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    Home sellers are slashing prices at the highest level since 2019 as the red-hot housing market shows signs of finally cooling down. Real estate brokerage Redfin found that nearly 1 in 5 sellers, more than 19%, dropped prices for the month ending on May 22. That marks the highest rate since October 2019, the study found. The news comes as sales of new homes are tumbling to pre-pandemic lows. New home sales in April plummeted from just a month ago, dropping a whopping 16.6% to a seasonally adjusted annual rate of 591,000, the Census Bureau announced earlier this week. The number was far below what forecasters had expected and shows that the housing market is slowing faster than many might have anticipated. “The picture of a softening housing market is becoming more clear, especially to home sellers who are increasingly turning to price drops as buyers become more cost-conscious under higher mortgage rates,” said Redfin chief economist Daryl Fairweather. NEW HOME SALES FALL TO PRE-PANDEMIC LEVELS Additionally, existing-home sales declined by 2.4% in April to...
    TODAY'S housing market remains a mystery to some. Despite increasing interest rates, affordability and other disruptions, the market continues to swell, confusing buyers, sellers and experts along the way. 1The unpredictable housing market has experts warning of overcorrection During the pandemic, we saw the beginning of the boom as the market saw record growth. A Realtor.com survey found that in the spring of 2021, only 10% of homeowners had plans to sell within 12 months but by fall, that number jumped to 26%. Many experts think that correcting the market will eventually lead to overcorrection, making housing unaffordable to the majority of Americans. To avoid any potentially harmful housing errors, consider these four mistakes experts are seeing. Read More on Housing KEY TO IT Thousands of homebuyers to get $10,000 grants under boosted program HOUSE THAT Exact time of the year to best sell a home revealed - you'll need to be quick 1. Pricing your home wrong Housing experts told The Sun that we can expect a competitive seller’s market as demand for first-time buyers exceeds inventory. Home...
    I went house hunting last weekend. No, not for me. I tagged along with my daughter and her fiancé, who are moving from Texas to Colorado after she graduates from vet school (insert party hats and noisemakers here) next month. Even for this seasoned house hunter, the experience was humbling. I have never seen so many over-priced, underwhelming houses sell for over asking price in the time it takes you to say new paint. Last weekend, we toured 12 houses. By Sunday night, all 12 had gone under contract, including the one the kids made an offer on and did not get. Now here’s where I need to pause to deeply inhale smelling salts. On the one house they liked, the one that actually made their hearts beat a little fast, they made an all-cash offer for $15,000 over the asking price. The selling agent sent a text to our agent that literally said the offer “does not appeal.” She was expecting higher offers with a longer rent back — the seller wants to live in the house for five months free...
    In this article AMZN Amazon aggregators are in the midst of a buying frenzy. They're trying to entice sellers who have successful brands on Amazon with incentives like Tesla giveaways and exclusive parties. Some of the biggest Amazon aggregators, Thrasio and Perch, have valuations in the billions of dollars. In July, they were among the many companies in the space attending the Prosper Show, a popular conference for Amazon sellers. The marketing and recruiting dollars were flowing as they sought to lure sellers to join them.Performers entertain Amazon sellers at an exclusive after party thrown by Amazon aggregator Thrasio at The Bellagio in Las Vegas, Nevada, on July 14, 2021.Chris McCabe"People giving away a Tesla, just a lot of talk on the commissions if you're able to bring in a deal, and just to be honest, it's like the talk of the town," said Casey Gauss, a vice president at Thrasio, which has raised $1.75 billion and acquired more than 125 Amazon brands since it was founded in 2018. CNBC ranked Thrasio, whose investors include Oaktree Capital and Upper90 Capital,...
    A sale pending sign is posted in front of a home for sale in San Anselmo, California.Justin Sullivan | California Pending home sales, a measure of signed contracts on existing homes, rose 1.9% in March compared with April, according to the National Association of Realtors. Forecasters had expected a 5% gain. Pending sales were 23.3% higher than March 2020, but that annual comparison is skewed widely because the housing market essentially ground to a halt last March at the start of the pandemic. The market then rebounded strongly last summer and is still showing incredibly strong demand. Pending home sales are a forward-looking indicator of closed sales in one to three months.CNBC Real EstateRead CNBC's latest coverage of the housing market: Mortgage rates fall to a two-month low, but weekly demand still drops February home prices see the biggest gain in 15 years, S&P Case-Shiller says How Biden's capital gains proposal may hit middle-class home sellers in red-hot markets "Low inventory has been a consistent problem, but more inventory will show up as new home construction intensifies...
    A person takes a photo in front of a piece by Mashkow, during a press preview on March 25, 2021 of the grand opening of Superchief Gallery NFT, a physical gallery dedicated exclusively to NFT (non-fungible tokens) artwork in New York.Timothy A. Clary | AFP | Getty Images Sales of nonfungible tokens, or NFTs, soared to more than $2 billion in the first quarter — more than 20 times the volume of the previous quarter, according to a report from NonFungible.com. There were $93 million in transactions in the fourth quarter of 2020, according to the website, which tracks NFT transactions and marketplaces. Its first-quarter total does not include sales of NBA Top Shots — the video highlights that are being turned into NFTs and traded. Those trade on the Flow platform and racked up sales of $472 million in the first quarter, according to NonFungible.com. Despite recent data showing a big drop in average prices from February, sales of NFTs at the start of the year showed an explosion of interest and buying. NonFungible.com said there were more...
    NEW YORK (AP) — Shares of ThredUp rose 30% in their stock market debut Friday, reflecting investor enthusiasm for the online seller of second-hand women’s and children’s clothing. The stock market debut followed strong investor enthusiasm for Poshmark Inc., whose stock more than doubled to $101.50 valuing the company at $7.4 billion in its showing on Jan. 14. However, Poshmark’s shares have come down more than 60% since then. Late Thursday, ThredUp’s initial public offering of 12 million shares was priced at $14 apiece, the high end of its estimated range of $12 to $14, according to a statement by the company. That raised about $168 million before underwriting fees. The shares, opened at $18.25 late Friday morning on the Nasdaq Global Select Market under the symbol “TDUP.” Shares ticked up to $18.48 by mid-day. “I am thrilled with how the stock is being received, but it’s just one day and we have great years of opportunity in front of us,” said James Reinhart, the co-founder and CEO of ThredUp, during an interview with The Associated Press Friday. Reinhart...
    By DALATOU MAMANE, Associated Press NIAMEY, Niger (AP) — Gunmen on motorcycles attacked a group of civilians returning from market day in a volatile corner of Niger, leaving at least 58 people dead and then burning granaries to the ground, the government said Tuesday. There was no immediate claim of responsibility for Monday's massacres, though extremists belonging to the Islamic State in the Greater Sahara group are known to be active in the Tillaberi region where the villages were attacked. The victims were returning home from a large livestock market in Banibangou, near Niger's troubled border with Mali. The suspected extremists also destroyed nearby granaries that held valuable food stores. Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Tags: Associated PressGalleriesNewsCartoons on President Donald TrumpPhotosPhotos You Should See - March 2021PhotosPhotos: America's Pandemic TollNewsThe Week in Cartoons: March 15-19RecommendedNational NewsMayorkas Sees ‘Difficult’ Challenge at BorderHealthiest Communities Health NewsDoctors Debate Blood Thinner After C-SectionsHealthiest Communities Health NewsWho Are the COVID Long-Haulers?PhotosPortraits of Resilience Health NewsModerna Begins Vaccine Trial in KidsCoronavirus Bulletin Stay...
    NIAMEY, Niger (AP) — Gunmen on motorcycles attacked a group of civilians returning from market day in a volatile corner of Niger, leaving at least 58 people dead and then burning granaries to the ground, the government said Tuesday. There was no immediate claim of responsibility for Monday’s massacres, though extremists belonging to the Islamic State in the Greater Sahara group are known to be active in the Tillaberi region where the villages were attacked. The victims were returning home from a large livestock market in Banibangou, near Niger’s troubled border with Mali. The suspected extremists also destroyed nearby granaries that held valuable food stores. Copyright © 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
    Simple math explains why the Northern Virginia housing market is so competitive for potential buyers: In February, there were 1.41 pending home sales for every one home for sale. That measures the number of active listings as of the end of February against contracts signed to buy a home, but sales not yet closed, over the course of the previous several weeks, and demonstrates there is not enough on the market in Northern Virginia to keep up with demand. That is especially true for buyers looking for a house and a yard. “Single-family homes and town houses under $1 million in all parts of Northern Virginia had less than one month of inventory at the end of February,” said Derrick Swaak, president of the Northern Virginia Association of Realtors. “Competition for well-priced, desirable detached homes was fierce in that price point, with many buyers waiving contingencies just to get their offers looked at.” The NVAR’s footprint covers Fairfax and Arlington counties; the cities of Alexandria, Fairfax and Falls Church; and the towns of Vienna, Herndon and Clifton. The number of...
    SAN FRANCISCO (KGO) -- "This market has people ripping their hair out" is how Bay Area real estate agent Hans Struzyna started his conversation with ABC7 news anchor Reggie Aqui. The COVID-19 pandemic has pushed a lot of rules out the door so we caught up with Struzyna to get his opinion on the state of real estate in the Bay Area.By now, you've probably heard a story or two about a growing number of people moving out, but at the same time it's still difficult to find affordable housing. Struzyna says it's because there's just a lack of inventory.Are we in a real estate bubble?Struzyna says it seems that way. "A bubble generally is exuberant spending," Struzyna said. "I'm seeing people spend huge amounts of money above the comps."He says he just had a buyer write an offer for a property in Albany. They were one of 16 offers and they went about $50,000 over the best comp in the area... yet they got beat out by over $300,000. It's hard to take an anecdote and apply it to...
    Traders work on the floor of the NYSE.NYSE Short sellers on the ropes — or are they?  Short sellers clearly have picked the wrong names in January.  The GameStop phenomenon — where buyers deliberately target heavily shorted stocks — is only the most recent development in a long series of failures from short sellers. But don't count them out yet.Most short sellers lose moneyThe markets relentless rally has not been kind to short sellers for many years. For all the attention that is put on superstar short sellers, most of these managers lose money. Equity shorts lost $243 billion in 2020, a return of negative 26%, according to S3 Partners. This month, their performance is even worse. In January alone, they are down $91 billion, according to S3. And while traders often focus on stocks that have made money for short sellers due to being in sectors that were out of favor (ExxonMobil) or had accounting irregularities (Luckin Coffee and Wirecard), most shorts do not succeed. In 2020, 57% of all securities shorted lost money. Sixty-eight percent of every dollar bet lost money....
    Does OSU belong in the playoff? CFP committee paints itself in a corner Meghan and Harry Are the Most Tweeted-About Royals in 2020 Should You Sell Your Home to an iBuyer in 2021? One day in October, Sosan Samarneh stepped out of her three-bedroom home in Jacksonville, Florida, locked the front door and dropped the key in a secure box. Navigating the process online without an agent, she had just sold her house to real estate company Opendoor. © Sam Island for Money Selling-to-ibuyer “The next day, the close was final,” said Samarneh, who works as a financial analyst for a hospital. “It was just such a pain free-experience. I still can’t believe how easy they made it.” Load Error Opendoor is one of several so-called instant-buyers — often referred to as iBuyers — that have emerged in the last several years. Others include startup Offerpad and branches of bigger companies like Zillow Offers and RedfinNow. These companies buy homes in select markets for cash, make necessary upgrades and then resell them, aiming for a small profit per...
    New York City to re-open field hospital as COVID-19 cases spike Apple’s head of global security indicted on bribery charges Hershey drove a record spike in cocoa prices after reportedly sourcing beans from the futures market instead of physical sellers © Lee Jae Won/Reuters Lee Jae Won/Reuters Hershey's move into cocoa futures trading pushed the market into chaos this month and boosted prices to record highs. The candy producer bought cocoa beans through the ICE Futures exchange in mid-November, Bloomberg reported Friday. The trade allows Hershey to obtain cocoa at lower prices, as chocolate producers typically buy from physical suppliers who charge various premiums. The trade was so big it lifted December-delivery contracts as much as 13.4% from November 13 to November 16. It also placed December contracts at a record-high premium over the next contract. Watch cocoa trade live here. Hershey threw the cocoa market into chaos earlier this month after taking an unconventional approach to sourcing beans. Load Error The candy producer bought cocoa beans through ICE Futures exchange in mid-November, Bloomberg reported on...
    PHT Morning Skate: Marleau on future; Dach back with Canada Demi Lovato Shaved Half Her Head in a Major Hair Transformation Sellers Are Asking for Odd Contingencies in This Hot Housing Market © Provided by Millionacres Sellers Are Asking for Odd Contingencies in This Hot Housing Market The combination of limited inventory (thanks, coronavirus) and low mortgage rates has made today's housing market one in which sellers have the upper hand. Not only do sellers now have the option to command higher prices for their homes, but they can also ask a lot more of buyers when closing a deal. Some sellers, however, may be taking things to a bit of an extreme in that regard. In fact, The Wall Street Journal reports some sellers are making rather outlandish requests. One California seller, for example, is insisting the cat that's lived in the home for three years stay put. To put it another way: Anyone who buys that house will be stuck with a cat. Meanwhile, a seller in Philadelphia who's taken to hanging a fake skeleton outside the...
    DENVER (CBS4) – October was another impressive month in the housing market, with a record high average of home sales price and a record low figure of inventory, according to a report released Thursday by the Denver Metro Association of Realtors. Agents say the trend is a surprise when there is usually a slowdown after the summer and into the holiday season. “I’m not seeing any kind of a slowdown at all. I’ve got buyers this weekend. I’ve got people flying in from three different states next weekend,” said Lori Abbey, a realtor and owner of The Abbey Collection. “We are going as if it’s still the spring market.” Abbey says a strong economy in Colorado, and the desire to live here because of the weather, continues to bring outside interest from across the country. She says that only adds to the build up in interest during the summer months when the shutdown from the pandemic affected the market in March and April. Detached homes averaged a sale price of $625,100 — and an attached home averaged $393,733. The...
    USA TODAY Sports Super 25 high school football rankings: Week 9 Train derailment leaks corrosive product near Texas-Louisiana border In an intense seller’s market, here are 6 ways buyers can compete As Mario Castellitto shopped for homes this summer, he realized he had stepped into a frenzy of bidding wars and soaring property prices. Before the attorney landed a home in Connecticut, he made generous offers on several properties, only to lose out to more aggressive bidders. © JayLazarin/Getty Images New England house "It was unbelievably frustrating," Castellitto says. "A house would come on the market in the morning, and by noon it was gone." Load Error Castellitto persevered — he eventually locked in a deal by offering $16,000 over the seller's asking price. His experience has become common during the unusual housing market of 2020. Too many buyers are chasing too little inventory. As a result, buyers are offering to pay more than list prices. Those with the means can dangle all-cash bids and even skip appraisals and inspections. "It's just bananas," says Andy Sachs, an agent...
    Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York City The opportunity to have more space during the current COVID crisis has brought increased demand from buyers and renters to The Hamptons. Join Behind The Hedges’ free online webinar and hear from local real estate agents who are experts on Hamptons real estate. They will provide an update on the current status of the Fall season on Thursday, Oct. 22 at 4 p.m. Agents will talk about the different hamlets on the South Fork, how to find a community that’s a good fit, timing, pricing, living in the Hamptons year round and what to expect going into the Fall/Winter season. Judi Desiderio, CEO and President of Town & Country Real Estate, an independent real estate firm with eight offices throughout the Hamptons and across the North Fork brings over three decades of experience. For more than 25 years, The Hamptons’ most discerning buyers, sellers, renters and investors in luxury and waterfront homes have entrusted Enzo Morabito of Douglas Elliman.  A life-long...
    There have been six Charged A major arbitration tribunal in the state of Washington has accused Amazon of bribing employees to handle third-party vendor lists on the e-commerce site, including listings for defective or dangerous products Officials said. Beginning in 2017, people, including two former Amazon employees, gave Amazon lists of products and accounts that Amazon had blocked or withheld from its market for more than $ 100,000, allowing third-party vendors to promote and sell their products, the Department of Justice said. Ex-employees also provided internal Amazon information, which allowed attacks on other third-party vendors and their accounts, including filling sellers’ product lists with fake negative reviews, officials said. Defendants approached contact information for Amazon employees and customers, which they shared widely, officials said. Three of the population are from New York, one from Georgia, one from California and one from India. “Realizing that they could not compete on a level playing field, the subjects turned to bribery and fraud. Equally, they not only tried to increase sales of their own products, but also tried to damage and discredit their...
    MELROSE (CBS) – Single-family homes in Massachusetts are hitting the market and selling fast. “The market is very hot, very hot,” Century 21 Realtor Lisa Howitt said. Howitt is a realtor in Melrose and said most homes are going under agreement in less than a week. “Over asking is very common because there is competition,” said Howitt. Single family homes in Massachusetts are hitting the market and selling fast. (WBZ-TV) Howitt just listed a single-family home in Melrose on Tuesday. She’s already scheduled six private showings and expects an offer by Monday. “Since COVID we’ve seen a bigger migration than normal from Boston, Charlestown, the densely populated areas,” said Howitt. The Massachusetts Association of Realtors said the inventory of single-family homes for sale is down more than 50% compared to this same time last year. “I think part of that is COVID related and we have some sellers that have delayed the entry of their homes into the market,” said Kurt Thompson, President Massachusetts Association of Realtors. Thompson said this is the best the sellers’ market he’s seen in 20...
    Elon Musk, co-founder and chief executive officer of TeslaYuriko Nakao | Bloomberg | Getty Images Investors betting against electric car maker Tesla have lost $18 billion so far this year, including $4 billion in July with the stock up more than 16%. That analysis, conducted by data-analytics firm S3 Partners, also showed that Tesla's short-interest level (the dollar value of all shares sold short) recently hit $19.95 billion and is poised to be the first stock to hit the $20 billion mark. S3 Partners' analysis shows Tesla short are down $18.08 billion in year-to-date, mark-to-market losses. Forty-three percent of those losses occurred in just over five weeks of trading with $3.71 billion in mark-to-market losses in June and $4.08 billion in July, the firm found. Though betting that a stock will go down always has the potential for big losses, Tesla's rally in recent months has proven especially damaging since the name remains the largest short in the U.S. market, according to S3 Partners director Ihor Dusaniwsky. Tesla's stock, which was up 1.1% around 11 o'clock Friday morning, is up more...
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