Hi, I’m Matt Turner, the editor-in-chief of business at Insider. Welcome back to Insider Weekly, a roundup of some of our top …
Hi, I’m Matt Turner, the editor-in-chief of business at Insider. Welcome back to Insider Weekly, a roundup of some of our top stories. Don’t miss: Our first digital cover story, featuring Serena Williams. The tennis star opened up about mom guilt, her venture-capital firm, and the possibility of a « King Richard » sequel. Check out the full profile here. Let’s get started. Subscribe to Insider for access to all our investigations and features. New to the newsletter? Sign up here. Download our app for news on the go — click here for iOS and here for Android. If you or someone you know has tried buying a home in the past six months, you’ve likely heard the horror stories. Personally, I’ve heard from friends in Chicago, Los Angeles, New York, and other cities across the US. Homes that look as though they might be within someone’s budget end up going for 30% to 40% above asking. All-cash buyers are snapping up prime spots. Many homes are selling sight-unseen. To make matters worse, mortgage rates have rocketed, sending monthly costs higher, and deep-pocketed investors, many of them backed by billions from Wall Street, are adding competition. According to one recent analysis, investors bought a third of all US homes for sale in the first quarter, the highest in at least a decade. Meanwhile, startups are springing up ready to help those who already own a home to access some of their equity. It’s not surprising then that the number of people searching for information about a housing bubble has also skyrocketed. Read for a Q&A with the real-estate reporter James Rodriguez breaking down what’s going on.
