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☆ Amazon follows Microsoft, investing big in carbon capture
▼ + stars: | 2023-09-12 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

After a recent infusion of government money into technology that sucks carbon out of the air, big business is getting in as well. Amazon announced Tuesday that it will help fund the world's largest deployment of direct air capture (DAC) technology by purchasing a quarter of a million metric tons of carbon removal over the next decade from STRATOS, the first DAC plant from 1PointFive, a carbon removal technology company. The carbon that is removed through the air capture systems will then be stored underground in saline aquifers, which are large rock formations saturated in salt water. "With these two new investments in direct air capture, we aim to target emissions we can't otherwise eliminate at their source," Kara Hurst, Amazon's VP of worldwide sustainability, said in a release. Amazon's announcement comes on the heels of Microsoft 's news that it has agreed to buy carbon credits from California-based startup Heirloom Carbon, which uses limestone to remove carbon from the atmosphere.

Persons: Kara Hurst, Amazon's, We're, Brian Marrs, Microsoft's, Hurst Organizations: Amazon, STRATOS, CarbonCapture, Microsoft, U.S . Department of Energy, Law Locations: 1PointFive, CarbonCapture Inc, California, Paris

☆ Apartment rents are on the verge of declining due to massive new supply
▼ + stars: | 2023-09-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Apartment rents have been cooling off sharply for several months, and they look like they're about to go negative compared with a year ago. The issue instead is just a massive amount of apartment supply. While rents nationally haven't gone negative yet, they have in several local markets. One exception is New York, where rents were up just 1.9% annually as significant supply comes on the market. Looking ahead, supply should remain high through next year, which will push rents lower potentially through 2025.

Persons: That's Locations: Austin , Texas, Phoenix, Las Vegas, Atlanta, Jacksonville , Florida, Midwest, New York

☆ Maine lobstermen are getting into the seaweed business as climate change threatens the catch
▼ + stars: | 2023-09-07 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Lobsters have long been a staple of the Maine economy, worth roughly $388 million last year alone, but climate change is putting the catch at risk. Now lobstermen and women, along with local entrepreneurs, are turning to a new and potentially even more lucrative staple: Seaweed. Seaweed is also a natural carbon sink, helping the ocean to absorb excess carbon dioxide from the atmosphere. Aquaculture in general, and seaweed in particular, is an essential economic driver for the state of Maine. Atlantic Sea Farms works with 27 lobstermen up and down the coast.

Persons: Bri Warner, Warner, Gamble Organizations: Toyota, Procter, Gamble, Gillette, CNBC, Kroger Locations: Maine, The, Portland , Maine

☆ Mortgage demand drops to 27-year low as interest rates pull back
▼ + stars: | 2023-09-06 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

After rising sharply for several weeks, mortgage interest rates pulled back slightly last week, but not enough to revive mortgage demand. Total mortgage application volume fell 2.9% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Mortgage applications declined to the lowest level since December 1996, despite a drop in mortgage rates," said Joel Kan, an MBA economist. "Prospective buyers remain on the sidelines due to low housing inventory and elevated mortgage rates," Kan added. Mortgage rates turned higher again to start this week, and more economic data out in the coming days could impact rates further.

Persons: Joel Kan, Kan Organizations: Mortgage Locations: Los Angeles , California

☆ Home prices may be on the verge of cooling off
▼ + stars: | 2023-09-01 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The latest read on home prices shows they hit another all-time high in July, rising 2.3% from the same month last year, according to Black Knight. But prices weakened month to month, according to Black Knight. Behind the cooling off: mortgage rates. The jump in home prices since the start of the Covid pandemic, combined with much higher mortgage rates has crushed affordability. It now takes roughly 38% of the median household income to make the monthly payment on the median-priced home purchase, according to Black Knight.

Persons: Knight, That's, Andy Walden, Danielle Hale Organizations: Black, Realtor.com

☆ Mortgage demand from homebuyers drops to a 28-year low as interest rates soar
▼ + stars: | 2023-08-23 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates jumped last week to the highest level in 23 years, pushing mortgage demand from homebuyers to the lowest level in 28 years. Total mortgage application volume fell 4.2% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Potential buyers are dealing not only with high interest rates and high prices, but extremely low supply. "Some homebuyers are looking to lower their monthly payments by accepting some interest rate risk after the initial fixed period," noted Kan. Mortgage rates continued to climb this week and are now right around 7.5% according to Mortgage News Daily.

Persons: Joel Kan, Kan Organizations: Mortgage, Treasury, National Association of Realtors, Mortgage News Locations: homebuyers

☆ This startup is helping the ocean absorb more harmful carbon emissions
▼ + stars: | 2023-08-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The ocean, often likened to the lungs of the planet, is the world's largest natural carbon sink. Now, companies such as Equatic, Captura, Running Tide and a startup called Ebb Carbon are using new technology to restore ocean chemistry and speed up its natural abilities. "We're restoring the balance in the ocean chemistry and enabling the ocean to absorb CO2 and convert it to a safe stable form," said Ben Tarbell, co-founder and CEO of Ebb Carbon. "Right now, there are very large voluntary carbon markets, large corporations willing to pay to remove carbon from the atmosphere to offset emissions in other parts of their business. In addition to Prelude, Ebb Carbon is backed by Evok Innovations, Congruent Ventures and Propeller.

Persons: it's, Ben Tarbell, Tarbell, Gabriel Kra, Lisa Rizzolo Organizations: Ebb, Ventures, Prelude Ventures, Evok, CNBC Locations: Sequim Bay, Washington

☆ Home sales fall again in July, as supply drops to near quarter-century low
▼ + stars: | 2023-08-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Homes sold at the slowest July pace since 2010. This count is for closings, so contracts were likely signed in May and June, when mortgage rates went from around 6.5% to well over 7%. Sales fell month to month in all regions except the West, where they rose 2.7%. Roughly three-quarters of the homes sold were on the market for less than a month, indicating still strong demand. "The housing market is at a pivotal point as we head into fall," said Lisa Sturtevant, chief economist at Bright MLS, noting higher mortgage rates in particular.

Persons: it's, Lawrence Yun, Danielle Hale, Buyers, Lisa Sturtevant Organizations: National Association of Realtors, Homes, Realtor.com, Realtors, Federal Housing Administration, Bright MLS

☆ Mortgage rates hit their highest point since 2000
▼ + stars: | 2023-08-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Mortgage rates jumped Monday, following a rise in bond yields driven by investors' concerns that high interest rates and inflation will linger longer than expected. The average rate on the popular 30-year fixed mortgage hit 7.48%, the highest level since November 2000, according to Mortgage News Daily. Higher mortgage rates exacerbate the supply situation. The nation's homebuilders have been trying to offset higher mortgage rates by either buying down those rates for short or long terms, or by lowering home prices. Homebuilder sentiment in August, however, dropped sharply, with builders citing higher interest rates as the main reason.

Persons: Matthew Graham Organizations: Mortgage News, Federal Reserve, ARM, Mortgage, Association

☆ Weekly mortgage demand drops again, as interest rates match a 22-year high
▼ + stars: | 2023-08-16 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates rose for the third straight week last week, matching a 22-year high. As a result, mortgage demand dropped as well. Total mortgage application volume was 29% lower than the same week one year ago, according to the Mortgage Banker's Association's seasonally adjusted index. That was the third straight weekly increase and the highest level since October 2022, which also matches a high level seen in 2001. As a result, mortgage demand from homebuyers was essentially flat week to week and 26% lower than the same week one year ago.

Persons: Joel Kan Organizations: Federal Housing Administration, Mortgage News

☆ Homebuilder sentiment drops sharply, as mortgage rates surge over 7%
▼ + stars: | 2023-08-15 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Rising mortgage rates are hitting potential homebuyers hard, and that is taking steam out of the homebuilding market. That is the first decline in seven months and the lowest level since May, when sentiment first rose out of negative territory. Mortgage rates are now holding solidly over 7%, hitting 7.24% Monday, according to Mortgage News Daily. Higher mortgage rates and the decline in buyer activity has more builders using sales incentives once again. The share of builders using all types of incentives, including buying down interest rates, rose to 55% in August from 52% in July.

Persons: Alicia Huey, NAHB, Robert Dietz, NAHB's Organizations: National Association of Home Builders, Mortgage News Locations: Wells Fargo, Birmingham , Alabama, Midwest

☆ Occidental and Climeworks big winners as Biden allocates billions for CO2 removal
▼ + stars: | 2023-08-11 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The money from the Bipartisan Infrastructure Law will now help fund two DAC hub projects, one in Texas and one in Louisiana. They will eventually remove more carbon per year than all of the current projects combined. Climeworks, based in Zurich, Switzerland, currently has the world's largest DAC plant in Iceland, which removes about 4,000 tons of CO2 per year. The DAC Hubs program is a vital investment for DAC to reach climate impact at scale," said Andrew Fishbein, senior climate policy manager for Climeworks. Heirloom is a California-based startup that is using limestone to remove carbon from the air.

Persons: Jennifer Granholm, Vicki Hollub, Andrew Fishbein Organizations: U.S . Department of Energy, Law, of Energy, Occidental Petroleum, Biden, Department, DAC, Breakthrough Energy, Microsoft Locations: Texas, Louisiana, U.S, Corpus Christi, United States, The Louisiana, Zurich, Switzerland, Iceland, California, Paris

☆ Mortgage demand drops again after FHA loan interest rate hits 21-year high
▼ + stars: | 2023-08-09 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates soared across the board last week, with the rate on the government's low down payment option increasing to the highest level in 21 years. That hit mortgage demand hard, with total application volume dropping 3.1% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The average rate for jumbo loans hit 7.04%. High mortgage rates are not only making it harder to afford a home, they're keeping current homeowners in place. Mortgage rates have held over 7% to start this week, according to a separate survey from Mortgage News Daily.

Persons: Joel Kan Organizations: Mortgage, Federal Housing Administration, Treasury, Mortgage News Locations: Parkland , Florida

☆ EverestLabs is using robotic arms and A.I. to make recycling more efficient
▼ + stars: | 2023-08-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Until now, determining what exactly is in the vast mess of garbage that arrives at recycling plants has been a dirty and difficult job. Now, companies such as AMP Robotics, Machinex, Recycleye and a California-based startup called EverestLabs are using AI and robotics to do just that. "Because of AI, because of the robotic arms, we have seen plants recover 10, 20, 30% more than what they have been doing previously," said JD Ambati, CEO of EverestLabs. "They have been losing millions of dollars to the landfill, and because of AI, they were able to identify the value of the losses and deploy robotic arms to capture that." Add to that robotic arms, which he says recover the packaging three to four times more effectively than humans.

Persons: Ambati, Tom Outerbridge, Lisa Rizzolo Organizations: AMP Robotics, Labor, SMR, Translink Capital, NEC, Future, Sierra Ventures, Morado Ventures, Xplorer, CNBC Locations: California

☆ Mortgage credit availability sinks to decade low
▼ + stars: | 2023-08-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

As if higher mortgage rates weren't enough, it was harder even to qualify for a mortgage in July than it has been in a decade, according to the Mortgage Bankers Association. While availability for all loan types dropped, the component of the index for jumbo loans decreased the most, as banks face increasing liquidity issues. Jumbo loans cannot be sold to Fannie Mae and Freddie Mac, so they are usually held on bank balance sheets. Higher mortgage rates have caused demand for home loans to drop. A drop in cash-out refinance programs was a major component of the overall drop in credit availability.

Persons: Fannie Mae, Freddie Mac, Joel Kan Organizations: Mortgage, Association

☆ Here's how much cash you may have in your home, thanks to new record high prices
▼ + stars: | 2023-08-04 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Home prices are on a tear again across much of the nation after falling for much of last year. Home prices in June hit record highs in 60% of U.S. markets, according to a new report from Black Knight, set to be released Monday. Higher mortgage rates have been a huge deterrent for current homeowners to list their homes for sale because they don't want to trade up to these higher rates on another purchase. Prospective homebuyers today are looking at paying more than 36% of their income on that payment thanks to higher home prices and higher rates. The average rate on the popular 30-year fixed mortgage hit 7.2% on Thursday, according to Mortgage News Daily.

Persons: Black Knight, Andy Walden, Black, Walden Organizations: Mortgage News Locations: U.S, Black

☆ Foreign buyers are bailing on the U.S. housing market. Here's why
▼ + stars: | 2023-08-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The survey does not count new construction, where international buyers are also active. In total, 15% of foreign buyers bought homes worth more than $1 million. Chinese buyers in particular like California, as they often buy so that their children can attend local schools and universities. The drop in overall foreign purchases is unlikely to ease the competition for domestic buyers, as international buyers only made up a little more than 2% of all buyers. But it could help on the margins in certain local markets favored most by foreign buyers.

Persons: Lawrence Yun, Juwai, Kashif Ansari, Juwai IQI, Yun Organizations: National Association of Realtors, Realtors, U.S Locations: China, Mexico, Canada, India, Colombia, California, Asia, American, Florida, Texas, North Carolina, Arizona, Illinois, Florida , Texas

☆ Mortgage demand from homebuyers drops for the third straight week as interest rates rise
▼ + stars: | 2023-08-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage rates have been holding at high levels for several weeks now, and that is taking its toll on homebuyers. Mortgage applications to purchase a home fell 3% last week compared with the previous week, according to the MBA's seasonally adjusted index. "The purchase index decreased for the third straight week to its lowest level since the beginning of June," said Joel Kan, an MBA economist. Mortgage rates began this week higher and could continue to rise ahead of the all-important monthly employment report expected to be released Friday. If those fears are realized, rates could be at 20-year highs by the end of this week," said Matthew Graham, chief operating officer at Mortgage News Daily.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage Bankers Association, Mortgage News Locations: Hollywood , Florida

☆ Bill Gates-backed Antora is making big batteries to help factories transition to clean energy
▼ + stars: | 2023-07-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Now, companies like Form Energy, AtmosZero and a Silicon Valley-based startup called Antora Energy are tackling the challenge with more affordable battery technology. "Because of that we're able to store energy at much lower costs." Christina Karapataki of Breakthrough Energy Ventures, which was founded by Bill Gates, says this business could be particularly lucrative. There are now about a dozen thermal energy storage companies using sand, rock, brick or other types of ceramic to store energy as heat. Along with funding from Breakthrough energy, Antora is also backed by Chris Sacca's Lowercarbon Capital, Shell Ventures, BHP Ventures, Grok Ventures and Trust Ventures.

Persons: We've, Justin Briggs, We're, Briggs, Christina Karapataki, Bill Gates, Karapataki, Antora, Chris Sacca's Organizations: Energy, Breakthrough Energy Ventures, Shell Ventures, BHP Ventures, Grok Ventures, Trust Ventures Locations: Fresno , California

☆ Mortgage demand drops as interest rates remain stubbornly high
▼ + stars: | 2023-07-26 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates didn't move at all last week, and are still sitting near a recent high. Most borrowers today carry interest rates far lower than the current rate and would therefore not benefit from a refinance. Mortgage rates moved higher to start this week, crossing over 7% Tuesday to 7.04%, according to Mortgage News Daily. Rates will likely move later today, following the latest interest rate decision and press conference at the Federal Reserve. In other words, mortgage rates CAN move lower tomorrow even if the Fed hikes.

Persons: Joel Kan, Jerome, Powell, Matthew Graham Organizations: Mortgage, Federal Housing Administration, Mortgage News, Federal Reserve

☆ Home prices continue to climb with 'striking' regional differences, says S&P Case-Shiller
▼ + stars: | 2023-07-25 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Home prices in May rose for the fourth straight month on the S&P CoreLogic Case-Shiller home price index, but regional differences are widening. The index's 10-city composite gained 1.1%, and the 20-city composite gained 1%. Current homeowners are reluctant to sell, given that most are paying mortgage rates that are less than half of today's rates. Demand returned after the initial jump in mortgage rates, as buyers seem to be getting used to a new normal. Correction: Home prices in May rose for the fourth straight month on the S&P CoreLogic Case-Shiller home price index.

Persons: Craig Lazzara, It's, Hannah Jones Organizations: Midwest Locations: U.S, Chicago, Cleveland, New York, Seattle, San Francisco

☆ June home sales drop to the slowest pace in 14 years as short supply chokes the market
▼ + stars: | 2023-07-20 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Sales are unlikely to recover any time soon, as mortgage rates weigh heavy on affordability. Mortgage rates hung in the mid 6% range during that time and then shot up over 7% at the very end of May. The higher end of the market, however, appears to be recovering. While sales were down across all price points, they were down least at the higher end. Sales are unlikely to rebound soon in the existing home market, but sales of newly built homes are reaping the benefits.

Persons: Lawrence Yun, Yun, DR Horton, Donald Horton Organizations: National Association of Realtors, Realtors

☆ Mortgage-refinance demand recovers some after rates come off recent highs
▼ + stars: | 2023-07-19 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates pulled back last week after jumping sharply to start July. Total mortgage application volume rose 1.1% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Mortgage rates declined last week, as markets responded positively to incoming data showing that U.S. inflation continues to cool," said Joel Kan, an MBA economist, in a release. The refinance share of mortgage activity increased to 28.4% of total applications from 26.8% the previous week. Mortgage rates haven't budged much to start this week, as they're still hanging in the high 6% range on the 30-year fixed.

Persons: Blaine, Joel Kan Organizations: Mortgage, Federal Locations: Minnesota

☆ Homebuilder sentiment rises again in July, but builders warn higher mortgage rates are hurting
▼ + stars: | 2023-07-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Builder sentiment in the market for single-family homes rose 1 point in July to 56, according to the National Association of Home Builders/Wells Fargo Housing Market Index. Builders say low supply in the resale market is driving demand for new construction, but higher mortgage rates and supply-side challenges continue to put pressure on the market. The average rate on the popular 30-year fixed mortgage crossed over 7% briefly in May and then again at the end of June. Those higher rates are straining affordability in the market, where prices for existing homes are rising yet again. Despite higher mortgage rates, however, builders are using fewer incentives.

Persons: Robert Dietz, NAHB's Organizations: National Association of Home Builders, Federal Reserve, . Census Locations: Wells Fargo

☆ General Mills is paying this agriculture tech startup to help make Cheerios greener
▼ + stars: | 2023-07-11 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Agriculture and the overall food ecosystem are responsible for roughly one third of global greenhouse gas emissions. Growing all the things we eat at the increasing volumes we need depletes the soil of nutrients and produces harmful carbon emissions. Regenerative agriculture aims to reduce emissions and protect soil through various methods. "Is it good for the environment, good for the water, good for soil health? Regrow then sells all that information to customers like General Mills , which has pledged to advance regenerative agriculture on one million acres of farmland by 2030.

Persons: Regrow, John Deere, Anastasia Volkova, Mills, Steve Rosenzweig, General Mills Organizations: Pillsbury, Corporations, Galvanize, Ventures, Microsoft, Time Ventures, Cargill Locations: Canada

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