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Want more housing market stories from Lance Lamberts ResiClub in your inbox? Subscribe to the ResiClub newsletter. While national active inventory is still up year-over-year, the pace of growth has slowed since summer as some home sellers have thrown in the towel and delisted their properties. Indeed, according to Redfin, U.S. delistings as a share of inventory recently ticked up to 5.5%a decade-high reading for this time of year. Looking ahead, in markets seeing the biggest jumps in delistings right now, many of those listings will likely return to the resale market in spring 2026or test out the rental market. Without a corresponding increase in housing demand, that could lead to a faster-than-expected acceleration in inventory growth. More sellers are giving up because their homes have been sitting on the market for a long time, and they dont want to or cant afford to settle on accepting a low price,” says Asad Khan, a senior economist at Redfin. Many homes have a sticker price higher than buyers are willing to pay, but many sellers are unwilling to negotiate. When tens of thousands of homeowners pull their homes off the market rather than accept a low offer, it effectively reduces the supply of homes that are actually available for buyers. Of course, theres wide regional variation in delistings. Weaker and softer housing markets in places like Texas and Florida are currently seeing a higher share of delistings. Meanwhile, tighter housing markets in the Midwest are seeing a lower delisting rate. Many homeowners who bought during the pandemic demand frenzy still expect sky-high prices,” says Khan. “They remember a sellers market, so theyre hesitant to yield to buyers who want to negotiate the price down and/or ask for concessions. Recent buyers are also more likely to be testing the market; maybe they would sell and move up to a bigger home in a more desirable neighborhood if they get the price they want, but otherwise theyd stay put. Longtime owners, though, are more motivated to selltheyre often downsizing or relocating for retirement. window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}}); The housing markets with the highest level of delistings are also the same places with the most “stale” inventoryhomes that have been on the market for over 60 days. window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}}); Roughly one in five homes that were delisted over the summer were re-listed within three months: 20% of homes that were pulled off the market in July were subsequently re-listed, as were 18% of homes that were pulled in June,” writes Redfin. “Were including this metric because delisting is sometimes used as a selling strategy; some sellers take their homes off the market and subsequently relist at a lower price to avoid house hunters seeing a ‘price drop’ on their listing, and to reset the number of days their home has been on the market.” “Note that were looking at delistings over the summer rather than September to ensure that enough time has passed to determine whether a home was re-listed,” Redfin adds. “Of the homes that were delisted in July then put back on the market, 31.6% of them have sold.
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E-Commerce
New York City is poised to get its first Vegas-style casinos, including one next to the home stadium of baseballs New York Mets and another that could see a windfall for President Donald Trump. They were among three casino proposals approved for lucrative gambling licenses on Monday by a key state panel. No casinos will end up coming to Manhattan, however, as several other competing proposals were already scrapped, including one in the heart of Times Square. The state Gaming Commission is expected to formally issue the licenses before the end of the year, as the gambling revenues are already factored into the state budget. Democratic Gov. Kathy Hochul said the casinos promise to unlock billions of dollars in funding for the states transit system. Ballys plan to spend $4 billion building a casino at the Ferry Point golf course in the Bronx could mean millions of dollars for Trump. When the company purchased the city-owned golf course’s operating rights from the Trump Organization in 2023, it promised to pony up another $115 million if it won a casino license. Spokespersons for the Trump Organization did not immediately respond to an email seeking comment. In nearby Queens, billionaire New York Mets owner Steve Cohen has proposed building an $8.1 billion Hard Rock casino on a parking lot of Citi Field. The complex would include a performance venue, a hotel, and a retail and shopping space. Resorts World, meanwhile, has proposed investing more than $5 billion to expand an existing slots parlor into a full casino at the Aqueduct Race Track, which is also in Queens, near John F. Kennedy International Airport. It, too, would add hotel, dining, and entertainment options. Vicki Been, chair of the New York Gaming Facility Location Board, said the panel believed the New York City market was plenty strong enough to sustain three casinos, despite their proximity. She said the three projects would generate roughly $7 billion in gambling revenues over a 10-year span. The projects would produce more than $5 billion in other tax revenues and other community benefits, including public safety investments and public transit and roadway improvements, Been said. A group of anti-casino protesters chanted Shame on you! Shame on you! as they were escorted out of the meeting at the CUNY Graduate Center in midtown Manhattan. Jack Hu, an anti-casino organizer, said afterward that the proposals would have a disproportionately negative impact on the citys Asian American communities, which are largely concentrated in Queens. Our seniors and working people have long been dehumanized by casino operators, treated as cash cows to milk for money, Hu said, backed by other opponents holding protest signs outside the building. They bus our seniors to casinos, and they give them meal and gambling vouchers in the hopes that theyll stay long enough to lose their entire Social Security check. The commission is authorized to license up to three casinos in the New York City area after voters approved a referendum back in 2013 opening the door to casino gambling statewide. Since then, four full casinos with table games have opened in New York, but all of them are located upstate, miles away from Manhattan. The state also has nine gambling halls offering slot machines and other electronic gambling machines, but no live table games. The closely watched competition for a New York City license began with a crowded field, with some eight proposals in the running as recently as September. But four of the high-profile plans failed to get the stamp of approval from local advisory boards, automatically knocking them out of contention. Among the most notable was a Jay-Z-backed plan to build a Caesars Palace in Times Square, as well as two other resorts proposed in central Manhattan. Then in October, MGM abruptly pulled out of the license sweepstakes, saying the competitive and economic assumptions underpinning their plans had changed. The Las Vegas casino giant had planned a major expansion of the Empire City Casino, a slots parlor located at the Yonkers Raceway north of Manhattan. By Philip Marcelo, Associated Press
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E-Commerce
Heres some good news: If you have student loan debt, you could soon qualify for a repayment plan that comes with lower monthly bills. The eligibility requirements for the Income-Based Repayment (IBR) Plan have been updated to allow a broader swath of student loan borrowersincluding higher earnersto enroll in this plan as a result of a provision in the so-called One Big Beautiful Bill Act that passed over the summer. You may be able to switch to this plan, even if you dont have partial financial hardship. The U.S. Department of Education is working to update its system to implement the updates to the IBR Plan and said it anticipates that those changes will be completed this month. In the meantime, servicers will hold IBR applications that would otherwise be denied. servicers will process those applications after the system changes are completed, the Department said in an update from last month. We encourage borrowers who applied for the IBR Plan and were denied due to lack of partial financial hardship before we instructed servicers to hold these applications to reapply. That said, borrowers who are freshly eligible for the IBR Plan may have to wait several more months before they start to receive their new monthly payments. Thats because the Department has pegged July 1, 2026 as the date when borrowers who have eligible loans can access the IBR and the date when there will be no restrictions on enrolling in IBR. The Department of Education didnt immediately respond to a request for comment from Fast Company regarding the timing of when borrowers will begin to receive their new monthly bills. EXPANDED ELIGIBILITY The changes from this past summer mean that more high-income borrowers will now be eligible for this income-driven repayment plan. But the Department of Education is also scrapping three other affordable repayment plans: The Saving on a Valuable Education (SAVE) plan, the Income-Contingent Repayment (ICR) plan, and the Pay as You Earn (PAYE) plan. Borrowers under these three plans may switch to the IBR plan, though they wont necessarily see their monthly payments go down. Borrowers in PAYE may not see their monthly bill change much under IBR, while theyll be higher for those borrowers currently enrolled in SAVE, Mark Kantrowitz, an expert on student financial aid, told CNBC. But many borrowers enrolled in ICR will have lower monthly payments once they switch to IBR, he added. Though the eligibility for the Income-Based Repayment Plan has been expanded, other aspects remain the same. The monthly payment will continue to be calculated as 10% of a borrowers discretionary income, with a 20-year repayment period, for those borrowers who first took out a loan on or after July 1, 2014. For those borrowers who took out a loan prior to that date, the monthly payment amount is calculated based on 15% of a borrower’s discretionary income, with a 25-year repayment period. Whats more, there are still exclusions to the IBR Plan that include Parent PLUS borrowers whose loans have not been consolidated and recipients of Perkins loans and other loan programs who have not consolidated those loans.
Category:
E-Commerce
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