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    With the policy changes, securing a new home loan has become something of a volatile proposition. While 30-year fixed mortgages – the most popular type of loan among new homeowners – climbed to nearly 6% in June, they’ve since fallen back to just under 5%. “Mortgage rates remained volatile due to the tug of war between inflationary pressures and a clear slowdown in economic growth,” said Sam Khater, Freddie Mac’s chief economist. “The high uncertainty surrounding inflation and other factors will likely cause rates to remain variable, especially as the Federal Reserve attempts to navigate the current economic environment.” A survey released Monday by Fannie Mae shows that both buyers and sellers are pessimistic about the current market. Only 17% of those surveyed said now is a good time to buy a home. The share of sellers who think it’s a good time to list their homes dropped to 67% in July from 76% two months prior.
    The US housing market appears to be finally cooling off after seeing its least affordable days since the '80s. The number of homes being built and sold is declining, more and more buyers are backing out of deals, and some parts of the country are finally seeing price cuts. Pantheon Macroeconomics founder and chief economist, Ian Shepherdson, has called for a 15 to 20 per cent correction in an 'overvalued' housing market, which he warns is in a state of 'meltdown' with 'cratering demand.'   In a July 26 note, he declared we're no longer in a sellers' market and, 'the housing slump is deepening, fast... [this] will not be the bottom.’ While the housing market appears to be reaching a more stable state, the ups and downs of the real estate rollercoaster have left many home owners and prospective buyers in a state of doubt and upheaval. So, DailyMail.com spoke to a panel of housing market experts about what's going on in the market and where, why, and when to buy or sell your home.  The panel of pros features...
    For the first time in years, the tables are starting to turn in the Bay Area’s insane housing market — as prices drop, some sellers have been forced to make concessions. They’re chipping in to help pay closing costs and even to buy points to lower mortgage rates — all to convince increasingly reluctant buyers that the time is right to purchase a home. “I’m seeing sellers concerned about prices dropping,” said San Jose-based real estate agent Gustavo Gonzalez, who works with both buyers and sellers. While he said recent price drops have not been drastic, sellers are having to reset their expectations of what they can get for their property. The change comes as June home sale prices dropped from the previous month in all of the five core Bay Area counties, according to new data from CoreLogic and DQNews. Meanwhile inflation and interest rates remain high, giving many potential buyers pause. But there’s no reason to assume the real estate market is about to come crashing down, experts say. After all, prices are still extremely high. “The market...
    Bay Area home buyers faced with skyrocketing real estate prices and mortgage costs that have more than doubled over the last year appear to be hitting their limit, pushing more home sellers to do what has become almost unthinkable in the region’s white-hot market: cut prices. “A lot of buyers are being priced out,” said Nicole Bachaud, a market analyst for Zillow. “Demand is definitely pulling back.” Average U.S. mortgage rates hit 5.78% last week. With the typical home in the San Jose area valued at $1.7 million in May, the average monthly payment on a new mortgage reached a whopping $9,136 per month — nearly 60% higher than May of last year and more than 5% higher than April of this year, according to Zillow. Typical home values have risen more than 22% in the last year. In the San Francisco area, the typical home value of $1.5 million in May means a new-mortgage payment of $8,117 per month, more than 50% higher than May last year and more than 5% higher than April. Home values in the area...
    In this article ETH= BTC.CM= Selim Korkutata | Anadolu Agency | Getty ImagesBitcoin climbed on Tuesday after a slew of negative headlines had pushed the cryptocurrency to a new 2022 low over the weekend. The price of bitcoin jumped more than 7% to $21,617.70 around 10:50 a.m. ET, according to Coin Metrics. Over the weekend, it fell as low as $17,958.05. That was the lowest it has fallen since December 2020. Meanwhile, ether rose more than 7% to $1,185.17. The moves arrive on the heels of bearish headlines for the cryptocurrency industry that began with pressure from macroeconomic forces. Wholesale prices rose at a near record annual pace last week and the Federal Reserve hiked its benchmark interest rate by three-quarters of a percentage point, the biggest increase since 1994. Cryptocurrency companies, including Coinbase and BlockFi, are laying off employees. Crypto lenders, which promise users high yields for depositing their digital coins, have been sparking insolvency fears. Like in the stock market, investors are treading lightly around bear market bounces with some anticipating that cryptocurrencies could fall even further...
    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...
    A For Sale sign is displayed in front of a house in Washington, DC.Stefani Reynolds | Afp | Getty Images Sharply higher mortgage rates have caused a sudden pull-back in home sales, and now sellers are rushing to get in before the red-hot market cools off dramatically. The supply of homes for sale jumped 9% last week compared with the same period a year ago, according to Realtor.com. That is the biggest annual gain the company has recorded since it began tracking the metric in 2017. Real estate brokerage Redfin also reported that new listings rose nearly twice as fast in the four weeks ending May 15 as they did during the same period a year ago. "Rising mortgage rates have caused the housing market to shift, and now home sellers are in a hurry to find a buyer before demand weakens further," said Redfin Chief Economist Daryl Fairweather. Sellers clearly see the market softening. Pending home sales, a measure of signed contracts on existing homes, dropped nearly 4% in April from March. They were down just over 9%...
    From the end of 2021 through the first part of 2022, the D.C. real estate market was on fire, with a significant advantage going to sellers who sold their homes for much more than they were listed. But now there are signs that the market may be settling down, according to one real estate executive. “We’re just getting a sense that it’s slightly cooler right now, we’re still seeing situations where the best properties are getting multiple offers, probably not as many as we had four months ago,” said Corey Burr, senior vice president at TTR Sotheby’s International Realty. More Local News More Real Estate News More Business News Burr said the war in Ukraine, along with higher interest rates, are playing a role in the change being seen, and it leaves buyers and sellers adjusting to a “new market reality.” During the peak of things, Burr said it was not uncommon for sellers to have a lot of offers to choose from. However, that isn’t necessarily the case anymore. “We might have typically seen four to 10...
    VIDEO2:5102:51Use market downturn to upgrade your portfolio with solid, reasonably priced growth stocks, Cramer saysMad Money with Jim Cramer CNBC's Jim Cramer on Monday said that investors willing to brave the current market should switch out their nonprofitable holdings for stocks that have cheap valuations and better-than-average growth rates. "I'm not advocating staying in the market, so much as I want you to take some losses and swap into better stocks that can spring back because their losses are just collateral damage. ... The ones that can make things, send you back money," the "Mad Money" host said. "I say you put some cash to work now in the tangible, growth-at-a-reasonable-price stocks. … As for the former high-fliers, if you still own them, I recommend selling them on a snapback and upgrading your portfolio into something that better fits this difficult moment," he added. Stocks plunged on Monday, with the Dow Jones Industrial Average tumbling 1.99% while the Nasdaq Composite fell 4.29%. The S&P 500 dropped 3.2%, sinking below 4,000 for the first time in more than a year. "When...
    DENVER (CBS4)– After a year of record price hikes in real estate across the Denver metro area, sellers are feeling pressure to lower prices. Prices jumped $100,000 in less than a year in just about every zip code in Aurora, according to the Colorado Association of Realtors.  Median home price data show dramatic spikes from 2021 to 2022: Zip Code 80011 – $399,500 to $484,000 Zip Code 80013 – $450,000 to $550,000 Zip Code 80015 – $502,500 to $632,000 But sellers looking to cash out on that appreciation are facing competition now, said Aurora Realtor Sunny Banka of Sunny Homes and Associates. (credit: CBS) “Things are starting to balance out just a little bit so you have to be a little more realistic.” Banka advised sellers Dale and Loretta Lindsey to drop the asking price for their ranch-style home by $20,000 to $575,000 after just a couple of weeks on the market. Banka said, “We’re seeing a few price reductions in certain price ranges and certain areas and a lot of that is due to the increase in the interest rates...
    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...
    VIDEO2:3502:35Total mortgage demand plummets 41% year-over-year amid rising ratesSquawk Box Several new reports from real estate companies suggest buyers may be starting to get a break in this red-hot housing market. More listings are coming up for sale, and some sellers are lowering their asking prices.  The number of new listings last week jumped 8% from a year ago, according to Realtor.com. This follows four straight weeks of annual declines in new listings. The total amount of active inventory for sale is still down 13% from a year ago, but it may be on track, given the rise in new listings, to surpass year-ago levels by this summer. New listings tend to peak in May. Prices, however, are still well above year-ago levels. Higher mortgage rates are also making houses less affordable. The average borrower is now paying about 38% more than they would have for the same home a year ago on a monthly payment. "For some buyers, general inflation and related mortgage rate hikes mean less budget flexibility to pursue freshly-listed homes. For those who can afford to...
    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...
    Real estate agents leave a home for sale during a broker open house in San Francisco, California.Justin Sullivan | Getty Images Anyone out there searching for a new place to live knows there is not much to buy. Total supply and new listings are at record lows, and that means that what is on the market now is selling fast. Really fast.  The average home spent just 61 days on the market, according to a January reading from Realtor.com. That is the fastest pace Realtor.com has recorded since it began tracking the metric in 2016. It's 10 fewer days than at the rate recorded in January 2021 and 29 fewer than the 2017-20 pace. Homes sold even faster in several metropolitan markets. In Nashville, the average was just 29 days. In Denver, 35 days. The pace was 38 days in Las Vegas and 39 days in Seattle. Markets in the South saw the biggest yearly decline in the number of days it took to sell a home. Meanwhile markets like Minneapolis, Richmond and Washington, D.C., saw the time on the...
    Traders work on the floor of the New York Stock Exchange.Brendan McDermid | Reuters Short sellers are reaping huge profits this year, as the stock market's brutal bloodbath fuel their bearish bets. The short-selling cohort has gained $114 billion in January mark-to-market profits as of Friday's close, up 11.6% for the year, according to data from S3 Partners' Ihor Dusaniwsky. The sell-off in the new year has been severe. The S&P 500 briefly dipped into correction territory on Monday, falling more than 10% from its record high. Technology shares bore the brunt of the washout, with the Nasdaq Composite dropping about 13% in January, on pace for its worst month since October 2008. The stock rout was triggered by a potential policy shift from the Federal Reserve. The central bank has signaled interest rate hikes this year as well as a tapering of asset purchases and a balance sheet reduction. The potential action would mark an aggressive hawkish tilt for the Fed after nearly two years of ultra-easy monetary policy to support the economy from the pandemic. "While longs have...
    LOS ANGELES (CBSLA) — Southern California’s red-hot housing market hit another record-high last month. The six county regions median sales price reached just over $697,000.  And data firm DQNews says that is up about 16.3 percent over the previous year. READ MORE: Saturday's Powerful Winds Wreak Havoc In Claremont, Across Foothill AreasLow inventory means it’s a seller’s market and experts blame a lack of new construction and current low mortgage rates. READ MORE: Authorities Still Searching For Suspect Wanted In Fatal Palmdale Shooting On FridayAs well, new or used, consumers looking for a car should be prepared to dig into their pockets. According to new data by the Anderson Economic Group, used car prices shot up 11 percent. MORE NEWS: Memorial For "The Fallen 13" Unveiled In Norco On SaturdayBut that’s not all. For those looking for a new car, it is even more expensive as new car prices spiked to 37 percent on an annual basis.
    IBuyers are one of the few true innovations to hit the real estate industry in recent years. Yet consumers haven’t fully embraced them because of misconceptions about how iBuyers work, and what types of problems they resolve for sellers and buyers. An iBuyer (for “instant buyer”) is a company that uses technology to make an automated offer on a home. After buying the house, the company fixes what’s broken, makes cosmetic repairs and sells it. IBuyers market themselves as a fast, convenient way to sell. Myths have grown around iBuyers: that they pay too little, inflate home prices and funnel owner-occupied homes to investors. A couple of those myths do have a grain of truth. Here’s what’s really going on with iBuyers. MYTH 1: IBUYERS LOWBALL HOMEOWNERS In a TikTok that went viral in September, a real estate agent implied that an iBuyer was manipulating house prices. In his hypothesis, the scheme was a two-stage process. The first step consisted of lowballing home sellers. But iBuyers don’t pay significantly less than the market price, said Mike DelPrete , a real...
    MilanItaly's antitrust watchdog said on Thursday it had fined Amazon 1.13 billion euros ($1.28 billion) for alleged abuse of market dominance, in one of the biggest penalties imposed on a US tech giant in Europe.Amazon (AMZN) said it "strongly disagreed" with the Italian regulator's decision and would appeal.Global regulatory scrutiny of tech giants has been increasing after a string of scandals over privacy and misinformation, as well as complaints from some businesses that they abuse their market power. As well as Amazon, Alphabet's Google (GOOGL), Facebook (FB), Apple (AAPL) and Microsoft (MSFT) have drawn heightened scrutiny in Europe.Italy's watchdog said in a statement that Amazon had leveraged its dominant position in the Italian market for intermediation services on marketplaces to favor the adoption of its own logistics service — Fulfilment by Amazon (FBA) — by sellers active on Amazon.it.The authority said Amazon tied the use of FBA access to a set of exclusive benefits, including the Prime label, that help increase visibility and boost sales on Amazon.it.Elizabeth Warren says Amazon is like a monster that must be fed every minuteRead...
    Jim CramerScott Mlyn | CNBC (This article was sent first to members of the CNBC Investing Club with Jim Cramer. To get the real-time updates in your inbox, subscribe here.)What I am looking at December 7, 2021: Where did all of those bozo sellers go from two weeks ago?... including the oil sellers... you cannot expect this market to be able to allow so many people to sell at once...panic is not a strategy...jokers to the left of me: the early morning tape painters — those who would try to make the market look bad, disappeared…perhaps after they were exposed last night on Mad Money? Intel (INTC) can't do it with earnings so they do it with break-up?... Intel to take self-driving unit public...$15.3 billion paid in March of 2107... Brian Krzanich bought it...new customer list needed... BMW is a client but BMW is the principal client of Nvidia (NVDA)... have they solved black ice?... (Brian now at CDK Global, software for car companies)... Coupa Software (COUP) —twilight of the idols?... seeing slight growth slowdown in cloud/digital ordering/procurement... MongoDB (MDB)... still strong and surprising given...
    Jim Cramer on CNBC's Halftime Report.Scott Mlyn | CNBC CNBC's Jim Cramer said he doesn't feel comfortable buying into Monday's early stock market bounce, following Friday's omicron-driven plunge, because the selling could resume in the event of future negative news about the highly mutated Covid variant. The Dow Jones Industrial Average — which had been up nearly 400 points, or more than 1%, shortly after Wall Street's open — gave up some of those gains. However, the S&P 500 and the Nasdaq were hanging on to most of their early session gains, advancing roughly 1% and nearly 1.5%, respectively. All three stock benchmarks sank more than 2% on Friday and finished lower last week. Cramer said on "Squawk on the Street," before Monday's open, that he's betting on science, including future reformulated Covid vaccines and promising new oral treatments, to mitigate the effects of omicron. "I'm coming back as being sanguine. Not today. Because you get the market up and the same people buying today, if they see someone who landed" in the U.S. and has the omicron variant, "they'll...
    NEW YORK (AP) — The skeptics on Wall Street have gone missing. As the stock market has surged to records — unbowed by recession, pandemic or warnings of a dangerous bubble — activity has dwindled to a nearly two-decade low for the traders known as short sellers, who make their money betting stocks will fall. This saddens nearly no one. From small-fry investors to members of Congress, critics paint short sellers as merchants of pain. People around the world celebrated early this year when GameStop’s stock suddenly hurtled higher, causing billions of dollars in losses for short sellers. Many called it a long-due comeuppance. But academics and short sellers themselves say they provide an important service suited for just this moment: pushing back against stock prices that may be rising too high, too fast. Despite concerns about the pace of the economic recovery and high inflation, the S&P 500 has set 65 all-time highs so far this year, with the latest coming on Monday. Some critics say stocks look overly expensive, with some broad measures of value close...
    Why The Morning Show Killed Off [SPOILER] in That Way 10 US Cities With Plenty of Jobs and Cheap Housing Here's a look at which teams should be busy between now and Tuesday, which players could be on the move and a few of our favorite pairings. We’ve arrived at the NFL trade deadline in a more extreme version of the league’s typical fashion: This year, it seems there are a handful of dominant teams surging and some easily identifiable bottom-feeders looking to shed talent in exchange for draft capital. Indeed, the Texans are built a little like one of those old-time merchant carts, wheeling their way through town hoping that someone will offer them shiny rocks in exchange for their goods. Mark Ingram has already been dealt to the Saints and he will not be the last Texans player on the move (we’re not talking about the quarterback, either). Also on the trade front so far, the Cardinals acquired Zach Ertz from the Eagles for a fifth-round pick and cornerback Tay Gowan. The Broncos acquired Kenny Young from...
    Getty Images |  filadendron Panic selling is common after stock market dips, and it's more likely to happen with certain investors, according to research from the Massachusetts Institute of Technology. When the market drops, men over age 45 who are married with children and have self-described "excellent investment experience" are more prone to sell-offs, the research shows.  "These are significant drivers of panic selling," said co-author Chi Heem Wong, researcher at MIT. And many who leave the stock market don't return, thereby missing out on recoveries. More from Personal Finance:Did you panic sell during the latest stock market dip? When to get back inMake these financial and career moves before you quit your jobCrypto plunge a wake-up call — and tax opportunity — for investors While the study doesn't uncover why some investors may be more vulnerable to emotional selling, financial experts say the findings raise further questions about how these factors — gender, age, marriage and family — affect behavior. The research suggests these sellers have emotional overreactions defined by their decisions having the opposite of the intended effect,...
    The D.C. region’s red-hot housing market has begun to show signs of fatigue, and in Northern Virginia the market softened in August, according to the Northern Virginia Association of Realtors. “Overall we’ve definitely seen a softening in the market which is reflected in a decrease in multiple offers and biding wars,” said Northern Virginia Association of Realtors President-elect Reggie Copeland. “That has been somewhat of a challenge for sellers that didn’t make it on the market until June, July or August because in many areas buyers had started backing off and delaying purchasing based on the previously high real estate temperature.” More Real Estate News Copeland said an increase in the time it takes to get a contract from a buyer has also caused some sellers to lower their prices. The average number of days on the market for a home for sale in Northern Virginia in August was 18 days, 20% longer than it took to sign with a buyer in July. The average price of what sold in Northern Virginia in August was $608,250, a 5%...
    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,...
    More On: housing Spanish town offers free houses, jobs to entice families New York’s dysfunctional gov’t even delays paying out federal rent relief The Big Apple is back! NYC apartment closings surge No cash for more cops in NYC’s $98.7B budget deal despite surge in crime Psst . . . wanna buy a house? Thanks to a booming housing market, off-market properties, a k a whisper listings, are throwing already discouraged home hunters a curve ball. Once a marketing tool reserved for press-shy billionaires and celebrities, as well as developers of country club-like super towers such as the Robert A.M. Stern-designed 220 Central Park West — which saw record sales, including a deal for $238 million, despite never publicly listing a unit — the trade in off-market homes is now affecting every sector of the housing market, including middle-class city apartments and suburban abodes, brokers told The Post. In a slow market, sellers and agents need to get the maximum number of eyes on a property to achieve a top price. That also benefits homebuyers who want to peruse...
    SAN JOSE — The family that sold a downtown San Jose site where they are operating a popular Asian supermarket has already found a location to open a new market, a choice site near the vast Eastridge Center. The Hua family on July 16 sold several parcels where the existing Dai Thanh Supermarket is located at and near 418 S. Second St. in San Jose in a $17 million deal. The downtown San Jose properties will accommodate a big residential project being planned by local developers Gary Dillabough and Jeff Arrillaga. The Hua family bought a property at 2040 Tully Road in San Jose, paying $6.8 million for the parcel, according to documents filed on July 19 with Santa Clara County officials. The new property owners intend to revamp the interior and exterior of the Michaels store so they can open a new Dai Thanh Supermarket on the site, said David Taxin, a partner with Meacham/ Oppenheimer, a commercial real estate firm. Taxin arranged the purchase of the property, a 1.4-acre site that accommodates the Michaels store, which totals 15,500...
    FORT WORTH (CBSDFW.COM) — The North Texas real estate market continues to be very tight and competitive when it comes to convincing sellers to sell and winning bids. Todd Tramonte is a DFW realtor who says he has resorted to offering sellers cruise vacations in order to entice them to accept his clients’ offers. READ MORE: Denton Man Noah Burch Faces Multiple Charges In Shooting On Evers Way Tramonte said, “The market is dictating a different approach.” He added, “I have a fiduciary responsibility to my client to do whatever we can do to serve their highest needs. I think it’s completely ethical, and I know it’s legal.” READ MORE: Fourth Stimulus Check: Will You Get Another Relief Payment? Tramonte says he has gifted over 100 five-day-four-night cruises over the last 12 months to seller. Now that cruises are coming back from COVID-19 restrictions he says the cruise offer is hard to pass on for many sellers. He said, “We are in an environment right now where a lot of people are worried that if they sell they can’t buy....
    In this article NUE CNBC's Jim Cramer blamed Monday's stock market decline on messaging from the head of the U.S. Treasury. On Sunday, Secretary Janet Yellen told Bloomberg News that raising the interest rate would be positive for the country, should the Biden administration's big spending plans help trigger some inflation in an expanding economy. "The prospect of higher interest rates spooked the market," Cramer said on "Mad Money" reacting to the mixed session on Wall Street. The Dow Jones Industrial Average slid about 126 points, or 0.36%, to close at 34,630.24. The S&P 500 finished 0.08% lower at 4,226.52. The Nasdaq Composite, however, was a winner and advanced 0.49% to 13,881.72. Yellen, a former Federal Reserve chair, told Bloomberg President Joe Biden's $4 trillion rescue package could break down to $400 billion in spending each year, but argued any jump in consumer prices would subside next year. "It caused sellers to [do] what's known as 'hit bids' all over the place," Cramer said, referring to when traders are willing to sell a stock below a buyer's bid price. That...
    More On: amazon Amazon close to deal to buy Hollywood studio MGM: report Buy an Amazon Kindle and get 3 months of Kindle Unlimited for free Amazon halts construction at Connecticut site after 7th ‘noose’ found It’s a bird, it’s a pain: why today’s superheroes behave so badly The District of Columbia has sued Amazon, accusing the online retail giant of anticompetitive practices in its treatment of sellers on its platform. The practices have raised prices for consumers and stifled innovation and choice in the online retail market, the DC attorney general alleges in an antitrust suit. The suit filed Tuesday in the District of Columbia court maintains that Amazon has fixed online retail prices through contract provisions and policies it applies to third-party sellers on its platform. It alleges these provisions and policies prevent sellers that offer products on Amazon from offering their products at lower prices or on better terms on any other online platform, including their own websites. “We filed this antitrust lawsuit to put an end to Amazon’s illegal control of prices across the...
    PITTSBURGH (KDKA) — Put another item on the pandemic shortage list. It started with toilet paper, then beef, then lumber, cars, and now homes. That’s right, homes are in short supply! “It’s the most amazing real estate market that I’ve ever been associated with, and I’ve been doing this for a long time,”says the CEO and Chairman of Howard Hanna Real Estate Howard ‘Hoddy’ Hanna. He says there are a number of factors driving the market, “The demand been at all time high, interest rates at an all-time low. And just a shortage of inventory.” Families have emerged from the pandemic lockdown wanting more space and contractors can’t build new homes fast enough. Hanna says, “You haven’t had a lot of inventory coming into the market for a 10-year period since the recession.” That, coupled with millennials now wanted out of the cooped-up lifestyle of apartment living and the usual 90-day supply of homes is down to , “Roughly, a 38 day supply of housing, which means if no other homes came on the market, and the inventory of sales...
    HAYWARD — Car buyers throughout the Bay Area are facing high prices and limited supply because of a pandemic-induced shortage of semiconductors, a supply pothole that has trickled down to used cars and is leaving buyers and dealers frustrated. That was the reality that greeted Anthony Di Miceli, who came to the Auto Deals dealership in Hayward to look for a car he drive for Uber. “(Prices) are going up,” he said with a shake as he peeked inside a red hybrid 2017 Toyota Prius Prime. The global chip shortage has slowed the production of increasingly computerized cars at the same time as shoppers are braving car lots in anticipation of a return to offices and commuting. That has reduced new car supplies and trickled down to higher demand for used cars, which are becoming more expensive and harder to find. “This is really across the board. I think the lightly used vehicles will see competition from new car buyers who are looking to switch over,” said Jessica Caldwell, executive director of insights at Edmunds. “The cheaper the car is,...
    The pandemic-era real estate market has emerged as a windfall for sellers and a headache for buyers. A shortage of for-sale homes continues to boost prices across the nation by double-digits — and is pushing house hunters to go to extremes to win bids.  Take a home near the Microsoft campus outside of Seattle that was listed for about $725,000. The buyers made a bid without seeing the home, offering $400,000 above asking price and waiving all contingencies — meaning no inspection or mortgage-financing contingencies were required, recalled Ryan Dibble, the chief operating officer of Flyhomes, which represented the seller in the deal.  "Even we were a little bit like, 'Wow, that's aggressive'," Dibble recalled.  Increasingly, offering above asking price isn't enough to win a bid in the ultra-tight pandemic housing market, according to realtors and buyers. Indeed, going above the asking price is simply the first step in winning an offer, with buyers increasingly offering additional enticements, including waiving inspections for hidden structural problems and providing free "leasebacks" to sellers, or offers for sellers to remain in the...
    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...
    In this article RDFNVIDEO3:1203:12People desperate for homes during spring seasonWorldwide ExchangeCompetition in this spring's housing market is hotter than ever, thanks to high demand and record low supply. Selling a home has likely never been easier, and while that may sound like great news for real estate agents, there is a problem: They are desperate to find listings. "Frankly, this is not the time for amateurs," said Dana Bull, a Boston area real estate agent. "This is the big leagues here." Bull has been in the real estate business for over a decade and has never seen it so lean. It's not just Boston; nationally there are about half as many homes listed for sale right now without contracts on them as there were a year ago, according to realtor.com. The typical home is also now selling a week faster than last year. By the numbers, there are now about twice as many working real estate agents as there are listings. Spring is usually the time of year when the most listings come on the market, but this March...
    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...
    Q: We lost out on another home purchase yesterday. The frustrating part is that we never know exactly why. After our buyer’s agent submits our proposals, the seller’s agents become almost noncommunicative. At best, a seller’s agent will only state that the sellers chose the best offer. We are questioning if we are being represented correctly by our buyer’s agent. He can’t tell us why the sellers do not give us a chance to improve our purchase offer. We have not received one counteroffer. Nor have we been notified by an agent representing sellers asking if we would consider raising our price. Our buyer’s agent can’t even tell us what will occur after buyers have submitted all offers. Is this normal in this market? In other words, if we hire another buyer’s agent, will we have the same complaints? A: Probably. So suppose a home is not under contract the day after offers are collected and reviewed. In that case, the sellers/seller’s agent might: issue multiple counteroffers to the top No. 2, No. 3 and No. 4 buyers (for...
    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.
    Venture capitalist Chamath Palihapitiya.Mark Kauzlarich/Bloomberg via Getty Images Blank check funds are hot. Wall Street investors are increasingly betting against them. Short positions in special purpose acquisition companies, or SPACs, is at $2.7 billion, more than triple the $765 million at the end of 2020, according to S3 Partners, which tracks financial data. Unlike a typical stock investor, short sellers profit when a company's stock price declines. Short interest has risen as SPAC shares have rallied, according to S3. There's been significant interest among traders to get such exposure in an overbought area of the market, the firm said.What are SPACs?SPACs are kind of like quasi-IPOs. A publicly traded shell company uses investor money to buy or merge with a private company, typically within two years. In so doing, the private company becomes publicly traded. If there's no deal within the specified time limit, investors get their money back. More from Personal Finance:No $1,400 stimulus check yet? Here's what you can doFewer kids are going to college because they say it costs too muchUnemployment benefits in jeopardy for Americans stranded...
    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...
    Dogecoin [DOGE] has been on the market since 2013 and has only increased occasionally as a direct result of some form of hype around it. This was recently observed when the value of DOGE went from $ 0.0069 to $ 0.1004 in one day. . However, the CEO of Tesla is now offering “full support” to major holders wishing to sell their coins. Musk, who was CEO of Dogecoin, expressed his support for the digital asset even before he became a Bitcoiner. Musk added that he was prepared to “pay real dollars if they just canceled their accounts.” Following Tesla CEO’s Tweet, DOGE’s value plummeted by nearly 26%, from $ 0.0639 to $ 0.0471, the increase in sales noted. However, the price suddenly changed and was currently traded at $ 0.0580, at the time of writing. However, due to Musk’s earlier backing, DOGE’s market cap reached $ 8 billion, making it the 12th largest cryptocurrency according to the CoinMarketCap list. Interestingly, the current rally suggested buyers were still trying to get their hands on DOGE. Nonetheless, the crypto...
    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...
    VIDEO5:0505:05GameStop plunges after wild trading caused by retail traders' short squeeze — Here's what experts are watchingTrading Nation GameStop stock returned to earth this week, plummeting 70% in the past two days after its wild surge to end January. The stock's volatile market activity roused many questions around market regulation, retail trader activity, and future events in the market. Five market analysts explain the different ways GameStop's unforgettable week could affect the market. Kyle Bass, founder and CIO of Hayman Capital Management, notes the market benefits of short sellers and what could be lost given the heightened risk around short trading. "You've got retail traders getting together and laser-focusing on companies, and so I think the risk profile of being a short seller has dramatically changed. I think the one negative consequence that I see coming out of all of this is the fact that short sellers are a natural balancing force in the market. Any past and current chairpersons of the SEC have said so. The work that's done in the short-selling community to police the market of frauds...
            by Ed Ring  Short sellers claim there is a moral and economic worth to their trade. They supposedly keep the market honest by exposing overvalued stocks, thereby preventing “irrational exuberance” from creating stock bubbles. If that was all there was to it, they’d be right. Stock bubbles tend to pop eventually, and when they do, the worst case scenario is that the collateral they represent implodes, the loans that the collateral enabled go into default, and trillions in debt-fueled liquidity is erased in a cascading downward spiral. And just like that, the economy collapses into a deflationary depression that makes the 1930s look like a cake walk. There are good reasons we don’t want to demonize short sellers indiscriminately, or drive them out of the market. What’s happening with Robinhood and the Reddit “mob,” however, exposes the gritty reality behind the high-minded justifications for short-selling. Yes, short-sellers play a vital role in regulating stock market levels. But the world of short-selling is an elite club, rife with intrigue, shady players, and deliberate market manipulation. And when...
    NEW YORK -- It's not just you. What's going on with GameStop's stock doesn't make sense to a lot of people.The struggling video game retailer's stock has been making stupefying moves this month, wild enough to raise concerns from professional investors on Wall Street to the hallways of regulators and the White House in Washington.The frenzy hit new heights Thursday when several trading platforms limited their customers from making certain trades with GameStop.It's all forcing hard questions about whether the stock market is in a dangerous bubble and whether a new generation of traders should be allowed to take full advantage of all the tools and free trades available on their phones, regardless of how reckless they may seem to outsiders. At the same time, champions of the proletariat are cheering louder from the sidelines, saying the moves mean that hedge funds, Wall Street and the 1% are finally getting their comeuppance.Here's a look at how we got here:WHAT IS HAPPENING WITH GAMESTOP'S STOCK?It's been maniacal this month. After sitting around $18 three Fridays ago, it doubled in four days....
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