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Feb 5, 2024
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let's find out what's happening in housing and go straight to diana olick over the magic of televisiones, diana. >> that's right. the average rate of the 30-year fixed crossed back over to 7% to 7.48% according to mortgage news daly and thanks to a surge in bond yields and it made the biggest jump on friday after the labor department reported a much higher employment number than expected and the ism came in higher than expected this morning and the fed has kind of made it pretty clear that we do not expect a rate cut in march. so the 30-year rate hike hit a 30-year high last october and fell sharply hitting a recent low of 6.6% at the end of december. so potential homebuyers had been getting a little break. now it's getting harder again. on the bright side, rents have now fallen for the sixth straight month according to the february rent report rents nationally fell 0. 3% to 1,073 and this is seasonal and sharper and longer than usual and the nati national vacancy rate is slightly higher than the pre-pandemic average. the average rent is more than $300 a month than it was three years a
let's find out what's happening in housing and go straight to diana olick over the magic of televisiones, diana. >> that's right. the average rate of the 30-year fixed crossed back over to 7% to 7.48% according to mortgage news daly and thanks to a surge in bond yields and it made the biggest jump on friday after the labor department reported a much higher employment number than expected and the ism came in higher than expected this morning and the fed has kind of made it pretty clear...
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Feb 14, 2024
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that's where we find cnbc senior real estate correspondent, diana olick. million rental community has all of the amenities, the fitness center, the dog park, the outdoor kitchens, but what it does not have his cars. cul-de-sac is the first community in the u.s. designed specifically for car free living. cofounder ryan johnson said, it's what americans want. >> in the u.s., we have been building the wrong kind of housing for 100 years. we have built sprawl and created car dependency, edits made us lonelier, less healthier and less happy, and what people want is to live in walkable neighborhoods. >> now, retail, restaurants, and close to 200 apartments in the first phase. no cars means no parking, no garages, no parking paces, so more space for social areas. the complex is strategically located next to the areas light rail program. all residents get a free pass. the first 200 also get a free electric e-bike, and a partnership with lyft get some discount rides. investors in cul-de-sac include lennar, one of the nation's largest homebuilders, and coastal aveng
that's where we find cnbc senior real estate correspondent, diana olick. million rental community has all of the amenities, the fitness center, the dog park, the outdoor kitchens, but what it does not have his cars. cul-de-sac is the first community in the u.s. designed specifically for car free living. cofounder ryan johnson said, it's what americans want. >> in the u.s., we have been building the wrong kind of housing for 100 years. we have built sprawl and created car dependency, edits...
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Feb 26, 2024
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let's bring in diana olick on the latest data housing point. diana? >> am do, sales rose just over 1.5% in december, but december sales were revised down significantly and the street was looking for $680,000 and we got 661, so softer. why? these numbers are based on signed contracts and that's folks out shopping for january when mortgage rates were in the high 6% range and that's down from the recent peak of 8% in october and still not enough to juice sales. builders are buying down the interest rates and builders should be benefiting from the tight supply of existing homes for sale. the price of a newly built home in january came in at $420,700 and that's down 2.6% year over year and you kind of have to factor that in to the net of what they're really making on a new home. supplies are still high, 8.3 months and it's homes sold and not yet started and that number's coming down steadily and way off its highs from last summer and october. so the backlog for builders is shrinking and the supply is now more of a factor of lower demand. so we are now if t
let's bring in diana olick on the latest data housing point. diana? >> am do, sales rose just over 1.5% in december, but december sales were revised down significantly and the street was looking for $680,000 and we got 661, so softer. why? these numbers are based on signed contracts and that's folks out shopping for january when mortgage rates were in the high 6% range and that's down from the recent peak of 8% in october and still not enough to juice sales. builders are buying down the...
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Feb 15, 2024
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olick reports. >> reporter: this brand-new rental community in tempe has all the amenities, a fitness center, dog park, outdoor kitchen, but something is missing. >> so, there are no cars in this community at all >> isn't it great? >> reporter: cul-de-sac is the first community in the u.s. designed and built specifically for car-free living. co-founder ryan johnson says the demand is strong >> every generation including 90% of gen-z would like to pay more to live in a walkable neighborhood. >> reporter: retail, restaurants, and to start, nearly 200 apartments all within steps of each other. no cars means no parking spaces, no garages. >> because we don't have residential parking, it opens us up to have 55% landscaped space, and we get to add so much to the neighborhood. >> reporter: like social spaces around every corner the complex is strategically located right next to the area's light rail system. all residents get a free pass. the first 200 also get a free lectric e-bike, and a partnership with lyft gets them discount rides. >> i've been fine just going via rail or just biking >>
olick reports. >> reporter: this brand-new rental community in tempe has all the amenities, a fitness center, dog park, outdoor kitchen, but something is missing. >> so, there are no cars in this community at all >> isn't it great? >> reporter: cul-de-sac is the first community in the u.s. designed and built specifically for car-free living. co-founder ryan johnson says the demand is strong >> every generation including 90% of gen-z would like to pay more to live...
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Feb 12, 2024
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diana olick is here to explain. good morning. >> reporter: good morning, contessa.extend and pretend. we hear about this which was used after the great financial crisis. lenders agreed to keep the loan as is past maturity to give borrowers time to keep up with the payments. will that work this time? i spoke to analysts and they say probably not so much. after the great financial crisis, there was little to no liquidity in the market. lenders had no way to resell. not the case today. sophisticated capital is available on the sidelines and awaiting distressed sales opportunities. now factor in the gfc when the fed was cutting rates to stimulate the economy and cre transaction activity. that is not the case today. back then, lenders had incentive to work with botrrowers who wanted to keep the property. now extending loan s into the lower rate environment is not the case today. we know looking at sectors are in the biggest trouble. one sector that could see distress in the future is hotels. a lot of lodging loans are maturing this year and next. over $30 billion worth.
diana olick is here to explain. good morning. >> reporter: good morning, contessa.extend and pretend. we hear about this which was used after the great financial crisis. lenders agreed to keep the loan as is past maturity to give borrowers time to keep up with the payments. will that work this time? i spoke to analysts and they say probably not so much. after the great financial crisis, there was little to no liquidity in the market. lenders had no way to resell. not the case today....
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Feb 21, 2024
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, pretty fascinating with toll and all of that thank you, diana olick this morning.t more on the consumer next hour with the ceo of ckelanova, the spin unify kelloggs' former snack segment, in a minute. what do you know about rock stars? billy idol? i mean where's the skin-tight leather? my shoes are leather. where's the unnecessary zippers? that thing! billy, rock star is just how doug feels when he uses workday. thanks, rory. i'll show you rock star! be a finance and hr rock star. workday. for a changing world. billy idol just stole your golf cart! - i got the cabin for three days. it's gonna be sweet! what? i'm 12 hours short. - have a fun weekend. - ♪ unnecessary action hero! unnecessary. ♪ - was that necessary? - no. neither is a blown weekend. with paycom, employees do their own payroll so you can fix problems before they become problems. - hmm! get paycom and make the unnecessary, unnecessary. - see you down the line. (grunting) at morgan stanley, old school hard work meets bold new thinking. (laughter) at 88 years old, we still see the world with the wonder o
, pretty fascinating with toll and all of that thank you, diana olick this morning.t more on the consumer next hour with the ceo of ckelanova, the spin unify kelloggs' former snack segment, in a minute. what do you know about rock stars? billy idol? i mean where's the skin-tight leather? my shoes are leather. where's the unnecessary zippers? that thing! billy, rock star is just how doug feels when he uses workday. thanks, rory. i'll show you rock star! be a finance and hr rock star. workday....
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Feb 12, 2024
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diana olick is joining us with more on that story. diana?is being hit by higher interest rates even if a sector is doing well, commercial loans are much shorter term than residential mortgages and need to be refinanced more often and that hurts in today's higher interest rate environment. in the past after the great financial crisisafter the great financial crisis, they used a strategy of extend and pretend. they would extend the load until borrowers could get current again. lenders can sell the properties to either investors. besides office, we want to look at which sectors we should be paying attention to. believe it or not, lodging had a year in 2023 and expedia reported strong earnings, marriott is expected to report later today. a lot of lodging loans are maturing this year and next with over $30 billion worth. more than a third carry interest rates under 5% currently. there is concern that the consumers are starting to struggle and businesses are starting to cut expenses if both leisure and business travel drop this year, that will hit
diana olick is joining us with more on that story. diana?is being hit by higher interest rates even if a sector is doing well, commercial loans are much shorter term than residential mortgages and need to be refinanced more often and that hurts in today's higher interest rate environment. in the past after the great financial crisisafter the great financial crisis, they used a strategy of extend and pretend. they would extend the load until borrowers could get current again. lenders can sell...
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Feb 22, 2024
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robert riskkin is with us along with diana olick, senior real estate correspondent welcome back, roberts coming. >> spring is coming. >> is activity what you would want to see coming into it >> what's driving activity is inventory. we have 13% more this year than last year. it converts into sales we have 9% more homes in contract to be sold at this point than last year i believe that this spring market we will see a significant increase in inventory. we can esee on the compass platform we have 30,000 agents this time last year, 60% of new clients working with our agents were buyers that were setting up buyer search alerts but now 60% of new clients work with our agents are evaluating listing presentations with their agents and evaluating selling their home. >> do you expect, we mentioned the 30 fixed, is this a blip, momentary head wind? >> i would love for mortgage rates to be below 7% this has been one heck of a roller coaster, but you don't need 6% mortgage rates when the stock market is at an all-time high you have markets like the bay area, seattle, i was in seattle early this week
robert riskkin is with us along with diana olick, senior real estate correspondent welcome back, roberts coming. >> spring is coming. >> is activity what you would want to see coming into it >> what's driving activity is inventory. we have 13% more this year than last year. it converts into sales we have 9% more homes in contract to be sold at this point than last year i believe that this spring market we will see a significant increase in inventory. we can esee on the compass...
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Feb 29, 2024
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diana olick has that for us. >> reporter: david, pending home sales in january dropped 4.9% month tong to the national association of realtors that's a miss. the street was looking for a 2% gain sales down 8.8% from january of last year. this number is based on signed skrooktsz -- contracts so people out shopping. when 30-year fixed started, down from the high of 8% in october, off the lows of december they rose a little bit during january before, of course, crossing 7% in february. now the realtors chief economist wrote consumers are showing extra sensitivity to changes in mortgage rates in the current cycle and that's impacting home sales. regionally, sales rose month to month in the northeast and west, but fell in the midwest and south. sales down across the nation year over year there was no mention in this report of inventory, but redfin in a separate report said new listings rose 13% during the four weeks ending february 25th compared with the samea year ago that's the biggest increase in nearly 3 years, but pending sales for that period dropped 8% so there is your higher mortg
diana olick has that for us. >> reporter: david, pending home sales in january dropped 4.9% month tong to the national association of realtors that's a miss. the street was looking for a 2% gain sales down 8.8% from january of last year. this number is based on signed skrooktsz -- contracts so people out shopping. when 30-year fixed started, down from the high of 8% in october, off the lows of december they rose a little bit during january before, of course, crossing 7% in february. now...
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Feb 14, 2024
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cnbc's diana olick has all the details. diane that?0 million rental community has all the amenities, it's got the fitness center, the dog park, the outdoor kitchens. it does not have cars. cul-de-sac is the first community in the u.s. designed specifically for car-free living. cofounder ryan johnson says it is what americans want. >> in the u.s., we've been building the wrong kind of housing for 100 years. we've built sprawl and it's created car dependency and it's made us lonelier, less healthy, and less happy, and what people want is to live in walkable na neighborhoods. >> reporter: retail, restaurantsing and close to 200 apartments in the first phase. no cars means no parking spaces, no garages. the complex is strategically located right next to the area light rail system. all residents get a free pass. the first 200 also get a free electric e-bike and a partnership with lyft gets them discount rides. those are partners. investors in the $30 million series a include lennar, khosla ventures and founders funds. walkable neighborhoods
cnbc's diana olick has all the details. diane that?0 million rental community has all the amenities, it's got the fitness center, the dog park, the outdoor kitchens. it does not have cars. cul-de-sac is the first community in the u.s. designed specifically for car-free living. cofounder ryan johnson says it is what americans want. >> in the u.s., we've been building the wrong kind of housing for 100 years. we've built sprawl and it's created car dependency and it's made us lonelier, less...
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Feb 5, 2024
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diana olick, looking at me like -- >> yeah, not going to try it. >> plant-based, might be good. >>> cominglling down on big oil. talking energy prices with ceo jon chrisman . he will give us the details live from the lead investor oasis when "power lunch" returns. >>> notable names of black ceos in the fortune 500, including tia chief brown-duncan, marvin ellison at lowe's, and the latest edition of tony town swiftly, joining science applications international corporation in october. they're among the eight ceos in the fortune 500 are black. that's less than 2% on the list. still, it is a record number. ar eern.ing black heritage, i'm shonppso e transforming and businesses need to navigate the changing landscape to stay ahead. when you partner with barclays, every change leads to a bold possibility. you have the vision. we have the insights, financial solutions and global perspectives to help you make it real. barclays corporate and investment bank powering possible. [disconcerting stomach gurgle] not again. maybe i should get this looked at? [suggestive stomach gurgle] zocdoc? [talkative
diana olick, looking at me like -- >> yeah, not going to try it. >> plant-based, might be good. >>> cominglling down on big oil. talking energy prices with ceo jon chrisman . he will give us the details live from the lead investor oasis when "power lunch" returns. >>> notable names of black ceos in the fortune 500, including tia chief brown-duncan, marvin ellison at lowe's, and the latest edition of tony town swiftly, joining science applications...
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Feb 16, 2024
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plus, diana olick off of the jump in mortgage rates and the big drop in housing last month.ever. scott, in terms of the market here, you know, we are losing a little bit of altitude. although we are still hanging in okay. the s&p is up almost 5%, probably not many thought we would be their six days into the year, even though we have reduced the amount of fed, even though the market is position for it right now. what does it tell you and what is the risk reward look like to you? >> i think the risk reward is not good right here. we certainly wouldn't go out and buy the s&p 500 but when you look at cbi, ppi, those were nasty numbers if you are worried about inflation, or the federal reserve. and the market done really nothing but keep grinding higher for the most part. for us, we don't want to go out there and by the s&p 500, we don't want to go out there and by the russell 500, that is for sure. i think there's a few things under the hood that you can do. >> was it really nasty numbers coming out of the ppi and the cpi? obviously more that she wanted to see and there seems to
plus, diana olick off of the jump in mortgage rates and the big drop in housing last month.ever. scott, in terms of the market here, you know, we are losing a little bit of altitude. although we are still hanging in okay. the s&p is up almost 5%, probably not many thought we would be their six days into the year, even though we have reduced the amount of fed, even though the market is position for it right now. what does it tell you and what is the risk reward look like to you? >> i...
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Feb 20, 2024
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diana olick has the details. >> toll is still benefits from the lack of existing home supply and the fact that it is a luxury builder. and the buyers aren't as effected by small changes in mortgage rates. toll delivered 1,927 homes at an average price of $1 million. net contracts up 40% in units and 42% in dollars, compared to last year's first quarter. the ceo said they saw solid demand in q-1, which ended january 31st. s since mid january, they have seen a marked increase in demand. adjusted gross margin in the quarter, 140-basis point increase. they estimate q-2 deliveries of 2,400 to 2,500 units. now, builders are pulling back on incentives. analysts on in the last hour said what we're seeing is the market accelerating into the spring, saying there might even be a pull-back in buying down mortgage rates, and that's how the builders did so well last year as rates were rising, ty. >> all right, diana, thank you. and we've got some breaking news now on a new entrant to the dow industrials, doesn't happen all that often. let's go to kate rooney for the details. >> tyler, we have two
diana olick has the details. >> toll is still benefits from the lack of existing home supply and the fact that it is a luxury builder. and the buyers aren't as effected by small changes in mortgage rates. toll delivered 1,927 homes at an average price of $1 million. net contracts up 40% in units and 42% in dollars, compared to last year's first quarter. the ceo said they saw solid demand in q-1, which ended january 31st. s since mid january, they have seen a marked increase in demand....
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Feb 16, 2024
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diana olick, what happened? 30-year fix after the cpi was hotter than expected and staid over 7%. expect it to go much higher today. watching that. according to news daily. housing starts, total starts down 15% month to month. a massive miss. a lot of that was in multifamily. multifamily we know is pulling back, because we have a record number of new units coming on the market this year, but i want to break out single family. down 4.7% month to month. that's interesting, because these are numbers that would be coming off a huge new-home sales number in december. december when mortgage rates pulled back significantly. factor around 6.5%. saw a big bump in sales. expectations, might translate into starts. ship say weather-related issue. these numbers are seasonally adjusted. it's january. we know what happens in january weatherwise. again a big disappoint pulling back says builders are concerned about mortgage rates moving higher. taylor morrison earnings this week and the ceo said face significant headwinds from
diana olick, what happened? 30-year fix after the cpi was hotter than expected and staid over 7%. expect it to go much higher today. watching that. according to news daily. housing starts, total starts down 15% month to month. a massive miss. a lot of that was in multifamily. multifamily we know is pulling back, because we have a record number of new units coming on the market this year, but i want to break out single family. down 4.7% month to month. that's interesting, because these are...
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Feb 12, 2024
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i want to talk to diana olick who joins us with more on this story. and pretend, and this was used in the aftermath of the great financial crisis. lenders agreed to keep the loan as is past maturity. it gave borrowers more time to get new tenants and keep up with their payments and gave lenders an out so they didn't have to take back the keys and sell the properties at fire sale prices. will that work this time? well, analysts at trep say no. why? after the great financial crisis, there was little to no liquidity in the market so lenders had no way to resell. not the case today, trep says sophisticated capital is available and on the sidelines eagerly awaiting distress sales opportunities. now, back during the gfc, the fed was aggressively cutting rates to stimulate the economy and cre transaction activity, not so today. so back then lenders had incentive to work with borrowers that wanted to keep the properties. again, not the case today, and finally, back then, extending loans into a lower rate environment led to increasing property values, not so t
i want to talk to diana olick who joins us with more on this story. and pretend, and this was used in the aftermath of the great financial crisis. lenders agreed to keep the loan as is past maturity. it gave borrowers more time to get new tenants and keep up with their payments and gave lenders an out so they didn't have to take back the keys and sell the properties at fire sale prices. will that work this time? well, analysts at trep say no. why? after the great financial crisis, there was...
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Feb 26, 2024
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debt is the big story these days and for a deeper look at new home sales, let's go to diana olick.clear miss. look, the december number was revised down significantly, so even though we had a pop up in percentage in january, it's much lower than expected. the price down 2.6% year over year on a newly built home in january and 8.3 is up from 8.2. an interesting number which i like to look at which is homes that have sold but not yet started. we're seeing a significant drop in that number from last year, and that means that build backlog is thinning out and that's because demand is coming down. mortgage rates, an important one for what we saw in january, still in the 6% range off the 8% high that we saw in october, but in the higher 6% range now, of course, we're over 7%. but the builders, you know, some say they're seeing considered demand, but they're having to buy down mortgage rates. when you see that drop in 2.6% in prices that's not the full picture because the price if you factor in how much the builders are buying down the mortgage rates to get their customers in the door, th
debt is the big story these days and for a deeper look at new home sales, let's go to diana olick.clear miss. look, the december number was revised down significantly, so even though we had a pop up in percentage in january, it's much lower than expected. the price down 2.6% year over year on a newly built home in january and 8.3 is up from 8.2. an interesting number which i like to look at which is homes that have sold but not yet started. we're seeing a significant drop in that number from...
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Feb 21, 2024
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olick with the numbers.rates surged back over 7% last week. that's the highest level since early september, early december. and it hit mortgage demand hard. total application val plue plund 10.6%. the average rate on the 30-year fixed increased to 7.06% from 6.87% for loans with 20% down. applications to refinance dropped 11% last week, compared with the previous week and we're just 0.1% higher than the same week a year ago, one year ago the 30-year fixed was 6.62%. refi volume was higher than year ago levels, but the latest jump in rates clearly made a refinance just not worth it for most borrowers applications for a mortgage to buy a home fell 10% for the week and were 13% lower than the same week a year ago. affordability is already pretty awful with home prices surging due to still tight supply and more demand coming into the spring market. and higher rates caused the adjustable rate mortgage, the arm share of activity, to rise to 7.4% of total applications. arms offered lower interest rates, but are con
olick with the numbers.rates surged back over 7% last week. that's the highest level since early september, early december. and it hit mortgage demand hard. total application val plue plund 10.6%. the average rate on the 30-year fixed increased to 7.06% from 6.87% for loans with 20% down. applications to refinance dropped 11% last week, compared with the previous week and we're just 0.1% higher than the same week a year ago, one year ago the 30-year fixed was 6.62%. refi volume was higher than...
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Feb 28, 2024
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diana olick has the numbers. good morning, diana. >> good morning, joe. fixed continued to hit mortgage demand last week. total application volume dropped 5.6% compared with the previous weekend, that's according to the mortgage bankers association. and that is seasonally adjusted. so, this is as the average rate on the 30-year fixed drop a tiny bit to 7.04%, from 7.06% for loans with 20% down. rates are off the peak of 8% from last october, but still up from the 6% range that we saw for much of the winter. refinance applications dropped 7% for the week, they were 1% lower than the same week a year ago. fha and va refis were hit hardest. there are very few current borrowers with rates higher than today that could benefit. applications for a mortgage to buy a home dropped 5% for the week and were 12% lower year over year. interesting on the purchase side, though, the mba is showing applications for a mortgage to buy a newly built home in january were up 19% from a year ago, big difference. so, a lot of that is the builders buying down the interest rates on
diana olick has the numbers. good morning, diana. >> good morning, joe. fixed continued to hit mortgage demand last week. total application volume dropped 5.6% compared with the previous weekend, that's according to the mortgage bankers association. and that is seasonally adjusted. so, this is as the average rate on the 30-year fixed drop a tiny bit to 7.04%, from 7.06% for loans with 20% down. rates are off the peak of 8% from last october, but still up from the 6% range that we saw for...
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Feb 29, 2024
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. >> every time diana olick is on and says it is not a demarnd pro demand problem. >> it is not a demandng in? if you can sell, why don't you match the demand? why can't inventory match the demand? it takes time or -- >> we have -- if you look at the new home inventory across the country today, i would tell you it is a healthy probably seven months of supply. the real important detail there, joe, is what is the finished inventory and that's relatively low. so i think that is actually a really nice balance because i think we're like 1.4, 1.5 months of finished inventory. i want to have inventory at all stages of the production cycle and we do. the resale inventory is also pretty tight and that's the lockup effect you keep hearing about. i think we just moved to about three months, but the devil is always in the details. >> do you buy big plots of land? i can remember in years past, lennar, somebody got in trouble, they spent so much money and then the land prices dropped and they were stuck with it and had to write down. how do you do that? do you buy a huge swath of land to put up a deve
. >> every time diana olick is on and says it is not a demarnd pro demand problem. >> it is not a demandng in? if you can sell, why don't you match the demand? why can't inventory match the demand? it takes time or -- >> we have -- if you look at the new home inventory across the country today, i would tell you it is a healthy probably seven months of supply. the real important detail there, joe, is what is the finished inventory and that's relatively low. so i think that is...