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close video Real estate industry under deep stress right now: Hoenig

Former Kansas City Federal Reserve Bank President and CEO Thomas Hoenig discusses the impact of the Feds rate hikes on “Maria Bartiromos Wall Street.”

U.S. housing inventory is well below pre-pandemic levels, posing a major hurdle for potential buyers this spring.

According to Realtor.com's monthly housing trends report, published Thursday, inventory growth in April slowed for the second consecutive month.

It rose 48.3% compared to the same time a year ago, but even with this increase, inventory remains 50.5% below pre-pandemic levels, according to the data.

The issue is that more sellers are opting out of the market.

REAL ESTATE EXPERT SHREDS BIDEN RULE PUNISHING HOMEBUYERS WITH GOOD CREDIT: 'IT'S MADNESS'

New home listings dropped 21.3% year over year nationwide last month, according to the report. In April, about 49 out of the 50 largest markets saw declines compared with this time last year. In fact, San Antonio was the only one out of the 50 largest markets to see the number of newly listed homes increase compared to last April, rising by a slim 0.4%. 

U.S. housing inventory is well below pre-pandemic levels, posing a major hurdle for potential buyers this spring. (Dustin Chambers / Bloomberg via Getty Images / File / Getty Images)

Compared to April 2019, new listings were still down 30.6%.

"A declining number of newly listed homes remains a top challenge for the market, as many potential sellers are choosing to sit on the sidelines rather than list their home for sale," the report read.

EXISTING HOME SALES UNEXPECTEDLY FALL IN MARCH, REVERSING RECENT GAINS

Realtor.com Chief Economist Danielle Hale said that many sellers, who are likely buyers, too, reported feeling "locked in" to their current home because of their low mortgage rate.

The key 30-year fixed-rate mortgage climbed for another week, averaging 6.43% as of April 27, according to mortgage buyer Freddie Mac. That's up from the average of 6.39% from the week prior. It's also significantly higher than a year ago when the rate averaged 5.10%.

According to Realtor.com’s monthly housing trends report, published Thursday, inventory growth in April slowed for the second consecutive month. (Marco Bello / Bloomberg via Getty Images / File / Getty Images)

On top of high mortgage rates, home prices are also elevated. For instance, the median listing price rose 2.5% to $430,000 in April compared to the same time a year ago. That's up 36.5% from April 2019, according to the data.

With fewer sellers, "hopeful homebuyers have fewer options for their next home and will likely have to continue narrowing their list of must-haves to find success in today’s market," the report continued.

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Given the tough market conditions, "sellers say having to get their home market ready is also a top concern, especially given that high inflation rates are leading to higher improvement and household furnishing costs, and prices for those goods are rising more than prices overall," Realtor.com Executive News Editor Clare Trapasso said.

That said, Trapasso also noted that "first-time and younger buyers can still win in this market by watching mortgage rates closely, setting online alerts for any new homes coming on the market, and working with an agent who really knows the market and how best to position an offer."

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Jaguar: British luxury vehicle maker has a new advert that doesn’t feature any cars

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Jaguar: British luxury vehicle maker has a new advert that doesn't feature any cars

Jaguar has left people scratching their heads with a new glossy advert which fails to show any cars.

The British luxury vehicle maker has released a commercial featuring a series of models, in brightly-coloured clothing, emerging from a lift into an austere landscape.

They are then seen in various poses as different slogans appear on screen, including “live vivid”, “delete ordinary” and “copy nothing”.

But it has created a series of reactions online from ridicule to confusion, because there is no hint of any cars.

screengrabs from jaguar advert https://www.youtube.com/watch?v=rLtFIrqhfng
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Jaguar’s latest advert has left some people confused

screengrabs from jaguar advert https://www.youtube.com/watch?v=rLtFIrqhfng
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Jaguar says the advert represents a ‘complete reset’ for the brand

Tesla boss Elon Musk tweeted a response to Jaguar’s advert posted on X by asking: “Do you sell cars?”

It prompted the reply: “Yes. We’d love to show you” followed by an invite to a promotional event. But others on X continued to question the advert and what it represented.

“Umm where are the cars in this ad?” one user posted, while a second wrote: “I thought you guys made cars?”

screengrabs from jaguar advert https://www.youtube.com/watch?v=rLtFIrqhfng
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Bold, bright colours feature in the commercial – but not everyone is impressed

There was also confusion from another person who asked: “What are you trying to sell me?”

Jaguar teased that: “All will be revealed… Think of this [advert] as a declaration of intent. We’re shifting gears, not our purpose. Stay tuned.”

In a news release to accompany the advert, the carmaker described it as part of a “completely transformed Jaguar brand” and “a new era” which makes “it relevant for a contemporary audience”.

“This is a complete reset,” said managing director Rawdon Glover. “To bring back such a globally renowned brand we had to be fearless.”

In the lead-up to the campaign, Jaguar announced it was discontinuing five models with “close to zero profitability”.

It has developed three new ultra-luxury electric vehicles, one of which is set to be unveiled at Miami’s Art Basel event next month.

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Vogt awarded top AL manager in first year on job

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Vogt awarded top AL manager in first year on job

The Cleveland GuardiansStephen Vogt was named American League Manager of the Year on Tuesday after winning the AL Central in his first season on the job.

The 40-year-old Vogt, who had never managed before this year, steered Cleveland to a 92-69 record. The Guardians made it to the AL Championship Series before losing to the New York Yankees.

He is the third AL manager to win the award, given out since 1983, in his rookie season managing.

Despite injuries to starters Shane Bieber and Triston McKenzie that left the Guardians short-handed for most of the season, Vogt managed Cleveland’s bullpen brilliantly, with its 2.57 ERA more than half a run better than the next-best team. The Guardians improved by 16 games over the previous season and won Vogt’s first playoff series against Detroit until the Yankees dismissed them in five games.

Over his 10-year playing career, Vogt played for six teams and was twice an All-Star. He took over in Cleveland for the retiring Terry Francona — himself a three-time Manager of the Year — after spending a season as the Seattle Mariners‘ bullpen coach.

Vogt received 27 of 30 first-place votes and finished ahead of two other AL Central managers, Kansas City‘s Matt Quatraro (two first-place votes) and Detroit’s A.J. Hinch (one).

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Mets acquire OF Siri from Rays for reliever Orze

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Mets acquire OF Siri from Rays for reliever Orze

The New York Mets landed veteran outfielder Jose Siri in a trade with the Tampa Bay Rays, the team announced Tuesday. In return, the Mets surrendered reliever Eric Orze.

Siri, 29, was tied for the lead among all center fielders in defensive runs saved last season but he struggled offensively, batting .187 with 18 homers, 14 stolen bases and an adjusted OPS+ of 76.

He’ll be eligible for arbitration for the first time this winter, meaning he’s likely to get a minor bump over his 2024 salary of $757,800.

Siri had a meandering path to the big leagues, bouncing through five organizations before making his debut with the Astros in September 2021. He has been known for playing with a demonstrative flair that can sometimes bug opponents.

Early in this offseason, some industry sources said they expected the Rays to move on from Siri, who had a staggering 170 strikeouts and just 31 walks in 448 plate appearances last season.

Harrison Bader, who was the Mets’ primary center fielder last season, became a free agent again. Tyrone Taylor played well in 44 games at the position, though he just had hernia and elbow surgery, procedures from which the Mets expect him to recover by the start of spring training.

But Siri gives the Mets some coverage at the spot no matter how the rest of the offseason plays out.

A contingent representing the Mets’ organization, including owner Steve Cohen and head of baseball operations David Stearns, traveled to California in recent days to meet with slugger Juan Soto. But that negotiation could continue for another week or more, with Soto and agent Scott Boras taking information and offers from the Yankees, Red Sox, Blue Jays and other teams.

Orze, 27, pitched in two games for the Mets last season, allowing four runs in 1⅔ innings in his first-ever major league outings. He was a fifth-round pick of the Mets in the 2020 draft.

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