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☆ Homebuilders fall following hot inflation numbers
▼ + stars: | 2024-04-10 | by ( Diana Olick | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHomebuilders fall following hot inflation numbersCNBC's Diana Olick reports on how Wednesday's CPI data will impact the real estate sector.

Persons: Diana Olick

☆ Eco-friendly startups are turning to treeless toilet paper
▼ + stars: | 2024-04-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Toilet paper wipes out thousands of acres of Canadian forest each year, and demand for it is growing. Toilet paper is most often made of wood pulp, which, in the U.S., is generally sourced from Canada. One of the biggest competitors to the sustainable toilet paper market is the growing market for bidets. But toilet paper is also made with water, far more than is used in a bidet. If you live in a drought-stricken area, a sustainable toilet tissue is a better option.

Persons: we've, David VanHimbergen, Kimberly Clark, Andrew Bluestein, they'll Organizations: National Resources Defense, Foods, Bluestein Ventures, Ventures, Great Oaks Venture Capital, Trousdale Ventures, Mandell Ventures, bidets Locations: U.S, Canada, Green, China, Central America

☆ Weekly mortgage demand remains stalled, as interest rates stay stubbornly high
▼ + stars: | 2024-04-03 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates didn't move much last week, and for the second week in a row, neither did mortgage demand. Total mortgage application volume last week was essentially flat, dropping 0.6% from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Elevated mortgage rates continued to weigh down on homebuying. Purchase applications were unchanged overall, although FHA purchases did pick up slightly over the week," noted Joel Kan, an MBA economist. Mortgage rates bounced higher to start this week, after new economic data on manufacturing came in higher than expected and noted higher prices.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Locations: homebuying

☆ Here's what upgrading to a nicer home could cost you, and why it's locking up the market
▼ + stars: | 2024-04-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Higher mortgage rates usually cool both prices and demand, as they did last year, but that's not the case now. There are still too few homes for sale because current homeowners can't afford to move, and it's keeping prices high. Buying the same home they're in now would increase their monthly payment by 60%, according to ICE. Those increases represent national averages and can vary market to market. For example, moving up would add $604 to a homeowner's monthly payment in Buffalo, New York, an increase of 108%; and $4,517 in San Jose, California, an increase of 161%, according to the ICE data.

Persons: that's, Andy Walden Organizations: Federal Reserve, ICE Mortgage Technology, ICE Locations: Buffalo , New York, San Jose , California

☆ Mortgage demand stalls, even as interest rates moderate
▼ + stars: | 2024-03-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The usually busy spring housing market is underway, but mortgage demand isn't moving. Mortgage rates today are still about a half a percentage point higher than they were at this time last year, so recent borrowers have no incentive to refinance. "Purchase applications were essentially unchanged, as homebuyers continue to hold out for lower mortgage rates and for more listings to hit the market," said Joel Kan, an MBA economist in a release. Mortgage rates have basically moved sideways to start this week and are unlikely to change until next week, when more economic data is set to be released. "If inflation falls a bit more or if the economy shows marked signs of weakening, it would tip the scales in favor of lower rates."

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Mortgage News Locations: Miami , Florida

☆ Vacation home co-ownership platform Pacaso expands to lower-priced listings
▼ + stars: | 2024-03-26 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Luxury vacation home co-ownership platform Pacaso is attempting to appeal to the masses, as it grows its business during a pricey and competitive phase of the housing market. The company, which launched in 2020 with multimillion-dollar homes listed for co-ownership, is now introducing thousands more listings with share prices starting as low as $200,000. Pacaso lists shares of vacation homes, generally an eighth but sometimes larger shares, and then facilitates the purchase, including financing if necessary. Unlike timeshares in resorts, where consumers buy the time, not the property, Pacaso owners can benefit from the home's value, which usually goes up over time. So the Pacaso shares generally track with the underlying real estate," said Allison.

Persons: Austin Allison, Allison, Pacaso, hasn't, it's Organizations: Pacaso Locations: Colorado, Hawaii, Sonoma , California, St, Helena , California, Sonoma

☆ February new home sales narrowly miss expectations to the downside
▼ + stars: | 2024-03-25 | 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 EmailFebruary new home sales narrowly miss expectations to the downsideCNBC's Rick Santelli and Diana Olick report on the latest housing data.

Persons: Rick Santelli, Diana Olick

☆ Software startup Recurrent helps used EV buyers know how much life is left in a vehicle
▼ + stars: | 2024-03-25 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The used car market is more than twice the size of the new car market, and EVs are fast becoming a part of it. The battery is a significant component of an EV, because the cost of replacing it can exceed the value of the used car itself. "It's similar to how everyone in the used car ecosystem needs to know the odometer of a used combustion engine car," Case said. As the used EV market grows, this technology, which so far has no U.S. competition, is attractive to investors. In addition to Wireframe Ventures, Recurrent is backed by ArcTern Ventures, Powerhouse Ventures and EnerTech Capital.

Persons: Scott Case, Paul Straub, Case Organizations: Consumers, CNBC, EV, Wireframe Ventures, ArcTern Ventures, Powerhouse Ventures, EnerTech Locations: Seattle

☆ February home sales spike 9.5%, the largest monthly gain in a year, as supply improves
▼ + stars: | 2024-03-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Sales of existing homes surged 9.5% in February from January to 4.38 million units, on a seasonally adjusted annualized basis, according to the National Association of Realtors. Sales were down 3.3% year over year, but it was the largest monthly gain since February 2023. Sales surged the most in the West, up 19.4%, and the South, up 16.4%. "Additional housing supply is helping to satisfy market demand," said Lawrence Yun, NAR's chief economist. Inventory rose 10.3% year over year to 1.07 million homes for sale at the end of February.

Persons: Lawrence Yun, Yun Organizations: National Association of Realtors . Housing, Mortgage News Daily Locations: West, California, Florida, Georgia

☆ Redfin CEO on NAR settlement: People should have a voice in how much a real estate agent gets paid
▼ + stars: | 2024-03-20 | 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 EmailRedfin CEO on NAR settlement: People should have a voice in how much a real estate agent gets paidCNBC’s Diana Olick and Redfin CEO Glenn Kelman joins 'Squawk Box' to discuss the legal settlement by the National Association of Realtors, the impact of the settlement on the home buying process, and more.

Persons: Diana Olick, Glenn Kelman Organizations: National Association of Realtors

☆ Weekly mortgage demand drops as interest rates rise again, but Fed announcement will be key for spring market
▼ + stars: | 2024-03-20 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage interest rates rose last week for the first time in three weeks. As a result, total mortgage application volume dropped 1.6% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 6.97% from 6.84%, with points decreasing to 0.64 from 0.65 (including the origination fee) for loans with a 20% down payment. That was the weekly average, but another index from Mortgage News Daily, which looks at daily rates, had the 30-year fixed mortgage moving back over 7% last Thursday. "Mortgage rates increased last week as incoming data showed inflation was still hotter than expected, which stoked concerns about the timing and extent to which the Fed might be able to reduce the fed funds rates this year," said Joel Kan, MBA's vice president and deputy chief economist.

Persons: Joel Kan Organizations: Mortgage, Mortgage News

It recently unveiled what it calls Vitruvius, an AI program that helps consumers design custom homes online and get the plans, making the process cheaper and faster. Vitruvius can recall every design and possibility it's ever seen, according to Ballard. Though other AI models have gotten into hot water for potential copyright infringement, Ballard said he isn't concerned in this case. "I have no doubt that tools like this are going to change the way that we do things." Ballard said the implications of AI in architecture extend beyond just consumers looking to save on architecture fees.

Persons: Vitruvius, Jason Ballard, Ballard, It's, Leonardo Guzman, Gina McAndrews, I've, McAndrews Organizations: Southwest Locations: U.S, Ballard, Austin , Texas

☆ Watch how this AI program designs a high-end home in seconds
▼ + stars: | 2024-03-19 | by ( Diana Olick | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch how this AI program designs a high-end home in secondsArtificial intelligence is moving into the housing space, specifically architecture. ICON, which developed one of the first fully 3D-printed housing developments in the U.S., is taking automation another step further. It recently unveiled what it calls Vitruvius, an AI program that helps consumers design custom homes online and get the plans, making the process cheaper and faster. CNBC's Diana Olick reports.

Persons: Vitruvius, Diana Olick Organizations: Watch Locations: U.S

☆ Homebuilder sentiment turns positive for the first time since July
▼ + stars: | 2024-03-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Homebuilder sentiment rose 3 points in March to 51 on the National Association of Home Builders/Wells Fargo Housing Market Index. Sentiment also moved into positive territory for the first time since July. Fifty is the line between positive and negative sentiment. "But even though there is strong pent-up demand, builders continue to face several supply-side challenges, including a scarcity of buildable lots and skilled labor, and new restrictive codes that continue to increase the cost of building homes." Regionally, on a three-month moving average, sentiment rose most in the Midwest and West.

Persons: Carl Harris, Robert Dietz Organizations: National Association of Home Builders, West, Builders, Federal Reserve Locations: Wells Fargo, Wichita , Kansas, Midwest

☆ Redfin CEO reacts to NAR's $418 million commission lawsuits settlement
▼ + stars: | 2024-03-15 | 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 EmailRedfin CEO reacts to NAR's $418 million commission lawsuits settlementRedfin CEO Glenn Kelman joins 'The Exchange' with CNBC's Diana Olick to discuss the implications of the National Association of Realtors' settlement on the real estate industry, how the settlement could affect Redfin's business, and more.

Persons: Glenn Kelman, Diana Olick Organizations: National Association of Realtors

☆ Interest rates definitely have an impact on affordability, says Lennar Co-CEO on the housing market
▼ + stars: | 2024-03-13 | 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 EmailInterest rates definitely have an impact on affordability, says Lennar Co-CEO on the housing marketCNBC's Diana Olick sits down with Stuart Miller, Lennar Co-CEO and executive chairman, to discuss Q1 quarterly results, the state of the U.S. housing market, and what's ahead for the company.

Persons: Lennar, Diana Olick, Stuart Miller

☆ Weekly mortgage demand jumps again
▼ + stars: | 2024-03-13 | by ( Diana Olick | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWeekly mortgage demand jumps againCNBC’s Diana Olick joins ‘The Exchange’ to report on the rise in weekly mortgage demand.

Persons: Diana Olick

☆ Weekly mortgage demand jumps again as interest rates fall just below 7%
▼ + stars: | 2024-03-13 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

A For Sale sign is posted in front of a home for sale in San Marino, California on September 6, 2023. Mortgage rates swung slightly lower last week, fueling a significant jump in mortgage demand for the second straight week. Total application volume rose 7.1%, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications for a mortgage to purchase a home rose 5% for the week but were still 11% lower than a year ago. Mortgage rates rose slightly at the start of this week, after a government report on consumer prices came in higher than expected Tuesday.

Persons: Mike Fratantoni, Matthew Graham Organizations: Mortgage, Mortgage News Locations: San Marino , California

☆ Coastal land is sinking, doubling the potential damage from rising seas — here's why
▼ + stars: | 2024-03-12 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

A new study shows that coastal communities may be more at risk from sea-level rise than previously thought. The sea level is rising as the earth heats and glaciers melt. They then built the first high-resolution maps of this, showing east coast land sinking anywhere from two millimeters to five millimeters per year—affecting more than 2 million people and 800,000 properties. In Baltimore, Maryland, so-called nuisance flooding is becoming more and more prevalent, due to sea-level rise and sinking land. Coastal Baltimore is sinking by more than two millimeters per year, according to the study.

Persons: Manoochehr Shirzaei, Shirzaei, it's, Grace Hansen, Hansen Organizations: Virginia Tech, U.S . Geological Survey, Geophysics, JFK, City Locations: U.S, United States, New, LaGuardia, Baltimore , Maryland, City of Baltimore, Baltimore

☆ Coastal land is sinking, doubling the potential damage from rising seas
▼ + stars: | 2024-03-11 | by ( Diana Olick | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoastal land is sinking, doubling the potential damage from rising seasCNBC’s Diana Olick joins 'Power Lunch' to discuss the rising issue of sinking land and rising sea levels.

Persons: Diana Olick

☆ Weekly mortgage demand surges 11% as more homes hit the spring market
▼ + stars: | 2024-03-06 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Spring hasn't officially sprung yet, but the spring housing market already appears to be on the move despite stubbornly higher mortgage rates. Mortgage applications to purchase a home increased 11% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. There were 14.8% more homes actively for sale in February compared with the same time last year, according to Realtor.com. Notably, homes priced in the $200,000 to $350,000 range grew by 25% from a year ago, outpacing all other price categories. There are very few borrowers today with rates that are high enough to benefit from a refinance.

Persons: Mike Fratantoni, Danielle Hale, Realtor.com Organizations: Spring, Mortgage, –, MBA's Locations: Hawthorn Woods , Illinois

☆ Weekly mortgage demand surges 11%
▼ + stars: | 2024-03-06 | by ( Diana Olick | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWeekly mortgage demand surges 11%CNBC’s Diana Olick joins ‘The Exchange’ to report on the surge of weekly mortgage demand.

Persons: Diana Olick

☆ 7% interest rates hit weekly mortgage demand hard
▼ + stars: | 2024-02-28 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Higher mortgage rates continue to hit demand from both current homeowners and potential homebuyers. Total mortgage application volume dropped 5.6% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Fratantoni noted, however, that mortgage demand from buyers looking at newly built homes jumped 19% year over year in January. However, mortgage rates above 7% sure don't help," he added. Mortgage rates moved higher again to start this week, according to a separate survey from Mortgage News Daily.

Persons: Mike Fratantoni, Fratantoni, Matthew Graham Organizations: Mortgage, VA, FHA, Mortgage News

☆ This startup claims its new homes will generate more energy than they use
▼ + stars: | 2024-02-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Solar panels and energy-efficient appliances help cut emissions, but more needs to be done to improve building construction. That's what some prefab homebuilders like Dvele, Clever, and a California-based startup called Aro Homes are doing. "The excess renewable energy that we generate after 16 years, that offsets all the carbon that was used to build the home," said Carl Gish, CEO of Aro Homes. "We're not aware of any other home builders in the United States that are building homes as environmentally friendly." Gish points to four critical elements: First, Aro claims to use the most sustainable materials possible, like more timber and less concrete.

Persons: Carl Gish, We're, Gish, Aro, Scott Brady, Lisa Rizzolo Organizations: Aro Homes, Innovation, Western Technology Investment Fund, Stanford University, CNBC Locations: California, United States, Aro

☆ Here are this year's most competitive rental markets
▼ + stars: | 2024-02-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Still, all real estate is relative, and some apartment markets are hotter than others. A new report from RentCafe, another apartment search site, ranks the most competitive rental markets, with Miami topping the list for 2024. They have 14 prospective renters for each unit compared with the national average of seven, and the city's occupancy rate is 96.5%, compared with 93% nationally. The option of remote work has also sent more people to the region, but the supply of apartments there is dwindling, making it more competitive. While rental supply is rising, demand is sustaining thanks to the short supply of homes for sale in today's market and rising mortgage rates.

Organizations: Miami, CNBC PRO Locations: RentCafe, Miami, Milwaukee, Chicago, Grand Rapids , Michigan, Midwest

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