hard. >> reporter: for now she's enjoying the new home, even if it's not her new home for nbc news diana olick, blythewood, south carolina >>> when we come back here tonight, the boys of summer back on this historic field of dreams the remarkable story of how fans brought this baseball stadium back from the brink. ♪ >>> across the country today people marked juneteenth with parades, festivals and marches marking the end of slavery in the u.s. and at this beloved baseball stadium players and fans are reclaiming a part of african american history on their very own field of dreams. ron allen explains ♪ >> reporter: at the jackals' home opener against the miners in paterson, new jersey a huge comeback. the grand reopening of historic hinchliffe stadium itself >> i get goose bumps when i think about it. we need to keep this kind of venue and places like this, you know, flourishing. >> reporter: one of the last ballparks still standing from the days of baseball's negro leagues and segregated sports, a hallowed venue that for the past few decades had been shut down, abandoned and about to be demolish

diana olick with kb home and its earnings i'm looking at nvidia. i want to start there.ck got down to 420. it was part of the nvidia and tesla and some of these other high fliers coming back down to earth. bid back up now at 432. >> the market doesn't act as if people feel overloaded with risks. you think that people should we came into this week and everything was in place to have at least the standard pullback it's still in place. the leadership in the market running red hot like nvidia and other names like that. seasonally last two weeks of june typically are up 25%. sentiment starting to get a little more optimistic if not overly so. it feels as if there's a latent bid. you see traction in the breadth numbers too. all that being said, it feels like a much more is-- now i fee like people are trying to find a reason to warm up to the market. i don't think that's wrong i think there's room to go to where we were. you have to allow the market to relax is little bit, even if it happens through rotation >> josh brown's point and why he likes the tape, pointing to energy, w

for nbc news diana olick, blythewood, south carolina. >>> when we come back here tonight, the boys ofstoric field of dreams. the remarkable story of how fans brought this baseball stadium back from the brink. the ry imagine e you're doioing somemething you u love. rsv cocould cut itit short. ♪ rsv is a c contagious s virus t usualllly causes m mild sympts bubut can caususe more severe infnfections that m may lead toto hospititalizationsns... .....in adultsts 60 and olold. ...andnd adults wiwith certan underlrlying condiditions, like c copd, asthmhma, or c congestive e heart faili. tatalk to yourur doctor anand t cutshortrsrsv.com. i i brought inin ensure mamx prototein with 3 30g of proto. those e who tried d me felt more energrgy in just t two wee. uh.... herere i'll takeke that. -everyone:e: woo hoo!! ensusure max prorotein with 30 grgrams of prorotein, one gram o of sugar. enter ththe nourisishing momes giveawaway for a c chance to n $10,00000. moderatete to severere eca still l disrupts m my skin. moderatete to severere eca despite e treatmentt it disruptpts my skin n with it. it

diana olick joins me for cnbc on msnbc.ts using old data and can this be fixed? >> currently the authoritative government source is from the national atmospheric administration, and used to inform the engineering design of transportation and other infrastructure but it does not factor in the effects of global warming which we know is causing heavier rainfall because when the atmosphere is warmer, it holds more water. now, noaa is well aware of the problem and is currently updating the model. that won't be done for two to three years after the infrastructure projects are underway or done. a new report from first street, which is a climate risk firm shows how much higher the flood risk is when you factor in global warming and consequently how projected funded by the infrastructure act are being built to the long flood standards. it uses a highway project in new jersey which received $86 million in federal funding. the first street report says it will flood far more often than its engineering model predicts. the d.o.t. confirm

our diana olick has more on that >> hey, carl yes, this was a huge number for the builders in may. sales up 12% month-to-month and up 20% from may of last year and beat the street's expectation, which was for a slight drop. that was likely because mortgage rates were rough in may when these contracts were signed and then counted the 30-year fixed started the month around 6.5% and shot sharply higher over 7% for the second half of the month we did see a drop in the median home price, down 7.6% year over year part of that is builders lowering prices and part is just a shift in selling skewing slightly lower due to higher mortgage costs the sales jump should not be a huge surprise given what we've heard from lennar and kb home in their recent earnings report both saw a better than expected quarter and both talked about not just strong but growing demand due to the very low supply of existing homes for sale now, the home building etf is on a tear, up 40% year to date. the top ten public builders, they're taking a much bigger share of the market. 43% of new home sales last year, which i

spending could be wasted because prompts are using outdated government rainfall models a timely one, diana olicks to explain in her series on the rising risk from climate change diana? >> the government model that predicts rainfall doesn't factor in the effects of global warming and that's the model being used by state highway and bridge projects with funding from the infrastructure act all this according to a new report from first street a climate risk firm. >> all that money going into the infrastructure is being built to the wrong flood standard, meaning the roads will flood, bridges will flood and it is a waste of money when it's a one in a generational spend we're using. >> reporter: the only authoritative government source for data is from the national oceanic and atmospheric administration or noaa called atlas 14. >> this information is leveraged by communities and stakeholders all over the country to inform the engineering design of transp transportation infrastructure all over the country. >> reporter: it has a major flaw. >> it does not include climate change information and why we're

diana olick is with a major player in apartments hi, diana. >> hey, carl, that's correct mark, thanks joining us. you hook the helm of equity residential in 2019 but this is your first time on our air welcome. rents are easing vacancies are rising apartments were the darling of the pandemic, not so much anymore. what do you see in the future now? >> yeah, i see two different things happening certainly the fed raising rates just changed the cost of capital and lowered our stock price, i'd argue, disproportionally all ceos say that, right on the operations side, operations continue to be good we raised our guidance last we week we're 96% occupied we raised the dividend 6%. housing is expensive and undersupplied. there's not enough housing in the u.s., so guys like us that own 80,000 well located apartments, we're still in a pretty good spot again, the momentum is still very good in the rental business, by and large. >> and you're in a good market so that's a plus on the coast, et cetera. we're also going to see record supply of apartments come on this year. how is that going to affect y

negative consecutive month in a row at minus 12 now, for more on new home sales, big leap, let's go to diana olick >> this is a huge number as you said the street was looking for a slight drop in may one thing i want to note, these are signed contracts that's how these new home sales are counted. people out shopping for a home in may if you take a look at mortgage rates during may they were 6.5% for the first half and then shot markedly higher to over 7% by the end of the month buyers are still in the game we heard this from lennar and kb home last week in earnings reports that were much better than expected. a couple notes on this the median price of a newly built home sold in may was 416,300, down 7.6% the builders have been lowering prices slightly, offering incentives, but offering fewer lately than they have last fall. we're seeing the supply of new homes for sale dropping to a 6.7 month supply from a 7.6 month supply in april. the builders have to start putting more holes in the ground and housing sdartsz increase so that's a good sign one more thing i want to note is the number of homes tha

we know new homes have been selling like hotcakes are existing homes also showing some life in diana olicke in. >> the short an is no. maybe was a meh. they were down just over 20% from may of last year. supply is still a big problem. just 1.08 million homes for sale there were nearly twice as many homes for sale right before the pandemic hit these are based on closings, so homes that went under contract likely in march and april. mortgage rates were choppy during that period builders are saying buyers are getting used to the new normal of higher rates. we heard that last week from lennar and kb homes. both cited strong demand. >> with the lack of resale inventory, as i mentioned, market prices starting to increase, buyer are demonstrating a higher sense of urgency than we saw earlier this year. >> we get the monthly read, there is much more supply there than on the preowned market. it will be interesting to see what happens, though, with home prices, kelly. >> i mean, listen, i could go on for ten mines why this is all so fascinating, but we're trying to figure out what's going on with th

. >>> diana olick reporting, thank you. >>> coming up, the epic run has added nearly $3 billion back to the market capital barclays says it's time to move to the sidelines >>> plus the s&p's 14% game this year has powered by the so-called magnificent seven. our guest says it's time to go to other names. >>> the dow is the outperformer, down only a 0.1% down only a 0.1% t this is the all new, all electric lucid air. a car that goes as far as it does fast. as sleek as it is... >>> we're back after this. spacious. as smart... as it is beautiful. introducing the lucid air. experience the best. ♪ this is dr. arnold t. petsworth, he's the owner of petsworth vetworld. business was steady, but then an influx of new four-legged friends changed everything. dr. petsworth welcomed these new patients. the only problem? more appointments meant he needed more space. that's when dr. petsworth turned to his american express business card, which offers flexible spending limits that adapt with his business. he used his card to furnish a new exam room, and everyone was happy. built for dr. petsworth bus

broader housing shortage but below the surface it is particularly acute for certain groups of buyers diana olickory. diana. >> even in a housing market that has been significantly slowed down by rising mortgage rates, the supply of homes for sale is still about half of what it was in 2019. a new report from realtor.com shows it is far worse for a huge share of potential buyers. right now buyers with an income of $100,000, which by the way is slightly above the national median income, they can afford a house of a maximum price of $341,000 just 39% of the homes available for sale are in that range in a balanced mart of supply and demand, 64% of homes should be affordable to them so the market then currently lacks about 285,000 of those listings just five years ago, those same earners could afford two-thirds of the homes for sale. now with the higher price ranges there are too many homes for sale for the number of americans who can afford them. for every listing above 680,000, the market is actually lacking twice as many homes in that more affordable category. location is everything in real estate

and now the industry is facing a problem many warned about, that would be distressed properties diana olicklking to the ceos gathered at the conference in new york city hi, di >> park hotels is the latest landlords to stop payments on two of their loans in san francisco. they said it's the best interest to reduce exposure to the san francisco market i spoke to david o'reilly, ceo of a large national developer he said this is the tip of the iceber iceberg. >> we'll see borrowers hand back the keys and lenders today are much less willing to blend and ex extend, they're moving quickly towards foreclosure, short sales and getting the loans off their books. >> and he admitted those sales would be for less than half of their values from three or four years ago. that distress in the market and bank failures are hurting his ability to develop in areas still thriving. >> i think the capital markets right now are starting to strangle real estate a little bit. we're in the market and constantly developing new assets as you know. trying to do some new multifamily projects in the woodlands. and i can't

builders another bright spot today thanks to a t blockbuster housing starts number is it believable diana olickr. single family building permits which are an indicator of future construction were upw■ a smallee 4.8% month to month, down 13% year over year both starts and permits are at the highest level since last summer and this comes on the h]m■ of big jump in builder sentiment from the national association o. up five points in june, and territory for the first time in nearly a e1year. builders say supply chain issues are easing and demande1 is very strong despite higher mortgage rates were not kind in may, starting around 6.7% and dropping briefly but then rising steadily and over 7% but the builders say buyers are getting used to this so-called new normal and the supply of existing homes for salex■■■Ñ■ is so minimal thy have to turn to new construction if they want to buy. )jt■note in j(#■ builder sentiment report, they said builders are offering fewer incentives andñ■ lowering prices less apparently they say they don't need to anymore. >> ie■ can understand. diana, thank you very much >>>x

let's take the opportunity >>> just got through a round of data on the housing market diana olick joinssa much of that data for the month was not just counterintuitive, but really just conflicting. bottom line, we're now smack in the middle of a tale of two very different housing markets. pre-owned homes versus newly built homes. may sales up 12% month to month and up 20% from a year' go p preowned pending sales are down. i chose pending because they're based on signed contracts and that's how new home sales are also counted why the divide there is twice as much new supply than existing and even more remarkable, there are now twice as many new homes that have been sold, but haven't even been built yet. on the existing side, new listings are down 26% from a year ago, and the average home that is for sale is getting at least three offers so there is still tons of competition and that points to this very strong tdemand despite mortgage rates, more than twice what it was in the first two years of the decade. that brings us to prices for existing homes, they peaked last june and fell sharply

. >> diana olick dan? >> we're talking about lennar here, i mean, earnings are expected to be down 30% this year, ish, on sales down low single digits and margins are going to go from 27.5% last year to 23% this year you don't want to be buying a stock like this at a high like this at a valuation, i know ten times seems reasonable, but look at what's going on here. they're going to be below their 2021 earnings levels and again, the rates, the s supply/demand thing, this is not the place to chase i like what chris is bringing up about the trades that could play catchup for other reasons. and the home depot one is interesting. relative performance, too low, is kind of interesting, so, those are the sorts of trades that make more sense >> i'm glad chris is on, because he said, you know, you can have corrections within bull markets. it's been a bull market for the home building stocks there's no denying that, but we're at a point, dan said it, it felt a little blowoff topee today, which is why i said today in

diana olick explains in her continuing series on climate startups >> with ev adoption accelerating so too is the need not just for charging stations but services all those charging stations. unlike fixing an old gas pump, some companies are using smart technology to service and learn from the stazs in order to improve the systems. >> as with any new technology, the ev charging business is hitting some bumps in a recent survey, a quarter of ev drivers said they have had problems with faulty public charging stations. that's why maintenance companies like charge enterprises, smart charge america, and a california based startup called charger help are expanding at lightning need >> it's been a little crazy. >> camille terry founded charger help barely three years ago and is now servicing ev charging stations across 17 states. working with partners such as tritium and utility like duke energy and southern california edison she says her company has already touched over 10,000 stations but it's not just about fixing them when there's a problem. >> you need to be able to understand how the st

mortgage rates are jumping after the gdp revision diana olick has the latest read. another big round number again. >> i know, kelly bond yields surged after the higher revision on gdp as well as the big drop in jobless claims and mortgage rates followed the average rate on the 30-year fixed jumped 13 basis points crossing over 7% for the first time since the end of may. that according to mortgage news daily. mortgage rates follow the yield on the 10-year treasury. i note buyers seem to be getting used to the higher normal. mortgage applications to buy a home have been rising for three straight weeks new home sales surged higher than expected and while the report on existing homes showed a drop the realtors said that is about lack of supply, not about lack of demand. >> thank you dmin olick, 7% mortgage rates are back. >>> a retail rebranding. overstock.com announcing it will relaunch as bed, bath & beyond after buying their rivals ip jonathan johnson joins me now. >> apocalypse fed now. our guest is bearish on every fin tech stock we have those details ahead. as we

that has huge implications for residents, business owners in the path of the storms diana olick explainscontinuing series on the rising risks from climate change. >> reporter: when a powerful f-4 tornado plowed through rolling fork, mississippi, in march, residents were largely unprepared this area hadn't seen a tornado in over half a century >> it's pretty clear that things are happening, which means as a city, as a community, as a homeowner, that folk need to be more serious minded about being prepared >> reporter: the u.s. saw six times more billion-dollar severe storms in the past decade than in the preevious two decades. those are the storms that produce tornadoes. so far this year, tornadoes have taken at least 58 lives across ten stalths surpazzing the annual average much of that is because the season is starting earlier and tornado alley is expanding due to a warmer climate that makes storms ripe for rotation >> northeast texas, eastern oklahoma, the arkansas river valley, the mid-south, these areas are expected to see a near doubling of storms that produce tornadoes. >> reporter

cnbc's climate correspondent diana olick joins us now. >> yeah, with that accelerating so too is thest charging stations but servicing those charging stations, unlike fixing an old gas pump some are using smart technology to service and learn from the stations in order to improve the systems. >> reporter: in a recent survey a quarter of ev drivers said they've had problems with faulty public charging stations. that's why maintenance companies like charge enterprises, smart charge america and a california based start-up called charger help are expanding at lightning speed. >> it's been a little crazy. >> reporter: camille founded charger help barely three years ago and is now servicing charging stations across 17 states working with partners such as triti muchlt and duke energy, she says her company has touched over 10,000 stations but it's not just about fixing them when there's a problem. >> you need to be able to understand how the station is behaving in the field and need to understand what issues may be happening in the car and the charging stations. >> reporter: using proprietar

diana olick joins us with what the moves mean for home buyers. >> mortgage rates have been on a tearr than expected economic reads. and we just, of course, got another one in today's jobs report since the middle of may the average on the 30-year fixed climbs from 6.5% to over 7, then dropped a quarter of a percentage point just in the last three days, with the debt deal we get today's read from mortgage news daily around midday and given what's going on with 10-year yield, the rate will likely move back up again today. so what does this mean for home buyers trying to lock in the lowest rate given how pricey the market still is and how competitive it is? they've seen the potential monthly payment on a $400,000 mortgage swing up by over 150 bucks, then back down 50 or 60 bucks, now likely up again that might not seem like a lot, but a lot of buyers are right on the edge of affordability and at higher rates some won't even qualify over 7%. while stronger job market is good for housing in general, right now it's translating into higher rates at the tail end of the all-important spring ma

let's get to diana olick. >> hi, carl. pending home sales dropped 2.7% in may from april.pected sales down just over 22% year over year. this count is based on signed contract on existing homes during the month not closing and may was a mixed bag on mortgage rates. shot up over 7% in the second half pendings are counted the same way of newly built homes which shot higher in may we're seeing the growing divide between to market. that's all due to supply the realtors said even as sales drop there were on average three offers for each listing, meaning competition demand is still very high regionally sales fell everywhere month to month except in the northeast but the northeast has the fewest homes for sale so it tends to be volatile sails down across the nation compared with may of last year one more thing on the supply issue, realtor.com put out the june housing report showing new listings in june, down 25% from a year ago that is not going to help. guys >> not going to help prices at all. diana, thank you so much for that really appreciate it guys, we kind of teased up this

demand or strong demand the stock as you see has had a strong run over the last 12 months over to diana olick us. >> that's right. lennar had a strong beat on the top and bottom line and we are thrilled to have executive chairman stewart miller joining us now great to have you back i want to get to this quarter which was actually pretty difficult when you look at mortgage rates you started over 7%, came back a little ended the quarter over 7%. how did you get the buyers in? >> look, i think we have to remember that in the housing market you're looking at a fundamental shortage of housing. there's demand that has been underlying the market in general. there was a great deal of sticker shock, as interest rates adjusted rather aggressively i think that the buyingpublic has become used to what i think of as a new normal in interest rates. people need a place to live, and demand is starting to come back to market. but affordability remains an issue. so while at the same time we have a housing shortage, demand is strong, but only as people can afford to buy. >> and on affordability, i saw that pric

kind of holding on to that got -- almost to 31,000, bitcoin did, down 1% to 30,356 to diana olick withse last week despite slightly higher interest rates and the home builders are likely behind it applications for mortgage to purchase a home rose 3% for the week, still 21% lower overover year these applications increased to the highest level since early may, despite relatively high mortgage rates an mba economist in the release pointed to strong new home sales in recent months yesterday, of course we got that report on may new home sales up 12% month to month and t20% higher than may of las year also interesting in this report, the rate for 30-year fixed jumbo loans rose more sharply to 6.91% from 6.8%. so the spread widened for the third straight week to 16 basis points that's all thanks to the credit crunch at regional and community banks where jumbos live. from may of last year to may of this year, the jumbo rate averaged about 30 basis points less, less than the conforming rate applications to refinance a home loan rose 3% for the week, still 42% lower than the same week a year ago

diana olick joins us with more on that. rd straight week last week mortgage demand did not move much, this after a big surge from the week before this weekly volatility is likely because the overall volume is just so low. now, the average interest rate for 30-year fixed mortgages with conforming loan balances decreased to 6.73% from 6.77%. that's for loans with 20% down now, interesting the rate for jumbo loans rose to 6.8% and that was the second straight week that it was higher than for conforming loans that hasn't happened in about two years. it is probably because tighter liquidity conditions prompted jumbo lenders to pullback and that's increasing rates in the process. that according to an nba economist. applications to refinance a home loan fell 2% for the week and were 40% lower than the same week one year ago. mortgage applications to buy a home increased 2% for the week, but they were still 32% lower than the same week a year ago. the continued drop in new listings of homes for sale, that's keeping overall sales low

front and we have existing home sales for the month of may as well and for that, we head east to diana he olicke basically flat, up 0.2% from april to a seasonally adjusted annualized rate of 4.3 million units, slightly better than the street was expecting, sales down 20% from may of last year supply still the problem just 1.08 million for sale the current sales pace, that's a three-month supply six months is considered balanced between buyer and seller and just to note, there were twice as many homes for sale at this time prepandemic. now the median price of a home sold in may was $396,100, down 3.1% from may of last year prices rose in the northeast and midwest and this is a median price. it also reflects the price point where most homes are selling which right now is at the lower end of the market. other repeat sales indices show prices are rising again. these may sales are based on closings, homes that went under contract in march and april. mortgage rates were choppy during that period the average on the 30-year fixed started over 7% and then dropped but briefly to start april before headi