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☆ Sam Bankman-Fried's law professor parents have stuck close by their son through the fallout from FTX's collapse. Here's what we know about them.
▼ + stars: | 2022-12-23 | by ( Grace Dean | ) www.businessinsider.com time to read: 1 min

Sam Bankman-Fried, the disgraced cofounder and former CEO of collapsed crypto exchange FTX, is moving back in with his parents. ReutersBankman-Fried, who faces multiple fraud charges tied to the spectacular collapse of FTX, was released on $250 million bail Thursday, shortly after he landed in the US after being extradited from the Bahamas. As part of his bail terms, Bankman-Fried, who also cofounded crypto trading firm Alameda Research, is required to stay at his parents' home while he awaits trial. His parents, Joseph Bankman and Barbara Fried, live in a multimillion-dollar home in Stanford, in the San Francisco Bay Area, according to news reports and state records. Zillow estimates the value of the five-bedroom home at about $4 million, while Redfin's estimate is $3.1 million.

☆ Homebuilders are fronting thousands of dollars in cash to help buyers reduce their mortgage rate and make homes more affordable
▼ + stars: | 2022-12-13 | by ( Robert Davis | ) www.businessinsider.com time to read: +6 min

Mortgage rate buydowns are a home financing tool that provides buyers with a lower interest rate. Homebuilders are employing rate buydowns the most in areas where home prices are falling the fastest. A prevalent trend that builders are leaning into in order to help them sell more homes amid an increasingly tough economic climate is paying for mortgage rate buydowns for prospective buyers. A rate buydown is an upfront payment for "discount points" at closing to reduce the rate on a fixed-rate mortgage term. The company is offering what's known as a 2-1 buydown where a buyer's mortgage rate is decreased by 2% during their first year and 1% in their second year before returning to a fixed rate for the remaining duration of the loan.

☆ Nearly 25% of U.S. homebuyers want to move — this state is the top destination
▼ + stars: | 2022-12-10 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

Nearly 25% of the property search queries on online real estate brokerage Redfin.com are for cities where the person doesn't live, according to the company's most recent data. Out of 100 metro areas examined during the three months ended in October, the following 10 cities had the highest net inflow of property searches on Redfin's website. Net inflow is the number of people looking to move into a city minus the number of people looking to leave. To measure the share of homebuyers looking to relocate from one metro to another, a person browsing Redfin for properties in another city counts as a migrant. The net inflow rankings were compiled based on the total number of migrants.

☆ A luxury-furniture CEO warns that 'the housing market is collapsing at a level I haven't seen since 2008'
▼ + stars: | 2022-12-09 | by ( Robert Davis | ) www.businessinsider.com time to read: +4 min

RH CEO Gary Friedman told investors on an earnings call this week that the housing market is collapsing. He previously told investors that "anyone who doesn't think we're in a recession is crazy'"Other real estate experts think the market data isn't a perfect indicator of future performance. He points to low homebuyer demand and the Federal Reserve's aggressive interest rate hikes to tame inflation for the market decline. "The housing market has collapsed, and it's gone down pretty viciously as interest rates went up," Friedman said during the call. Meanwhile, Friedman estimated that the luxury housing market, which is RH's primary market, could see a 35% to 40% decline in activity in Q4 because of high interest rates.

☆ Those deciding whether to rent or buy in 2023 are stuck: Rents are expected to increase more than home prices, but it will still be costly to buy.
▼ + stars: | 2022-12-04 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +3 min

Rents are expected to grow more than home prices in 2023, according to Realtor.com. But mortgage rates are also expected to grow, potentially negating any advantages to buying. However, mortgage rates are expected to rise more than they already have this year. A 2023 housing forecast from Realtor.com predicted a 7.4% average for mortgage rates in 2023, which would push homebuyers' monthly payments up and generally make homeownership more costly. According to Realtor.com, mortgage payments will likely increase by 28% in 2023, making the typical monthly payment about $2,430.

☆ Pandemic hotspots like Phoenix and Denver hit their housing market peak earlier this year and there's more evidence than ever that they're descending back to earth
▼ + stars: | 2022-11-29 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +4 min

Considering sales alone, these cities were among those that saw the most dramatic declines, according to data technology company Zonda. "There are many forces working against the housing market right now," Zonda Chief Economist Ali Wolf said in a report last week. By late spring, the markets were feeling the pain. In both Austin and Phoenix, home prices are rising at a pace 23% slower than they were last year, the report shows. Since late Spring, home prices in Phoenix have dropped 6.7% and in Austin, prices have dropped by over 10% since the end of May.

☆ 11 U.S. cities where rent is actually cheaper than it was last year
▼ + stars: | 2022-11-22 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

Rent prices in the largest U.S. markets dipped for a second consecutive month in October, to less than $2,000 for the first time since April, new data reveals. In 50 of the largest U.S. metro areas, median rent prices declined 0.9% in October, dropping from an average of $2,002 to $1,983, according to online brokerage Redfin's latest data. But there are 11 cities — up from five in September — where rent prices have defied rising inflation and are now cheaper than they were a year ago, per Redfin's data. Additionally, "persistent inflation is shrinking renter budgets," which is "causing rent growth to cool," says Redfin Deputy Chief Economist Taylor Marr. To determine median rent, Redfin analyzed the costs of newly available leases in October using Rent.com data for the 50 largest U.S. metro areas.

☆ Renters in these 11 places are getting breaks even though rents are still rising across the country
▼ + stars: | 2022-11-19 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +3 min

Rents dropped nationally by 0.9% from September to October, according to a Redfin report. While there isn't relief for renters everywhere, the data is a good sign. Other good news for renters: The number of cities that saw year-over-year declines in rent doubled compared to the month prior. "It will likely be a while before renters see meaningful relief, given that rents are still up more than wages," Marr said, even though inflation may start to cool off. Landlords, including Equity Residential, one of the largest in the country, reported declining rent increases last quarter.

☆ Homebuyers just got their biggest weekly mortgage-rate drop in 40 years
▼ + stars: | 2022-11-18 | by ( James Rodriguez | ) www.businessinsider.com time to read: +4 min

The average rate for a 30-year mortgage just saw its biggest weekly drop in more than 40 years. The average rate for a 30-year mortgage just saw its biggest weekly drop in more than 40 years, according to Freddie Mac. A better-than-expected inflation report last week led to the biggest single-day mortgage-rate drop on record, according to Redfin. If interest-rate volatility declines, mortgage rates could keep falling as well, narrowing the distance from the 10-year Treasury yield. If that spread reverts to the historical average, that would put the 30-year mortgage rate at about 4.5%.

☆ Read the memo Redfin's CEO sent employees announcing that the company is laying off 862 people
▼ + stars: | 2022-11-09 | by ( Robert Davis | ) www.businessinsider.com time to read: +6 min

Read the full memo that CEO Glenn Kelman sent to employees this morning. However, 218 of the employees were offered other roles at the company as part of the wind-down, Kelmann indicates in the memo. If none of these employees accept their new roles, the total layoff will impact about 16% of Redfin's workforce. Read the full email that Kelman sent to Redfin employees:Dear Redfin,We're laying off 862 brilliant, loyal people and also closing RedfinNow. 13% LayoffWith this layoff, the number of employees at Redfin, including those at Rent and Bay Equity, will decline by 13%.

☆ Stocks making the biggest moves midday: Carvana, Meta, Palantir, Viatris, Walgreens and more
▼ + stars: | 2022-11-07 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves midday:Carvana — Carvana shares shed more than 15%, with trading briefly halted at one point due to volatility. Walgreens raised its fiscal year 2025 sales goal for its U.S. health-care business to $14.5 billion to $16.0 billion, from $11.0 billion to $12.0 billion to account for the deal. Viatris — The global health-care company rallied 16% after it announced it intends to create an ophthalmology franchise by acquiring Oyster Point Pharma and Famy Life Sciences. The toymaker's shares shed nearly 60% last Friday after it delivered disappointing quarterly results and issued a weak forward guidance that included a fourth-quarter loss. DoorDash — Shares of the food delivery company rallied 2.5% after being upgraded by Oppenheimer to outperform from perform.

☆ Here are Monday's biggest analyst calls: Tesla, Apple, Costco, DoorDash, Berkshire Hathaway & more
▼ + stars: | 2022-11-07 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Bank of America reiterates Synchrony as buy Bank of America said the financial services company is a "hidden" beneficiary of the PayPal-Apple partnership. Bank of America downgrades Funko to neutral from buy Bank of America said in its downgrade of Funko that it sees a "challenging" holiday for the toy company. Oppenheimer upgrading DoorDash to outperform from perform Oppenheimer said it sees improving margins for the food delivery company. Bank of America reiterates Northrop Grumman as a top pick Bank of America said the company has a "best in class" space business. Oppenheimer reiterates Walmart as buy Oppenheimer said investors should buy the dip heading into Walmart earnings next week.

☆ Nearly 25% of homebuyers want to escape big cities like Los Angeles and New York — here are the top 10 destinations
▼ + stars: | 2022-11-05 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

With mortgage costs rising, more homebuyers from large urban areas like New York City and San Francisco are seeking to relocate to relatively affordable cities like Phoenix, Miami or Las Vegas, a new analysis finds. Out of 100 metro areas examined during the third quarter, the following 10 cities had the highest net inflow of property searches on Redfin's website. Net inflow is measured as the number of people looking to move into a metro minus the number of people looking to leave. Tellingly, the highest number of searches for properties in these cities are from people in urban areas that have a relatively high cost of living, like New York City, Chicago and Los Angeles, the study says. Many people are looking to leave Los Angeles for places in the Southwest, like Las Vegas or Phoenix.

☆ Luxury homes in pandemic real-estate boomtowns like Denver and Austin are lingering on the market as sales of pricier homes drop 28% nationwide
▼ + stars: | 2022-09-28 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +4 min

Pandemic hot spots are among the most affected by the slowdown as homes sit on the market. Prices for luxury homes are still rising in all of the country's 50 biggest metropolitan areas. The cracks in the market are beginning to show in cities like Denver, Austin, and Detroit, which all saw an influx of monied buyers during the pandemic. The same cities that saw inventory linger saw the largest increase in new luxury listings coming onto the market in the third quarter. The median sale price of luxury homes still rose in the 50 most populous metros tracked by Redfin.

☆ Home cheat home: How real-estate agents are ripping off homebuyers
▼ + stars: | 2022-09-28 | by ( Mattathias Schwartz | ) www.businessinsider.com time to read: +20 min

The other day, Linda, the real-estate agent whom my wife and I used to buy our home, called me out of the blue. Real-estate agents, like doctors, are the friendly, knowledgeable face of a bewildering, price-gouging system. If Americans paid the same rate as the British, they would save more than $72 billion a year in real-estate commissions. The potential for big money, in turn, has led more and more Americans to become real-estate agents. Every dollar that is paid out in a real-estate transaction — to sellers, agents, inspectors, insurers, and the IRS — comes from you, the buyer.

☆ These are the 10 U.S. cities where housing markets are cooling the fastest—and only one is in Florida
▼ + stars: | 2022-09-27 | by ( Celia Fernandez | ) www.cnbc.com time to read: +1 min

Redfin's 2022 report ranked Seattle, Washington as the city where the housing market is cooling off the fastest. The housing market is in flux right now, thanks to high mortgage rates, persistent inflation, and economic uncertainty, according to Redfin's 2022 report. 1 city where the housing market is cooling the fastest: Seattle, WAAccording to Redfin's report, Seattle's housing market is cooling off faster than any other in the country. Tacoma, about 35 miles south of Seattle, is also among the top 10 markets cooling fastest. Top 10 cities where housing markets are cooling the fastest in 2022

☆ $100 million is the new frontier for South Florida luxury homes, says agent Dina Goldentayer, who sold $750 million in real estate last year via chauffeured car, helicopter, and golf cart
▼ + stars: | 2022-09-27 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +4 min

Griffin's $100 million buy is more than double the 2019 record for Miami's priciest single-family home. A Golden Beach compound is on the market for $100 million — and is being marketed as a gut job. "Now $100 million seems to be the threshold that captures the public's imagination. While Miami's ultraluxury market thrives, its less-pricey sectors are beginning to normalize, Miller said. Douglas Elliman's South Florida market reports, which Miller compiles, point to a slowdown in new signed contracts, but that's in comparison with the supercharged market of 2021.

☆ Take a look at these 10 smaller cities with some of America's lowest property prices
▼ + stars: | 2022-09-25 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +4 min

A panoramic aerial drone view over the confluence of the Great Miami and Mad Rivers looking toward downtown Dayton, Ohio Getty Images2. It has a median listing price of just $125,000. Scranton, PennsylvaniaScranton has a median listing price of $142,000, which is still below the national median, according to Redfin. In February, Forbes reported that just under half those looking to rent in Buffalo were living in New York City. Pittsburgh, PennsylvaniaPittsburgh has a median listing price of $266,000, making it the 10th cheapest US city in which to buy a house.

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