real estate

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Opendoor Is Laying Off Almost a Fifth of Its Workers

'We're navigating one of the most challenging real estate markets in 40 years,' CEO says

(Newser) - Online house-flipping firm Opendoor has become the latest company to downsize in the wake of the rapid shift in the housing market. CEO and co-founder Eric Wu said in an email to employees shared on the company blog Wednesday that with a "heavy heart," the company is saying...

For the Wealthy, the New Draw Is the 'McBasement'

If you can't go up or out, go down

(Newser) - If the word "basement" conjures up memories of a dark and musty rec room where you spent your youth, the Wall Street Journal is ready to usher you into 2022. Basements are in, but they aren't like any basement you know. As EB Solomont writes, they're the...

An Unwanted and Inhospitable Lighthouse Finally Sells

Hooper Island Lighthouse went for way more than the starting price

(Newser) - The federal government has sold off a rather inhospitable lighthouse in the middle of the Chesapeake Bay for a six-figure sum after a bidding war at auction. The Hooper Island Lighthouse, located west of Middle Hooper Island in Maryland's Dorchester County, at first drew little interest, reported the Washington ...

New Real Estate Wrinkle: Reluctant Sellers

Many have a low mortgage rate now, so why sell and possibly double it on a new place?

(Newser) - The housing market is a complex place at the moment, with the Fed's aggressive rate hikes sending mortgage rates north of 6% for the first time in nearly 15 years. Much of the resulting coverage has focused on the buyers' view of things—how those higher rates add hundreds...

Mortgage Rates Reach an Unwanted Milestone

Average rate hits 6% for the first time since 2008

(Newser) - Someone who closes on a house this month will be paying twice the mortgage rate of a year ago. The average rate on a 30-year fixed-rate mortgage reached 6% this week for the first time since the recession days of 2008, reports the New York Times . That's up from...

Seeking Sun and Surf? These US Beach Towns Won't Break the Bank

Port Arthur, Texas, comes in at No. 1

(Newser) - Dreaming of a home near the ocean? A new assessment by PropertyShark susses out the most affordable beach towns and cities in the US. The site calculated median price per square foot to crown Port Arthur, Texas, as the champ. Generally, locales in Texas, Mississippi, and Florida dominated the top...

City You Might Not Expect Lands Atop Housing Ranking

Elkhart, Indiana, is No. 1 in compilation by WSJ and

(Newser) - A unique ranking of cities for prospective home-buyers puts a city on top that might not be familiar to many—Elkhart, Indiana. The metro area of the city of approximately 200,000 people is No. 1 in the rankings compiled by the Wall Street Journal and . Their idea...

$30M Off-the-Grid Property Comes With a Herd of Yak

'If all hell breaks loose, you can come here and you’ll be OK'

(Newser) - If you have very deep pockets and a belief that America's in for an extremely bumpy ride, a 312-acre property in New Mexico could be for you. The ranch in wilderness near Taos has its own water supply, tanks that can hold a year's worth of propane, a...

China's Richest Woman Is Rapidly Getting Poorer

Yang Hiuyan's $23.7B fortune has more than halved amid real estate crisis

(Newser) - With an estimated fortune of $11.3 billion, China's richest woman isn't exactly short on cash—but the country's real estate crisis has made Yang Huiyan a lot poorer than she was at the start of the year. Bloomberg reports that Yang had an estimated $23.7...

Top 10 Cities People Are Looking to Leave

San Francisco has apparently priced too many people out of its market

(Newser) - Crazy house prices have upended the market in the last two years, triggering what the real estate brokerage firm Redfin labels unprecedented levels of relocation. Specifically, prospective home buyers seem to be leaving cities where prices are too high in favor of more affordable locales. The company ranked the cities...

Mortgage Demand Hits 22-Year Low
Mortgage Demand
Hits 22-Year Low

Mortgage Demand Hits 22-Year Low

The real estate market is cooling amid high rates, high inflation, high prices

(Newser) - While heat waves and wildfires have dominated recent headlines, there’s a major cooling trend in the US housing market. According to the Mortgage Bankers Association's weekly survey, mortgage applications dropped a seasonally adjusted 6.3% last week, per CNBC. That puts mortgage demand at its lowest point since...

US Cities Seeing Most Cuts in Home Prices

In Boise, Idaho, 61.5 of homes on the market saw a reduced price in June

(Newser) - The pandemic saw house prices soar across the country, but higher interest rates and increasing supply are now helping cool the previously red-hot real estate market in many areas. If you're looking to buy now, you're likely to find that prices have been reduced from the original listing...

House Flippers Have Been Busier Than Ever

Investors are scrambling for profits as the real estate market cools

(Newser) - House flippers were exceptionally busy in the first quarter of 2022, with flips accounting for 9.6% of all single-family home and condo sales in the US. It's part of an ongoing trend, but it was still a big jump compared to 6.9% in Q4 and 4.9%...

Billionaire's New Estate Sets Florida Record

It's not far from a property Larry Ellison purchased for $80M last year

(Newser) - One of the world's richest people , billionaire Oracle founder Larry Ellison, has just dropped $173 million on new digs, setting a record for the largest residential sale in Florida history. And by a long shot. Previously, the state hadn't seen a home sell for more than $130 million,...

Florida Home for Sale Comes With Realtor's Ex

All yours for $699K in Panama City

(Newser) - Earlier this month, a home went up for sale in Virginia with an unwanted squatter in the basement. Now comes one in Florida that comes complete with an ex-husband, reports WMBB . The listing out of Panama City has gone viral since it was highlighted by Zillow Gone Wild . Realtor Crystal...

Mortgage Rates Highest in a Decade
Mortgage Rates
Highest in a Decade

Mortgage Rates Highest in a Decade

30-year is now 5.21%, and the effects on housing market already are surfacing

(Newser) - The news won't come as a shock to those currently in the market to buy a house and calculating their monthly expenses—mortgage rates have reached a 12-year high. CNN puts the rate on a 30-year fixed mortgage at 5.11% for the week ending Thursday, the highest since...

Neighbor's Warning Sign: 'Do Not Buy That House'

Norfolk resident says shoddy work in his own home doesn't bode well

(Newser) - Another unusual tale from the world of Virginia real estate. Earlier this week came the story of the Fairfax home that sold, as is, with two reported squatters in the basement. Now, WAVY reports on another house for sale, this one in Norfolk. The odd thing in this case is...

Home Costs $800K, but You Can't Look in the Basement

Cash-only deal in Virginia involves house with apparent squatters

(Newser) - It's not your typical house listing: Five beds, four baths, two squatters in the basement. And yet the $800,000 home in Fairfax, Virginia, is now under contract for a price above asking, reports Fox5 DC . The listing didn't actually use the term squatters, but it was close,...

Colorado Mountain Town Could Be All Yours

Colona's 42.5 acres up for grabs for $6.6M

(Newser) - Hoping to spend your days amid the Colorado Rockies? You could buy a $7 million mansion with views of the slopes in the former mining town of Telluride, home to the popular Telluride Ski Resort, or you could spend a little less and have an entire town. An hour north...

Here Are the Most, Least Affordable Cities in America

San Diego pushes San Francisco out as the most expensive market

(Newser) - Move over, San Francisco—you can no longer claim the most expensive housing market in the nation. The San Francisco Chronicle reports the city has been "dethroned," by one a little further south, according to a recent report from real estate firm OJO Labs . The new most unaffordable...

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