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Jul 9, 2024
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we have diana olick with more on this. good morning. >> good morning, frank. that's right.re in a housing market unlike any other. that's due to economic forces unlike any other. the foreclosuing crisis. take a look at supply lyly buil. home building just ground to a halt. by 2012, new homes were 6% of all supply. then total supply dropped in the pandemic. now it is climbing back slowly. in a weird twist, it is mostly new homes. the month supply of newly built homes almost three times of that of existing homes. a monew and old homes track closely. now new construction makes up 30% of total inventory. this is due to roller coaster interest rates dropping to historic lows at the start of the pandemic and spiking two years later. that makes homeowners who wanted to move up stay put. cutting existing supply and making buyers look for cheaper homes. you can see that in the months' supply of homes in may by price tier. it is the lowest in the $100,000 to $500,000 range because that's where most live right now. the demand has decreased. the homes are eaten up that fast. that is fr
we have diana olick with more on this. good morning. >> good morning, frank. that's right.re in a housing market unlike any other. that's due to economic forces unlike any other. the foreclosuing crisis. take a look at supply lyly buil. home building just ground to a halt. by 2012, new homes were 6% of all supply. then total supply dropped in the pandemic. now it is climbing back slowly. in a weird twist, it is mostly new homes. the month supply of newly built homes almost three times of...
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Jul 25, 2024
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diana olick is joining us now shedding light on where prices may be headed.ople are hoping they are going down. >> maybe, frank. existing home sales of new and existing homes in june. both came in lower than expected. interest rates were well over 7% during the month and had been for the past few months hitting affordability hard. prices usually lag sales six months, but we are getting an exclusive look on the latest read on prices. home prices in june were 4.1% higher than june of last year. still up. not as much as in may when a annual growth was 4.7% and annually 6%. june marked the slowest rate since march of last year. we don't look at prices month to month because home buying is sea seasonal. mortgage rates did ease this month, but this july still ranks in the top ten of least affordable months of the past 30 years for buying a home. going local, prices are still higher than a year ago in 94% of the top 50% of the housing markets with the strongest growth in providence, hartford, san jose and milwaukee. austin was the only city where prices were lower t
diana olick is joining us now shedding light on where prices may be headed.ople are hoping they are going down. >> maybe, frank. existing home sales of new and existing homes in june. both came in lower than expected. interest rates were well over 7% during the month and had been for the past few months hitting affordability hard. prices usually lag sales six months, but we are getting an exclusive look on the latest read on prices. home prices in june were 4.1% higher than june of last...
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Jul 8, 2024
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time to make it clean. >> diana olick, thank you very much.g are surging on a first quarter report. the maker of glass, there's an ai angle, it expects the optical fiber products to see a big boost from the technology. we'll get the trade on that and more on "three stock lunch" right after this. >>> welcome back. time for "three stock lunch." here is malcolm etheridge, a cnbc contributor. great to have you back. let's start with shares of intel, which is doing a nice job pops. on pay for the largest percent increase since november of last year. what would you do with the stock? >> yeah, kelly, i'm calling this one a hold. i think intel is a bit of a ca catch-22. right now, they actually generate, i think, more revenue from data center spending than amd still, but i'm expecting the semi trade to take a breather near temple. as investors start to assess whether the aggressive valuations are still worth it, even if the accelerated that intel's pipe does do what they think it would, they're a distance third. so i'm not sure they'll be able to reve
time to make it clean. >> diana olick, thank you very much.g are surging on a first quarter report. the maker of glass, there's an ai angle, it expects the optical fiber products to see a big boost from the technology. we'll get the trade on that and more on "three stock lunch" right after this. >>> welcome back. time for "three stock lunch." here is malcolm etheridge, a cnbc contributor. great to have you back. let's start with shares of intel, which is doing...
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diana olick in d.c. for us. tim, what does this mean for us for the trade?if you look at the components of the trade, it's also interesting because it looks like there's been enough of a balance that you skr different names at the top that are not just components of different parts of the construction process, whether it be hvac or elevators or things like that, but also security systems. and these are all things that i think will ultimately suffer under the weight of the discretionary pressure. i think housing prices have to come down. it's kind of like what diana described. there's going to be a new flood of people coming into the market and that will brung down market prices. >> coming up, nvidia jumping on a bullish car. just how high do the analysts think this darling can fly? we'll fly into the numbers next. >>> plus, some of the biggest media companies converge on sun valley, idaho. more "fast money" in two. (♪♪) car, this isn't the way home. that's right james, it isn't. car, where are we going? we're here. (♪♪) surprise!!! the future isn't scary. no
diana olick in d.c. for us. tim, what does this mean for us for the trade?if you look at the components of the trade, it's also interesting because it looks like there's been enough of a balance that you skr different names at the top that are not just components of different parts of the construction process, whether it be hvac or elevators or things like that, but also security systems. and these are all things that i think will ultimately suffer under the weight of the discretionary...
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Jul 23, 2024
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we also have existing home sales out and for that we go to diana olick. >> rick, existing home salesne dropped 5.4% in may to a rate of 3.89 million units and that's lower than the street expected and sales down 5.4% in june of last year all according to realtors and these are closed sales and based on contracts when the 30-year fixed jumped above 7% and stayed there. rates have pulled back slightly since then to the high 6% range now. inventory bumped higher up over 23% from a year ago and still just a 4.1 month supply and that's because it's coming off record lows and 6% is between buyer and seller and a lot of that is homes sitting on the market longer and increasing supply and the average day is 22 up from 18 days on the market a year ago and even that new supply not helping these prices. $426,900 was the median price of a home sold in june and the second straight month at an all-time high. remember, part of of that is skewed toward what is actually selling the median and the higher end is what's selling and the million dollar-plus range is seeing stronger sales. 28% of sales wer
we also have existing home sales out and for that we go to diana olick. >> rick, existing home salesne dropped 5.4% in may to a rate of 3.89 million units and that's lower than the street expected and sales down 5.4% in june of last year all according to realtors and these are closed sales and based on contracts when the 30-year fixed jumped above 7% and stayed there. rates have pulled back slightly since then to the high 6% range now. inventory bumped higher up over 23% from a year ago...
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Jul 24, 2024
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thank you, diana olick. >>> talk about big moves in the market, just paying attention to the dollar versusese yen. this has been more of the crowded one sided trades, and it's ripping the other way. the japanese yen is ripping, a 1.5% move you don't get every day in currencies so people are paying attention to it. people are saying you never know they could be intervening. but you have interest rate differentials in focus. bank of japan meet next week, e expected to maybe hike rates, fed leaning towards cutting rates so finally this is going the other way. and when it snaps it goes hard because we know japan has been cheap, the conference call talking about japan becoming the best shopping destination in the world, especially for asian travelers because of the weaker yen. so we're watching this. it could put pressure on the treasury yields because of the weaker dollar. the fed is in focus ahead of next week, and bill dudley, the former new york fed president publishing on bloomberg this morning saying i changed my mind. the fed needs to cut rates now. he's been a proponent for higher for l
thank you, diana olick. >>> talk about big moves in the market, just paying attention to the dollar versusese yen. this has been more of the crowded one sided trades, and it's ripping the other way. the japanese yen is ripping, a 1.5% move you don't get every day in currencies so people are paying attention to it. people are saying you never know they could be intervening. but you have interest rate differentials in focus. bank of japan meet next week, e expected to maybe hike rates,...
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Jul 17, 2024
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diana olick has the details. before we get to that, we got new housing data. what did we learn?the total housing starts in june came in slightly higher but driven by multifamilies. single families dropped just of 2% from may but still over 5% higher than june of last year. builders were looking at rates over 7% and a pullback in buyers. now, the big gain came in multifamily, which jumped 22% month to month. multifamily members tend to be more volatile month to month, so it's important to know those starts are still down 23%. multifamily is pulling back this year because of record new supply that has come on the market, both last year and this year. millions of units. but demand is strong, and there are some saying that two years from now, we're going to need more supply again, and without these starts now, we won't have that supply. and that actually is one of the arguments being made against a plan unveiled yesterday by joe biden to put a cap on rents. it would have to be passed by congress, but it says corporate landlords with over 50 units in their portfolios would only be ab
diana olick has the details. before we get to that, we got new housing data. what did we learn?the total housing starts in june came in slightly higher but driven by multifamilies. single families dropped just of 2% from may but still over 5% higher than june of last year. builders were looking at rates over 7% and a pullback in buyers. now, the big gain came in multifamily, which jumped 22% month to month. multifamily members tend to be more volatile month to month, so it's important to know...
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Jul 16, 2024
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diana olick. >>> let's chew on the retail sales numbers for a moment.out the u.s. consumer and the strength there. the headline number on retail sales comes in at about 0, but the expectation was that it would fall 0.3% and may, the month before, actually got revised higher, revised 0.1% to 0. 3%. the control group that feeds into gdp, 0.9%. another surprise in a positive way and matching the highest in about a year, if you go beneath the surface as to where americans were spending it was broad basted in terms of where the strength was. we knew gas stations were weak and motor vehicles, too, because there was a cyberattack in one of the software platforms across m mvs and sporting goods and hobby stores. there were positive numbers everywhere else. i mean we saw that in furniture which had been a weaker category. building materials had a rebound off the may numbers up 1.4%. online spending very strong on the month. 2% on the month. and then restaurants which is really the only services part of the retail sales number also coming in at 0.3% higher. elect
diana olick. >>> let's chew on the retail sales numbers for a moment.out the u.s. consumer and the strength there. the headline number on retail sales comes in at about 0, but the expectation was that it would fall 0.3% and may, the month before, actually got revised higher, revised 0.1% to 0. 3%. the control group that feeds into gdp, 0.9%. another surprise in a positive way and matching the highest in about a year, if you go beneath the surface as to where americans were spending it...
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Jul 26, 2024
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diana olick is here looking at the recent rally in the real estate sector.two big deal ngs the gamtdbleing state of. steve kovach setting up us for big tech earnings next week and help breaking down the crucial final minutes in this market here this week. diana, multiple parts of real estate? >> start with crre, took off reporting better than expected q2 revenue, profitability and cash flow pt the stock jumped 10% yesterday and slightly higher again today raising outlook in sales and leasing better than expected. then came a note from evercore suggesting a "less bad sales environment." doesn't get better than that. right? really it's all about interest rates. cbre and broader s&p real estate sector stocks popped in the last four weeks because interest rates came down. simple as that. today home builders got a boost again from falling yields with horton and lennar hitting record highs. average rate on the 30-year fix dropped five basis points to 6.86% and the prospect of it going lower this fall is what has the builders so very happy. mike? >> yeah. you said
diana olick is here looking at the recent rally in the real estate sector.two big deal ngs the gamtdbleing state of. steve kovach setting up us for big tech earnings next week and help breaking down the crucial final minutes in this market here this week. diana, multiple parts of real estate? >> start with crre, took off reporting better than expected q2 revenue, profitability and cash flow pt the stock jumped 10% yesterday and slightly higher again today raising outlook in sales and...
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Jul 10, 2024
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diana olick is here with more. >> kelly, mortgage rates haven't moved much in the past few weeks, butand for refinances dropped for the fourth straight week, despite the fact that homeowners are sitting on a vast amount of home equity. applications to refinance a home loan dropped 2% last week compared with the previous week. and there was another adjustment made last week for the fourth of july holiday. so, demand is still 28% higher than it was the same week one year ago when rates are seven basis points higher. 28% may sound like a big jump, but it's coming off very small numbers. in fact, refinance demand is stille 78% lower than it was prepandemic. home openers were sitting on a collective $17 trillion in equity at the end of the first quarter of this year. in just one year, they gained $1.5 trillion collectively, or $28,000 per borrower. but today's higher rates make refinances too expensive. the average rate for conforming loans dropped a little bit to 7%, from 7.03%, not much, though. applications for a mortgage to buy a home rose 1% for the week but were 13% lower than the sa
diana olick is here with more. >> kelly, mortgage rates haven't moved much in the past few weeks, butand for refinances dropped for the fourth straight week, despite the fact that homeowners are sitting on a vast amount of home equity. applications to refinance a home loan dropped 2% last week compared with the previous week. and there was another adjustment made last week for the fourth of july holiday. so, demand is still 28% higher than it was the same week one year ago when rates are...
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Jul 26, 2024
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i'll bring in diana olick. what is this important sector telling us about rates, you think? >> well, look, kelly, this woke we got reports on sales of both new and existing sales in june. both came in lower than expected despite increased supplies. so it begs the question, if supply was holding buyers back, why aren't they flooding in now? the simple answer is mortgage rates. the 30-year fixed spent much of march below 7%, and it stayed above 7% through june until it dropped back below 7% at the start of july. now, existing home sales are counted by closing. so contracts signed in april and may. new home sales were counted as signed contracts. so you can see why existing homes pulled back, but with the builders buying down mortgage rates, you have to wonder why they didn't do better. part of it is prices. we did get an early look at prices yesterday in june, which usually take longer to calculate. take a look, nationally in february, home prices were gaining at just over 6% year over year. in may, the game slowed down to 4.7%, and the cooling continued into june with prices
i'll bring in diana olick. what is this important sector telling us about rates, you think? >> well, look, kelly, this woke we got reports on sales of both new and existing sales in june. both came in lower than expected despite increased supplies. so it begs the question, if supply was holding buyers back, why aren't they flooding in now? the simple answer is mortgage rates. the 30-year fixed spent much of march below 7%, and it stayed above 7% through june until it dropped back below 7%...
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Jul 23, 2024
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diana olick has more details.e equity, credit cards, a match made in heaven. >> home equity is at an all-time high. the average home own we are a mortgage gained $28,000 in equity just in the first quarter of this year than the year before. that's the highest number in two years. so what if you could tap that home equity with a credit card? aven, a san francisco based startup that just reached unicorn status, launched such a card. that draws on your home equity. the interest rate on the card is anywhere from 8% to 15%, which is far lower than the typical credit card, which can start at around 18% to 20% in interest rates. i spoke with the company's ceo about why you would choose this instead of a traditional one. >> you're able to get an aven helock for zero dollars in every single state we operate by just going to aven.com. in terms of the accessibility of the product, it's better. you can take our card at get 2% unlimited cash back, which no other provides today. >> we remember during the last housing boom in 20
diana olick has more details.e equity, credit cards, a match made in heaven. >> home equity is at an all-time high. the average home own we are a mortgage gained $28,000 in equity just in the first quarter of this year than the year before. that's the highest number in two years. so what if you could tap that home equity with a credit card? aven, a san francisco based startup that just reached unicorn status, launched such a card. that draws on your home equity. the interest rate on the...
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Jul 16, 2024
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diana olick is breaking down this major rally in the home builders.ey looking ahead to interactive brokers reporting after the bell. diana, it's amazing just a couple weeks ago people thought the home builder stocks were breaking down and now they've e gone vertical. rates matter. >> it's all mortgage rates. they've been falling steadily in july and while they popped up after the sales data bond yields are down to the lows of the session with greater optimism the fed will cut rates in september. the average rate on the 30-year fixed from 7.14% to 6.84% accord to mortgage news daily, positive for the builders. we did get a lower than expected read on builder sentiment in july. the expectation for a one-point gain and we got a one-point drop with builders pointing to mortgage rates. the components of the index measuring sales expectations in the next six months rose and it was the highest level of all the other components. in addition, evercore raised its price target on pulte, kb homes and toll brothers and maintained an outperform on all of them. ther
diana olick is breaking down this major rally in the home builders.ey looking ahead to interactive brokers reporting after the bell. diana, it's amazing just a couple weeks ago people thought the home builder stocks were breaking down and now they've e gone vertical. rates matter. >> it's all mortgage rates. they've been falling steadily in july and while they popped up after the sales data bond yields are down to the lows of the session with greater optimism the fed will cut rates in...
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Jul 17, 2024
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thank you. >>> diana olick joins us now with more on these numbers. diana, what do you think?family was the driver in this month, really. up 22% month-to-month and tends to be volatile month-to-month on multifamily side, but a big jump month-to-month. still down 23% year over year. pulling back because record supply came on the market last year and this year. we're seeing a softening in multifamily rents. down year over year and have been the last several months. why you're seeing a drop in year over year starts. monthly bump up could be one or two developments nationwide. hard to say. single family starts, though, actually down month to month 2.2%. still up 5% year over year. rick talked about mortgage rates. we saw the average on the 30-year fix well over 7% for all of june. so that has builders seeing their buyers come in and pulling back a little about those decisions. we saw builders sentiment actually drop, but the six-month forward-looking indicator on builders sentiment was actually the only part of that index higher and it was at the highest level of any other of the
thank you. >>> diana olick joins us now with more on these numbers. diana, what do you think?family was the driver in this month, really. up 22% month-to-month and tends to be volatile month-to-month on multifamily side, but a big jump month-to-month. still down 23% year over year. pulling back because record supply came on the market last year and this year. we're seeing a softening in multifamily rents. down year over year and have been the last several months. why you're seeing a...
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Jul 17, 2024
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diana olick has those numbers. >> international buyers purchased 54,300 existing homes.according to the national association of rea realtors. this is the lowest level of international investment since in nra began tracking it in 2009. the dollar of volume, $42 billion, was also down 21% from the year before. this as both the average and median purchase prices were the highest that the nra ever recorded for foreign buyers. the top buyers by volume were from canada, china, mexico, and india. they bought the most, though, in florida, texas, california, and arizona. chinese buyers spent the most money, that is, higher-priced homes. this report is only sales of existing homes and foreign buyers are big in the new development space. that's not reflected here. realtors cite a strong u.s. dollar as well as tight supply of homes for sale and high prices as major hurdles to foreign buyers. that in addition to the usual currency, banking, and title hurdles that foreigners face. back to you guys. >> diana, thank you. dinah olick. that does it for "squawk on the stre." lomo mkecoeta
diana olick has those numbers. >> international buyers purchased 54,300 existing homes.according to the national association of rea realtors. this is the lowest level of international investment since in nra began tracking it in 2009. the dollar of volume, $42 billion, was also down 21% from the year before. this as both the average and median purchase prices were the highest that the nra ever recorded for foreign buyers. the top buyers by volume were from canada, china, mexico, and...
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Jul 10, 2024
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. >> take diana olick, a little more positive on housing than i am, but i told david that there was goingo be a decline in manhattan pricing and he laughed and laughed and laughed, and doesn't he look like carrie in the seminal gymnasium scene? >> a decline in pricing in manhattan where for what? >> it's finally peaked and it's coming down. >> oh, it is? rentals? >> everything. but that's -- it was great. report by robert frank this morning. >> nobody's better. >> it was on at, like -- >> i watched it. i must have missed that part about the housing market. sorry. >> you did write this morning that everything was beginning to break. >> yes. everything other than -- that insurance, and there's a piece saying insurance rates are going to come down. that's the last -- i mean, carvana. >> yeah. >> david, used cars are coming down big. so, what's still climbing? i don't know. i like that. >> well, to that point, one-year yield with a 4 handle, first time since almost memorial day. actually, no, late march almost. >> i was checking to see. i got some treasurys rolling over. i'm allowed to own tr
. >> take diana olick, a little more positive on housing than i am, but i told david that there was goingo be a decline in manhattan pricing and he laughed and laughed and laughed, and doesn't he look like carrie in the seminal gymnasium scene? >> a decline in pricing in manhattan where for what? >> it's finally peaked and it's coming down. >> oh, it is? rentals? >> everything. but that's -- it was great. report by robert frank this morning. >> nobody's...
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Jul 9, 2024
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dinah olick joins us to explain why. diana, good morning. >> well, good morning, joe. unlike any other. and that's due to economic forces unlike any other. the foreclosure crisis, the great recession, the pandemic, and the unprecedented quick cut and then quick spike in mortgage rates. so take a look at supply of both newly built and existing homes together for sale. it shot up during the 2005 housing boom and the ensuing foreclosure crisis, which flooded the market with homes. so home building essentially ground to a halt. by 2012, new homes were just 6% of all supply. then, told supply dropped even more in the pandemic, when demand spiked in those first two years. now it's finally climbing back slowly, but, in a weird kind of twist, it's mostly newly built homes. the months-supply of new homes for sale is now almost three times of that of existing homes. months supply is how long it would take to sell that supply at the current sales pace. now, new and old home months supply usually track pretty closely, but not so much now. now, new construction, it's making up 30%
dinah olick joins us to explain why. diana, good morning. >> well, good morning, joe. unlike any other. and that's due to economic forces unlike any other. the foreclosure crisis, the great recession, the pandemic, and the unprecedented quick cut and then quick spike in mortgage rates. so take a look at supply of both newly built and existing homes together for sale. it shot up during the 2005 housing boom and the ensuing foreclosure crisis, which flooded the market with homes. so home...
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Jul 24, 2024
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i'm diana olick. mortgage interest rates eased slightly last week. get potential home buyers off the fence. average rate on the 30-year fix for conforming loans dropped to 6.82% from 6.87%, from 20% down according to the mortgage bankers association. the lowest level since february of this year. rates have dropped over 20 basis points in the last few weeks, but applications for a mortgage to purchase a home still dropped another 4% last we're compared with the previous week on the seasonally adjusted index. purchase d.c. emand is 15% lowe than a year. applications to get a loan, up 0.3%. demand 38% higher than the same week one year ago but coming auflg an extremely low level. rates today are very slightly lower than they were last year at this time. later this morning we'll get the read on sales of newly built homes in june. builders are doing better than existing home sellers, because, of course, they're able to buy down mortgage interest rates, but even they are seeing demand slow. joe, back to you. >> very good, diana. thank you. >>> coming up, r
i'm diana olick. mortgage interest rates eased slightly last week. get potential home buyers off the fence. average rate on the 30-year fix for conforming loans dropped to 6.82% from 6.87%, from 20% down according to the mortgage bankers association. the lowest level since february of this year. rates have dropped over 20 basis points in the last few weeks, but applications for a mortgage to purchase a home still dropped another 4% last we're compared with the previous week on the seasonally...