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BIZARRE: 16 - You Need To See This

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

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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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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

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

The Guardian - US

Why homes sales are cratering in one chart

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

Axios

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

WEKU

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.

Los Angeles Times

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.

Benzinga

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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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Tribune News Service

Feds file notice of plans to seize Florida condo of Baltimore State's Attorney Marilyn Mosby if she’s convicted in perjury, mortgage fraud case

BALTIMORE — Federal prosecutors said in court filings that the government plans to try to seize Baltimore State’s Attorney Marilyn Mosby’s Florida Gulf Coast vacation condo if she’s convicted of perjury and mortgage fraud.

The Independent UK

Military families' housing benefits lag as rents explode

Housing has long been a major benefit for service members, a subsidy to salaries that trail the private sector

Tribune News Service

Bay Area sees nation’s largest monthly drop in home values

As rising mortgage rates continue to cool the housing market across the U.S., the Bay Area in July saw the largest monthly drop in home values of anywhere in the country, according to a new report from home listing site Zillow.

Benzinga

Benzinga Before The Bell: Should Investors Worry About Tesla's China Sales, Gold Back In Focus, Nio Smartphone Could Soon Be A Reality Other Top Financial Stories Friday, August 5

CNBC International Airlines Prepare For Mayhem Of Summer Travel Season: Report

Daily Mirror

Silo used to house Cold War nuclear missile up for sale as a 'doomsday bunker'

Mike and Polly Figueroa, of BancWise Realty, listed the unique property which used to house a nuclear missile, in Nebraska, US, on Zillow for $550,000 (£470,000) earlier this month

Tribune News Service

Zillow lays off 55 employees in Texas as it shuts down its iBuying business

Zillow Group Inc. will lay off 55 employees in Texas as continues its exit from the home-flipping business.

The Denver Post

'Typical' home payments in metro Denver skyrocket to well over $3K a month

Some frustrated homebuyers may wish they could build a time machine and go back a year, even six months.

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