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☆ Comerica Bank's chief economist breaks down why home prices will continue their slide through most of 2023 — and shares why California's biggest markets will see some of the country's largest price de
▼ + stars: | 2023-02-23 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

Housing prices around the US will see declines in the high single-digits, says Bill Adams. Los Angeles and the San Francisco Bay Area in California face unique challenges, he said. That downward trend will continue into the fourth quarter this year, Adams said, and peak-to-trough prices declines will end up being in the high single-digits. According to Kiplinger, Los Angeles, Orange County, San Francisco, and Oakland are all in the top 11 most expensive cities in the US. According to S&P CoreLogic Case-Shiller data, home prices in Los Angeles are down 7.5% from their peak, and prices in San Francisco are down 14.2%.

☆ Want to work from anywhere? These are the top 10 U.S. cities for digital nomads
▼ + stars: | 2023-02-19 | by ( Jennifer Liu | ) www.cnbc.com time to read: +3 min

It tops the best U.S. cities for digital nomads, according to a new analysis from Reviews.org, which ranked the country's top 100 metros based on various work and life factors. Austin, Texas, comes in third and is one of three Texas cities that crack the top 10. Here are the top 10 U.S. cities for digital nomads:Atlanta Portland, Oregon Austin, Texas Seattle Phoenix Houston Dallas Chicago Las Vegas San FranciscoReviews.org ranked each city based on several work and life factors. Texas makes a strong showing, with three cities ranking well for digital nomads, buoyed in part by its agreeable weather and low cost of real estate. The two most populated cities in the U.S., meanwhile, don't come close to cracking the top 10 best cities for digital nomads.

☆ India's Akasa to place large plane order in 2023, eyes international growth
▼ + stars: | 2023-02-16 | by ( Aditi Shah | ) www.reuters.com time to read: +2 min

NEW DELHI, Feb 16 (Reuters) - India's Akasa Air will place a "substantially" large order for new narrowbody jets this year, as the start-up budget airline looks to capitalise on booming demand at home and begin international flights, its chief executive told Reuters. The 200-day-old airline has taken delivery of 17 Boeing (BA.N) 737 MAX planes out of a total order of 72 jets to be delivered by March 2027. The new order will be for narrowbody planes, said Akasa's founder, a former chief executive of now-grounded, bankrupt full-service carrier Jet Airways (JET.NS). Indian airlines are forecast to order 1,500 to 1,700 planes over the next couple of years, according to consultancy CAPA India, including a likely 500 plane order from Akasa rival IndiGo (INGL.NS), the country's biggest airline. "The demand in India as a whole is going to continue to grow and grow and grow."

☆ The Phoenix housing bubble spectacularly popped in 2008. Countless signs point towards a similar struggle now. Here's how bad it really is.
▼ + stars: | 2023-02-05 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +9 min

Phoenix's housing market is quickly deteriorating as a pullback in demand triggers home price declines. And as Phoenix's housing market performs an about-face from the dramatic rise it had witnessed from spring 2020 through summer 2022, experts across the country are debating the possibility of the whole market imploding. And as of January 2023, area home sales are down 74% year-over-year, according to John Burns Real Estate Consulting. The Phoenix Valley — a sprawling desert metropolis that's home to nearly 5 million people — is no stranger to speculative real estate bubbles. Phoenix's housing market could be on track to normalizingDespite the numerous indicators of a weakening housing market, Phoenix may simply be facing a correction versus a crash, several experts told Insider.

☆ Rent prices have dropped the most in these 5 U.S. metros. Why it's cheaper to rent than buy in many markets
▼ + stars: | 2023-01-27 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

Indianapolis; Carmel, Indiana; Anderson, IndianaMedian rent at the end of 2021: $1,300Median rent at the end of 2022: $1,700Rent increase: 30.8% 2. New Haven, Connecticut; Milford, ConnecticutMedian rent at the end of 2021: $2,250Median rent at the end of 2022: $2,800Rent increase: 24.4% 4. Naples, Florida; Marco Island, FloridaMedian rent at the end of 2021: $5,200Median rent at the end of 2022: $6,448Rent increase: 24.0% 5. Memphis, TennesseeMedian rent at the end of 2021: $1,800Median rent at the end of 2022: $1,695Rent decrease: -5.8% 2. Palm Bay, Florida; Melbourne, Florida; Titusville, FloridaMedian rent at the end of 2021: $2,300Median rent at the end of 2022: $2,200Rent decrease: -4.3% 5.

☆ People want to move to Florida's more affordable smaller towns, which some brokers predict will be more popular than cities like Miami this year
▼ + stars: | 2023-01-26 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +4 min

Cities with small-town charm are seen as the places to be in Florida this year. Like many who were moving to the Sunshine State, it wasn't the big, expensive cities like Miami or Tampa that drew the Jones family. Small Southern cities within driving distance of major ones — and suburbs right outside big cities — were some of the most popular ZIP codes to move to in the past year, Opendoor data found. In short, areas like this have usurped big cities like Tampa and Miami as the places to be. But if people are moving to the area for peace and quiet, they might lose that in the future.

☆ Buying a home is now more affordable than renting in these five cities
▼ + stars: | 2023-01-26 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Renting costs nearly $800 less per month than buying, on average. But there are five cities where, despite stubbornly high prices, rising mortgage rates and some of the least affordable home buying conditions in decades, it is still cheaper to buy than to rent. Monthly buying costs assume a 7% down payment with a mortgage rate of 6.36%, and include taxes, insurance and homeowners association fees. Where renting is betterAustin, Texas, offered the biggest discount for renting compared to buying, with renting 121% or $2,013 cheaper per month. Even in Florida cities like Miami, Tampa and Orlando, which have seen some of the highest rent growth and rent costs in the past year, renting is still more affordable than buying a starter home.

☆ 10 cities where home buyers actually have a chance of scoring an affordable home in 2023
▼ + stars: | 2023-01-15 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +2 min

Realtor.com has ranked the top places where homebuyers can still get a good deal in 2023. That wouldn't be surprising considering that US housing affordability fell to a 10-year low, the National Association of Home Builders announced in November. At a time where the typical home is priced near $400,000, a good indicator of a housing market's health is the balance between home sales and price growth. However, just because a city may be relatively affordable compared to others doesn't mean that it's the perfect fit for everyone. When buying a home it's also important to consider the cost of living, as well as access to jobs, schools, healthcare and food.

☆ 6 reasons why moving to Florida can be a major disappointment, from surprisingly high tax bills to severe storms that 'should be an eye opener'
▼ + stars: | 2023-01-09 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +7 min

"The appreciation rates that we've seen in South Florida have been much higher than the national average," Bordenaro said. Newcomers moving to Florida have also been shocked at property tax bills that are higher than they expected, Insider's Kelsey Neubauer reported. Because of rising sea levels, many homes in South Florida are at a higher risk for disaster, which makes it more expensive to insure them. According to Bordenaro, Miami is attempting to alleviate the traffic issue by constructing more lanes and new exits, but the going road work only leads to more traffic. "Depending on where you come from, it can be tough to make friends with the locals," Bordenaro said.

☆ It's official: Remote work is going to make it easier to buy a home
▼ + stars: | 2023-01-04 | by ( James Rodriguez | ) www.businessinsider.com time to read: +12 min

Remote work pushed housing trends into warp speedIn some ways, the pandemic's housing shifts were a long time coming. The shift to remote work also hastened many people's desire for more space. Across the country, remote workers chose to part ways with roommates or seek out larger homes. Elon Musk asserted his authority at Twitter by putting an end to remote work. On the other hand, as my colleague Aki Ito previously argued, a recession could further ingrain remote work as employers look to cut spending on real estate.

☆ Here's how much money it takes to be considered middle class in 20 major U.S. cities
▼ + stars: | 2023-01-02 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +1 min

The latest data from 2021 shows the share of the population in the middle class continues to hover around 50%, around where it has been since 2011. Prior to that year, the share of middle class Americans had been consistently shrinking since a peak of 61% in 1971. That means American households earning as little as $47,189 and up to $141,568 are technically in the middle class. But other factors like family size and location can change what middle class looks like for you. Here are the income thresholds for the middle class in the 20 most populous U.S. metros:

☆ Scooter company Bird is emailing customers to tell them they still owe 62 cents, 93 cents, or 78 cents from rides taken years ago
▼ + stars: | 2022-12-19 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +2 min

Scooter company Bird is reaching out to customers to settle past-due amounts of cents. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyElectric bike and scooter company Bird is desperate for pennies. The company has begun emailing past customers with requests to settle up old dues, according to tweets that journalist Ali Griswold compiled on her Substack. Bird allows customers to take rides by loading credits onto their customer accounts — similar to how public metros allow riders to fill up metrocards. It counted the full value of those rides in its revenue, even though it now acknowledges that "collectability was not probable."

☆ Rents are falling — it could help pull mortgage rates down even lower
▼ + stars: | 2022-12-15 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

Falling rents could help bring inflation down, leading to less mortgage interest rate hikes. And if this trend continues, it could even help ease inflation and ultimately lead to lower mortgage rates. Another important component in the slowing rent growth is that it could lead to cheaper mortgage rates. Slowing inflation has already translated to lower mortgage rates, which peaked at over 7% in October. Over the last five weeks, mortgage rates have declined by more than three quarters of a point — marking the largest drop since 2008.

☆ Prices cooled more than expected in November, but housing still costs 7.1% more than last year
▼ + stars: | 2022-12-13 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +2 min

High housing costs, also up 7.1% from last November, overwhelmingly contributed to that continued elevation. While economists expected inflation to continue its downward trend, many weren't sure what rent and owner-equivalent prices would show. U.S. home prices were up 10.6% in September compared to the previous year, the latest Case-Shiller home price index showed. Rents also fell a modest 0.9% from September to October, bringing the median rent price for the 50 largest U.S. metros below $2,000 for the first time since April. The news tees up the Federal Reserve for another round of rate hikes at its meeting later this week.

☆ 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.

☆ These are the best 10 metro areas for first-time home buyers — and how to make it more affordable no matter where you’re buying
▼ + stars: | 2022-12-09 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

After bidding wars during the pandemic, demand for home purchases has fallen amid higher mortgage interest rates. That dynamic has made some markets are more attractive for first-time home buyers for 2023, according to a Zillow report released this week. The real estate site found the "best opportunity" for first-time buyers in metros areas with more affordable rent, less competition and a higher inventory of homes for sale. Mortgage interest rates have more than doubled from early January after a series of hikes from the Federal Reserve to curb inflation in 2022. Still, some markets may be more affordable for buyers on a budget, Zillow's report shows.

☆ Homebuyers will flock to the Midwest in 2023 because prices will still be too expensive in coastal states, a Zillow economist predicts
▼ + stars: | 2022-12-06 | by ( Robert Davis | ) www.businessinsider.com time to read: +6 min

The Midwest could be 2023's hottest housing market because it's affordable, one Zillow economist said. Buyers may look at cities like Chicago, Indianapolis, and Cleveland, where prices have remained stable. Homebuyers in expensive markets like Denver, New York City, and San Francisco were routinely searching for homes in less expensive midwestern markets, the report added. The typical home in Milwaukee is $181,000 while in St. Louis, buyers should expect to spend $176,500, Zillow suggests. But waiting out this market may not be the best approach for buyers ready and able to buy now."

☆ California's housing market is cooling off faster than any other US state, even though it's still really costly to buy a home there
▼ + stars: | 2022-12-03 | by ( Alcynna Lloyd | Madison Hoff | ) www.businessinsider.com time to read: +5 min

However, several cities, including San Francisco, Los Angeles and Sacramento, have all seen home prices fall by more than 5% from peak sale prices. Additionally, Stockton has seen its median sale price drop 4.8% from its peak. That brings California's total to seven metros out of the top 20 for the nation that have seen the most severe drop in housing prices. So far it appears that 2023 is likely to be an even slower year for the state's housing market, especially if locals continue to leave and move to more affordable states. The pullback in demand could ultimately result in the state's median home price declining 8.8% to $758,600, the report adds.

☆ Premarket stocks: Consumers are keeping the economy afloat... for now
▼ + stars: | 2022-11-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

What’s happening: Americans appear to be indulging in a healthy dose of retail therapy despite stubbornly high inflation and the possibility of a recession ahead. Consumer spending is a major driver of the economy, and the last two months of the year can account for about 20% of total retail sales — even more for some retailers, according to NRF. But when the Federal Reserve is actively trying to squash high inflation rates, they risk becoming a fly in the ointment. “Consumers’ spending is more or less unfazed not only by high inflation, but also the rate hikes intended to get prices under control,” economists at Wells Fargo wrote. The high rate of spending could agitate investors in this good-news-is-bad-news economy because it adds to inflationary pressures.

☆ Home purchases by investors plunged 30% in the 3rd quarter as high prices and rising rates drive housing slump
▼ + stars: | 2022-11-22 | by ( Carla Mozée | ) www.businessinsider.com time to read: +4 min

The typical home bought by investors cost $451,975, up 6.4% from a year earlier but down from the second quarter. Meanwhile, investor purchases of high- and mid-priced homes declined more than those of low-priced houses during the July-through-September period. The potential for substantial declines in home prices puts investors at risk of losing money, stoking their pullback in purchases, Redfin said. Investors lost market share for the second consecutive quarter in buying about 17.5% of all homes that were purchased. Those buying rates were higher in the second quarter and a year ago, at 19.5% and 18.2%, respectively, but were still up from 15% before the pandemic.

Apparel retailers, restaurants, banks, construction companies all saw a rise in sales and orders, as the country geared up for the first pandemic-free festive season in two years. Reuters Graphics"There is definitely a festive boost which cannot be denied and which is reflected in earnings performance," said Vivek Kumar, economist at Mumbai-based QuantEco Research. "There was also some comfort on input prices moderating in the quarter, and a boost from pent-up demand. read moreNair said he expects sales in the festive quarter to top pre-pandemic levels. State Bank of India (SBI) (SBI.NS), the country's largest lender, reported record quarterly profit and forecast credit growth to remain in double-digits.

☆ It's time to score a deal in these 10 popular Sun Belt metros like Austin, Texas, and Naples, Florida, where prices have plummeted more than 10% since spring
▼ + stars: | 2022-11-04 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +2 min

Here are 10 Sun Belt cities that have seen home prices drop by more than 10% since May or June. For prospective homebuyers who've been waiting for prices to come off the boil, their time to strike may already be here. It's one ray of hope for buyers in cities including Austin, Texas, New Orleans, Louisiana, and Naples, Florida. But in a few places, these prices have plummeted so much that they've almost completely offset the 10-month surge in mortgage rates. In May, the median Reno home price peaked at $570,000 and the average rate for a 30-year mortgage was around 5.23%.

☆ The founder of a real-estate investing platform highlights the 3 most attractive cities in the southeast right now, explains what's so appealing about them, and offers predictions for the coming month
▼ + stars: | 2022-10-29 | by ( Morgan Chittum | Kathleen Elkins | Aj Latrace | ) www.businessinsider.com time to read: +6 min

Real estate investment platform Cadre identified the most valuable places for investing right now. Institutional money has made big waves in residential real estate over the last year, with each quarter seemingly setting a new record for the number of homes purchased by investors versus regular individuals. A year ago, some of the most popular places for investors included southern cities such as Atlanta, Charlotte, and Jacksonville. Raleigh, Charlotte, and NashvilleRaleigh, Charlotte, and Nashville are some of the top growing cities for industrial, commercial, and multi-family real estate, Williams says. These fundamentals are what make these three metros strong candidates for continued investment in various asset classes — particularly residential real estate — in the coming years, he suggests.

☆ Homebuyers are making the biggest down payments in these 5 metros. Here’s how much you actually need for a house
▼ + stars: | 2022-10-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

nd3000 | iStock | Getty Images5 metros with the biggest down paymentsIn 2022, these five metros have had the highest down payments based on LendingTree mortgage data from from Jan. 1 through Oct. 10, 2022. A larger down payment means a smaller mortgage, which can "certainly help offset the cost of rising interest rates to a degree," he said. While certain kinds of mortgages allow down payments as low as 3%, you'll have to pay mortgage insurance on loans with less than 20% down, and you may see higher interest rates, Gumbinger said. While smaller down payments mean higher interest rates and mortgage insurance, home buyers may reduce these expenses in the future, she said. When interest rates drop, there may be a chance to refinance, and buyers may remove mortgage insurance once they reach 20% equity in the home, Cohn said.

☆ America's 'Zoomtowns' are running out of water
▼ + stars: | 2022-10-24 | by ( Kelli María Korducki | ) www.businessinsider.com time to read: +11 min

Remote workers aren't just driving up housing prices but also adding more of a burden to already water-strapped regions. Running out of waterAmerica's water crisis, which has been bubbling for years, has become dire. The lack of fresh snow means that less water makes its way into the river and its massive reservoirs — Lake Mead and Lake Powell — upon which the region depends for water. They found that statewide COVID-19 stay-at-home orders triggered "significant increases" in residential water consumption — a trend the researchers attributed, in large part, to remote workers. While population growth does increase water usage, it's (pardon the pun) a drop in the bucket of the bigger-picture crisis.

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