Latest news with #BrockHarris
CNN
a day ago
- Business
- CNN
Buyers are finally gaining the upper hand in the housing market. Here's why
For the past few years, Brock and Lori Harris, a husband-and-wife real estate agent team in Los Angeles, have navigated a red-hot housing market. Lately, they say that's begun to change. Homes that would have once been flooded with buyer interest are languishing on the market, Lori Harris said. 'In years past, we would have packed open houses and then get 15 offers. Now, we sometimes still have packed opens but only get one offer,' she added. LA isn't the only city where the housing market is losing steam. In the years following the pandemic, a fever gripped the housing market: Sellers juggled multiple offers and scarce listings were often bid far above asking. Now, that fever looks to be breaking. More homes have come on the market this year, but buyers aren't biting the way they used to. Tired of high mortgage rates, surging insurance costs and stubbornly expensive listings, many are sitting on the sidelines. The ones who are interested are taking their time and searching for a good deal, real estate agents told CNN. That shift has weakened sellers' grip on the housing market and given buyers new leverage. 'It feels like buyers are the most cautious they've been since the beginning of Covid,' said Brock Harris. There are some signs that the lack of enthusiasm from buyers across the country is translating into softening sales prices. More than one in four home sellers on Zillow cut their asking price in June, according to the real estate search engine. That's the highest share on record for June since at least 2018, Zillow said. The pullback in demand is hitting newly constructed homes, as well. A Monday report from the National Association of Home Builders said that 66% of housing construction firms employed sales incentives to attract buyers, the highest percentage in the post-Covid period. As is always the case with real estate, location matters. More than 30% of the nation's largest markets have seen prices dip by at least 1% from recent highs, according to an August report by Intercontinental Exchange (ICE). Few places illustrate the housing market's reversal as starkly as Florida. South Florida's housing market took off after the pandemic, fueled by remote workers drawn to sunshine and relaxed Covid restrictions. But over the past two years, the state's housing market has significantly stalled – a harbinger of what is now happening in other areas of the country. 'Overall, I would call this a buyer's market,' Sharon Ross, a real estate agent based in Delray Beach, Florida, said of her area. 'We've got heavy inventory.' Price declines in Florida continue to lead all states, ICE found, with 85% of counties in the state showing annual price declines. Along with Florida, Texas has also seen steep price cuts this year, the report found. Parts of California, Arizona, Colorado and Idaho have seen home prices decline by more than 3% from recent highs, according to the report. The slowdown isn't affecting all areas equally, though. Some areas in the Northeast and Midwest are still seeing prices rise, but at a slower pace than in years past, ICE found. Ross said many of the buyers she works with are no longer willing to pay the prices they might have a few years ago, now that home insurance rates and property taxes have climbed so much higher. Some sellers in the area have been shocked by lackluster interest in their homes. 'I've had three single-family houses that all canceled their listings because they could not get the price they wanted,' Ross said. 'The challenge is managing their expectations.' Elevated home prices and stubborn mortgage rates only tell part of the story of the slowdown, said Daryl Fairweather, chief economist at Redfin. 'I think it's not just a story about mortgage rates and affordability,' Fairweather said. 'There is some hesitancy to make a big financial commitment when there is so much economic uncertainty going on.' President Donald Trump's trade and tariff policies have chipped away at economic growth, while a weaker-than-expected jobs report last month has deepened concerns that the slowdown may be sharper than anticipated. 'If you lose your job, it can be really scary that you might not be able to find another job that would allow you to keep paying your mortgage,' Fairweather said. 'That may be weighing on the minds of buyers.' Another factor that may be keeping some renters from making the leap into homeownership: The rental market has steadied. Until recently, median rents across the United States had been slipping, easing the pressure on tenants to buy. 'If you're looking at a one-bedroom condo versus a one-bedroom apartment, it's going to be pretty obvious that the monthly payment is going to be a lot lower for the one-bedroom apartment in most places,' Fairweather said. However, recently, that trend began reversing. The median asking rent rose 1.7% year-over-year in July, the largest jump since January 2023, according to Redfin. Sandy McAlpine, a real estate agent who works in Charlotte, North Carolina, said she's heard that many would-be buyers are holding back for now, in the hope that the Federal Reserve will soon cut interest rates, making borrowing for a home more affordable. 'Everyone thinks that the Fed rate cut is when they need to buy,' McAlpine said. While mortgage rates have been falling in anticipation of an expected rate cut in September, there's no guarantee it will come — and, when the Fed started to cut its interest rates last fall, mortgage rates actually rose. While the Fed doesn't directly set mortgage rates, its actions can affect the 10-year Treasury yield, the key benchmark that influences home borrowing costs. Last week, the 30-year fixed mortgage rate averaged 6.58%, the lowest level in 10 months, according to Freddie Mac. Fairweather noted that Redfin expects mortgage rates to keep easing next year but cautioned that nothing is certain given the shaky economy. For buyers waiting for the right moment, she said, today's softer competition could offer a rare opening. 'There is this kind of window that buyers didn't have before, where they are able to negotiate better prices and mortgage rates aren't as high as they were earlier in the year,' she said. 'For buyers who have been on the sidelines, now might be a good time to take a second look.'
Yahoo
13-07-2025
- Sport
- Yahoo
BYU adds another tight end to its 2026 recruiting class
Kansas State Wildcats tight end Will Anciaux (80) is tackled by the BYU defense in Provo on Saturday, Sept. 21, 2024. BYU won 38-9. | Jeffrey D. Allred, Deseret News BYU continues to load up on tight end prospects. Frisco, Texas product Parker Ord has committed to the Cougars, he announced Sunday via social media. Ord holds a 3-star rating from 247 Sports as the No. 69 tight end recruit in the country. In addition to BYU, he held offers from Utah, Arizona, Oklahoma State, Pitt and a number of other notable programs. Advertisement Over the past two seasons at Panther Creek High School, the 6-foot-4, 210 pound Ord has caught 63 passes for 868 yards and 11 touchdowns. Ord is the third tight end to join BYU's 2026 recruiting class, joining 4-star standout Brock Harris and Colorado's Ty Goettsche.
Yahoo
30-06-2025
- Sport
- Yahoo
Ty Goettsche Opens Up About Five-Star QB Ryder Lyons, BYU's Surge (Exclusive)
Ty Goettsche Opens Up About Five-Star QB Ryder Lyons, BYU's Surge (Exclusive) originally appeared on Athlon Sports. BYU ramped up recruiting efforts last week with five-star quarterback Ryder Lyons announcing he would be headed to Provo part of the 2026 recruiting class. This news is exciting for the Cougars' future but means more for the receiving corps, including tight end Ty Goettsche. Advertisement The three-star talent was one of the first members of BYU's class next year, which has the potential to be one of the best in school history. Goettsche committed at a time when his stock was rising. Despite receiving several offers from notable powerhouse programs, he was connected to coach Kalani Sitake and his staff by faith. "Coach is super supportive of his athletes wanting to serve missions," Goettsche said. "That's a big part of why I chose BYU." Goettsche was one of the nation's fastest rising prospects with 21 offers on the table. Most of those came in a two-month period, but there was a simple choice after his official visit. He's also in the process of developing a relationship with his future quarterback and can't wait to be on campus with him and fellow tight end Brock Harris. "I'm super excited to have (Lyons) as a quarterback," Goettsche said. "Ryder is an amazing athlete. He's a 5-star for a reason and super talented. He makes plays and is a great leader. On my official visit, we spent a lot of time together and he's a great guy. I feel like we'll have great chemistry together and make a big impact on BYUs offense." Advertisement At 6-foot-7 and 230 pounds, Goettsche has tons of upside as a receiver. He's an athletic blocker with an outstanding catch radius. Also, his dual background as a basketball player is a plus in offseason conditioning. Goettsche might be raw but he'll develop into a go-to target in any offensive scheme. Add a quarterback like Lyons into the equation and it opens up the possibilities on many levels. The surge in BYU Football comes at a time with Kevin Young and BYU Basketball taking center stage. After pulling in the nation's top recruit AJ Dybantsa and going on a Sweet 16 run, the hype is real for next season. Goettsche would entertain the idea of playing both sports for the Cougars, but that's not his focus right now. Related: BYU Defensive Coordinator Jay Hill Sends Blunt Message to Players in New NIL Era "It'll be really good for BYU having all the attention with Dybantsa," Goettsche said. "I'll definitely be at all of the games for sure and can't wait to see him play In person." Advertisement For now, the plan for Goettsche is to play one year and serve a two-year mission following his freshman year. There's a good chance he'll get bumped up to being a four-star by all the publications before getting settled in Provo. This story was originally reported by Athlon Sports on Jun 29, 2025, where it first appeared.
Miami Herald
22-06-2025
- Politics
- Miami Herald
Altadena ICE raid highlights fears that roundups will stymie rebuilding efforts
LOS ANGELES - When ICE agents raided the construction site of a burned property in Altadena earlier this month, they made no arrests. The man they were after was not there. But the mere specter of them returning spooked the workers enough to bring the project to a temporary halt. The next day, half of the 12-man team stayed home. The crew returned to full strength by the end of the week, but they now work in fear, according to Brock Harris, a real estate agent representing the developer of the property. "It had a chilling effect," he said. "They're instilling fear in the workers trying to rebuild L.A." Harris said another developer in the area started camouflaging his construction sites: hiding Porta Potties, removing construction fences and having workers park far away and carpool to the site so as not to attract attention. The potential of widespread immigration raids at construction sites looms ominously over Los Angeles County's prospects of rebuilding after the two most destructive fires in its history. A new report by the UCLA Anderson Forecast said that roundups could hamstring the colossal undertaking to reconstruct the 13,000 homes that were wiped away in Altadena and Pacific Palisades on Jan. 7 - and exacerbate the housing crisis by stymieing new construction statewide. "Deportations will deplete the construction workforce," the report said. "The loss of workers installing drywall, flooring, roofing and the like will directly diminish the level of production." The consequences will spread far beyond those who are deported, the report said. Many of the undocumented workers who manage to avoid ICE will be forced to withdraw from the labor force. Their specialties are often crucial to getting projects completed, potentially harming the fortunes of remaining workers who can't finish jobs without their help. "The productive activities of the undocumented and the rest of the labor force are often complementary," the report said. "For example, home building could be delayed because of a reduction in specific skills" resulting in "a consequent increase in unemployment for the remaining workforce." Jerry Nickelsburg, the director of the Anderson Forecast and author of the quarterly California report released Wednesday, said the "confusion and uncertainty" about the rollout of both immigration and trade policies "has a negative economic impact on California." Contractors want to hire Americans but have a hard time finding enough of them with proper abilities, said Brian Turmail, a spokesperson for the Associated General Contractors of America trade group. "Most of them are kind of in the Lee Greenwood crowd," he said, referring to a county music singer known for performing patriotic songs. "They'd rather be hiring young men and women from the United States. They're just not there." "Construction firms don't start off with a business plan of, 'Let's hire undocumented workers,'" Turmail said. "They start with a business plan of, 'Let's find qualified people.' It's been relatively easy for undocumented workers to get into the country, so let's not be surprised there are undocumented workers working in, among other things, industries in construction." The contractors' trade group said government policies are partly to blame for the labor shortage. About 80% of federal funds spent on workforce development go to encouraging students to pursue four-year degrees, even though less than 40% of Americans complete college, Turmail said. "Exposing future workers to fields like construction and teaching them the skills they need is woefully lacking," he said. "Complicating that, we don't really offer many lawful pathways for people born outside the United States to come into the country and work in construction." The recently raided Altadena project had plenty of momentum before the raid, Harris said. The original house burned in the Eaton fire, but the foundation survived, so the developer, who requested anonymity for fear of ICE retribution, purchased the lot with plans to rebuild the exact house that was there. Permits were quickly secured, and the developer hoped to finish the home by December. But as immigration raids continue across L.A., that timeline could be in jeopardy. "It's insane to me that in the wake of a natural disaster, they're choosing to create trouble and fear for those rebuilding," Harris said. "There's a terrible housing shortage, and they're throwing a wrench into development plans." Los Angeles real estate developer Clare De Briere called raids "fearmongering." "It's the anticipation of the possibility of being taken, even if you are fully legal and you have your papers and everything's in order," she said. "It's an anticipation that you're going to be taken and harassed because of how you look, and you're going to lose a day's work or potentially longer than that." De Briere helped oversee Project Recovery, a group of public and private real estate experts who compiled a report in March on what steps can be taken to speed the revival of the Palisades and Altadena as displaced residents weigh their options to return to fire-affected neighborhoods. The prospect of raids and increased tariffs has increased uncertainty about how much it will cost to rebuild homes and commercial structures, she said. "Any time there is unpredictability, the market is going to reflect that by increasing costs." The disappearance of undocumented workers stands to exacerbate the labor shortage that has grown more pronounced in recent years as construction has been slowed by high interest rates and the rising cost of materials that could get even more expensive due to new tariffs. "In general, costs have risen in the last seven years for all sorts of construction" including houses and apartments, said Devang Shah, a principal at Genesis Builders, a firm focused on rebuilding homes in Altadena for people who were displaced by the fire. "We're not seeing much construction work going on." The slowdown has left a shortage of workers as many contractors consolidated or got out of the business because they couldn't find enough work, Shah said. "When you start thinking about Altadena and the Palisades," he said, "limited subcontractors can create headwinds." Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Los Angeles Times
21-06-2025
- Politics
- Los Angeles Times
Altadena ICE raid highlights fears that roundups will stymie rebuilding efforts
When ICE agents raided the construction site of a burned property in Altadena earlier this month, they made no arrests. The man they were after was not there. But the mere specter of them returning spooked the workers enough to bring the project to a temporary halt. The next day, half of the 12-man team stayed home. The crew returned to full strength by the end of the week, but they now work in fear, according to Brock Harris, a real estate agent representing the developer of the property. 'It had a chilling effect,' he said. 'They're instilling fear in the workers trying to rebuild L.A.' Harris said another developer in the area started camouflaging his construction sites: hiding Porta Potties, removing construction fences and having workers park far away and carpool to the site so as not to attract attention. The potential of widespread immigration raids at construction sites looms ominously over Los Angeles County's prospects of rebuilding after the two most destructive fires in its history. A new report by the UCLA Anderson Forecast said that roundups could hamstring the colossal undertaking to reconstruct the 13,000 homes that were wiped away in Altadena and Pacific Palisades on Jan. 7 — and exacerbate the housing crisis by stymieing new construction statewide. 'Deportations will deplete the construction workforce,' the report said. 'The loss of workers installing drywall, flooring, roofing and the like will directly diminish the level of production.' The consequences will spread far beyond those who are deported, the report said. Many of the undocumented workers who manage to avoid ICE will be forced to withdraw from the labor force. Their specialties are often crucial to getting projects completed, potentially harming the fortunes of remaining workers who can't finish jobs without their help. 'The productive activities of the undocumented and the rest of the labor force are often complementary,' the report said. 'For example, home building could be delayed because of a reduction in specific skills' resulting in 'a consequent increase in unemployment for the remaining workforce.' Jerry Nickelsburg, the director of the Anderson Forecast and author of the quarterly California report released Wednesday, said the 'confusion and uncertainty' about the rollout of both immigration and trade policies 'has a negative economic impact on California.' Contractors want to hire Americans but have a hard time finding enough of them with proper abilities, said Brian Turmail, a spokesperson for the Associated General Contractors of America trade group. 'Most of them are kind of in the Lee Greenwood crowd,' he said, referring to a county music singer known for performing patriotic songs. 'They'd rather be hiring young men and women from the United States. They're just not there.' 'Construction firms don't start off with a business plan of, 'Let's hire undocumented workers,'' Turmail said. 'They start with a business plan of, 'Let's find qualified people.' It's been relatively easy for undocumented workers to get into the country, so let's not be surprised there are undocumented workers working in, among other things, industries in construction.' The contractors' trade group said government policies are partly to blame for the labor shortage. About 80% of federal funds spent on workforce development go to encouraging students to pursue four-year degrees, even though less than 40% of Americans complete college, Turmail said. 'Exposing future workers to fields like construction and teaching them the skills they need is woefully lacking,' he said. 'Complicating that, we don't really offer many lawful pathways for people born outside the United States to come into the country and work in construction.' The recently raided Altadena project had plenty of momentum before the raid, Harris said. The original house burned in the Eaton fire, but the foundation survived, so the developer, who requested anonymity for fear of ICE retribution, purchased the lot with plans to rebuild the exact house that was there. Permits were quickly secured, and the developer hoped to finish the home by December. But as immigration raids continue across L.A., that timeline could be in jeopardy. 'It's insane to me that in the wake of a natural disaster, they're choosing to create trouble and fear for those rebuilding,' Harris said. 'There's a terrible housing shortage, and they're throwing a wrench into development plans.' Los Angeles real estate developer Clare De Briere called raids 'fearmongering.' 'It's the anticipation of the possibility of being taken, even if you are fully legal and you have your papers and everything's in order,' she said. 'It's an anticipation that you're going to be taken and harassed because of how you look, and you're going to lose a day's work or potentially longer than that.' De Briere helped oversee Project Recovery, a group of public and private real estate experts who compiled a report in March on what steps can be taken to speed the revival of the Palisades and Altadena as displaced residents weigh their options to return to fire-affected neighborhoods. The prospect of raids and increased tariffs has increased uncertainty about how much it will cost to rebuild homes and commercial structures, she said. 'Any time there is unpredictability, the market is going to reflect that by increasing costs.' The disappearance of undocumented workers stands to exacerbate the labor shortage that has grown more pronounced in recent years as construction has been slowed by high interest rates and the rising cost of materials that could get even more expensive due to new tariffs. 'In general, costs have risen in the last seven years for all sorts of construction' including houses and apartments, said Devang Shah, a principal at Genesis Builders, a firm focused on rebuilding homes in Altadena for people who were displaced by the fire. 'We're not seeing much construction work going on.' The slowdown has left a shortage of workers as many contractors consolidated or got out of the business because they couldn't find enough work, Shah said. 'When you start thinking about Altadena and the Palisades,' he said, 'limited subcontractors can create headwinds.'
