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☆ 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

☆ Home prices are hitting new highs again, as high rates put the squeeze on supply
▼ + stars: | 2023-07-10 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

Prices began dropping last summer, after the average interest rate on the 30-year fixed-rate mortgage more than doubled in just six months. Buyers may have simply gotten used to higher rates. The sharp jump in mortgage interest rates last year threw cold water on an overheated housing market, but it didn't last long. Even with rates still high, home prices are now gaining again, and the gains are accelerating with each new month. "Earlier this year I shared that I believed 6% mortgage rates were accepted as the new normal.

Persons: Walden, Andy Walden, Black Knight, Robert Reffkin, Estate, Knight Organizations: Black, Compass, National Association of Realtors, Redfin Locations: Midwest, Northeast, San Jose , California, San Diego , Los Angeles, San Francisco, Seattle, Austin , Texas

☆ Mortgage rate soars to 7.22% after strong economic data
▼ + stars: | 2023-07-06 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

The average rate on the popular 30-year fixed mortgage hit 7.22% on Thursday, according to Mortgage News Daily. Mortgage rates follow loosely the yield on the 10-year Treasury , which leapt higher following a much stronger-than-expected employment report from ADP. The 30-year fixed mortgage rate has now risen 31 basis points in just the past week. For sellers, higher mortgage rates have created a so-called golden handcuff effect. They now don't want to move and have to give up that low rate to buy at a higher rate.

Persons: Jerome Powell, Powell, Jiayi Xu Organizations: Mortgage News, Treasury, Federal, Fed

☆ Mortgage demand drops to lowest level in a month, as interest rates rise
▼ + stars: | 2023-07-06 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates last week hit their highest level since the end of May, which in turn weighed on mortgage demand. Total mortgage application volume dropped 4.4% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Demand is now at its lowest level in a month. While that was the average rate for the week, a separate survey from Mortgage News Daily showed the rate crossed over 7% last Thursday. "However, the average loan size for a purchase application declined to $423,500 – its lowest level since January 2023."

Persons: Joel Kan, Kan Organizations: Mortgage, Federal Locations: homebuying

☆ House hunting is already tough. Guess what? It's about to get harder
▼ + stars: | 2023-06-29 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The number of homes for sale this month was actually 7% higher than June of last year, according to Realtor.com. An even tighter housing market ahead means home prices are unlikely to cool. They began to fall because mortgage rates had doubled in a matter of months. "Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing," NAR's chief economist, Lawrence Yun, said in a release. Higher mortgage rates have been less of a factor, as builders, some of whom have their own mortgage arms, have been buying down rates for buyers.

Persons: Craig Lazzara, DJI, Lawrence Yun, hadn't, Peter Boockvar Organizations: Mortgage News Daily, National Association of Realtors, Census, Builders, Bleakley Financial

☆ Mortgage demand grows, driven by sales of new homes
▼ + stars: | 2023-06-28 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates turned higher again last week. Total mortgage application volume rose 3% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. These applications have increased for three straight weeks to the highest level since early May, despite still-high mortgage rates. Builders are driving demand in part by offering incentives, like paying down mortgage rates. The widening spread and the increase in the jumbo rate stem from the recent regional bank failures.

Persons: Joel Kan, Kan, Fannie Mae, Freddie Mac Organizations: Mortgage, Census, Builders, Bank Locations: U.S

☆ Home prices rose for third straight month in April, S&P Case-Shiller index says
▼ + stars: | 2023-06-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Home prices in April were still down 0.2% compared with April 2022, according to the S&P CoreLogic Case-Shiller national home price index. A major jump in mortgage rates last summer caused a decline in prices. "The ongoing recovery in home prices is broadly based," Craig Lazzara, managing director at S&P DJI, said in a release. Before seasonal adjustments, prices rose in all 20 cities in April, as they had also done in March. Seasonally adjusted data showed prices rising in 19 cities in April versus 14 in March.

Persons: Ryan Ratliff, Ryan Paredes, Ariadna Paredes, Craig Lazzara, DJI, homebuying, Danielle Hale, Realtor.com, we've Organizations: Estate, Max Advance Realty, Cleveland Locations: Cutler Bay , Florida, Miami, Chicago, Atlanta, Boston, San Francisco

☆ Billions in federal infrastructure spending could be wasted due to outdated government rainfall models
▼ + stars: | 2023-06-26 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +5 min

The government's precipitation expectation model from the National Oceanic and Atmospheric Administration, or NOAA, is called Atlas 14. "It leverages the best available historical precipitation data that was available the time that the study was performed." It is not the only state using Atlas 14 to inform its infrastructure projects. "I can't speak to how some of those engineering decisions are made," Salas said when asked if Atlas 14 should still be used. There are multiple climate risk modeling firms with vast precipitation forecasting data, but most charge for it, and states already have the Atlas 14 data.

Persons: it's, Matthew Eby, Fernando Salas, Salas, Eby, Stephen Schapiro, " Salas Organizations: Biden administration's Infrastructure Investment, Jobs, First Street Foundation, National Oceanic, Atmospheric Administration, NOAA, Geo - Intelligence Division, National Weather Service, ., Infrastructure, state's Department of Transportation, New, New Jersey Department of Transportation, NJ Department of Environmental Locations: United States, Upper Midwest, New Jersey

☆ Home sales barely budge from April to May in sluggish spring market
▼ + stars: | 2023-06-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The slow spring sales pace is a combination of still-high prices, elevated mortgage rates and a critical shortage of homes for sale. At the current sales pace that represents a three-month supply. Strong demand has kept a floor under home prices, which would normally drop more given the slow sales pace. While sales of homes in all price tiers are now lower compared with a year ago, sales of homes priced between $250,000 and $500,000 were down 12%. Nearly three-quarters of the homes sold in May were on the market for less than a month.

Persons: Lawrence Yun, Danielle Hale Organizations: National Association of Realtors, That's, NAR, Realtor.com Locations: Northeast, Midwest, South, Redfin

☆ Weekly mortgage demand was flat, even as interest rates drop for the third straight week
▼ + stars: | 2023-06-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The average rate on the most popular mortgage, the 30-year fixed, fell for the third straight week, but demand for mortgages didn't move much. Total mortgage application volume increased 0.5% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. This marks the second straight week that jumbo loans have a higher rate than conforming loans. Homebuyers are starting to get used to higher interest rates, but the continued drop in new listings of homes for sale is keeping sales low. Federal Housing Administration demand rose more than conventional loan demand.

Persons: Joel Kan, Jerome Powell Organizations: Mortgage, Federal Housing Administration, Census, Federal, Financial Services

☆ Mortgage demand surges as interest rates ease off recent highs
▼ + stars: | 2023-06-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Homebuyers are facing a worsening affordability situation with mortgage rates hovering around the highest levels in more than a decade. Mortgage rates pulled back for the second straight week last week, and it was enough to get both current and potential homeowners on the phone with their lenders. Mortgage application volume rose 7.2% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Most borrowers today have lower rates than what is currently available and therefore do not want to lose those rates even for a cash-out refinance. Although the Fed Funds Rate doesn't directly dictate mortgage rates, such a move would still put quite a bit of upward pressure on interest rates of all shapes and sizes," wrote Matthew Graham, COO of Mortgage News Daily.

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

☆ Tornado alley is widening, putting millions more people and properties at risk
▼ + stars: | 2023-06-12 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

Much of that is because the season is starting earlier, and tornado alley is expanding due to a warmer climate. Tornadoes need four ingredients to form, explained Ashley: moisture, instability (which provides the energy necessary for the storms), wind shear and lift. When a powerful F-4 tornado plowed through Rolling Fork, Mississippi, in March, residents were largely unprepared. The only one that I can remember is 1971, and the tornado bypassed Rolling Fork. That's precisely why the widening of tornado alley is fast becoming a new focus for insurers.

Persons: Walker Scott Ashley, Ashley, Eldridge Walker, Walker, That's, John Dickson, Dickson, Eric Andersen, Aon Organizations: Climate Central, Northern Illinois University, Tornadoes, Global, U.S ., Farm, Allstate Locations: U.S, Northeast Texas, Oklahoma, Arkansas, Fork , Mississippi, Rolling, Kansas, Mississippi, Aon, California

☆ The shortage of houses is hitting some people and areas harder than others
▼ + stars: | 2023-06-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The shortage is hitting some buyers more than others. The lack of affordable homes heated up competition in the market this spring, which reversed the cooldown in home prices that started last summer. At the higher price ranges, too many homes are for sale for the number of Americans who can afford them. Areas in the Midwest continue to have the highest number of affordable homes. The four cities with the largest supply of affordable homes are all in Ohio.

Persons: Noah Herrera, Danielle Hale Organizations: National Association of Realtors Locations: Realtor.com, Las Vegas, El Paso , Texas, Boise , Idaho, Spokane , Washington, Florida, Riverside, Los Angeles , California, Ohio, Syracuse , New York, Pittsburgh , Pennsylvania, Louis , Missouri

☆ Mortgage demand drops despite rates coming off recent highs
▼ + stars: | 2023-06-07 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage rates fell back from their recent highs, but demand dropped for the fourth straight week. Total mortgage application volume declined 1.4% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The refinance share of mortgage activity increased to 27.3% of total applications from 26.7% the previous week. Mortgage rates have not moved much this week, as there has been little economic data to push them in either direction. Next week's monthly inflation report from the government will likely be the next major read on the economy to influence mortgage rates.

Persons: Joel Kan Organizations: Mortgage Locations: San Francisco , California

☆ This Black-owned startup is fixing and learning from broken EV charging stations
▼ + stars: | 2023-06-06 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

With electric vehicle adoption accelerating, so too is the need servicing public charging stations. Unlike fixing an old gas pump, some companies are using technology to both service and learn from the stations, to improve EV charging technology. More than one-quarter of public EV charging stations were found to be nonfunctioning, according to a survey done in California by researchers at the University of California, Berkeley, and Cool the Earth, an area nonprofit. barely three years ago and says the company is now servicing EV charging stations across 17 states. That data set can be helpful to network providers, EV and charging station manufacturers, plus governments, according to Terry.

Persons: Terry, ChargerHelp, it's, Vaughn Blake, Lisa Rizzolo Organizations: EV, University of California, Smart, Central, Duke Energy, Southern, Southern California Edison, Blue Bear, Energy Impact Partners, JFF Ventures, Exelon Foundation, Autodesk Foundation, CNBC Locations: California, Berkeley, Central Los Angeles, Southern California

☆ Mortgage demand drops to the lowest level in three months
▼ + stars: | 2023-05-31 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates shot higher last week, as stronger economic data stoked more fear that the Federal Reserve will not lower interest rates anytime soon. In turn, mortgage demand dropped to the lowest level since the end of February. "While refinance demand is almost entirely driven by the level of rates, purchase volume continues to be constrained by the lack of homes on the market." With home prices starting to regain steam, mortgage rates higher and inventory levels still well below normal, potential homebuyers are getting hit from all sides on affordability. The direction of mortgage rates depends mostly on new reads on the economy.

Persons: Michael Fratantoni Organizations: Federal Reserve, Mortgage Bankers Association

☆ Home price declines may be over, S&P Case-Shiller says
▼ + stars: | 2023-05-30 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Nationally, home prices in March were 0.7% higher than March 2022, S&P CoreLogic Case-Shiller Indices said Tuesday. "The modest increases in home prices we saw a month ago accelerated in March 2023," said Craig J. Lazzara, managing director at S&P DJI, in a release. Before seasonal adjustment, prices rose in all 20 cities in March (versus in 12 in February), and in all 20 price gains accelerated between February and March. Miami, Tampa, Florida, and Charlotte, North Carolina, saw the highest year-over-year gains among the 20 cities in March. Compared with a year ago, 19 of 20 cities reported lower prices with only Chicago showing an increase at 0.4%.

☆ Why major commercial real estate firms are joining resources to recruit Black student-athletes
▼ + stars: | 2023-05-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Cedric Bobo discusses a new program for Black student-athletes to transition into the commercial real estate market. Bobo made a name for himself in real estate investing and then decided to pay it forward. Eager to diversify their workforces, some of the largest real estate development, finance and management firms have signed on to fund the internships and mentor the students. The program has trained more than 5,000 participants from over 350 universities worldwide and has partnered with over 250 real estate firms. He is now an acquisitions and development associate at Catalyst Housing Group, a California-based real estate development firm and a financial backer of the new partnership.

☆ Mortgage demand drops again as rates cross back over 7%
▼ + stars: | 2023-05-24 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Contractors work on concrete slabs in the Cielo at Sand Creek by Century Communities housing development in Antioch, California, on Thursday, March 31, 2022. The average rate on the popular 30-year fixed mortgage crossed over 7% on Tuesday, according to Mortgage News Daily. First, uncertainty over what the Federal Reserve will do with interest rates, given a still strong economy; second, the battle over raising the debt ceiling and the possibility of a U.S. default. Both of those already had rates climbing last week with mortgage demand pulling back. Total mortgage application volume dropped 4.6% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.

☆ An exclusive look inside Amazon's uniquely sustainable HQ2
▼ + stars: | 2023-05-19 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The 2.1 million square feet of space includes some of the newest clean energy technology and sustainability features. The floor is made of concrete from Carbon Cure, a clean cement company funded by Amazon's Climate Pledge Fund. Starting next week, the first of 8,000 Amazon employees will begin moving into one of two brand new 22-story towers in Arlington, Virginia. Amazon's HQ2, formally called Metropolitan Park, has many features that contribute toward the company's goal of reaching net zero carbon emissions across all operations by 2040. Hurst wouldn't say how much the sustainability features increased the cost of the development.

☆ Home sales fell in April as buyers contended with high prices, fluctuating mortgage rates
▼ + stars: | 2023-05-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Sales of previously owned homes fell 3.4% in April from March to a seasonally adjusted, annualized pace of 4.28 million units, according to the National Association of Realtors. "The combination of job gains, limited inventory and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand." There were 1.04 million homes for sale at the end of April, an increase of 1% compared with April of last year. At the current sales pace, that represents a 2.9-month supply. While sales were lower at all price points compared with April 2022, they were down most sharply for homes priced above $500,000.

☆ Mortgage demand drops as interest rates hit a 2-month high
▼ + stars: | 2023-05-17 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Higher mortgage rates and a severe shortage of homes for sale are taking their toll on mortgage demand. Mortgage applications to purchase a home dropped 4.8% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage rates increased last week, even as Treasury yields were essentially flat, with the spread between the two rates widening to 310 basis points. "Mortgage rates have generally been struggling versus Treasuries since the Fed ended reinvesting its bond portfolio proceeds in late 2022," explained Matthew Graham, chief operating officer. "More recently, elevated supply of mortgage debt owing to the FDIC's various liquidation efforts have weighed on the sector."

☆ Homebuilder sentiment pulls out of negative territory for the first time in nearly a year
▼ + stars: | 2023-05-16 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

It's the fifth straight month of gains and the first reading of builder sentiment since July that wasn't negative, which would be a reading below 50. With mortgage rates now double what they were a year and a half ago, some potential sellers may be reluctant to trade to another home at a higher rate. Homebuilders also drew more buyers by offering incentives, like buying down mortgage rates. Sentiment in the Midwest rose 2 points to 39. In the South, it increased 3 points to 52, and in the West moved 3 points higher to 41.

☆ Weather intelligence company aims to revolutionize forecasting with a constellation of radar satellites
▼ + stars: | 2023-05-16 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Boston-based Tomorrow.io began as a software company that offered hyper-precise, street-level weather forecasting. The company recently launched Tomorrow-R1, what it claims is the world's first commercially built weather-radar satellite, via SpaceX's Falcon 9 rocket. Tomorrow.io used proprietary software not just to predict but also to help companies plan for severe weather. The new radar satellite, however, will offer a much broader scope of data. Elkabetz said the company intends to launch more than two dozen of its own satellites over the next two years.

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