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The Latest Breaking News from Chen Zhao

Locked out of housing, Gen Z and Millennials are building wealth in the stock market instead as they reach record high $3.1 trillion in holdings

Experts warn brokerage accounts lack a mortgage's forced savings discipline and carry other risks

Fortune

It can take 65 years to afford a home in New York City, here’s where it only takes 4

Big Apple’s median first-time buyer down payment is $265,000

The Independent UK

The Fed is fed up with inflation and will bring down the hammer with a series of rate hikes this year, reversing earlier cuts, BofA says

“The Fed was willing to look through the tariffs, but it is losing patience after the latest round of supply shocks.”

Fortune

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read the most diverse news in one place.

Why Jerome Powell’s latest rate cut still won’t help you get a lower mortgage rate

“Since this rate cut was no surprise, the markets have taken it in stride,” 43-year mortgage industry veteran Melissa Cohn told Fortune.

Fortune

A 'jobless profit boom' has cemented a permanent loss in payrolls as AI displaces labor at a faster rate, strategist says

"We suspect that job losses in tech have been driven mainly by AI displacement."

Fortune

Profits Soar, Jobs Vanish: How AI Created A Tale Of Two Economies

There's something uncanny about today's job market: corporate profits are surging, tech companies are delivering blockbuster earnings, and yet tens of thousands of high-skilled jobs are quietly disappearing—replaced not by cheaper labor, but rather artificial intelligence.

Benzinga

Home sales are headed for their worst year since 1995 as 'economic jitters' spread from buyers to sellers, Redfin says

Active listings fell 1.4% in August from the prior month, per Redfin.

Fortune

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America’s homeownership rate falls for the first time since 2016 amid economic and demographic shifts, Redfin says

Renting is all the rage, surging by the greatest level seen in years.

Fortune

'Doubt and hesitation' are ripping through the housing market: 'People are starting their home search, then backing out'

With housing costs near a record high, home buyers are mostly staying on the sidelines.

Fortune

A Trump-induced interest rate cut won’t actually lower mortgage rates

“The president putting this pressure on the Fed would not actually achieve his goal, if his goal is lower mortgage rates,” said Chen Zhao, Redfin economics head.

Fortune

Antarctica’s hidden threat: meltwater under the ice sheet amplifies sea-level rise

One of the biggest challenges in predicting Antarctica’s deeply uncertain future is understanding exactly what’s driving its ice loss.

The Conversation

The typical monthly housing payment just fell from an all-time high

In a rare bit of good news, mortgage rates are the lowest they’ve been in months.

Fortune

Top real estate economist offers one word to describe the housing market: Unaffordable

Scarcity is breeding soaring prices and buyers are outpacing listings, data shows.

Fortune

Mortgage Rates Climb Again, Dampening Housing Market

Rising mortgage rates are dampening homebuyer activity and refinancing opportunities, with affordability concerns clouding the housing market outlook.

International Business Times

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Fortune

The housing market is starting to crack—Sellers are cutting prices at record levels as 'You can no longer price based off of where sales were'

Nearly 7% of sellers posted price drops in October, Redfin says—well above the 3.6% average.

Fortune

Mortgage rates are dropping fast after a shock jobs report set off a series of dominoes on Wall Street—The housing market can thank Detroit's striking auto workers

To all the homebuyers dreading the toxic mix of low inventory and 8% mortgage rates, how does a cooling economy and a 7.4% rate sound?

People

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