declines bound for key areas of the real-estate market in the coming years, according to one analyst. That's an additional ingredient on the top, which just makes it more likely that prices fall," Gerli told BI. AdvertisementThe situation in the South's housing market also bears some similarities to previous housing bubbles, Gerli noted. In key boom towns, home prices have shot up 50%-70% since the pandemic, though incomes have only risen 10%-20%, he said, citing municipal data. It'll take a long time for housing to become more affordable overall, given how overvalued the market is, Gerli said.

Persons: —, Nick Gerli, Gerli, Freddie Mac, That's, Southern homebuilders, we've, it's, Redfin, Homebuyers, It's Organizations: Service, Business, National Association of Realtors, Builders Locations: Florida, Southern, Texas

☆ The housing market is close to a rare buying opportunity as prices are set to drop in pandemic boom towns, analyst says
▼ + stars: | 2024-07-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

☆ These 10 U.S. states have America’s worst economies in 2024
▼ + stars: | 2024-07-18 | by ( Scott Cohn | ) www.cnbc.com time to read: +12 min

That is why CNBC looks at state economies in ranking America's Top States for Business. We consider economic growth and job growth. We measure the breadth of each state's economy by looking at how many major corporations are headquartered there. Some states are at the top of their economic game — home to America's 10 best state economies. JB Pritzker, and all the major rating agencies have the state in their "A" categories for the first time in years.

Persons: Phil Scott, Jobs, J.B . Pritzker, Erin Hooley, JB Pritzker, Asplundh, Michael G, Janet Mills, Mills, Gina Raimondo, Joe Biden, Anna Moneymaker, Gina Raimondo —, —, Rhode Island's, Luke Sharrett, Ed Zurga, Bryan Tarnowski, Hurricane Katrina, New Hampshire Jada, Patrick T, Fallon, Hawaii's, Nature, Spencer Platt Organizations: CNBC, Business, Republican Gov, Direct Investment, Illinois, Illinois Illinois Gov, Thompson Center, Tribune, Service, Democratic Gov, Major Corporations, GE Healthcare Technologies, Mondelez, Seamans, Portland Press Herald, Getty, National Association of State, Officers, Pew, Major Corporation, IDEXX, Rhode, Semiconductors, America, White, U.S . Commerce, Major, CVS Health, Hasbro, Kentucky, Bloomberg, Bluegrass State, Federal Housing Finance Agency, Kansas Carpenters, Glenn Eagles, Louisiana Homes, Treme, Louisiana State University, Hurricane, Pool Corporation, Granite State, U.S . Chamber, Commerce, New Hampshire Department, Labor, The New Hampshire Tech Alliance, Afp, Aloha State Locations: U.S, States, Vermont, Illinois Illinois, Chicago, Lincoln, Illinois, Maine, Rhode Island WASHINGTON, DC, Washington , DC, Louisville , Kentucky, Bluegrass, Kentucky, Kansas, Kansas City , Kansas, Sunflower, Claiborne, New Orleans , Louisiana, New Orleans, New Hampshire, Granite, The, Hawaii, Maui, Lahaina , Hawaii, Mississippi, Biloxi , Mississippi

☆ Small Landlords Are Using New Tech Tools to Raise Tenants Rents
▼ + stars: | 2024-07-17 | by ( James Rodriguez | ) www.businessinsider.com time to read: +14 min

The past few years have solidified single-family rental homes as genuine moneymaking enterprises, not just ho-hum nest eggs. Related storiesWhen everyone was scrambling for their piece of the suburbs during the pandemic, mom-and-pop landlords pounced, using these newfound tools to collect more cash. The company, which estimates only one-fourth of single-family-rental landlords use professional management services, now manages more than 28,000 rentals on behalf of small landlords. As the Wall Street ethos trickles down to small rental owners, it'll be harder and harder to tell them apart. But the gap is narrowing as small rental owners capitalize on the innovations that the institutional class has already embraced.

Persons: Daniel doesn't, Daniel, hasn't, he's, Bryan Smith, —, Zers, John Burns, Rick Palacios Jr, Palacios, Jordan Kavana, Rich Ford, you've, Ford, Devin Redmond, doesn't, Philip Garboden, It's, Garboden, Roofstock Organizations: Atlanta, Corporate, Harvard Joint Center for Housing Studies, John Burns Research, Consulting, Ark Homes, Rent, Vesta Ventures, University of Chicago Locations: Zillow, Atlanta, Raleigh, Chattanooga , Tennessee, Grand Rapids , Michigan

☆ 'Rentvesting' can be 'a good way to get into the property market,' economist says. Here's how it works
▼ + stars: | 2024-07-15 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +6 min

"It can be a good way to get into the property market," she said, especially if you live in a city where home prices are out of your budget. About 55% of small-portfolio rental owners hire a property manager because they don't live near their rental property, according to the State of the Property Management Industry Report by Buildium, a property management software company. However, hiring a property manager comes at a cost, which depends on factors such as the property location and services provided. Property manager fees can reach up to 25% of the monthly rent price, depending on the specifications, according to Apartment List. That's good news for renters, "but not good news if you're a property owner," said Fairweather.

Persons: Oscar Wong, Danielle Hale, Hale, they're, Daryl Fairweather, Fairweather Organizations: Finance, Redfin, Property Management Locations: United States

☆ With high prices and mortgage rates, aspiring and current homeowners feel ‘stuck'
▼ + stars: | 2024-07-13 | by ( Alex Harring | ) www.cnbc.com time to read: +7 min

A double whammyFor aspiring homebuyers such as Burress, the combination of high mortgage rates and rising list prices has left them feeling boxed out. The 30-year mortgage rate, a popular option for home financing in the U.S., has bounced around 7% for the past several months. Given this, co-author Jonah Coste said current owners touting these low mortgage rates are undoubtedly better off than those looking to buy a first home today. After welcoming three kids, they're holding off on a fourth until mortgage rates or home prices come down enough to upsize. To be clear, mortgage rates tend to follow the path of Fed-set interest levels, but they aren't the same thing.

Persons: Brandon Bell, Rachel Burress, Burress, who've, that's, That's, Jonah Coste, there's, They're, Coste, they're, Luke Nunley, Nunley, We'd, Jeffrey Roach, LPL, Roach, hasn't, It's, Daryl Fairweather, Lindsey Nicholson Organizations: Getty, Atlanta Federal Reserve, Atlanta Fed, Federal Housing Finance Agency, National Association of Realtors, Federal Reserve, Corcoran Realty, UCG Locations: Austin , Texas, Fort Worth , Texas, Aledo, U.S, Atlanta, Kentucky, Forest Hills, Queens , New York

☆ Gen Z might have missed out on their chance to get rich through homeownership
▼ + stars: | 2024-07-13 | by ( Jacob Zinkula | Andy Kiersz | ) www.businessinsider.com time to read: +6 min

Read previewHomeownership is helping some millennials get rich — but Gen Zers might have a hard time following in their footsteps. Some Gen Zers managed to get in on the fun — about a quarter of Gen Zers between the ages of 19 and 26 owned a home as of 2023, per Redfin. AdvertisementWhat's more, Silk said there's a larger reason Gen Zers shouldn't count on homeownership to boost their wealth. AdvertisementThese costs are already putting pressure on current homeowners, and by the time more Gen Zers buy homes, they could be even more burdensome. Their monthly payment is gone forever, and it has zero chance of providing an investment return.

Persons: —, Zers, millennials, Gen Zers, Roger Silk, Silk, hasn't, It's, it's Organizations: Service, Federal Reserve, Business, World Bank

☆ Gen Zers are willing to buy fixer-upper homes. Some already regret the decision, new report finds
▼ + stars: | 2024-07-11 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

About one in five Gen Zers, or 22%, say a lack of affordable starter homes poses as a barrier towards homeownership, according to a new report. Some believe fixer-upper homes might be the answer to the issue. More than half, 57%, of Gen Zers polled said they are willing to put an offer on a fixer-upper, according to a new report by Clever Real Estate. The site surveyed 1,000 Gen Z adults 18 and older; 126 were homeowners and the remaining 874 do not own a home. To that point, of the 40% of Gen Z homeowners who did buy a fixer-upper, about 27% regret it, the report found.

Persons: Gen Zers, Jaime Dunaway, Seale, Marine Sargsyan Organizations: Finance, Marine

☆ The fastest-growing city in America has 2 things everyone wants, its mayor says
▼ + stars: | 2024-07-11 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

Instead, it's a small town in the South that only welcomed its first Starbucks in 2022: Celina, Texas. Celina mayor Ryan Tubbs told Business Insider that he believes people are drawn to two main things about Celina: its relative affordability and its tight-knit community. According to the city, from 2010 until June 2024, 15,062 single-family permits have been issued for Celina. Michelle Clifford, her husband, and children are moving to Celina, Texas, in July. Courtesy of the city of CelinaTo preserve Celina's friendly vibe, the city puts on events, especially in its downtown square.

Persons: —, Celina, Ryan Tubbs, Tubbs, Taylor Morrison, Toll, Michelle Clifford, Clifford, Celina —, Antonio — Organizations: Service, Business, Census, Highland Homes, North Texas Tollway, Texans Locations: New York, Franciso, Celina , Texas, Celina, Dallas, Collin County, Texas, California , Florida, Georgia , Illinois, Missouri, Africa, Asia, Central America, Europe, Highland, Celina ., California, Prosper , Texas, San Diego, Preston, New Braunfels, Austin

☆ These 2 states are seeing record rent declines even as prices rise nationally
▼ + stars: | 2024-07-10 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Metro areas in Florida and Texas are notching record rent declines, according to Redfin. Construction in both states spiked amid a pandemic demand frenzy, contributing to the ongoing declines. AdvertisementMetro areas in Florida and Texas are seeing rent declines as landlords struggle to fill newly built units, Redfin reported. During COVID, an overload of pandemic demand burdened housing and rental markets in both states, triggering a wave of construction. In Florida, the city of Jacksonville notched its biggest asking rent decline since 2019, dropping 12.4% in June on an annual basis.

Persons: —, Redfin Organizations: Service, Tampa, Business Locations: Florida, Texas, Jacksonville

☆ It suddenly looks like there are too many homes for sale. Here's why that's not quite right
▼ + stars: | 2024-07-09 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +5 min

The housing market is just beginning to come out of its leanest few years in history. Inventory of both new and existing homes is finally rising, but there is something suddenly strange in the numbers: The supply of newly built homes appears to be way too high. The supply scenarioThere is currently a 4.4-month supply of both new and existing homes for sale, according to the National Association of Home Builders, or NAHB. In fact, there is now a nine-month supply of newly built homes for sale, nearly three times that of existing homes. The foundation of today's tricky numbersThis housing market is unlike any other because of economic forces unlike any other.

Persons: Jordan Vonderhaar, Robert Dietz, Homebuilders, Brandon Bell Organizations: National Association of Home Builders, Bloomberg, Getty, Housing, Federal Reserve, Builders Locations: San Marcos , Texas, Austin , Texas

☆ 55% of Gen Xers regret not saving more for retirement—3 ways to start planning now
▼ + stars: | 2024-07-06 | by ( Jade Thomas | ) www.cnbc.com time to read: +4 min

More than half of Gen Xers say they regret not saving more for retirement. In fact, Gen Xers are at the perfect age to do just that, says Barry Glassman, a certified financial planner and founder and president of Glassman Wealth Services. Here are three things Gen Xers can start doing as soon as today to ease their retirement worries. Take care of expensive debtFor many Gen Xers, saving for retirement has been placed on the back burner as they juggle other expenses. Seventy-one percent of Gen Xers are homeowners, compared to a little over half of millennials at 52%, according to 2023 Redfin data.

Persons: Gen Xers, it's, Barry Glassman, Jason Stein, pare, Glassman, Xers, Stein, that's Organizations: Allianz, Wealth Services, Bluepoint Wealth Locations: California

☆ Small apartments are in, and it's causing rents in new buildings to drop
▼ + stars: | 2024-07-05 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Developers have built a lot of new small apartments over the last few years, and the boost in supply has driven rents down. Rents for newly finished one-bedroom apartments are also falling — the median rent fell 11.9% year over year in the first quarter of 2024, the report found. More than 90,000 new apartments came online in the fourth quarter of 2023, finishing a big year of apartment construction, Redfin noted. The Redfin report is based on US Census data on "unfurnished, unsubsidized, privately financed rental apartments in buildings with five or more units." Studios and one-bedrooms tend to be more profitable for developers to build than larger apartments, and developers aren't building enough apartments suitable for big families.

Persons: Redfin, you've, Sheharyar Bokhari, — Organizations: Service, Business, Harvard Locations: Redfin

☆ How a 'softening' real estate market could help you score a lower price on a home
▼ + stars: | 2024-07-03 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

Home prices may have hit a new high, but the real estate market is showing signs of weakness that could help buyers negotiate a lower price on a house. For the four weeks ending June 30, homes sold for 0.3% below asking price, according to a recent report by online real estate brokerage Redfin. But if anything, it's a momentary correction in a real estate market that still favors sellers. That's because the Federal Reserve is expected to announce federal funds rate cuts that will help lower mortgage rates before the end of the year. Considering that many would-be buyers have been priced out of the market by high mortgage rates, lowering rates would increase the number of potential buyers able to afford a home.

Persons: Daryl Fairweather, there's, Fairweather Organizations: Federal Reserve Locations: U.S

☆ How Rak Garg became Bain Capital Ventures' youngest partner at just 27 years old in less than 3 years
▼ + stars: | 2024-07-02 | by ( Sri Muppidi | ) www.businessinsider.com time to read: +7 min

After spending two years building products at Atlassian, Garg quit his job to start his own company. However, through his efforts to start a company, Garg met Enrique Salem, a board member of Atlassian and partner at Bain Capital Ventures, the multi-stage venture fund managing over $10 billion in assets and a unit of Bain Capital. In response, Garg helped start Atlassian Access, a new identity management product that scaled to thousands of customers. AdvertisementBecoming BCV's youngest partner in under 3 years"I didn't know anything about venture," Garg said. "We are very high-touch in how we work with these companies," Garg said.

Persons: —, Garg, Enrique Salem, Salem, Rak Organizations: Service, Business, Bain Capital Ventures, Bain Capital, BCV, UCLA, Atlassian, Viso Trust, BCV Labs Locations: Atlassian, Delhi, Bay, ideating

☆ Home prices begin to cool as active listings jump 35%
▼ + stars: | 2024-06-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Some of the heat is coming out of home prices, even though they're still higher than they were a year ago. Several new reports show the price gains are shrinking and home sellers are starting to give in after a stagnant spring market. A year ago at that time the typical home was selling at list price. Two years ago it was selling at about 2% above list price. While most sellers are still listing their homes at higher prices than comparable homes sold for a year ago, some are conceding that they simply can't command those prices.

Persons: they're

☆ Selling a home is expensive, too: Homeowners typically spend nearly $55,000, report finds
▼ + stars: | 2024-06-27 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +6 min

It typically costs $54,616 to sell a house in 2024, according to a June 17 report from Clever Real Estate. In May, Clever Real Estate polled 1,014 Americans who sold a home between 2022 and 2024 about their attitudes related to the home-selling process. "Ultimately, [with] many of these fees, there's no harm in trying to negotiate, and that includes real estate commissions," Hamrick said. But the highest expenses an owner will face when selling a home are the real estate agent commission fees, Ahmed said. Sell without a real estate agent: Homeowners could try to sell the house themselves and potentially drop real estate services altogether, said Dunaway-Seale.

Persons: Jaime Dunaway, Seale, they're, that's, Dunaway, Mark Hamrick, Hamrick, Kashif, Ahmed, Daryl Fairweather, Orphe, Sellers, brokerages, Claudia Cobreiro, Cobreiro Organizations: Finance, Wealth, Redfin, CNBC, U.S, The National Association of Realtors, Cobreiro, MLS, Realtors, Homeowners Locations: Bedford , Massachusetts, Coral Gables , Florida, Miami

☆ These are the 5 US cities you should buy a home in before you get priced out of the housing market, says 'Million Dollar Listing' real estate investor
▼ + stars: | 2024-06-26 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +5 min

Most of its residents are millennials, with its residents' median age being 33.6 years. As with Atlanta, most of its residents are millennials, with its residents' median age being 33.1 years. The median age of San Diego residents is 35.8 years. But it's also true that housing in San Diego trends toward the pricier end. San Diego, along with four other Californian cities, was marked as "impossibly unaffordable," according to the 2024 Demographia International Housing Affordability report.

Persons: —, Josh Altman, Altman, Sean Pavone, Eric Johnson, Pengyu Cheng, Michael Warren, Wager, it's, Altman didn't Organizations: Service, Business, Getty, Dallas, Texas, Popular, Disney, San Locations: Atlanta, Dallas, Orlando, Phoenix, San Diego, Texas, California, San Francisco, Eola, Miami, Arizona's, San Diego , California, Los Angeles, US

☆ Less than 40% of renters earn enough money to afford the median US apartment
▼ + stars: | 2024-06-24 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

The median US apartment is unaffordable for 61% of renters, according to a new Redfin analysis. That's due to the climb in rent prices during the pandemic, with the median rent surging 23%. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRents in the US are so expensive that less than half of renters can afford the typical US apartment, according to a new analysis from Redfin. That means just 39% of renters can afford to pay the median monthly rent of $1,653, assuming that renters spend 30% or less of their income on housing a month.

Persons: Redfin, — Organizations: Service, Business

☆ Home prices around the US are being cut at a faster pace as inventory piles up
▼ + stars: | 2024-06-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US Home prices are falling faster as sellers try to entice buyers fatigued by high mortgage rates. The share of homes on the market that saw a price cut rose to over 16% last month, according to Realtor.com. AdvertisementHome buyers may start feeling some relief soon, as house prices in the US are being slashed at faster clip. Related storiesPrice cuts are also taking place in more markets across the US, with 46 of the 50 largest metropolitan housing markets seeing a price cut last month. Price cuts are good news for homebuyers who have been waiting for the housing market to loosen up.

Persons: —, Price, Realtor.com, decelerate, Sabrina Speianu, homebuyers, Freddie Mac Organizations: Service

☆ Melinda French Gates said she loves her new neighborhood, having moved from ex-husband Bill Gates' $183 million compound
▼ + stars: | 2024-06-18 | by ( Jordan Hart | ) www.businessinsider.com time to read: +1 min

Melinda French Gates is excited about her new lifestyle post-divorce from Bill Gates. French Gates told Time that she loves walking to local spots in her neighborhood. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMelinda French Gates is loving her new neighborhood. French Gates reportedly found just that in the house she's been living in as a divorcée.

Persons: Melinda French Gates, Bill Gates, Gates, —, French Gates Organizations: Service, Business Locations: Seattle

☆ The Fastest-Growing City in the US Is a Tiny Spot No One's Ever Heard of
▼ + stars: | 2024-06-15 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +12 min

About 40 miles north of downtown Dallas lies America's fastest-growing city: Celina, Texas. Highland Homes, which specializes in luxury homes within master-planned communities, has built several neighborhoods in Celina since 2020. Downtown Celina, Texas. New businesses are moving into the cityWith more people living in the city, Celina's economy is also growing as local businesses and services benefit from increased demand. However, Joe Monaco, director of marketing and communications for the city of Celina, told BI that there were "countless volunteers who came out."

Persons: Katy, Ryan Tubbs, Celina, Prosper, Alcynna Lloyd, Taylor Morrison, Toll, Bankrate, Casas, Aaron Graham, Graham, wasn't, Redfin, They're, Tracy Miller, Celina — it's, Miller, Tubbs, Dallas —, Sandy Lewis, It's, Joe Monaco Organizations: America's, Business, Houston, North Texas Tollway, Tollway, North Texas Tollway Authority, Celina, Highland Homes, Texans, Olympic, JC, Real, Group, Highland, Dallas, Troubadour, Development Group, WFAA Locations: downtown Dallas, Celina , Texas, Celina, Collin County, Texas, California, Florida, Georgia , Illinois, Missouri, Africa, Asia, Central America, Europe, Celina Texas, United States, Austin, Dallas, Celina , New Braunfels, North Texas, Frisco, Plano, Frisco ., Prosper, Highland, Celina ., Mustang, Cambridge, Wilson, Celina's, East Coasts, New York, Little Elm , Texas

☆ Welcome to the age of geriatric millionaires
▼ + stars: | 2024-06-15 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +8 min

While it makes sense that time is often a crucial ingredient to accruing savings and assets, the average age of millionaires in the US has been rising faster than the average age of the overall population over the last three decades. How millionaires are changingSince 1992, the average age of the country's millionaires has been going up. That means that younger millionaires aren't joining their ranks fast enough to keep the average age steady. Millionaires are overrepresented beginning around age 50, but track pretty cleanly with the cohort in their 40's. What does it mean to have so many older millionaires?

Persons: —, Chuck Collins, inequality.org, Collins, America's, aren't, Garrett Watson, that's, Watson, Xers, Gen Xers, they've, haven't, That's, It's, Ed Yardeni, They're, Redfin, King Charles, King Charles III of, it's, You've Organizations: Service, Business, Policy Studies, Forbes, Consumer, Millionaires, Tax, Security, Labor, Institute for Policy Studies Locations: United Kingdom

☆ Competition in the housing market is cooling off. Here's why
▼ + stars: | 2024-06-14 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +4 min

"You have an increase in sellers coming back on the market," said Orphe Divounguy, a senior economist at Zillow. "Homes are staying on the market for a bit longer because the sales are not keeping up with the flow of homes coming on the market," Divounguy said. watch nowYet despite the recent jump in supply, "we're still starved for inventory in the for-sale market," said Divounguy. Homebuyers are waiting on lower mortgage ratesAs mortgage rates have remained high and housing affordability has strained household finances, buyers have been unable to jump in the market, Divounguy explained. While mortgage rates could "change pretty quickly" or "on a dime," said Fairweather, buyers are unlikely to see big movement in the near term.

Persons: Orphe Divounguy, Zillow, Divounguy, Redfin, Daryl Fairweather, We're, Fairweather, Freddie Mac, homebuyers, It's, there's Organizations: Zillow, Finance, Biden, Trump, Federal Reserve, Fed Locations: U.S, Dallas , Texas, Fort Lauderdale , Florida, Florida, Tampa, Jacksonville

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