for nightly business rert, i diana olick in washington. >> coming up, the sector that helped drive therket along thes and turns wa ♪ ♪ ♪ ♪ >> the food and drug administration is extending the expiration date of some lots of epipens. the move designed to help mitigate the national shortage of the medicine and the life-saving drug would be good for an additional fou months now, says the fda and the agency approved the firic gen competitor last week, but it will take a few months for it to reach the market. return now to the lead story, and the big bull market. as we mentioned, tomorrow it will become the longest of time and as bertha coombs report, the biotech sector played a big role in the run high. >> for stinors, biotech has been a roller coaster ride during the market's bullbi run. games early in the decade and then a 20% plunge in20 and the presidential candidates vowed to crack down on high drug prices, but now biotechs are back at record hig fueled by hope over new drugs that treat and even cure difficult diseases. >> for the last couple of years there's been a hug breakthrough i

diana olick has more on h to spot and avoid them. >> pat rec bower is a seasoned renterve but he cameng b on a listing because the market is so competitive. >> the stakes are pretty high, but so is the pressure to move quickly and it's been a really to>>h situation. ower was shopping for apartments online and saw a rental listing on tcraig's l that seemed too good to beberue use it was. the person listing it was a scammer who had copied a realin list and changed the contact information. after several seemingly normal e-mail bowerecided to call the supposed landlord. >> i tried calling a second time a little while later when i didn't receive the response the first call and neither time anybody picked up and that to me, was the major red flag and then my wife and started adding up the various sort of red flags. we said something isn't right here. this price is too good to be true. >> a recent survey of renters found 43% found listings they beli more than 5 million people reported having been scammed and of those, more than a third of themlo hav over $1,000. >> the's a lot of urgency in

diana olick has the latest stallment on her continuing series "rising risks." ♪ ♪ >>> this $25 millionpitome of miami beach paradise, but it is paradise at a price. because rising tides andxt increasinglyme storms may already be lowering its val. in fact, this home just five miles inland in miami's little haiti could actually be a better investment according to a controversial new study. >> what we see here is the theory of clite gentrification. harvard university's jesse keenan tracks the values of more than 100,000 single-family homes across miamioing back 45 years, and in a published study coined the term climate gentrification. >> so you're saying home prices areallreadyng 10% because of climate>> change? 10% to where they would have been had their not been clima change. evidence, he says, that climate changes authoring home values both on the coast and inland. >> what we found is the higher elevation properties are essentially worth more now increasingly and will be worth more likely in the future? because multiple predictions like this o from climate central are dire. the ocean o

diana olick h re. >> reporter: home prices are and rising, but by less less. in june, prices nationally rose 6.2% year over year, accordi to the much-watched s&p case-shiller price index. that is down from the 6.4% gain in may. prices usual lag sales and sales have been falling for most of this year. the problem has been a chronic lack of supply. builders are not keeping up with demand, especially on the low end of the housing market. demand is strong that for a while, prices had nowhere to go but up, until now. affordability is becoming a much bigger issue, especially as rising mortgage rates are alsot ng their toll. the rate on the popular 30-year fixed mortgage rose from around 4% at the start of this year to just over 4.5%now. that directly affects housing affoeability. >> halue appreciation has slowed, but it's still triple its historic pace, three times the rate of wage growth. it's still a seller's market. it will ctinue being a seller's market unless there's some dramatic shifts in inventory or a rapid increase in mortgage rates. >> home price gains ar

diana olick has her continued series "rising risks: the increasing impact of climate on real estate.ave been a part of miami's history but rising seas are its future. water is starting to change the future of home values in and out of the danger zone ♪ >> reporter: this $25 million waterfront home is the epitome of miami beach paradise. but it is paradise at a price. because rising tides and increasingly extreme storms may already be lowering its value. in fact this home just five miles inland in little haiti could actually be a better investment according to a controversial new study. >> what we see here is a theory of climate >> jesse keenan tracked the values of more than 100,000 single family homes across miami going back 45 years. in a published study coined the term climate gentrification. >> so you're saying home prices are already falling 10% because of climate change? >> 10% had there not been climate change. >> reporter: he says climate change is altering values on the coast and inland >> we found the higher elevation properties are worth more now, increasing, and will be w

first to diana olick's story, are we seeing movement in capitulation by stubborn sellers?ink the market is cooling a bit. more than half of the major markets we track have seen a slowdown in house price appreciation in the last couple of months. that's a good thing. it was probably going up too fast for the market and creating affordability problems it's good it's cooling down a bit. >> cooling down is a good thing because mortgage rates have also gone up. does the price of the home matter at all? is it the fact it's $2,000 a month? is the monthly payment more important than the price >> right you're right people figure out how much they can afford to buy based on that monthly payment. with mortgage rates going up, housing prices going up, they can afford to buy less we did an analysis at the market level and found that the renters who earn about $135,000 in san francisco can afford to buy an $820,000 home. >> what? >> yeah. that's a lot, right? 20% of the homes in san francisco for sale are that price or less. >> first of all, 820,000 in san francisco gets you a refrigera

back to you guys >> great story, diana, thank you, diana olick >>> let's get over to sue mo moreira.rida primary race gillam won the democratic bid without winning a poll ron desantis won his bid thanks to be aearly endorsement from president trump. both candidates are 39-year-old. >>> president trump unblocked some twitter users yesterday federal judge prevented people from following him violated the constitutional rights. there were 41 blocked accounts, 20 of those had been unblocked as of yesterday. comedian rosie o'donnell she remains blocked. the jhung did say president trump can mute users so he wouldn't see their tweets but they'd see his >>> aston martin gearing up for a public offering, planning to list $1.3 billion worth of shares on the london stock exchange >>> check this creepy site out that is a swarm of more than 2,000 honeybees that took up residents on a hotdog cart umbrella in new york's times square officials had to shut down the intersection but no worries, the nypd has that guy, a bee guy he was brought in to safely vacuum up the critters and transport them to a

diana olick explains. buyer's ot quite a market yet, but the tide is finally turning.s are shrinking and sellers are starting to come back down to earth. o 14% all listings in june had seen a price cut and that's up from aecent low of just under 12% at the end of 2016 according to a new report from zillow. in addition, price growth is flowing in nearly half of the 35 largest metropolitanke m. rising mortgage rates combined with several years of a price jump hit affordability hard despite very strong demand especially from millennials. there is a limit to what people can pay especially with a still tight lending environment. all real estate is, of course, loo,l. in san di 20% of all listings had a price cut in june, up from 12% year ago. in seattle, which continues to be theth hottest market i nation, 12% of all listings had a cut, the largest share in nearly four years. l.a., chicago and even new york city are also seeing jumps in the share of sellers cutting prices. cities that were not as i hot the last couple of years, however, are seeing fewer price cuts and those

diana olick has the next part of our series, rising risks. >> it would have been called a thound-yearadn't struck through maryland just two years before. [ screaming ] >> the first time around in 2016 early city's noor 250-year-old main street, shop owners like donna sanger worked tirelessly t rebuild. >> there was this enthusiasm, let's put on a show. let's bring the town back. >> but this te -- >> this is more like a funeral. >> now they feel like these destructive floods are the new normal because this historic town, barely a blip on the map is a blueprint for developing disaster. real estate development in the face of increasinglyet weather. joe sexton is a scientist who uses satellite images to map changes in ecosystem. >> you had two0- 1,ar floods within two years of each other. how does that happen? >> t orwhelming factor was intense rainstorms. climate change due to warming oceans and changing atmospheric pattern, more water is falling and on top of that, we're intensifying land use which is cleaetng vion and replacing it with impervious services like concrete, asphalt through

diana diana olick is here with her continuing series "rising risks". >> harvard researchers tracked thee-family homes across miami going back 45 years and the climate gentrification, evidence that climate change is altering home values both on the coasts and on higher ground >>> what we found is the higher elevation properties are worth more now and will be worth more likely in the future. >> multiple predictions like climate central are dire the ocean, overtaking vast swaths of miami in just the next few decades. precisely, keenan argues why climate gentrification displacing low-income residents in high-income neighborhoods is happening in little haiti. it's a real estate investor and community activist in the area >> all it sees is new people raising the property values and pricing them out. >> on the street, most of the homes are valued around $100,000 and this home, renovated by an investor is listed for sale at $559,000 its value has doubled in just the last three years and the neighborhood around it is upgrading, as well. >> you have longtime commercial tenants who have been here

diana olick joins us with a look at miami in her continuing series, rising risks >> hurricanes have always been an integral part of miami's history, but rising seas are its future and water is already starting to change the future of home values, both in and out of the danger zone. this $25 million waterfront home is the epitome of miami beach paradise, but it is paradise at a price, because rising tides and increasingly extreme storms may already be lowering its value. in fact, this home just five miles inland in miami's little haiti could actually be a better investment, according to a controversial new study. >> what we see here is a theory of climate gentrification. >> jesse keenan tracked the values of more than 100,000 single family homes across miami going back 45 years, and in a published study coined the term climate gentrification. >> so you're saying home prices are already falling 10% because of climate change? >> 10% to where they would have been had there not been climate change. >> evidence he said that climate change is altering home values on the coast and inland. >> the h

be paying close attention to let's talk more about the impact of rates and housing and bring in diana olickus on set. thanks for having us in your home >> you're welcome. >> we've been talking about supply, demand, inventory, nobody wants to sell have we talked enough about the potential impact of rising interest rates >> you can't talk enough about that people don't buy a house for the price, they buy it for the monthly payment. in the past six to eight months that monthly payment has simply gone up. will it affect certain buyers more than others absolutely if you're buying a bigger house with a bigger mortgage, it will bother you more. if you're putting a lot down, it doesn't bother you as much the first-time home buyer, the millennial, they're making lower down payments. they're more on the edge of homeownership, that higher rate will matter. >> so your years of following the market, people don't look at a home and say i can afford 600,000. they say i can afford 3,000 a month. >> right here's what i have to put down >> i'm guessing they spend every dime of that 3,000, do you not when you

. >> diana olick's full report is online now, even in florida where coastal real estate has been thee for decades, investors are now looking far inland go to cnbc.com now >>> welcome back time to answer some of your questions. first up, nathan in illinois asks pete, how do you feel about lululemon going into earnings? >> i'm very, very confident. i like what they have done in the past they have been killing it on e-commerce and i own the stock so i'm cooking what i'm eating eating what i'm cooking. >> both. >> it works both ways. >> steve in las vegas wants to know about amd, if there's more room to run. i think i know the answer, josh. >> i think there is because i'm not selling any, despite being up very large percentage amount in a short period of time because i think the stock has spent a decade consolidating the longer a consolidation period as a really easy rule of thumb, the bigger the breakout and more potential gains there might be if you're worried about it, you can trail it with stop if you want i'm rolling my stop up and playing with the house's money. >> got a question f

. >> diana olick has the details diana. >> that's right.e than 43% of renters reported are fraudulent and more than 5 million saying they've been scammed, some losing a thousand lists and the most common scams include the bait and switch, and the one that's actually available and the scammer tries to collect a deposit. and then the hijacked ad, when the scammer poses as a landlord and for sale homes and saving the contact information. another scam is listing a property that's already leased and trying to collect application fees or security deposit and then some landlords will advertise amenities on real listings that don't exactly exist and then try to collect higher rent. they almost fell for a hijacked ad in a hot san francisco rental market and instead of moving quickly, he called the person in the ad and that's when he figured it out >> it's a competitive market out there. prices are high, people are kind of under the impression that they need to move really quickly on things and it's just an environment that's ripe for people who want

diana olick joins us from washington with the details. what have you learned?> reporter: more than 43% of renters reported finding listings that seemed fraudulent and more than 5 million say they were scammed of those, more than one-third lost $5,000, all of this is from a new report >> there's a lot of urgency, too, in the rental market, especially in the supply constrained markets out there where you have 10 renters fighting for one available apartment. in reality there's a lot of urgency. i think scammers can prey on this >> the most common scams include the bait and switch. when a different property is advertised than the one actually available. the scammer tries to collect the deposit. then the hijacked ad the scammer poses as a fake lan lord, but changes the contact information. the other scam is listing the property that's already leased and trying to collect application fees or security deposits some scams happen on legitimate listings the landlord will advertise amenities that don't exist and try to collect higher rent before the applicant realizes tho

reports out this week showing the second half of the year could be rough for the housing market diana olickoins with us the story. hi, diana. >> hi, contessa. home sales slowing for month and now we get real data as to why first and foremost affordable fell to the weakest in a decade that according to the national association of home builders thanks to higher home prices and mortgage rates just 57% of the homes sold in the quarter from affordable to americans in the median income that's down from 62% in the first quarter. that's nationwide but in some markets the situation is worse most of the least affordable markets are of course in california but in boston, seattle, miami, portland, oregon and reno less than 40% of the residents making median income can afraid the median priced home afford ability is likely behind a drop in-housing sentiment among consumers. a new report from fanny mae showed few americans think it's time to buy or sell a home fewer said they felt sure about keeping jobs if the future none of this bodes well for housing in the second half especially if mortgage rates mov

. >>> more signs of weak innocence the housing market let's get to diana olick in washington with the>>> that's right the jump in the ten year treasury yield is not good for home buyers. mortgage rates loosely follow that yield and started moving heighter last week already after being pretty much flat for much of the summer. last week the average rate on the the 30 year fix theed increased to 4784 from 4.77 according to the mortgage bankers association that's for loans with 20% down payments that combined with high home prices made for more weak innocence the mortgage business. applications to refinance a home loan fell 2 force the week and were 29% lower than the same week a year ago ago when rates were lower a bigger deal, applications to buy a home fell to the lowest level in month volume was just 1% higher than a year ago buyer demand has been strong but we have been warning about affordability and the market may be at that tipping point a monthly index from red fin showed demand slipping in june doesn't over 9% annually red fin measures the number of people requesting home tours

. >>> for more reaction to this let's bring in diana olick and steve liesman who is right here with ush you with those housing numbers. that's been a weird conundrum when we have a very strong economy. what do you think? >> reporter: ask the builders. its just too expensive given the high cost of land, labor and materials to build the entry level homes that this market needs. this lfs a little bit bigger than just a little miss. we need to see much more construction in a single family side. a lot of the gains we saw here were multi-family. when you break it down to single family, we're barely up compared to a year ago. last month we were down to a year ago. essentially flat this month and builders are not building on that entry level side. the permit gains were multi-family as well. when you break it down, what the builders are seeing is more profit in the multi-family, in the single family they're doing the moveup homes and luxury and on the lower side its just not there. we saw new home sales drop pretty dramatically and that was due to affordability. you're seeing it on the existing

diana olick has the numbers for us >> good morning.nterest rates in about a month combined with high home prices. slipped 2.5% for the week ending july 27th compared to the previous week. volume was lower by 12% compared to a year ago. now, while home buyers are less sensitive to weekly rate moves, applications to buy a home fell for the third straight week to the lowest level in a month. volume down 3% for the week and just 1% higher than a year ago home sales have been weakening in the past several months as home prices continue to rise and low inventory limits choices with conforming loan balances increased to 4.84% from 4.77%. that's for loans with 20% down payments now, mortgage aptplications thoe are highly sensitive they fell 2% for the week and were nearly 29% lower than the same week one year ago when rates were nearly 0.75% lower. all of this on cnbc.com. back to you. >> diana, this story of low inventory and rising prices has been with us for awhile. what breaks that log jam >> what normally breaks it is home builders but we

diana olick, you should have called me about the first ones >> i've been talking about it. >> i was outay i'll give you that first and foremost, affordability fell to the weakest level in a decade of q2 of this year that according to the national association of home builders that's thanks to higher home prices and higher mortgage rates. just 57% of the homes sold in that quarter were affordable to americans making the median income that's down from nearly 62% in the first quarter. and that's nationwide. but in some markets, the situation is much worse. most of the least affordable markets, of course, they're in california but in boston, seattle, miami, portland, and reno, less than 40% of the residents making the median income can afford the median priced home affordability likely behind a drop in housing sentiment among consumers. app new report from fannie mae shows fewer americans believe now is the time to buy or sell a home fewer also said they felt sure about keeping their jobs in the coming year. none of this bodes well for housing in the second half of the year especially if mor