Oil surges 2.7% to nearly 6-month high, settling at $65.70, after Trump cracks down on Iran exports

The administration said the State Department will cease granting sanctions waivers to any country still importing Iranian crude or condensate, an ultra-light form of crude oil, after May 2. Brent crude, the international benchmark for oil prices, settled $2.07 higher at $74.04, rising 2.9% for its best closing price since Oct. 31, 2018. U.S. West Texas Intermediate crude futures settled $1.70 higher at $65.70, surging 2.7% to a nearly six-month closing high. The surprise move is driving the brea


The administration said the State Department will cease granting sanctions waivers to any country still importing Iranian crude or condensate, an ultra-light form of crude oil, after May 2. Brent crude, the international benchmark for oil prices, settled $2.07 higher at $74.04, rising 2.9% for its best closing price since Oct. 31, 2018. U.S. West Texas Intermediate crude futures settled $1.70 higher at $65.70, surging 2.7% to a nearly six-month closing high. The surprise move is driving the brea
Oil surges 2.7% to nearly 6-month high, settling at $65.70, after Trump cracks down on Iran exports Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: tom dichristopher, weizhen tan
Keywords: news, cnbc, companies, exports, settling, trump, buyers, 6month, sanctions, nearly, surges, oil, high, cracks, iran, crude, waivers, iranian, prices


Oil surges 2.7% to nearly 6-month high, settling at $65.70, after Trump cracks down on Iran exports

Oil prices surged about 3% at midday on Monday, hitting fresh 2019 highs, after the Trump administration announced that all oil buyers will have to end imports from Iran in just over a week or be subject to U.S. sanctions.

The administration said the State Department will cease granting sanctions waivers to any country still importing Iranian crude or condensate, an ultra-light form of crude oil, after May 2.

Brent crude, the international benchmark for oil prices, settled $2.07 higher at $74.04, rising 2.9% for its best closing price since Oct. 31, 2018. Brent rose as high as $74.52 per barrel around midday, sailing past last week’s 2019 intraday peak at $72.27.

U.S. West Texas Intermediate crude futures settled $1.70 higher at $65.70, surging 2.7% to a nearly six-month closing high. WTI earlier rose as high as $65.92, the strongest level since Oct. 31, 2018. WTI had been trading sideways for about two weeks after peaking at $64.79 earlier in the month.

Crude futures first hit new 2019 highs following report by the Washington Post on the Trump administration’s new policy.

The surprise move is driving the breakout in oil prices, said Michael Bradley, equity strategist at investment bank Tudor Pickering Holt.

“Crude markets were taken by surprise today as the Trump administration indicated it WON’T renew waivers that lets countries purchase Iranian oil without facing U.S. sanctions,” he said in a research note. “Many expected that the US would take tougher action on the waiver front, but most DIDN’T expect an announcement of zero waivers.”

The U.S. reimposed sanctions in November on exports of Iranian oil after U.S. President Donald Trump unilaterally pulled out of a nuclear accord struck in 2015 between Iran and world powers. Washington, however, granted eight of Iran’s biggest oil buyers exemptions that allowed them limited purchases for an additional six months.

The eight buyers are China and India — Iran’s biggest customers — as well as Japan, South Korea, Turkey, Italy, Greece, and Taiwan. The waivers have allowed Iran to continue exporting about 1 million barrels per day, down from roughly 2.5 million bpd last year.


Company: cnbc, Activity: cnbc, Date: 2019-04-22  Authors: tom dichristopher, weizhen tan
Keywords: news, cnbc, companies, exports, settling, trump, buyers, 6month, sanctions, nearly, surges, oil, high, cracks, iran, crude, waivers, iranian, prices


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Hyundai aiming for entry-level and used-car buyers with new, under $20,000 SUV

Hyundai is hoping to make the SUV more accessible to entry-level buyers. The automaker’s latest offering is the compact Venue, expected to be priced under $20,000 for the base model. According to marketing and research agency Hedges & Co., 31% of new SUV buyers have a household income of under $50,000. Hyundai is also targeting used-car buyers with the Venue. “There are many used-car buyers who are just used-car buyers, but interestingly 40 million people a year end up buying a used car and half


Hyundai is hoping to make the SUV more accessible to entry-level buyers. The automaker’s latest offering is the compact Venue, expected to be priced under $20,000 for the base model. According to marketing and research agency Hedges & Co., 31% of new SUV buyers have a household income of under $50,000. Hyundai is also targeting used-car buyers with the Venue. “There are many used-car buyers who are just used-car buyers, but interestingly 40 million people a year end up buying a used car and half
Hyundai aiming for entry-level and used-car buyers with new, under $20,000 SUV Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: michelle fox
Keywords: news, cnbc, companies, buying, hyundai, suv, york, smith, entrylevel, buyers, aiming, wednesdayaccording, auto, 20000, usedcar


Hyundai aiming for entry-level and used-car buyers with new, under $20,000 SUV

Hyundai is hoping to make the SUV more accessible to entry-level buyers.

The automaker’s latest offering is the compact Venue, expected to be priced under $20,000 for the base model. That price tag brings it under the Hyundai Kona, which is larger than the Venue.

“It’s pretty darn small but it’s a perfect entry-level vehicle for someone who might have, in the past, only had sedans to choose from,” Hyundai America COO Brian Smith said in an interview with CNBC’s Phil LeBeau from the New York International Auto Show on Wednesday.

According to marketing and research agency Hedges & Co., 31% of new SUV buyers have a household income of under $50,000. Those are mostly single-person households.

Hyundai is also targeting used-car buyers with the Venue.

“There are many used-car buyers who are just used-car buyers, but interestingly 40 million people a year end up buying a used car and half of them thought about buying new first,” Smith said on “The Exchange.”

The cost also addresses another issue: burgeoning auto loans. The average monthly payment is now $554, compared with $527 a year ago, according to Edmonds.

Smith thinks that number will not continue to grow and pointed out that Hyundai offers a broad range of choices – from performance cars to electric vehicles.

“With more diversity and more options, instead of just continuing to push prices up, people are going to see ways to go sideways.”


Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: michelle fox
Keywords: news, cnbc, companies, buying, hyundai, suv, york, smith, entrylevel, buyers, aiming, wednesdayaccording, auto, 20000, usedcar


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Mondelez efforts to buy Arnott’s cookie brands are in doubt as talks with Campbell stalemate

Mondelez and Campbell’s Soup are locked in a stalemate over the sale of the soup company’s Arnott’s cookie brands, people familiar with the matter tell CNBC. The Oreo-owner submitted a final offer a few weeks ago for Campbell’s international business, including Arnott’s, that was below Campbell’s roughly $3-billion price expectation, the people said. There still remains multiple buyers for Arnott’s, including a consortium backed by private equity firm KKR, one of the people said. It may be force


Mondelez and Campbell’s Soup are locked in a stalemate over the sale of the soup company’s Arnott’s cookie brands, people familiar with the matter tell CNBC. The Oreo-owner submitted a final offer a few weeks ago for Campbell’s international business, including Arnott’s, that was below Campbell’s roughly $3-billion price expectation, the people said. There still remains multiple buyers for Arnott’s, including a consortium backed by private equity firm KKR, one of the people said. It may be force
Mondelez efforts to buy Arnott’s cookie brands are in doubt as talks with Campbell stalemate Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-06  Authors: lauren hirsch, jeff greenberg, universal images group, getty images
Keywords: news, cnbc, companies, efforts, campbells, arnotts, buy, price, mondelez, buyers, stalemate, talks, campbell, brands, sale, company, doubt, soup, cookie, business


Mondelez efforts to buy Arnott's cookie brands are in doubt as talks with Campbell stalemate

Mondelez and Campbell’s Soup are locked in a stalemate over the sale of the soup company’s Arnott’s cookie brands, people familiar with the matter tell CNBC.

The Oreo-owner submitted a final offer a few weeks ago for Campbell’s international business, including Arnott’s, that was below Campbell’s roughly $3-billion price expectation, the people said. The two are currently at an impasse.

It is common for there to be last minute negotiations over price in deal talks, the people cautioned, and it is therefore possible Mondelez and Campbell find a resolution.

There still remains multiple buyers for Arnott’s, including a consortium backed by private equity firm KKR, one of the people said. It could not be immediately determined what price these other buyers offered, but private equity firms typically pay less for acquisitions than corporate buyers that can take advantage of synergies.

The stalemate puts Campbell in a potentially precarious position. It may be forced to decide between selling its Arnott’s business below its desired price, or abandoning the sale process altogether. Campbell put the unit and its fresh food brands up for sale last year, to help pay down debt left in the wake its $6.2-billion purchase of pretzel and chip company Snyder’s-Lance. As part of those efforts, it has also been selling its Bolthouse Farms business. That deal has likewise not yet reached a conclusion.

The impasse also throws into question an argument put forward by activist fund Third Point, which previously stated the company is better off split than together. Campbell in November reached a truce with the fund that included board turnover, after Third Point ran a campaign that lambasted the soup company for a string of quarterly misses.

In December, Campbell named new CEO Mark Clouse, who spent 20 years at Mondelez and its predecessor Kraft Foods.


Company: cnbc, Activity: cnbc, Date: 2019-04-06  Authors: lauren hirsch, jeff greenberg, universal images group, getty images
Keywords: news, cnbc, companies, efforts, campbells, arnotts, buy, price, mondelez, buyers, stalemate, talks, campbell, brands, sale, company, doubt, soup, cookie, business


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Want to sell your home? Hurry up and list it next week

So if you want to get the best price for your home in the shortest amount of time, you’d better list it next week, at least according to realtor.com. Homes listed in the first week of April get 14 percent more online views on average and are likely to sell six days faster than the average during the rest of the year. If next week was already a great week to list, the steep drop in mortgage rates that started last week is only making it better. The best time to list in New York, Chicago and Dalla


So if you want to get the best price for your home in the shortest amount of time, you’d better list it next week, at least according to realtor.com. Homes listed in the first week of April get 14 percent more online views on average and are likely to sell six days faster than the average during the rest of the year. If next week was already a great week to list, the steep drop in mortgage rates that started last week is only making it better. The best time to list in New York, Chicago and Dalla
Want to sell your home? Hurry up and list it next week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-26  Authors: diana olick, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, sell, sale, week, views, average, homes, school, price, list, buyers, hurry, listed


Want to sell your home? Hurry up and list it next week

Timing is everything, especially in a housing market that has been less than dependable lately. So if you want to get the best price for your home in the shortest amount of time, you’d better list it next week, at least according to realtor.com.

Homes listed in the first week of April get 14 percent more online views on average and are likely to sell six days faster than the average during the rest of the year.

Homes sold in April are also priced 6 percent higher than those in January. According to the most recent pricing data, that could mean an additional $17,000 for sellers listing the typical home prices around $306,000. One caveat is that realtor.com is looking at average prices and does not take into account the type of homes for sale at different times of year. Larger, more expensive homes tend to be listed in the spring because families like to move over the summer, during school vacations.

“Given the time it takes from listing to close, putting a home on the market in early April positions sellers to attract buyers seeking to close and move before the beginning of school year,” said Danielle Hale, chief economist for realtor.com.

The number of buyers jumps dramatically in April, but the number of listings doesn’t peak until a little later, so there is less seller competition. The average list price in June is higher than April, again as larger family homes are being listed during school vacations, but there are fewer buyers, which increases the chance for a price reduction, although not by much. Homes listed in June are 1 percent more likely to see a price reduction and garner 2 percent fewer online views on average than the rest of the year.

If next week was already a great week to list, the steep drop in mortgage rates that started last week is only making it better. Buyers now have a little bit more purchasing power. The average rate on the 30-year fixed mortgage has fallen more than a quarter of a percentage point in the last week and is nearly a full point lower than the recent peak last November. Every quarter-point drop knocks about $50 off the monthly payment on a $300,000 mortgage.

Of course all real estate is local, and locality can impact timing. The best time to list in New York, Chicago and Dallas is March 31, according to realtor.com. In Atlanta and Seattle, it’s April 7. In Los Angeles and Boston, it’s April 14. In Phoenix and Tampa, it’s early June.

And not everyone agrees. Researchers at Zillow, a competitor of realtor.com, claim the first two weeks in May are the best nationally. They add that homes listed on Saturdays get the most page views, although most real estate agents will tell you Thursday is when most people are trolling online, planning their weekend house hunts.

“Sellers time their listings to optimize their sale in all sorts of ways,” said Skylar Olsen, Zillow’s director of economic research and outreach. “Some need to time the sale just right to manage their own synchronized home purchase. Others are seeking to get the highest sale price possible.”


Company: cnbc, Activity: cnbc, Date: 2019-03-26  Authors: diana olick, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, sell, sale, week, views, average, homes, school, price, list, buyers, hurry, listed


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Fitbit’s new trackers are cheap and work well, but they’re super basic

Fitbit recently released the Inspire HR and Versa Lite, two new wearables for budget-conscious buyers. CNBC tested both and we think Fitbit has a good approach to the market, at least among potential buyers who find the Apple Watch too pricey. That’s where the new Versa Lite and Inspire HR come into play. The Versa Lite costs $160, while the Inspire HR will run you $100. Here’s what you need to know about the Fitbit Versa Lite and Inspire HR.


Fitbit recently released the Inspire HR and Versa Lite, two new wearables for budget-conscious buyers. CNBC tested both and we think Fitbit has a good approach to the market, at least among potential buyers who find the Apple Watch too pricey. That’s where the new Versa Lite and Inspire HR come into play. The Versa Lite costs $160, while the Inspire HR will run you $100. Here’s what you need to know about the Fitbit Versa Lite and Inspire HR.
Fitbit’s new trackers are cheap and work well, but they’re super basic Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-16  Authors: todd haselton, angelica lavito, cnbc
Keywords: news, cnbc, companies, lite, hr, super, cheap, work, basic, watch, inspire, wearables, versa, market, apple, fitbit, trackers, fitbits, theyre, buyers


Fitbit's new trackers are cheap and work well, but they're super basic

Fitbit recently released the Inspire HR and Versa Lite, two new wearables for budget-conscious buyers. CNBC tested both and we think Fitbit has a good approach to the market, at least among potential buyers who find the Apple Watch too pricey.

Fitbit sold 13.9 million wearables last year, down 9 percent from the previous year, so it needed to do something different in 2019. That’s where the new Versa Lite and Inspire HR come into play. Both products give up some features in exchange for affordability. The Versa Lite costs $160, while the Inspire HR will run you $100.

The company is wise to go after the sub-$200 market, where it can attract people who don’t want to shell out $400 for the latest Apple Watch but still want a high-quality fitness tracker. There aren’t any bells and whistles here, so for owners of earlier Fitbit devices, these may be too boring.

Here’s what you need to know about the Fitbit Versa Lite and Inspire HR.


Company: cnbc, Activity: cnbc, Date: 2019-03-16  Authors: todd haselton, angelica lavito, cnbc
Keywords: news, cnbc, companies, lite, hr, super, cheap, work, basic, watch, inspire, wearables, versa, market, apple, fitbit, trackers, fitbits, theyre, buyers


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For homebuilders, ‘the next few months are big’

Sales of newly built homes fell sharply in January, down nearly 7 percent month to month and down 4 percent compared with January 2018, according to the U.S. Census. “Now with the latter seeing relief, the next few months are big in measuring the state of the industry and consumer taste for big-ticket, life-altering decisions.” The supply of newly built homes also rose to a three-month high, and analysts report a growing number of so-called “spec” homes, or homes being built without buyers. As s


Sales of newly built homes fell sharply in January, down nearly 7 percent month to month and down 4 percent compared with January 2018, according to the U.S. Census. “Now with the latter seeing relief, the next few months are big in measuring the state of the industry and consumer taste for big-ticket, life-altering decisions.” The supply of newly built homes also rose to a three-month high, and analysts report a growing number of so-called “spec” homes, or homes being built without buyers. As s
For homebuilders, ‘the next few months are big’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: diana olick, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, rates, mortgage, buyers, homebuilders, sales, months, price, homes, newly, built, builders, according, big


For homebuilders, 'the next few months are big'

Builders claim they’re feeling better about their business, but the sales numbers are still not reflecting that. So all eyes are on the spring market, which could determine the fate of both the stocks and the earnings of the biggest builders.

Sales of newly built homes fell sharply in January, down nearly 7 percent month to month and down 4 percent compared with January 2018, according to the U.S. Census. This was a surprise, as builder sentiment jumped in January, according to the National Association of Home Builders.

“We all know that the pace of housing transactions has slowed to no growth as high home prices combined with higher mortgage rates froze behavior,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. “Now with the latter seeing relief, the next few months are big in measuring the state of the industry and consumer taste for big-ticket, life-altering decisions.”

The average rate on the 30-year fixed mortgage jumped more than 5 percent in November but fell back in December. It continued falling in January and has now settled around 4.5 percent, according to Mortgage News Daily. Mortgage applications to purchase a home, however, are basically flat compared with a year ago, according to the Mortgage Bankers Association. Sales of existing homes appear to be picking up, but new homes come at a price premium, and today’s buyers are already stretched financially.

The price of a newly built home sold in January did decline 3.8 percent, but that was more due to a shift in the mix of homes selling, not builders reducing prices. About 37 percent of sales were of homes just below the median price, a far greater share than a year ago, when only 27 percent of sales were below the median.

“Although existing home buyers are capitalizing on the recent decline in mortgage rates, it didn’t spark buyer interest in new homes in January,” said Danielle Hale, chief economist for Realtor.com. “Given the rising cost pressures builders are facing, this could suggest continued difficulty for new homes and new construction ahead.”

The supply of newly built homes also rose to a three-month high, and analysts report a growing number of so-called “spec” homes, or homes being built without buyers. During the housing crash, builders were only building homes that already had buyers under contract. As sales weaken, builders could be sitting on more unsold homes, which will cost them in both taxes and maintenance.

The data on new home sales is volatile, according to the Census itself, and a three-month average puts sales at the highest level since June. Both sales and construction, however, are well below historical norms, and demand has been incredibly sensitive recently to interest rates. While builders report strong expectations for sales over the next six months, they are also reporting disappointing buyer traffic through their model homes.


Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: diana olick, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, rates, mortgage, buyers, homebuilders, sales, months, price, homes, newly, built, builders, according, big


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Most millennial homeowners have buyer’s remorse, a new survey shows

Millennial homeowners have a bad case of buyer’s remorse, according to a new survey. Nearly two-thirds, or 63 percent, of millennial homeowners surveyed by Bankrate.com said they had regrets about buying. Millennials have been slow to enter the ranks of homeowners, thanks to the last recession and the housing crash that caused it. Young buyers may have been renters previously, and not even considered maintenance since it was never a factor financially. Despite the old real estate adage, “locatio


Millennial homeowners have a bad case of buyer’s remorse, according to a new survey. Nearly two-thirds, or 63 percent, of millennial homeowners surveyed by Bankrate.com said they had regrets about buying. Millennials have been slow to enter the ranks of homeowners, thanks to the last recession and the housing crash that caused it. Young buyers may have been renters previously, and not even considered maintenance since it was never a factor financially. Despite the old real estate adage, “locatio
Most millennial homeowners have buyer’s remorse, a new survey shows Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-28  Authors: diana olick, lewis geyer, getty images
Keywords: news, cnbc, companies, remorse, maintenance, buyers, shows, survey, millennials, savings, location, rate, homeowners, surveyed, regrets, millennial


Most millennial homeowners have buyer's remorse, a new survey shows

Millennial homeowners have a bad case of buyer’s remorse, according to a new survey.

Nearly two-thirds, or 63 percent, of millennial homeowners surveyed by Bankrate.com said they had regrets about buying. That is more than any other age group, defined in the survey as people aged 23 to 38, and nearly double the regret rate of baby boomers. Overall, about 44 percent of U.S. homeowners say they have regrets about their purchase.

Millennials have been slow to enter the ranks of homeowners, thanks to the last recession and the housing crash that caused it. Now, as they age into marriage and parenthood, they are buying at a faster pace. Many, however, are regretting it.

What seems to irk millennials most is maintenance. They didn’t factor in the high costs of fixing what breaks. Young buyers may have been renters previously, and not even considered maintenance since it was never a factor financially.

“Repairs and maintenance costs are something all homeowners face,” said Bankrate analyst Deborah Kearns. “Consumers should expect to set aside 1 percent of their home’s purchase price each year to keep in a savings account to cover these expenses. Budgeting early on can prevent dipping into emergency savings or going into debt to handle these added expenses.”

Other regrets include the type and location of the home purchased. About 12 percent of those surveyed said the house they bought was too small, while 5 percent said it was too large. Despite the old real estate adage, “location, location, location,” 8 percent said they bought in the wrong location.

Some of the problem may stem from millennials being much more likely to use social media in their home searches than any other generation. More than 57 percent do just that – which is three times the rate of both Gen Xers and baby boomers, according to a recent survey by Porch, a home repair and renovation website. Only about 30 percent of millennials even visited their desired neighborhood to look at homes listed for sale.


Company: cnbc, Activity: cnbc, Date: 2019-02-28  Authors: diana olick, lewis geyer, getty images
Keywords: news, cnbc, companies, remorse, maintenance, buyers, shows, survey, millennials, savings, location, rate, homeowners, surveyed, regrets, millennial


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Slowest home sales in over three years could help buyers this spring

Lower mortgage rates should have given home sales a boost in January, but they did not. That is why sales of homes priced below $100,000 were nearly 15 percent lower compared with a year ago, while sales of homes priced above $750,000 were just 2 percent lower. Lower mortgage rates also helped sentiment. After spiking in September, mortgage rates began falling in November and fell even more sharply in December. Most analysts think the recent drop in mortgage interest rates will bring more buyers


Lower mortgage rates should have given home sales a boost in January, but they did not. That is why sales of homes priced below $100,000 were nearly 15 percent lower compared with a year ago, while sales of homes priced above $750,000 were just 2 percent lower. Lower mortgage rates also helped sentiment. After spiking in September, mortgage rates began falling in November and fell even more sharply in December. Most analysts think the recent drop in mortgage interest rates will bring more buyers
Slowest home sales in over three years could help buyers this spring Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: diana olick, getty images
Keywords: news, cnbc, companies, slowest, help, homes, buyers, compared, sales, prices, housing, spring, market, mortgage, lower, rates


Slowest home sales in over three years could help buyers this spring

Lower mortgage rates should have given home sales a boost in January, but they did not. Sales of existing homes fell 1.2 percent to their lowest level in three years compared with December and were a wider 8.5 percent lower annually, according to the National Association of Realtors.

That could be good news for buyers seeking relative bargains in the spring.

Real estate agents and analysts have long been blaming weak sales on too few listings and rising rates — but supply has been rising steadily for several months and rates have been falling. Total housing inventory at the end of January increased to 1.59 million, up from 1.53 million homes for sale in December. Supply is also up from 1.52 million a year ago.

Home prices are still higher compared to a year ago. The median price of an existing home sold in January was $247,500. But that is just 2.8 percent higher compared with January 2018, the smallest annual gain since February 2012.

“Existing home sales in January were weak compared to historical norms; however, they are likely to have reached a cyclical low,” said Lawrence Yun, chief economist for the NAR. “Moderating home prices combined with gains in household income will boost housing affordability, bringing more buyers to the market in the coming months.”

But here’s the rub: The supply of affordable homes for sale is not increasing quickly enough. That is why sales of homes priced below $100,000 were nearly 15 percent lower compared with a year ago, while sales of homes priced above $750,000 were just 2 percent lower.

Homebuilders are still not ramping up production enough to meet demand, especially in the entry-level market. Sales of newly built homes, which come at a price premium to existing homes, were weak for much of last year.

Builders are starting to see more traffic through models, as they lower some prices and offer more concessions. But they are still finding it hard to build cheaper homes.

“Rising costs stemming from excessive regulations, a dearth of buildable lots, a persistent labor shortage and tariffs on lumber and other key building materials continue to make it increasingly difficult to produce housing at affordable price points,” said Robert Dietz, chief economist for the National Association of Home Builders.

Builder sentiment rose in February overall, as buyer traffic and sales expectations for the next six months saw significant gains, according to the NAHB. Lower mortgage rates also helped sentiment.

After spiking in September, mortgage rates began falling in November and fell even more sharply in December. They are now at the lowest rate in a year.

Most analysts think the recent drop in mortgage interest rates will bring more buyers back to the market. But home prices are still high, due to the sharp run-up after the recession.

That has kept some first-time buyers sidelined. They represented just 29 percent of existing home sales in January, compared with 32 percent in December. Historically, first-time buyers represent about 40 percent of home sales.

“If mortgage rates stay close to these new lower levels, then the hit to affordability from rising rates will be reduced – and the positive impacts of the job market and demographics should flow through to stronger housing demand,” said David Berson, chief economist at Nationwide.

Lower mortgage rates, combined with slower home price appreciation, are bringing the housing market out of its recent overheating and into a more moderate environment with respect to the rest of the economy.

“Wages are growing on par with home prices for the first time in years, and with more inventory available, spring home sales should help the market begin to recover from the malaise of the last few months,” said Sam Khater, chief economist at Freddie Mac.


Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: diana olick, getty images
Keywords: news, cnbc, companies, slowest, help, homes, buyers, compared, sales, prices, housing, spring, market, mortgage, lower, rates


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How to entice Chinese buyers to get a multimillion dollar New York condo

How to entice Chinese buyers to get a multimillion dollar New York condo1 Hour AgoChinese investors are the top foreign buyers of U.S. residential property, according to the National Association of Realtors. But how do these purchases happen? CNBC’s Uptin Saiidi attends an event in Hong Kong focused on promoting and selling New York property.


How to entice Chinese buyers to get a multimillion dollar New York condo1 Hour AgoChinese investors are the top foreign buyers of U.S. residential property, according to the National Association of Realtors. But how do these purchases happen? CNBC’s Uptin Saiidi attends an event in Hong Kong focused on promoting and selling New York property.
How to entice Chinese buyers to get a multimillion dollar New York condo Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20
Keywords: news, cnbc, companies, residential, purchases, realtors, saiidi, property, buyers, promoting, chinese, entice, selling, york, condo, dollar, multimillion, uptin


How to entice Chinese buyers to get a multimillion dollar New York condo

How to entice Chinese buyers to get a multimillion dollar New York condo

1 Hour Ago

Chinese investors are the top foreign buyers of U.S. residential property, according to the National Association of Realtors. But how do these purchases happen? CNBC’s Uptin Saiidi attends an event in Hong Kong focused on promoting and selling New York property.


Company: cnbc, Activity: cnbc, Date: 2019-02-20
Keywords: news, cnbc, companies, residential, purchases, realtors, saiidi, property, buyers, promoting, chinese, entice, selling, york, condo, dollar, multimillion, uptin


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‘Million Dollar Listing’ agent Ryan Serhant: Buyers are ‘freaking out’ about Amazon ditching NYC

“I remember doing deals at $600 a square foot in Long Island City in 2009. Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”


“I remember doing deals at $600 a square foot in Long Island City in 2009. Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”
‘Million Dollar Listing’ agent Ryan Serhant: Buyers are ‘freaking out’ about Amazon ditching NYC Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: matthew j belvedere, don emmert, afp, getty images, karlheinz irlmeier
Keywords: news, cnbc, companies, amazon, freaking, really, island, city, nyc, ditching, sold, think, million, listing, search, york, buyers, square, ryan, serhant, dollar, long


'Million Dollar Listing' agent Ryan Serhant: Buyers are 'freaking out' about Amazon ditching NYC

New York State Sen. Michael Gianaris, a Democrat whose district includes Long Island City, defended his opposition in a separate CNBC interview on Friday, saying, “when they [Amazon] come in and take over a community like that, the community dies.”

Gianaris, along with other New York politicians including liberal firebrand Rep. Alexandria Ocasio-Cortez, opposed the $3 billion in incentives the city promised to pay Amazon to seal the deal in November over the dozens and dozens of other localities which were in the running for the project.

“The Amazon ‘boom,’ as we can call it, happened too quickly. And no one was really able to understand the benefits that that many jobs to the area would have brought to the locals,” said Serhant, who started his career in Long Island City.

“I remember doing deals at $600 a square foot in Long Island City in 2009. And everyone was so angry about it. They’re never going to get their money back,” he said. “I just resold an apartment that I sold for $900,000 in 2009 in October, so before the Amazon announcement, for $1.8 million.”

Serhant thinks Long Island City can still prosper without Amazon. “I’ve always loved Long Island City. I think it’s a great place for real estate investment.” He said apartments there go for about $200 per square foot less than in Manhattan.

Eric Benaim, CEO of the Long Island City-based brokerage Modern Spaces, agreed. He called Amazon’s change of plans “a shame” and said that “of course” if the company had stayed “it was going to be better.”

However, “we are still doing deals. Nothing has changed,” he said on “Power Lunch.” “Long Island City has been an exciting and hot neighborhood for the past 10 years, and it will continue to be a hot and exciting neighborhood.”

The brokerage sold 300 pre-construction units in two weeks after Amazon announced it was coming to town, but no one has called yet to back out, Benaim said. Closings aren’t expected for another eight to 10 months. “We’ll just have to wait and see, but I don’t think any of those will really leave,” he added.

Amazon, which does not plan to search for a replacement location, said it plans to move forward with its planned second half of its East Coast headquarters in Northern Virginia. Meanwhile, Nashville, Tennessee, which had won a smaller investment in the monthslong HQ2 search, will also remain on track.

— CNBC’s Michelle Fox contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-02-15  Authors: matthew j belvedere, don emmert, afp, getty images, karlheinz irlmeier
Keywords: news, cnbc, companies, amazon, freaking, really, island, city, nyc, ditching, sold, think, million, listing, search, york, buyers, square, ryan, serhant, dollar, long


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