DIRS.INFO The most relevant business & tech news

☆ Property values are skyrocketing in these 27 markets, lining homeowners' pockets while leaving buyers out of luck
▼ + stars: | 2024-04-18 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Buying a home was a historic challenge last year because of sky-high listing values and the highest mortgage rates since the turn of the century. Heading into 2024, the consensus among real-estate mavens is that affordability will get substantially better, largely due to declining mortgage rates. In turn, mortgage rates are now headed in the wrong direction, steadily rising from 6.6% late last year to nearly 6.9% as of mid-April. AdvertisementHome prices are persistently high — especially in these 27 real-estate marketsAll else equal, higher borrowing costs should translate to lower property prices because of lower demand from buyers. Only a dozen real-estate markets fitting that description saw property prices fall by more than 1%.

Persons: —, refinance, Point2 Organizations: Service, National Association of Realtors, Business, Federal Reserve, York Locations: Jersey City , New, New York, Rocky, California, Manhattan , New York

☆ US homes sales dropped last month as March prices reached a record high
▼ + stars: | 2024-04-18 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Sales fell across the country except in the Northeast region, which saw an increase for the first time since November 2023. Rising home prices coupled with mortgage rates stuck at elevated levels means Americans are still dealing with a tough housing market. Sales might not rise meaningfully higher as the Federal Reserve signals that it won’t cut interest rates anytime soon. Then mortgage rates began to decline on hopes that the Fed would cut interest rates aggressively in 2024, but those expectations have been thrown out the window. Mortgage rates have held steady in recent weeks but are poised to rise because they track bond yields, which are climbing on persistently high inflation readings.

Persons: “, Lawrence Yun, haven’t, trickling, Yun, ” Yun, hasn’t Organizations: Washington CNN —, National Association of Realtors, Federal Reserve, NAR Locations: United States, Northeast

☆ New Rule for Buying a Home: Fire Your Real-Estate Agent
▼ + stars: | 2024-04-18 | by ( Albert Fox Cahn | ) www.businessinsider.com time to read: +12 min

She had never purchased a home, and as a lawyer, I just assumed I knew how the system worked: The buyer has an agent, but the seller pays a commission (typically 6% of the sale price) that's split between their agent and the buyer's agent. So my agent wasn't going to find me my dream house, and the work of hunting was basically on me. But the real-estate industry has made it hard for many buyers to understand just how little having an agent can help. The class-action settlement with the NAR is going to make it a lot harder for sellers to be forced to pay for buyers' agents. Going forward, for people like me without an agent, a savvy seller may pay just 3% of the sales price to their own agent instead of 6% to be split with a buyer's agent.

Persons: it's, vouched, Obvious, Stephen Brobeck, Alice, Wonderland, I'd, I've, —, cosmically, Brobeck Organizations: National Association of Realtors, Hunger, US Department of Justice, Realtors, Consumer Federation of America, New York City, NAR Locations: Brooklyn, New York City, McCarren, Williamsburg, New York

☆ March homes sales dropped despite a surge in supply. Here's why.
▼ + stars: | 2024-04-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Rising mortgage rates are likely the cause of the slowdown. Mortgage rates stayed lower in January, in the mid 6% range on the popular 30-year fixed loan. Inventory did improve slightly, rising 4.7% month to month to 1.11 million homes for sale at the end of March. Investors pulled back a bit, making up 15% of sales, compared with 21% in February and 17% in March of last year. Mortgage rates have moved even higher this month, with the average rate on the 30-year fixed hovering around 7.5%, according to Mortgage News Daily.

Persons: Lawrence Yun, It's, Yun Organizations: National Association of Realtors, Investors, Mortgage News Locations: West, That's

☆ Mortgage rates surge past 7%, reaching highest level since November
▼ + stars: | 2024-04-18 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington CNN —Mortgage rates soared this week, breaching the key 7% threshold and extending America’s home affordability crisis. Mortgage rates are climbing based on expectations that the Federal Reserve won’t cut interest rates anytime soon. Mortgage rates track the benchmark 10-year Treasury yield, which has risen to its highest level since November at 4.637%. If inflation stalls any further, or even worsens, mortgage rates could climb higher this year. Housing affordability is being stymied not just by high mortgage rates, but also by elevated home prices nationwide.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, “, Lawrence Yun Organizations: Washington CNN —, Federal, National Association of Realtors, Treasury, Index, NAR

☆ Americans are savings less these days. Here’s why and what that means
▼ + stars: | 2024-04-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Washington CNN —Americans haven’t been stashing money into their savings accounts like they used to, according to government statistics. Put together, this may have resulted in “a structurally lower saving rate,” according to the report. What does the lower saving rate of nowadays say about the US consumer? Households are continuing to spend at these elevated rates and one reason is because of the lower saving rate. You’re just not seeing a reversal back to pre-Covid levels, which isn’t shocking when you look back historically to what has happened to the saving rate.

Persons: haven’t, “, Wells, Bell, Shannon Seery Grein, There’s, they’ve, we’ve, Matt Egan, ” Paul Knopp, Read, Goldman Sachs, Charles Schwab, Lorie Logan, Mary Daly, Johnson, Morgan Stanley, Jerome Powell, Loretta Mester, John Williams, Raphael Bostic, Austan Goolsbee Organizations: Washington CNN, Wells, KPMG, CNN, Gallup, T Bank, US Commerce Department, National Association of Home Builders, China’s National Bureau of Statistics, Johnson, Bank of America, PNC, The Bank of New York Mellon, Northern Trust, United Airlines, Federal Reserve, Abbott Laboratories, Discover, Citizens, Cleveland Fed, Taiwan Semiconductor Manufacturing, Netflix, Alaska Air, National Association of Realtors, Fed, US Labor Department, Procter & Gamble, American Express . Chicago Fed Locations: Wells Fargo, United States, Europe, UnitedHealth, Blackstone

☆ Eastern Europeans buy up property in the West as Putin steps up ‘war on nerves’
▼ + stars: | 2024-04-12 | by ( Christian Edwards | ) edition.cnn.com time to read: +6 min

But several realtors told CNN that their clients are now citing another reason: Russia’s war in Ukraine, and the fear that the conflict could spread. A record-breaking number of Poles bought property in Spain in 2023, topping the previous record set the year before, according to Polish outlet Bizblog. Lopez said a client last month bought a property because they wanted to avoid being conscripted into the Polish military. “The trigger, really, was the war in Ukraine.”But most buy just for peace of mind – a back-up plan, for those wealthy enough to afford one. “Obviously, we are in NATO, but I must say there’s a big amount of people who are really, really afraid,” she said.

Persons: Agnes Marciniak, She’s, “, ”, Kostrzewa, Volodomyr Zelensky, Ukraine “, Donald Trump, Donald Tusk, –, Maria Ruiz Lopez, Lopez, Wieslaw, John Keeble, Liivia Illak, she’s, ” Illak, Alexey Navalny, Putin, they’ve Organizations: CNN, realtors, United States, NATO, Getty Locations: Baltic, Ukraine, Russia, Europe, Spain, Warsaw, Poland, Andalucia, Malaga, Belarus, Estonia, Lithuania, Russian

Housing gloomThe higher-for-longer inflation predicament has hit the U.S. housing market like a thunderbolt. More economists are paring their bets that the Fed will cut rates after the latest Consumer Price Index report. They all argue that sticky inflation will force the Fed to keep borrowing costs higher for longer. The country is growing faster than many peers, but voters are zeroing in on inflation to explain their disapproval of President Biden’s handling of the economy. (Some DealBook readers in recent days have emailed to say that they’re strongly feeling the pain of housing inflation.)

Persons: Goldman Sachs, ” Lawrence Yun, Biden’s Organizations: Bank of America, Deutsche Bank, National Association of Realtors

A hotter-than-expected inflation report has pushed back expectations for a Federal Reserve interest rate cut. This means mortgage rates are likely to remain elevated for longer than many forecasters had anticipated. This would keep mortgage rates elevated throughout the summer homebuying season, when many home shoppers will be looking to get a mortgage. "March inflation figures were very bad, which also means bad news for interest rates," Lawrence Yun, chief economist for the National Association of Realtors, said in a blog post reacting to March's CPI data. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: Lawrence Yun, you'll, Fannie Mae Organizations: Federal, Labor Statistics, National Association of Realtors, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ Mortgage rates rise after disappointing March inflation report
▼ + stars: | 2024-04-11 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington CNN —Mortgage rates drifted higher this week, and could increase further, in a sign that America’s affordability crisis isn’t letting up. The Federal Reserve doesn’t directly set mortgage rates, but its actions do influence them, and hotter-than-expected inflation readings could keep the central bank from reducing interest rates. That doesn’t bode well for lower mortgage rates, and economists don’t expect rates to fall below 6% this year, especially if the Fed does not end up cutting interest rates. Inventory gains could improve affordabilityMortgage rates are not expected to drop meaningfully this year, but further improvement in housing inventory could improve affordability. A lack of homes has been a longstanding issue keeping America’s housing market unaffordable and is especially frustrating for first-time buyers.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, doesn’t bode, Joe Biden Organizations: Washington CNN —, Federal Reserve, “, Federal, Treasury, National Association of Realtors, Homeowners, Fed

Morgan Stanley raised its price target on Nvidia, calling for more than 15% upside going forward. — Lisa Kailai Han 5:53 a.m.: Jefferies lowers Tesla price target, cites 'self-inflicted' wounds Tesla's troubles may not be over yet, according to Jefferies. The investment firm kept its hold rating on the electric vehicle maker and lowered its price target to $165 from $185. Jefferies analyst Philippe Houchois also said Tesla is plagued by shifting product priorities. — Lisa Kailai Han 5:53 a.m.: Morgan Stanley raises Nvidia price target Nvidia has already rallied more than 72% in 2024.

Persons: Morgan Stanley, Jefferies, Patrick Cunningham, Erik Fyrwald's, Cunningham, — Lisa Kailai Han, Zillow, John Colantuoni, Colantuoni, Scott Schoenhaus, Schoenhaus, Lisa Kailai Han, Hess, Betty Jiang, CVX, Jiang, Tesla, Philippe Houchois, Joseph Moore, Moore, — Fred Imbert Organizations: CNBC, Nvidia, Citi, Management, & Biosciences, Jefferies, National Association of Realtors, Markets, GDRX, Barclays, Chevron, NVIDIA, AMD Locations: Tuesday's, China

☆ 5 cities that will give you a house or land for free
▼ + stars: | 2024-04-10 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +1 min

Some towns and cities want people to move there so badly that they give things away for free. Some places are offering property to free homes or land. Here's a list of cities across the country that give free property to movers. According to the latest data from the Realtors' Land Institute, sales of American land increased 1.2% from 2022 to 2023, while its cost jumped 1.9%. Perks range from $10,000 cash, like in Tulsa, to free childcare and access to coworking spaces.

Persons: — Organizations: Service, Realtors, Land Institute, Business Locations: Tulsa

☆ Stocks making the biggest moves midday: Cava, Nvidia, Deckers, Block, Taiwan Semiconductor and more
▼ + stars: | 2024-04-10 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Cava — Shares jumped 4.4% after Argus upgraded the Mediterranean food chain to buy from hold, saying investors should buy the dip. Cava has a "long runway to growth," the firm said. Nvidia — Shares rose 1.7% as the "Magnificent Seven" leader tried to claw its way out of correction territory . Earnings came in at 45 cents per share, 9 cents ahead of the 36 cents expected by analysts polled by LSEG. Alibaba — Shares rose 1.2% on news that Jack Ma, co-founder of the China-based e-commerce company, touted Alibaba's management and talked about the potential for AI in an internal memo to employees.

Persons: Truist, Cava —, William Blair, Vital, Jefferies, Wednesday's, Albemarle, Jack Ma, Samantha Subin, Michelle Fox Theobald, Lisa Kailai Han Organizations: Hoka, Argus, Nvidia, Vital, Mizuho, Zillow, National Association of Realtors, GoodRx Holdings, Delta Air Lines, LSEG, Bank of America, Taiwan Semiconductor Manufacturing Locations: Cava, China

☆ Buyers of newly built homes can face a property tax surprise. Here’s why
▼ + stars: | 2024-04-09 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

With new builds, property taxes can change dramatically after purchase because initial rates are often based on estimates. Why property taxes can jump for new buildsWhen lenders qualify someone for a home purchase, they factor in the principal, the interest payment on the mortgage, homeowner's insurance and property taxes. Instead, mortgage lenders will often use an older tax rate from the area or an estimated tax rate to calculate the owner's monthly payment. watch nowInitially, the homeowner will typically pay the estimated property tax rate into escrow. Depending on the local tax assessment cycle, the county office will eventually assess the value of the new house to determine the actual property tax rate.

Persons: homebuyers, Melissa Cohn, Brian Nevins, Cohn Organizations: Getty, National Association of Realtors, William, Mortgage, Bay Equity

☆ 11 U.S. cities where you need to earn over $200,000 to buy a typical home
▼ + stars: | 2024-04-09 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

You'll need to earn just over six figures to buy a typical home in the U.S. right now. San Jose is by far the most priciest place to buy a home, even among 10 other metro areas where qualifying income exceeds $200,000. Some of the wealthiest people in the U.S. live in cities like San Jose, San Francisco and Anaheim. In contrast to California's most expensive markets, the qualifying income needed to buy a typical home in the U.S. overall is $103,835. It's even cheaper in the Midwest and the South, where the qualifying income is $74,967 and $95,511, respectively.

Persons: NAR's Organizations: National Association of Realtors, Thousand Oaks, San, Housing Finance Agency, CNBC Locations: U.S, California, San Jose, Jose, Sunnyvale, Santa Clara , California, Anaheim, Santa Ana, Irvine , California, Francisco, Oakland, Hayward , California, Honolulu, Hawaii, Salinas , California, Diego, Carlsbad , California, Oxnard, Ventura , California, San Luis Obispo, Paso Robles , California, Angeles, Long, Glendale , California, Boulder , Colorado, Naples, Marco Island, Florida, San Francisco, Atherton, Midwest

Average 30-year mortgage rates increased to 6.82% last week, according to Freddie Mac. Though it's possible mortgage rates won't ever go that low again, they are expected to drop a bit this year. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year Fixed Mortgage RatesThe average 30-year fixed mortgage rate was 6.82% last week, according to Freddie Mac. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: Freddie Mac, you'll, it's Organizations: National Association of Realtors, Mortgage Bankers Association, Zillow, Federal Reserve Locations: Chevron

☆ 5 US cities that will give you a free house or land
▼ + stars: | 2024-04-06 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +2 min

Some cities in the US try to lure people to move there by giving away property for free. In some spots, land is given for free, but the recipient is responsible for building a home. Here's a list of cities across the country that give free property to movers. Some towns, meanwhile, are offering movers land or entire homes at low or no cost. Here are a few places across the country that are offering land or property to movers.

Persons: —, they're Organizations: Service, Realtors, Land Institute Locations: Tulsa, In Kansas, Iowa

☆ Justice Department Says It Will Reopen Inquiry Into Realtor Trade Group
▼ + stars: | 2024-04-05 | by ( Debra Kamin | ) www.nytimes.com time to read: +1 min

The Justice Department will reopen an antitrust investigation into the National Association of Realtors, an influential trade group that has held sway over the residential real estate industry for decades. The investigation will focus on whether the group’s rules inflate the cost of selling a home. about broker commissions and how real estate listings are marketed. Pending federal court approval, N.A.R. will pay $418 million in damages and will significantly change its rules on agent commissions and the databases, overseen by N.A.R.

Organizations: Department, National Association of Realtors, U.S ., Appeals, District of Columbia, N.A.R

☆ The 7 biggest home-staging mistakes people make when trying to sell their house
▼ + stars: | 2024-04-02 | by ( Erin Mcdowell | Samantha Grindell | ) www.businessinsider.com time to read: +1 min

Staged homes sell 88% faster and for 20% more than non-staged homes, a report found. Interior designer Dan Mazzarini and home stager Meridith Baer shared common home-staging mistakes. Business Insider spoke to Dan Mazzarini, an interior designer and the creative director at BHDM Design , and Meridith Baer, the owner of Los Angeles-based luxury home-staging company Meridith Baer Home, about the biggest mistakes people make when staging. AdvertisementA 2023 report by Realtor.com also found that staged homes sell 88% faster and for an average of 20% more than non-staged homes. Here are the biggest home-staging mistakes people make when trying to sell their house.

Persons: Dan Mazzarini, Meridith Baer, —, Realtor.com Organizations: Service, Business, National Association of Realtors Locations: Interior, Los Angeles

☆ Baltimore’s economy has been humming. Then a bridge collapsed
▼ + stars: | 2024-04-02 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Baltimore’s regional economy has a lot going for it such as low unemployment and low inflation. That’s well below the national rate of 3.9% in February and ranks 43rd out of 389 regions across the country with more than one million residents. Low inflationThe US economy is still dealing with high inflation, but that’s not much of a problem for the Baltimore metro. Inflation in Baltimore slowed dramatically last year from April to June, falling to a 2.8% annual rise from April’s 5.3%. Like across the country, rising energy prices have recently pushed up overall inflation in the Baltimore metro.

Persons: Francis Scott Key, Prince, it’ll, Matt Rourke, Matt Jaffe, “, ” Jaffe, that’s, That’s, ” Christina DePasquale, Johns, Freddie Mac Organizations: Washington CNN, CNN, Towson, Labor Department, Washington D.C, U.S, Baltimore, Johns Hopkins Carey Business School, National Association of Realtors, NAR, Fed Locations: Baltimore, Port, Baltimore County, Columbia, Boston, Orlando, Atlanta, Washington, Dundalk, Md

☆ A boomer who moved from California to Florida started a Facebook group to help friends make similar moves. 300,000 members later, guiding Californians to new states is his full-time job.
▼ + stars: | 2024-03-31 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +11 min

A few years ago, Terry Gilliam, 64, packed his bags, sold his East Bay, California home, and moved to Florida. After founding two Facebook groups for California movers, he realized thousands more were in the same boat. His groups, Leaving California and Life After California, have nearly 300,000 members between them. Gilliam moved to Winter Park, a city of 29,000 outside Orlando, to help care for his parents. Van Edom, the Knoxville realtor, said Knoxville is a newly popular destination for California movers.

Persons: Terry Gilliam, Gilliam, It's, they're, I've, Terry Gilliam Terry Gilliam, Haley Van Edom, California Gilliam, I'm, he's, He's, Craig Blessing, Van Edom, Shay Felknor, Berkshire Hathaway, Dan Joyner, there's, Felknor, Ethan Lanagan, Lanagan Organizations: Service, Business, Golden State, realtors, Golden, Edom Home Group, Disney, California Facebook, Universal, Estate Services, Berkshire Hathaway C, Dan Joyner Realtors, Sacramento — Locations: Bay , California, Florida, California, . Texas , Arizona, Golden State, Knoxville , Tennessee, Connecticut, Texas, Tennessee, Arkansas, Orlando, shutdowns, Texas , Florida, Georgia, South Carolina, Southern California, Central Florida, Van, Knoxville, Berkshire, Greenville , South Carolina, San Diego, Sacramento, Atlanta, North Carolina , Tennessee, Nashville , Tennessee, Franklin , Tennessee, Orange County, Franklin

☆ I'm buying a house in 2024. Here's why I'm sticking with a traditional fixed-rate mortgage despite the trendier options promising to save me money.
▼ + stars: | 2024-03-31 | by ( Cork Gaines | ) www.businessinsider.com time to read: +8 min

Despite enticing alternatives, a fixed-rate mortgage remains the best option for us. With mortgage interest rates still close to 7%, alternative mortgages like adjustable-rate loans and mortgages with shorter maturities are gaining in popularity. AdvertisementThe beauty of the fixed-rate mortgage is that it offers certainty in an uncertain world. Any gain somebody might get with a lower interest rate might be offset by paying more for the house. So, we will be sticking with a fixed-rate mortgage and shopping around for the best rate.

Persons: —, Sarah Alvarez, Alvarez, Brandon Bell, Freddie Mac Organizations: Service, William, Mortgage, Business, ARM, Treasury, Street Journal, FG, National Association of Realtors Locations: Austin , Texas

☆ The Realtors settlement is already changing the way some Americans buy and sell homes
▼ + stars: | 2024-03-30 | by ( Samantha Delouya | ) edition.cnn.com time to read: +6 min

The mere prospect of a future settlement has already caused some Americans to change their behavior when buying and selling their homes. If approved by a judge, the settlement comes with new rules for Realtors. Potential for lower homebuying costsThe new rules could help lower home prices, experts say. Sales commissions, traditionally shared between a buyers’ agent and the agent who lists a home on the market, are usually between 5% and 6% of a home’s selling price. But, for the time being, buyers’ agents will still be able to see that Hanley isn’t offering them compensation, potentially disincentivizing them from showing his home to clients.

Persons: homebuyers, ”, Debra Dobbs, Jeremy Cannon, Cannon, ” Cannon, “, Matt Hanley, ” Hanley, “ I’m, Hanley isn’t, Hanley, “ We’ve, ‘ Let’s, ’ ”, Mariya Letdin, Letdin, ” Letdin Organizations: CNN, National Association of Realtors, Realtors, ”, NAR, Florida State University Locations: Chicago, Corona , California, Minnesota

☆ The housing market is thawing as an increasing number of 'mortgage lock' homes go up for sale, JPMorgan says
▼ + stars: | 2024-03-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The housing market looks to be gradually approaching a recovery. A growing number of mortgage-locked homes are going up for sale, JPMorgan said. AdvertisementThe housing market looks like it's starting to thaw, thanks to a growing number of mortgage-locked sellers who are opting to put their homes on the market anyway, according to JPMorgan Asset Management. Homeowners could now be more willing to dip into the housing market, as many are realizing high mortgage rates aren't going away anytime soon, real estate economists have said. Researchers from the Federal Housing Finance Agency recently warned that the mortgage lock-in effect could linger for years to come, barring a sudden drop in mortgage rates.

Persons: —, Stephanie Aliaga, Aliaga Organizations: JPMorgan, Service, Asset Management, National Association of Realtors, Homeowners, Fed, Buyers, Federal Housing Finance Agency

☆ The Homeowners Who Beat the National Association of Realtors
▼ + stars: | 2024-03-27 | by ( Debra Kamin | ) www.nytimes.com time to read: +1 min

When Rhonda Burnett went to sell a home in 2016, she knew she would have to pay a commission to her real estate agent. Ms. Burnett was instructed to select one, and she picked 6 percent. “I shop sales,” Ms. Burnett, 70, said with a laugh. She spent three decades as a stay-at-home mother while her husband, Scott Burnett, 72, worked for a waste management company and spent 20 years working as a local legislator. But when I asked her if I could negotiate, she said, ‘No, you really can’t.’”

Persons: Rhonda Burnett, Scott Burnett, Burnett, “, Ms, “ I’m, ‘, ’ Locations: Kansas, Hyde, Kansas City

Search resuls for: "Realtors"

25 mentions found