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BIZARRE: 16 - You Need To See This

Fed's housing market 'reset' has officially set off the second-biggest home price correction of the post-WWII era

According to the latest Case-Shiller report, U.S. home prices fell another 0.8% in September.

Fortune

Americans are forced to work 6 extra hours a month to afford surging rents

Rising rents squeezed renters in the U.S. so tightly that Americans now have to work more hours just to afford a month's rent.

Fortune

Even $1.5 million is 'just enough to buy a bit of a fixer-upper' in some markets

"The caliber or the size and quality of homes that will sell for $1.5 million have all really fallen."

Fortune

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With 5,900 tech jobs already gone, a Seattle correction looks real

The string of layoff announcements by Amazon and other Seattle-area tech employers has many asking whether the tech industry is bound for a major correction and even more job cuts in coming months.

Tribune News Service

The Pandemic Housing Bust rocks bubbly markets like Phoenix

Some markets have gone straight from Pandemic Housing Boom to Pandemic Housing Bust.

Fortune

Seattle’s Redfin to cut workforce by at least 13%, end its house flipping initiative

SEATTLE — The cooling housing market is driving yet another round of layoffs at a Seattle-based company.

Tribune News Service

CPI Shows Rents Are Rising, Zillow Forecasting Drop In 2023; Professor Says Fed's Powell Will 'See The Light'

While consumer price index data in 2022 has been showing rent prices accelerating, Zillow Group Inc.

Benzinga

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Mortgage rates top 7% for the first time since 2002

LOS ANGELES — The cost of buying a home took another leap this week, as the average rate on the popular 30-year fixed-rate mortgage surpassed 7% for the first time since 2002.

Los Angeles Times

Homeownership grows more unaffordable as average new mortgage payment increases over 95%

FORT LAUDERDALE, Fla. — The average new mortgage payment for a home has almost doubled in South Florida over the past year as interest rates skyrocket.

Tribune News Service

Online real estate company Zillow lays off 300

Just ahead of reporting its third-quarter earnings, Seattle-based Zillow has laid off 300 workers.

Tribune News Service

Housing markets tumbling, a signal that a wider recession is coming

ATLANTA — The housing market is cooling quickly across the country under the weight of rapidly rising interest rates, a reversal that will worsen any economic slowdown in the months ahead, several real estate experts are warning.

The Denver Post

Rising mortgage rates are sending home prices lower

For the first time in a decade, home prices in Southern California are definitively falling.

Los Angeles Times

Legendary 123-room Spelling Mansion built on site of Bing Crosby’s former estate on sale in LA for £147m

The Manor is currently the third-most expensive property listed in California, according to Zillow.

Evening Standard

Amid end to COVID help, homelessness surging in many cities

Homelessness is expected to be up when the federal government releases results from an annual count in coming months, the first full tally since the coronavirus pandemic began

The Independent UK

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The Independent UK

Amid end to COVID help, homelessness surging in many cities

Homelessness is expected to be up when the federal government releases results from an annual count in coming months, the first full tally since the coronavirus pandemic began

The Guardian - US

LA restricts water flow to wasteful celebrity mansions: ‘No matter how rich, we’ll treat you the same’

The city’s water department has a small yet effective solution to keep its famous residents’ water use in check – a flow restrictor

Axios

Why homes sales are cratering in one chart

Prices for houses are bananas compared to where they were just a couple of years ago.

WEKU

Supply in Demand: Here’s why some in Louisville continue to struggle to find affordable housing

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Los Angeles Times

Southern California's housing slowdown shows in August home prices

The Southern California median home price remained unchanged in August from the previous month as rising mortgage rates made houses even less affordable for many people.

Benzinga

Analyst Remains Bearish On Real Estate iBuyers: 'Fundamentals Are Going To Turn Worse Before They Get Better'

The National Association of Home Builders/Wells Fargo Housing Market Index fell three points in September to 46, a bearish reflection of current U.S. homebuilder sentiment.

Benzinga

Falling Home Sales Send Shock Waves Through Home Retailers And Flippers: How Bad Could It Get?

As mortgage rates topped 6%, for the first time since the 2008 financial crisis, new home buyers are being squeezed on multiple fronts since elevated home prices, interest rates, and rising inflation are adding to everyone's bottom line.

StockNews.com

Is OPEN Stock a Smart Buy Around $4?

Opendoor Technologies (OPEN) announced a multiyear agreement with Zillow Inc. (ZG) to expand its operational capabilities. However, the stock is trading 83% below its 52-week high, indicating a bearish sentiment. Given the company’s negative profit margins and bleak growth prospects, would it be worth buying the stock at the current…

Tribune News Service

As interest rates spike, homebuyers turn to adjustable-rate mortgages

Home prices are falling fast in some of the most expensive real estate markets, such as California's Bay Area, but interest rates are on the rise — meaning that for many, the home of their dreams is now out of their price range.

Tribune News Service

Referral fees take a bite out of real estate agent commissions

When home buyers provide their contact information on real estate websites in order to reach an agent, it's worth more than they may realize.

StockNews.com

Opendoor Falls Below $5 – Time to Pick up This iBuying Stock?

iBuyer Opendoor (OPEN) recently announced a multi-year agreement with Zillow (Z). However, the stock has lost more than 10% over the past month, closing the last trading session below $5. So, is the penny stock worth buying now? Read on to find out….

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