drawing is live is the chief economist at redfin.o much for being here. >> thank you for having me. >> let's talk about how yesterday's rate hike plays into this. what can we expect after that announcement? >> after the announcement, 10-year treasury yield's went down which is a sign mortgage rates are going to come down as well. it is kind of counterintuitive but mortgage rates are not just a prediction of interest rates night -- interest rates right now. up to 30 years is how long a mortgage can last. the good news is coming out of the gdp report if you can see the good news is that it seems like what the fed is doing is working in terms of slowing down the economy. hopefully this weakness in the economy does not last too long. >> let's go back a few months ago. the housing market was so hot for people looking to sell. it was stressful for people putting in bids and being out. was the slow down overdue? >> a bit overdue. i think interest rates were low for a long time and that allow the housing market to overheat. the pandemic itse

san jose leads the nation according to redfin. higher mortgage rates combined with the slumping stock market and record high home prices created the deep freeze and sales. sacramento is in second place, oakland ranks third despite reporting strong employment growth in recent years. stockton number five in san francisco rounds out the top 10. the buying market also cooling, americans are canceling deals to buy homes at the highest rates since the covid outbreak. the number of cancellations last month was just under 15 percent. redfin says that the highest since early 2020 when homebuying paused immediately amid pandemic turmoil. this time the villain is in covid but the doubling of mortgage rates and it isn't always the buyers changing their minds. some buyers said yes to a home only to find they no longer qualified for the loan they wanted. now, despite what they earn, most americans are also worried about inflation, in fact, a new poll conducted finds that 65 percent of americans who make more than $100,000 a year are very concer

market new home sales sharply missing estimates in the latest data we'll discuss it with the ceo of redfin whose stock has been tumbling >>> let's get straight to our top story, walmart's big warning cutting their guidance because of inflation doug mcmillan saying the increasing levels of food and fufl inflation are affecting how consumers spend, focusing more on food instead of clothing and electronics. walmart shares are falling on the back of that news, dragging other stocks like target and costco down with it. joining us now is gerald storch. he was the former vice chair of target and mike who published on the walmart news jerry, is walmart management to blame for mismanaging inventory, or a broader problem >> no, i have to say this is a broader problem. you know, there's a tendency to say, oh, we heard this from target when they warned so there's more of the same but there's a lot of new information here remember, target's warning was seven weeks ago. it's kinds of an open book exam. here's the retail sales report for june guess what the two worst categories were, apparel and departme

for more information, visit redfin.com. >> the california housing watch is sponsored by redfin. want to wi this is john. he never gives up—no matter what life throws his way. high cholesterol. heart disease. 17 fad diets... 5 kids... 3 grandkids... 1 heart attack. and 18 passwords that seem to change daily. with leqvio, john can lower his cholesterol— and so can you. when taken with a statin, leqvio is proven to lower bad cholesterol by over 50% and keep it low with two doses a year. common side effects of leqvio were injection site reaction, joint pain, urinary tract infection, diarrhea, chest cold, pain in legs or arms, and shortness of breath. with leqvio, lowering cholesterol becomes just one more thing life throws your way. ask your doctor if leqvio is right for you. lower. longer. leqvio. karina: steve jobs was among those who received a presidential medal of freedom today from president joe biden. his widow received a medal on behalf of jobs, who died in 2011. president biden said he honored jobs because of the vision he had to transform the way we communicate and enterta

san jose leads the nation according to redfin. higher mortgage rates combined with a slumping stock market and record high home prices created a slowdown in sales and sacramento in second place and oakland third and stockton number five and san francisco rounds out in the top 10. this is one of those things that you have to be careful about because it sounds great and things are going down but we are still skyhigh here. >> let's talk about a cooldown that we are having. >>> jeff ranieri it has been really want but we have seen the temperatures dip a little bit. >> it is starting to drop, you can see any 24 hour temperature change we have about 5 degrees cooler in napa and 8 degrees cooler in san jose with that fog building at the coastline. let's take you to that forecast tonight and we will get you all ready to go for tomorrow. and again, the thing that we are tracking right now is that high area pressure that got us right near 100 for some of our inland locations. it is making a subtle move to the south and the east, pulling awa

the california housing watch is sponsored by redfin. want to win choose redfin? there's a reason comcast business powers more businesses than any other provider. actually, there's a few. comcast business offers the fastest, reliable network... the protection of security edge... and the most reliable 5g network. want me to keep going? i can... whether your small business is starting or growing, you need comcast business. technology solutions that put you ahead. get a great offer on internet and security, now with more speed and more bandwidth. plus find out how to get up to a $650 prepaid card with a qualifying bundle. for the 4-4 as alma and mike join us and today amazon announced it will acquire one medical for nearly 3.9 billion dollars this latest acquisition gives amazon a larger presence in the healthcare market amazon currently has amazon care but has struggle to grow that into the larger health care market one medical has medical offices in 25 us. cities it feels like amazon is taking over our world anybody else feel that way. that's exactly what i thought

redfin has been through ups and downs, but you can be sustained through a hard time.little rough, but we're going to make it. >> and we always appreciate you being willing to join us, talk openly about the market, and about your own stock as well thank you. >> thanks for having me. have a great day. >> you too >>> a quick programming note an all-start lineup tonight on "mad money", kicking off at 6:00 p.m. eastern time we're back in a couple minutes okay season 6! aw... this'll take forev—or not. do i just focus on when things don't work, and not appreciate when they do? i love it when work actually works! i just booked this parking spot... this desk... and this conference room! i am filing status reports on an app that i made! i'm not even a coder! and it works!... i like your bag! when your digital solutions work, the world works. that's why the world works with servicenow. ♪ ♪ >>> you can see there the dow up 450 points this morning. the biggest dollar impact coming from goldman sachs, which reported yesterday, still getting a big boost today. welcome back earnings

a new report by redfin says home buyers are now back out of sales at a stunning rate. roughly are of 0,000 deals -- roughly 60,000 deals fell through in june which equals about 14.9% of homes that were under contract for the month. the highest rate on record. that compares to 12.7% of sales collapsing in may and 11.2% in june of 2021. and is with mortgage rates back on rise after a three week decline, according to freddie mac the 30-year pixed rate hitting 5.51% week, that is up from last week's 5.3%. but get this, ah, just a year ago this week the 30-year fixed rate was at a paltry 2.8%. could have, would have, should have, right? that leaves home buyers with some breathing room at least to negotiate as higher costs slow demand and at least create more inventory on the market. but is the entire market about to shift of? let's bring in jason haber, real estate entrepreneur in new york city. jason, if we're interrupted by the president, we apologize -- >> understood. liz: what are you seeing globally, and are you seeing deals fall through now, which is kind of unheard o

for more information visit redfin.com. >> the california hot housing watch is sponsored by redfin.it all, just like i do... well now there's a new way to save with xfinity. now, get unlimited internet, wifi equipment and a free streaming box... ...risk free with no term contract and a 2-year rate guarantee for just $30 a month when you add xfinity mobile. learn how you can get all this and one unlimited line of mobile for 2 years for about the same price you could pay other providers for one unlimited 5g line. it's all part of a new xfinity 3 for 1 bundle. switch today! ama: abcs on the red carpet storyteller spotlight is shining a light on two women in the c suite. they are showing us what to expect at this year's essence festival culture. >> chief executive officer as well as the -- >> i'm the chief revenue officer essence ventures at essence communications. >> the brand was created when black women were not seen in the full light and foundation. it is a 50 something-year-old bryant that was started and timer a lot of other black friends also existed. -- black brands also existed

real estate brokerage firm, redfin reports.s are getting canceled at the highest rate since the start of the pandemic 15% of nationwide purchase agreements or about 60,000 fell through last month. redfin economist says one reason is buyers are backing out of deals because the slowdown in the housing market is giving them more room to negotiate. buyers are keeping rather than waving those inspection and appraisal contingencies and rising mortgage rates are another factor by the time a deal is set to close mortgage rates may have jumped nearly 1. buyers can no longer afford the home or qualify for the loan. there is a major flat to let you know about a key, less entry system that is leaving millions of cars vulnerable. now hackers have been able to exploit honda's key list system and according to multiple reports that has been giving people access to any model made since 2012. it's called a rolling pond attack. it allows someone to steal the codes linked to the key fobs of honda owners so that they can unlock the doors remotely a

a new report from redfin shows the housing market in california is dropping faster than anywhere in the u.s. at three bay area cities are in the top 10. -- abc 7 dustin dorsey reports. dustin: 2022 has been one of the wildest years to buy or sell a home in the area. a few months ago, realtors who were talking about the crazy spring buying are now seeing a cool off. >> i don't think anybody had the foresight to see it dipping as quickly as it did. dustin: competition and demand in the bay area housing market is cooling more rapidly than anywhere in the market according to a new redfin report the market down in san francisco and oakland, but san jose seeing the biggest gap -- dip. >> three or four months ago, we would see seven or 10 offers on one house and now, sometimes no offers for a week or three weeks, four weeks. or if you get multiple offers, it could be one or two. dustin: real estate agent jim baldwin says part of this is more houses on the market, 2100 homes on sale today in santa clara county. the 900 months ago. but is best explanation for the cool off? interest rates. >> int

. >> this is sponsored by redfin. estate agent can make all the difference in the world in your home buying experience. here are some tips for finding the perfect match. interview at least three agents to find someone you are comfortable with and has your best interests in mind. make sure you ask about their experience, get as many references as possible. make sure to ask about their experience in the neighborhood. for more information, visit redfin.com. >> the california housing watch is sponsored by redfin. want to win? thanks to chase, angie's not sweating this text since there's zero overdraft fees if she overdraws by 50 bucks or less. and, kyle, well, he's keeping calm with another day to adjust his balance if he overdraws by more than $50. overdraft assist from chase. make more of what's yours. seen this ad? overdraft assist from chase. it's not paid for by california tribes. it's paid for by the out of state gambling corporations that wrote prop 27. it doesn't tell you 90% of the profits go to the out of state

it is official bay area home prices are going down new data from zillow and redfin shows housing marketsquicker than the rest of the country analysts blame record inflation, of course rising mortgage rates and falling stock prices. of course, that's along with the bay area already being one of the most expensive places to buy a home redfin says of its fastest cooling housing markets, san jose is first oakland is third san francisco is 10th. sacramento and stockton are also in the top 10. okay, let's get to the stock market now as you can see a pretty major sell-off this morning down about 560 points. men as ray-ban smartglasses are getting smarter ceo mark zuckerberg announced yesterday. whatsapp is is coming to the glasses. you'll be able to make hands-free calls and send text messages you can take photos and videos and listen to music it already had a similar voice activated text feature through facebook messenger zuckerberg said the software update will come soon, but didn't give a specific date. happening now fried chicken fans are already in line ahead of today's grand opening for r

. >> reporter: darrell fairweather is the chief economist for redfin. >> prices are going up so moreent because it seems more affordable. that's putting continued pressure on rents to keep going up. >> this has been very stressful overall, because everything's going up. but my paycheck is not going up. >> reporter: asia mayberry, public school employee and single mom in louisville, kentucky, forced to downsize when she says her rent rose by over $350 last month to close to $1,300 a month. >> i am now in a one bedroom, and i am paying more than i was with a two bedroom. so currently i am trying to find a bigger place for me and my daughter, because this is not going to work. i have a bedroom where she's sleeping on the couch, and that's unfair. and i just have to find something that's going to be bigger as quickly as possible. so this is short-term until i can find something that's more affordable. >> there's so much competition in the market. renters are tired from the experience. so when they come, they come prepared. they come ready. ready to pay whatever price they have to pay to

that's according to a new survey from redfin.e people are leaving san francisco than any other city in the country. not a big surprise to a lot of us. it's because of how expensive it's gotten to buy a home. we know how tough it's gotten to make it in the bay and remote work has become more normal. people are leaving l.a. , new york and dc for similar reasons. for all those people heading? miami, tampa, phoenix and number four, on the list, sacramento. >>> it is the focus of our latest screaming streaming over price, overall, over it, we find some solutions that could help fix the housing problem, watch the series on the website to get the information. nbcbayarea.com and on the roku. or apple tv. >>> nearly 30,000 runners filled the streets of san francisco for the 40 fifth annual marathon. they ran around ran along the embarcadero, mission street and along the bay and holding gate bridge and offended finish line is at folsom street. look at that. it's pretty cold down there. runners making their way across the bridge. tough to s

redfin says among the 10 fastest-growing housing markets in the entire country, five are in california including san jose at number one. jessica? >>> now to follow that housing prices drop. readers are working on building the largest affordable housing project in san mateo county. just a few blocks away from the cow palace there turning it into 550 housing units. the county supervisor says the project will provide a living space for foster kids and veterans struggling middle- class families. >>> today is a historic day in the county of san mateo. this will be, and make no mistake about it, this will be the largest affordable housing complex. >> so far the county has invested $12 million for the project called the midway village and expected to open in a few years. california's housing crisis has been the focus of our latest streaming series, overpriced, overwhelmed, over it. we found some answers to fix the problem you can foul on your roku apple tv roku tv and download the area app. >>> new at 6:00. a dog stolen at gunpoint while a woman is in town for her father's funeral to your goo

. >> on an unrelated note, you cofounded the real estate company redfin, and before that, you are working with data over it amazon. this is your first hardware company. as i said, the hardware is a less interesting part. if the software and the ai that still count. were there things about doing hardware that surprised you? >> yes, yes, and with a little tiny caveat, absolutely. hardware, it's a different ball game in terms of, how can you do this well? how do you integrate with it effectively? we already support other people's cameras and things like that. and as you can probably see behind me and my background, i love hardware. there's a droid that i built that is a fully functional robot that i built by myself, and here are the different prototypes of the cameras we built over the years. so i love that aspect of it, and it's engaging and inciting. but especially with the supply- chain issues that we are seeing during the pandemic and in china right now, it's a real issue. so what i had to do was make sure that as we manage the business and we grew, we started supporting other people's h

a new report from redfin shows the housing market in california is dropping faster than anywhere in theay area cities are in the top 10.

that includes tesla, nextflix carvana and redfin. however, the total number of americans who received assistance for that week in on july second, phil, to a level that's been hovering near 50 year lows for months. for the first time in almost 2 months, the average price for a gallon of regular gas in california is under $6. couldn't believe it. that's about $0.45 cheaper than a month ago when those prices reached an all-time high or in california, yet 6 bay area counties are now averaging $6 or less and more solano counties. the average price around 5.80, per gallon in napa counties. 6.16, a gallon contra costa and alameda counties are under $6. well, the city of oakland is warning nearly 6 million dollars to create more jobs for younger people. the city says the money will go towards the oakland for program, creating some summer jobs in public service for people who are between the ages of 16 30 leaders say the program will also help the city address racial disparities in our city. oakland mayor libby schaff says the goal is to empl

redfin users will most likely try to leave san francisco, los angeles, and new york, why? super expensive. the report also said the typical home in san francisco costs more than $1.5 million. >>> so where are people moving to? it looks like florida is the top there. >> miami is expensive too. >> cheaper than here, i guess. they're looking to buy a home in miami, tampa, phoenix, arizona, sacramento, and las vegas. >> okay. >>> superheroes taking the time off to clean some windows. you see spider-man wiping down windows. the kids watch and wave. some of the kids are looking at them going through the cancer treatment. all part of the program that kaiser started years ago to make the kids smile. and look at how fun that is. that's super cute. >> that's awesome. >> we wish them a full recovery those kids. it's nice to see the superheroes are super heroes themselves. and let's talk about our weather, jeff. we've got a lot of stuff going on this week? >> there is and even the chance for some thunderstorms from a small system. we're tracking what will be moving across california.

redfin says among the coolest housing five are in california including san jose at number one. >>> pg tesla are teaming up, launching a new pilot program creating what they call a virtual power plant. it is to save you money, you hope. here is how it works, pg&e that have a tesla power wall are part of the grid. when electricity demand is high some of the energy goes into the state's power grid. homeowners would be paid for their energy. 1500 customers are enrolled. >> a lot of people would be interested in that. paid from pg&e. heading into friday, happy friday to you. can you believe it is going to be friday. >> you tell us and then we will believe it. >> it is going to be here in just a matter of minutes. about 40 minutes so to speak. let's go and get you to the forecast. heading to the overnight hours we are expecting mostly clear skies, tomorrow morning, patchy fog, ahead, weekend heat is going to be ushering in across the bay area. let's get you zoomed in and ready to go for that morning forecast. maybe you are on the commute, maybe you got summer vacation plans. i don't see pro

increase several major companies have recently announced layoffs, including tesla, netflix cover and redfin. however, the total number of americans who received assistance for the week that ended on july second fell to a level that has been hovering near 50 year lows for months. well, here's some better news for the first time in almost 2 months, the average price for a gallon of regular gas in california is now. >> less than $6 cents about $0.45 cheaper gallon than it was just a month ago when prices reached an all-time high here here in the bay area, 6 counties are now at $6 or less. you can find the lowest prices in marin and solano counties where prices are right around 5.90, a gallon, the highest gas prices in the bay area are in napa county at 6.16, per gallon on average contra costa and alameda counties are around $6, even. >> meantime, there are even longer than usual lines at food banks all around the united states as people feel the effect of inflation. a lot of people are asking for help with the very first time. and now the food banks are struggling to keep up with the demand. p

in the housing market is cooling more rapidly than anywhere else in the country according to a new redfinort. the market is down in san francisco and oakland. san jose is seeing the biggest dip. >> where we would see three or four months ago, 5, 6, 7, 10 offers on one house. now we are seeing, sometimes no offers. for a week, to three weeks, four weeks, or if you get multiple offers, i could be one or two. reporter: real estate agent, says part of this is because there are more houses on the market. 2100 homes for sale in santa clara counties compared to 903 month ago. is beck's explanation is for the recent increases for the interest rates. >> now, we have a rate would be closer to 5.7% to 6%. now, buyers are getting cold feet. reporter: he says that is a mistake. the federal government plans to continue to raise rates to stabilize the market. his best advice is to buy now if you can. >> they are better off buying at a slightly higher interest rate and not over bidding because they can potentially refinance in the future. if the overbid why it 100, 200, $300,000, they can never get that

according to a report from real estate firm redfin which crunch data from 2 million of its users to finds people are moving to our in florida, another two are in texas. those cities are pulling a lot of folks from very large, very liberal and very expensive cities. many of which are also seeing rising crime. san francisco topping the list of cities people are leaving. joint in the top ten by los angeles, new york, d.c., chicago, and others. and the mega millions jackpot ballooning to $1 billion after drawing tuesday night didn't score any winners. the jackpot is already the fourth largest u.s. lottery jackpot ever with 29 consecutive drawings with no big winner. the next drawing is friday night. >> neo-nazis were on the front out there, in front of the conference with anti-semitic slurs. >> a conservative group, turning point usa, has condemned the group of neo-nazis because because you let them in and you know what they were, you are complicit because because my point was more metaphorical. you embrace them at your thing. they were not in the building. >> we want to make clear that thes

the past few weeks and that may be having a small impact on buyers already real estate brokerage redfin put out a report saying it saw an uptick in home searches and home tours in the last four weeks or so that reversed a ten-week trend that began mid-april the interest, however, has not carried through to contact or sales, so we'll see, kelly. >> we will >> by the way, now we have to contend where a market than where homeowners realize. >> they may be lower and in for a surprise and they are still considerably lower than where they were in january there are buyers that just will not qualify for the mortgage they wanted, but for those who do it could be a welcome relief. >> diane a thank you very much diana olick. >>> we are in the next leg of the powerhouse road trip hitting six cities this summer for a look at just how the housing market is changing today we're taking a trip to the gem state, idaho boise in particular. the median home price there is $508,000 sale count is up 39% year over year, a smaller climb compared to some other cities in this list for powerhouses and the number o

decelerated from the april record high that top 21% where are prices gaining the most we did the story redfinbody wants to move to tampa, miami, dallas those prices up 30% in the past year. stuart: those numbers are old because not to july, it goes back to may that does not present an accurate current picture of the real estate. >> it shows trends that have started now prices starting to come down from april to may and we will see that again as this report catches up to the current times. stuart: i am more interested in what president biden is saying about every session. >> this is what he told peter doocy he does not see a recession. >> mr. president were getting gdp numbers on thursday how worried should americans be that we could be and every session? >> we are not going to be in a recession in my view. my hope that we go from the rapid growth to a steady growth and we will see some coming down but i don't think, god willing that we will see every session. >> look at the polling numbers he cannot say we are in every session because a democrats pulling to get worse but regardless make the d

you know, the one thing that school districts have is land. 2016 study from redfin found only 17% of affordable on the average teacher salary about 80 employees live in the units. already another 30 are applying to live there. today is the start of san francisco 60 day test of six versions of new trash cans three or custom designs that cost between $32,000. each. the others are off the shelf cans costing less than $3000 each. the city will put five of each of the custom cans and three of each of the mass produced cans for the public to use and critique each can will be in two different locations during the two month test. san francisco public works . officials have not said how long it will take to make a final trash can selection final pica traffic here a wraps up this monday morning commute, hopefully on a positive note cell you're right. and right now we do have some pretty good conditions out there. andre and garcia. we have cleared out the bay bridge, and that's awesome news if you have to get into the city on this monday, yeah, it's a pretty good now. it was very crowded in the

they include tesla, netflix, carvana and redfin. but the total number of americans who received assistance for the week that ended on july second actually fell to a level that's been hovering near 50 year lows for months now. for the first time in almost 2 months, the average price for a gallon of regular gas in california. >> is under $6, which is about $0.45 cheaper than a month ago. one prices reached an all-time high in california, 6 bay area counties are now averaging $6 or less in marin and solano counties. the average price is around 5.90, a gallon and napa county 6.16, a gallon contra costa and alameda counties are at $6 even. >> the city of oakland is awarded nearly 6 million dollars to create more jobs for young people. the city says that the money will go towards the oakland forward program creating summer jobs in public service for people ages 16 to 30 leaders say the program will also help the city address racial disparities in staffing. oakland, mayor libby schaff says that the goal is to employ 500 young people over t

i believe the highest percentage of houses that have lowered prices since redfin kept data.hat is a big deal. they looked at retail sales, it looked pretty good but until you break it down. a good portion was financed through credit card. i think things are slowing. i was very confused by those, that bank data. all i can think it just hasn't quite caught up yet. people are still spending money there is still money out there but i think it is changing rapidly. charles: gary? >> credit card usage skyrocketing at record highs. savings rates plunging. over 30 trillion of global wealth has evaporated. i would be surprised if the consumer is left standing at the end of this. i say that knowing the consumer has been very, have he resilient up forever. the other the other part of the equation i have tell you in florida, i've taken a deep look at it. inventory levels for homes have skyrocketed everywhere and prices are now coming down with a lot of home equity loans taken out at the higher prices. so i just think there is a combination that i'm worried about. again, who knows the con

redfin lists five california cities among its fastest cooling housing markets, including san jose, oakland and san francisco will run over the wall street here, where the dow jones is down by about one half of 1% but as clawed its way back from much steeper losses at the beginning of the session. this pattern is the same snp just now below sea level as well by about one third of 1% scp. excuse me. nasdaq has the same pattern and is now right back at sea level. well, covid vaccine access is expanding more traditional shots will soon be available for those still skeptical of the new m rna technology, jonathan siri has more from atlanta. americans could soon have a new covid vaccine options. the fda giving the green light to nova access to dose regimen, more traditional shot using protein technology founded most conventional vaccines. health officials are hoping that will win over skeptics who have not gotten fighter or moderna's vaccines because of their use have been newer m rna technology . novavax is the first new covid-19 vaccine authorized in more than a year, and while it's only approv

deals under contract in june that's the highest share since the start of the pandemic according to redfinhigher mortgage rates forcing some buyers to reconsider their purchases. >>> and the price for costco's famous hot dog combo not going up >> craig, you must be tired at this point of answering questions about food court, but you did tweak some prices on some items on the menu, which inevitably leads to speculation about the hot dog combo. is there any inflationary environment where you would raise that price >> no. >> plain and simple, the ceo of costco on "squawk on the street" this morning the dog and soda combo stays a buck 50, same price it's been since 1985 today at the pump the nationwide cost for a gallon of gas 4.67, down 27 days in a row and down 33 cents from a month ago when gas topped five bucks for the first time prices still up $1.53 year over year on wall street the dow down 164. the s&p down 45. the nasdaq down 2.63 more than 2% i'm shepard smith on cnbc. it's the bottom of the hour. time for the top of the news >>> a deadly russian attack destroying an apartment comple

according to redfin mortgage rates nearly doubled in the first half of this year in experts say people are holding off on house hunting. home sales were also down last month and are down year over year as well. the housing market shifted very quickly and abruptly, and sellers had to react very quickly by dropping prices, fires. you know they they're on fixed budgets. they can't just make up the extra money when mortgage rates go up and up by the dropping out of the housing market or looking at more affordably priced homes, experts say. this isn't really a buyer's or seller's market at the moment , and it's possible that the entire market comes to a standstill in the coming months here in sacramento. giovanni luigi ktvu, fox two news. we're staying on top of a developing story of wildfire burning in this year of foothills is fire is burning along highway 1 40 in carson's road near the community of mid pounds in mariposa county, west of yosemite national park. it's being called the oak fire here, and we learned that it started at around two o'clock this afternoon. at last check. it is bu

and those redfin experts also say it's not necessarily a sellers or buyers market at the moment, and it's possibly the entire market just comes to a standstill in the coming months . here in sacramento, giovanni legion ktvu fox two news really interesting to see what's going to happen to with people already with their homes on the market, whether or not they decided to take him down or price or price reductions, you know, happening as well. alright. giovanni luigi in sacramento. thank you. well the redesign project for ports smith square in san francisco's chinatown is getting a big boost . san francisco assemblyman phil ting today announced the project will receive $4 million in state funding. the 1.5 acre park has been a popular gathering spot in the heart of chinatown since the 18 thirties. there will be upgrades and improvements. the redesign project includes a new two story clubhouse for classes and other activities, and it will create a new outdoor space for people in the neighborhood to enjoy this is where they congregate. this is where they this is where they talk. this is wh

that's according to redfin.to bring in an expert on what's happening here in a fox business exclusive, global real estate advisor jenna stoffer joins me. great to see you again. >> wonderful to see you thank you so much for having me on the show. >> cheryl: we first met when you were featured in one of our episodes of "american dream home" on fox business prime but that market, key west, that you're in has really changed since we filmed with you. in particular, you were saying that actually the buyers are getting a little more cautious. >> absolutely, so cheryl, what's happened for the first half of 2022 we're definitely seeing a cool down, so things have stabilized so i would say right now out of 100 buyers about 60% are ready to go and 40 % are more hesitant at a stand still. they are concerned about the economy. they are worried about the inflation and they are definitely more hesitant about how much they can spend each month. >> cheryl: also when we were filming with you it was still that frenzy deal, you kn

well, redfin log searches of homes for sale and where those searches originated. nfl francisco was the top city where at least homeowners. >> we're curious about home prices in other areas. los angeles with second new york city was 3rd. now the cities where potential homeowners searched the most were miami and tampa, florida. phoenix also high on that list. well, a federal reserve, the federal service slated to raise interest rates again wednesday to fight inflation reportedly several fed leaders leaning toward a hike of 3 quarters of a percent just like what they did in june. it would be the 4th interest rate increase in 5 months now, 2nd quarter gdp. we get some other economic reports this week and also a of earnings from big tech apple. microsoft, alphabet, meta, amazon all reporting this week. well, several apps into a power drivers who are pulled over by police by informing them of their rights and even offering real-time legal advice. usa today reports some believe in record the encounter in case are different reports about what happened. most of the apps do

option redfin reports inflation combined with high mortgage rates now is taking a big bite out of theuyers budgets that's leading to fewer sales and that in turn is driving prices downward the medium sale price for homes in the us has fallen 0.7% from its record-breaking high in june sellers asking prices also came down 3% from there may peak now as we focus on building a better bay area the economy is a key focus and now there's some positive news for the city of san francisco. yeah tourism numbers have been steadily rising for months. we've seen a dramatic surge since the start of summer abc 7 news reporter. tim johns taking a look at what this means for the people who live and work here. after a two-year pandemic break, they're back everywhere from down on the streets to high above the city skyline as inflation and other issues cause worries about them is proving ta bright spot for san francisco. the pandemic was hard on everyone and everything and certainly business most specifically small business. marisa rodriguez is the head of the union square alliance. she says over the past

area's housing market is cooling more rapidly than anywhere else in the country, according to a new redfinort. the market is down in san francisco and oakland, but san jose is seeing the big of the dip. >> where we would see three or four months ago, five, six, seven, 10 offers on one house, now we're seeing sometimes no offers for a week to three weeks, four weeks, or if you get multiple offers, it could be one or two. >> the reporter: real estate agent says part of this is because there are simply more houses on the market. 2100 homes for sale today in santa clara county, compared to around 900 three months ago, but his best explanation for the cooloff, the recent increases to interest rates. >> we had rates that why in 3% and 4% and now a rate, like a standard rate would be closer to 5.75 to 6%. and people, buyers are getting cold feet. the reporter: and he says that is a mistake. he says the federal government plans to didn't to raise rates to stabilize the market, his best advice to buyers is to buy now if you can. >> they're actually better off buying at a slightly higher interest ra

you know the one thing that school districts have is land. 2016 study for redfin found 17% of homes incalifornia, where affordable on the average teacher salary about 80 employees live in the new daly city apartments. another 30 are applying to live there. today is the start of san francisco 60 day test of six versions of new trash cans three or custom designs that cost between $32,000 each. the others are off the shelf cans costing less than $3000 each. the city will put five of each of those custom cans and three of each of the mass produced cans for the public to use and critique each can will be in two different locations during the two month test. san francisco public works . officials have not said how long it will take to make a final trashcan selection aids walk returned this weekend to golden gate park in san francisco, is one of the biggest fundraisers in the fight against aids walk raises money for organizations that are fighting aids and hiv. the event has been going onlion. you know, we're we've been so used to pandemics. unfortunately the last couple of years, but this pa

redfin says the share of sale agreements on existing homes canceled in june was just under 15% of allomes that went under contract higher mortgage rates and inflation are the reasons and the fda could approve the first over the counter birth control pill. the agency is considering the application by age are a farm. a french company to pill available without a prescription. hra pharma say they expect a decision about 10 months live from the nasdaq market site. i'm jane king. back to you. james. good and that. thank you very much, jane. >> all right, 7.19, is the time and this summer continues to highlight how chaotic the airline industry is right now. travelers are dealing with everything from lost luggage to delays to cancellations. >> it's bad. maybe you don't want to fly that way, james, maybe you want to take some sort of more private flight centre private or brooke shafer takes a peek at how much out of caution. >> it's been an ugly year for u.s. airlines to travel to last week and my flight got canceled. weiss cancellations and delays mixed with pre pandemic demand to fly. for ma

the real estate brokerage firm redfin. are falling through now at the highest rate since the beginning of the pandemic 15% of nationwide purchase agreements about 60,000 fell through last month. red fit . economist says buyers are backing out of deals because the slowdown in the housing market is giving them some room to negotiate, and buyers are keeping rather than waving inspection and appraisal contingencies. rising mortgage rates likely another factor. at the time, a deal is set to close mortgage rates may have jumped nearly 1% and buyers can no longer afford the whole or qualify for the loan they planned on back when they went to that first open house and fell in love with the home, but you talk about contingencies. anyone you talk to is trying to buy out. they're like we don't up. looking back at the past years. they waved everything. no appraisal, no loan, no inspection, and you know, it's funny. we were talking about parents, they say, but you don't know what you're getting. and i said mom and dad, you kind of have

while others such as twitter, redfin and coin base have actually rescinded job offers. let's talk more about this by welcoming city party i ceo and co founder of why is higher to the nine thanks for being with us, said thanks for having me really a pleasure. appreciate it. of course. now. is this a new thing? because i don't remember hearing about job offers being rescinded before the 2008 recession. yeah i mean , it's a first and foremost a really unfortunate thing. but of course, this is a symptom of how you know much uncertainty there is in the market tech companies as we were just discussing or going through a broad revisiting of their plans for the year how they're thinking about their hiring plans and rescinded offer is really just a testament to how fast they were planning on growing that they would have active offers out there as they're making way out that they're choosing the resent, so it's a very unique, unique thing that we haven't seen since. 2008 when you think about bankers and lawyers having offers rescinded right at the height of the recession, so is t

according to redfin. there was a 2% rise in listings last month.erns about the economy or keeping some potential home buyers on the sidelines. redfin says home sales were down 16% in june, which is the biggest year over year decline since may of 2020 when the pandemic lockdowns affected the market. bank of america is being hit with a $100 million fine for mishandling california unemployment benefits during the height of the pandemic. the consumer financial protection bureau says the bank unlawfully froze people's accounts with a faulty fraud detection program when there was no fraud. investigators say the bank made it very difficult for people to unfreeze those prepaid debit cards. the fine will go into a victims relief fund. one of the hardest restaurants in san francisco was forced to change its business model during the pandemic, and the owner says it has paid off, took some drastic measures during the pandemic by adding a dine in charge. chief the chef and co owner, david mayfield tells us here at ktvu. they're now able to pay workers a living

a new report from redfin shows that during the first quarter of this year, the purchase buildings ofecord 20% of those purchases that were sold across the country. that was up from 19.2% in the last quarter of last year. and you can see with have top 10 metro areas for investor market shares of this first quarter, coming at number one was atlanta. 1/3 of properties there purchased were made by an investor. there is growing interest in mobile home parks for investment opportunities. that is because they offer steady returns to investors. apparently i'm told they're making huge profits based on these investments. this is a growing trend. mobile home parks, the residents own the structures, the actual homes but they don't on the ground under anything like that them. when investors come in to acquire the property they quickly start raising the rents very fast, sometimes in the double digits. here is one example from minnesota where park purchases by out-of-state buyers grew from 46% in 2015 to 81% just in 2021 last year. rent increases were seen as much as 30%. as you can imagine it can

this is a redfin report., 32.6%, we blanked the prompter, doing this by memory. a record high number of people saying not only do i want to move, i want to move away from where i currently live. moving to states and cities. stuart: that's a fact. lauren, thank you. >>> first lady jill biden was heckled over high gas prices. watch how she responded please, roll it. >> your husband is the worst president we ever had. >> thank you. thank you for your support. stuart: i don't think she was really saying thank you. i think she was being a little sarcastic. we'll have more on this believe me. a bill to ban lawmakers and their spouses from stock trading gaining momentum on both sides of the aisle. joe concha deals with it next. ♪ [whistling] when you have technology that's easier to control... that can scale across all your clouds... we got that right? yeah, we got that. it's easier to be an innovator. so you can do more incredible things. [whistling] we got the house! so you can do more increyou did!ings. pods hand

new numbers from redfin show the bay area housing market is cooling off and actually faster than anywhereountry. surprising san jose, seeing the biggest change with 10% more homes on the market right now, compared to one year ago, we're going to take a look at how mortgage rates could factor into that, plus a surprising june jobs report that came in just about an hour ago. but i thought the numbers would be up. but on that report numbers are down of all your business news coming up. thank you for joining us here on morning sun to pam cook gasia mikaelian it's friday, july 8th and sunshine is waiting to greet you. let's get outside with rosemary oroczo. especially in those mid afternoon hours. right rosemary. morning ladies happy friday. we are looking at a mirror warm up coming our way for your afternoon today. temperatures ranging from mid sixties at the coast to upper eighties are inland communities . the low clouds are out there this morning, but not quite as widespread in the onshore breeze, not quite a strong will have better details on the current conditions of what you can expect f

no study from 2016 by redfin found only 17% of homes in california were affordable than average teacher's already live in the units, 30 more are applying to live there. the price of chicken like just about everything else has gone up these days significantly in recent weeks, chicken farmers say 60% of the cost of producing chickens is the corn feed. and the price of that feed has gone up for our farmers in california depend on corn shipped from the midwest to feed their chickens. born is what really drives the price up. 10% depend on some cuts might be up more than others, but average of nine or 10. farmers say another factor contributing to the shortage of corn feed is at the midwest growers are using much of it to produce ethanol. our time is now 6 47, despite delays of california ports, getting better lot of cargo is still stuck at ports around the world tens of billions of dollars in trade or either landlocked or they're anchored out at sea as the congestion is building back across ports in the united states and europe. marine traffic reports about 460,000 container units are just sit