Members phkrause Posted November 21, 2023 Members Share Posted November 21, 2023 Home vacancies near all-time lows as housing shortage bites Data: U.S. Census Bureau; Chart: Axios Visuals This housing shortage is historic. Why it matters: High housing costs are a key driver of the sour sentiment Americans feel about a U.S. economy that by most traditional measures is quite good. State of play: One gauge of the tightness of the U.S. housing market — the percentage of homes that are vacant — fell to the lowest level on record in August, and ticked up only slightly in September. Meanwhile, on Friday, data on newly started homebuilding showed an unexpected increase for the second straight month, implying that home builders are making some effort to increase supply. Yes, but: Housing analysts suggest there is way too little construction to have any hope of meeting demand any time soon. Go deeper: America's homebuyers are getting older Quote phkrause By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1} Link to comment Share on other sites More sharing options...
Members phkrause Posted November 28, 2023 Author Members Share Posted November 28, 2023 🏠 Larger share of U.S. homes sell at a loss Illustration: Annelise Capossela/Axios A growing proportion of homeowners are selling their houses for less than they paid for them, according to Redfin data exclusive to Axios. Some homeowners are losing six-figure amounts, Axios' Brianna Crane reports. 🧮 By the numbers: More than 3% of U.S. homes sold at a loss August–October 2023 — up from 2.4% a year ago, Redfin found. The median loss was around $40,000. Zoom in: The highest proportion and largest losses were in San Francisco. Roughly 1 in 7 S.F. owners lost money on their home sale, with a median loss of $122,500. Detroit, Chicago, Cleveland and New York were also among the top five cities with the highest proportion of losses — all north of 6%. Losses were least common in Providence, R.I.; Anaheim, Calif.; San Diego, Boston; and Fort Lauderdale. 🔥 Hot markets: Some markets have even been stronger for sellers this year. The proportion of losses in D.C. has shrunk since last year. Quote phkrause By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1} Link to comment Share on other sites More sharing options...
Members phkrause Posted December 10, 2023 Author Members Share Posted December 10, 2023 🧊 Frozen housing market Data: Redfin. Chart: Axios Visuals High mortgage rates have all but frozen home sales in America, Axios' Sami Sparber writes. 🖼️ The big picture: The "lock-in effect" is real — many people want to move, but don't want to swap their 3% interest rate for 7 or 8%. As one real estate agent put it, 2023 was "the year your first home accidentally became your forever home In October, the number of pending home sales — deals that went into contract — neared their lowest point in history. Plus it got even harder for first-timers to make the leap to homeownership. You now have to earn $115,000 a year to afford a typical house. 👀 What to watch: Mortgage rates would need to slide significantly to loosen homeowners' golden handcuffs. Some buyers are starting to accept that rates probably won't fall back to pandemic levels. Others have found deals on new constructions, townhomes or condos. Quote phkrause By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1} Link to comment Share on other sites More sharing options...
Members phkrause Posted December 18, 2023 Author Members Share Posted December 18, 2023 🏡 Rise of free-and-clear homeowners Data: Census Bureau. Chart: Axios Visuals There's a record share of homes in America without mortgages, Axios' Sami Sparber writes from the latest census data. Many free-and-clear homeowners are baby boomers who refinanced their mortgages when rates were lower. Read on. Quote phkrause By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1} Link to comment Share on other sites More sharing options...
Members phkrause Posted December 22, 2023 Author Members Share Posted December 22, 2023 Inside the housing rut Data: National Association of Realtors. Chart: Axios Visuals Existing home sales are headed for their most sluggish year since at least 2011 — when the U.S. was digging out of a real estate crash that cratered the global economy. Why it matters: 2023 was the year the housing market froze — and, arguably, broke, Axios' Emily Peck writes. The intrigue: Data out this week show home sales rose in November — which could indicate the market is "beginning to turn the corner," as Kieran Clancy of Pantheon Macroeconomics put it in a research note. Existing home sales ticked up 0.8% in November from a month before as interest rates started to fall, the National Association of Realtors said. 🏠 The big picture: The story this year was all about rates, which peaked at nearly 8% in October. Most existing homeowners had taken advantage of low rates, culminating in fall 2021 when you could get a 30-year mortgage for 2.8%. When rates started climbing again, those homeowners didn't want to sell — or couldn't afford to — since that would mean giving up their amazing mortgages. Go deeper: Six charts that defined markets in '23. Quote phkrause By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1} Link to comment Share on other sites More sharing options...
Members phkrause Posted December 30, 2023 Author Members Share Posted December 30, 2023 🏠 Mapped: Homeowner age rises Adapted from a Terner Center report. Map: Axios Visuals U.S. homebuyers are getting much older, Axios' Brianna Crane writes from a U.C. Berkeley study. Why it matters: For so many young people, homeownership is increasingly out of reach. Homeownership is most delayed in California, where the majority of people don't own a home until 49, the study found. Compared to 1980, people are buying homes at least a decade later in life in California, Hawaii, New York, Nevada, Florida, Georgia and Mississippi. Iowa has the youngest buyers (29) — and experienced the least change from 1980 (two years). Alaska is the only state where homeowners are getting younger. The majority of Alaskans owned a home by 35 in 2021, compared to 36 in 2000. 🧠 What's happening: Median U.S. home values have nearly doubled in the last decade. But household incomes have only grown by 15%. Go deeper: Read the report. Quote phkrause By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1} Link to comment Share on other sites More sharing options...
Members phkrause Posted December 30, 2023 Author Members Share Posted December 30, 2023 Living solo is on the rise Data: IPUMS via Our World in Data. Chart: Axios Visuals The overall share of people living alone in the U.S. has been inching up, Axios' Erica Pandey reports. Why it matters: Living alone can be tough in a country built for families. And it can have consequences for mental and physical health — especially among older Americans. 💡 What's happening: Several social and demographic trends are converging to give rise to isolation. Over the past 50 years, the marriage rate in the U.S. has dropped by nearly 60%. Many people are also delaying marriage into their late 30s, early 40s or beyond. That means more people in their 20s and 30s are living alone. Among adults 60 and older, kinlessness (no living partner, children or siblings) is on the rise. That trend will likely continue for younger generations as more people opt not to start families. The Census Bureau says "solitaries" made up 8% of all households in 1940. Solo households doubled to 18% in 1970 — and more than tripled to an estimated 29% by 2022. 🔎 Between the lines: Although more people are living alone, cities and towns are still primarily set up for families. Housing is increasingly expensive in cities, where many younger single people might like to live to find community, CNN reports. And housing in more suburban areas is usually parceled into homes built for a family of four. Go deeper. Quote phkrause By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1} Link to comment Share on other sites More sharing options...
Members phkrause Posted January 4 Author Members Share Posted January 4 🏙️ Cash home sales in Manhattan set record Data: Miller Samuel/Douglas Elliman. Chart: Axios Visuals The share of all-cash buyers in the Manhattan real estate market hit a new high in Q4, Axios' Emily Peck writes from a report out today from appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Why it matters: Even markets long associated with cash buyers aren't immune to sky-high mortgage rates, said Jonathan Miller, CEO of Miller Samuel, who has been tracking the data since 2014. Cash buyers, typically the super wealthy, usually make up about half the market in Manhattan. Quote phkrause By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1} Link to comment Share on other sites More sharing options...
Members phkrause Posted January 11 Author Members Share Posted January 11 Rust Belt's new shine Map: Zillow The Rust Belt has a new shine: Cincinnati, Cleveland and Buffalo are expected to be among 2024's hottest housing markets, Axios' Brianna Crane writes from a Zillow forecast. The South, Midwest and Great Lakes regions are expected to thrive compared to the rest of the U.S., because of their relative affordability. Why it matters: This is fresh evidence of the new influence frontiers we've been telling you about. Thanks to our wired world and COVID-era trends, America's centers of power, ideas and jobs have spread out from the coastal bubbles. What's happening: Buffalo and the other rising markets are projected to have strong demand, steady home values, rising homeownership rates and job growth. The projected typical home value in Buffalo is $248,445, compared to the U.S. average of $347,415, Zillow found. Explore the data ... Quote phkrause By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1} Link to comment Share on other sites More sharing options...
Members phkrause Posted January 18 Author Members Share Posted January 18 🏠 Exclusive: Airbnb tackles housing crisis Illustration: Brendan Lynch/Axios With rentals in cities and towns across the U.S., Airbnb has had a front-row seat to the nation's housing affordability crisis. Now, the company wants to help solve it, Axios' Erica Pandey writes. Today, Airbnb is announcing the formation of a new housing council of experts, chaired by Stephanie Rawlings-Blake, former mayor of Baltimore and former president of the U.S. Conference of Mayors. The council will advise Airbnb on how it can throw its weight behind initiatives that work to increase America's housing supply and drive down prices. Airbnb's advocacy could come in the form of donations — the company recently made a $3 million donation to a California affordable housing non-profit — or supporting relevant laws: Airbnb recently backed a Colorado ballot initiative to put tax dollars toward new workforce housing. Quote phkrause By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1} Link to comment Share on other sites More sharing options...
Members phkrause Posted January 22 Author Members Share Posted January 22 🏡 Signs of housing comeback Data: Mortgage Bankers Association. Chart: Axios Visuals Existing home sales fell last year to their lowest level in nearly 30 years. But now there are some early signals that the market is picking back up, Axios' Emily Peck writes. Why it matters: If the trends hold — and that's a big "if" — it means housing market activity hit bottom in 2023, and we'll see more homes bought and sold in the coming months. 🖼️ The big picture: This is all about mortgage rates. They nearly touched 8% last year, putting the housing market into a deep freeze. But now they're heading back down — hitting 6.6% last week. That has spurred activity in the market. 👀 State of play: Mortgage applications have been ticking up since rates peaked in late October. Pending home sales — deals that are in contract but haven't yet closed — jumped 4% in December from the previous month, according to Redfin. Quote phkrause By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1} Link to comment Share on other sites More sharing options...
Members phkrause Posted February 11 Author Members Share Posted February 11 🏠 Mapped: America's homeowners associations Data: Foundation for Community Association Research; Map: Alice Feng/Axios With three in 10 Americans now living in condos and planned communities, many home buyers need to factor in homeowners association fees as part of their purchase price, Axios' Sami Sparber writes. Why it matters: Buyers looking at condos or townhomes for their low prices might not realize HOA dues, which cover maintenance and amenities, can run into the thousands per month — and increase over time. 👀 What we're watching: Higher monthly fees have similarly pushed up the price of renting. Many renters are being hit with charges for valet trash pickup, pest control, move-ins and move-outs, The Wall Street Journal reports. Quote phkrause By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1} Link to comment Share on other sites More sharing options...
Members phkrause Posted February 22 Author Members Share Posted February 22 🏠 Latinos, Asian Americans see record homeownership gains Data: National Association of Realtors. Chart: Will Chase/Axios Asian and Hispanic homeownership hit record highs despite soaring interest rates over the past few years, Astrid Galván and Russell Contreras write for Axios Latino. Why it matters: Asians and Hispanics had the biggest gains in homeownership among minority groups from 2012 to 2022, according to data released yesterday by the National Association of Realtors. Black Americans also gained, but at a slower rate. 🧮 By the numbers: 63% of Asian Americans owned a home in 2022, compared to 57% in 2012. Hispanics' share hit a record 51% in 2022, up from slightly more than 45% in 2012. Homeownership among Black Americans went from 42.5% in 2012 to 44% in 2022. White Americans continue to have the highest ownership rates, increasing from 69% to 72% in the same period. 🥊 Reality check: Black and Latino households are still seeing higher denial rates for mortgage loans, says Jessica Lautz, the association's deputy chief economist. 🔬 Zoom in: Two of the poorest states — New Mexico and Mississippi — had the highest rates of homeownership for Latino and Black homeowners, respectively. Homes there are relatively affordable. Both states have programs that help first-time homebuyers. Keep reading ... Quote phkrause By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1} Link to comment Share on other sites More sharing options...
Members phkrause Posted February 26 Author Members Share Posted February 26 🏡 Your first house Illustration: Allie Carl/Axios We want to know about the first house you bought, or what you're looking for in a starter home. When and where did you buy it? What were your criteria? If you haven't bought a starter home yet, does it feel within reach? How has your attitude about home buying changed? Email realestate@axios.com with your name and location. We may feature your reply in an upcoming newsletter. Quote phkrause By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1} Link to comment Share on other sites More sharing options...
Members phkrause Posted March 28 Author Members Share Posted March 28 A $500K house was built on the wrong Hawaii lot. A legal fight is unfolding over the mix-up HONOLULU (AP) — A woman who purchased a vacant lot in Hawaii was surprised to find out a $500,000 house was built on the property by mistake. https://apnews.com/article/hawaii-house-wrong-lot-legal-fight-b3681c1ab06cb8efdf31dea40bc56a56? Quote phkrause By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1} Link to comment Share on other sites More sharing options...
Members phkrause Posted April 7 Author Members Share Posted April 7 🏡 Charted: How America makes ends meet Data: Redfin. Chart: Axios Visuals A striking share of renters and homeowners across the U.S. are skipping essentials like meals and medical care to keep a roof over their heads, Axios' Brianna Crane writes from a new Redfin report. Half of renters and homeowners say they struggle to afford monthly housing payments. Quote phkrause By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1} Link to comment Share on other sites More sharing options...
Members phkrause Posted Wednesday at 07:20 PM Author Members Share Posted Wednesday at 07:20 PM 🏠 Flippers aren't profiting as much in D-FW Data: ATTOM; Note: A flip is defined as any transaction between an unrelated buyer and seller within 12 months of a previous transaction; Chart: Axios Visuals Dallas-Fort Worth saw one of the biggest dips in house-flipping profit margins last year, per a report from real estate data company ATTOM. Why it matters: Investors are flipping fewer houses as the return on investment has dropped. That could lead to a smaller supply of more affordable homes in North Texas, where about 9% of flipped houses are purchased by people using Federal Housing Administration loans — typically first-time homeowners. The big picture: For years, southern metros like D-FW attracted investors as quickly as new residents. Now, the South is seeing some of the biggest drops in house flipping rates, per ATTOM. Zoom in: House flipping is up 74% from a decade ago in D-FW. The region hit its house-flip peak in 2019 with nearly 11,000 properties bought, fixed up and then sold within a year. A little more than 7,100 houses were flipped last year, 10% less than in 2022. Dallas' 4.4% return on investment last year was down from the 12.5% return in 2022. Yes, but: Dallas ranks third in the top U.S. cities for individuals — not investors — buying a house that needs some love, per a StorageCafe report. About 12% of active home listings are fixer-uppers, which could save an individual homebuyer about $217,000 on average. Even with about $105,000 in home improvement costs, it can be cheaper than buying turnkey. The bottom line: Flipping houses might not be as lucrative for investors in D-FW as it once was, but the Dallas area is still one of the top markets for fixer-uppers. Home-flip returns in other Texas metros Quote phkrause By the decree enforcing the institution of the papacy in violation of the law of God, our nation will disconnect herself fully from righteousness. When Protestantism shall stretch her hand across the gulf to grasp the hand of the Roman power, when she shall reach over the abyss to clasp hands with spiritualism, when, under the influence of this threefold union, our country shall repudiate every principle of its Constitution as a Protestant and republican government, and shall make provision for the propagation of papal falsehoods and delusions, then we may know that the time has come for the marvelous working of Satan and that the end is near. {5T 451.1} Link to comment Share on other sites More sharing options...
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