THE BIG SPLASH

The TikTok Mom Raising 10 Kids in an NYC apartment

A mom of 10 has gone viral on TikTok for her inside look at her New York City apartment where she lives with her husband and 10 children.

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• The clip has racked up more than 5.7 million views as she shows the complex sleeping arrangements for the family of 12 in their triplex brownstone unit.

• Her eldest sons share a bunk bed, while her young daughters share a bunk bed and a twin bed. Another two sons share a fold-out bunk bed, and the eldest daughters have bunk beds. Mom and dad have their own bedroom with their baby sleeping at the foot of the bed.

• The family pays $9,800 per month for the property, which initially cost them $4,900 a month.

• Before moving to the Big Apple, they lived in a two-bedroom San Francisco apartment before moving to an airstream trailer to drive to the East coast for three of the children to attend Julliard.

A SCOOP OF MORTGAGE

Inflation Eases and Mortgage Rates Fall

Mortgage rates have fallen for the fifth week in a row as inflation eases, with the 30-year fixed-rate mortgage averaging at 6.27% in the week ending April 13, according to data from Freddie Mac.

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• The rates are down from 6.28% the week before, but up from 5% a year ago. Tight labor markets and other factors are causing increased optimism among prospective homebuyers, which could cause increased demand.

• The average rate dropped further this week as bond yields bounced back from last week’s lows following economic data, including last Friday’s jobs report, that signaled a moderating, but still relatively strong job market.

• While the Fed does not set the interest rates borrowers pay on mortgages directly, its actions influence them, and as long as inflation continues to ease, it is good for mortgage rates.

A SCOOP OF MARKET DATA

The America's Hottest Neighborhoods

Real estate website Zillow has released a list of the most popular neighborhoods in the US, with Northeast Dallas topping the chart.

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• The rankings were based on the average daily search traffic of more than 108,000 active Zillow listings in the 100 largest US metros as of Oct. 25, 2022.

• Zillow registered a whopping 10.5 billion visits in 2022, driven in part by the pandemic, which triggered a housing market frenzy. HouseFresh, which specializes in air purifiers, humidifiers, and dehumidifiers, analyzed the data, which showed a mix of daydreams and practical searches.

• For instance, the most searched neighborhood, Northeast Dallas, had an average daily visit of over 36,000, while the median home value there was $425,393, indicating more realistic searches.

• In contrast, Hollywood Hills in Los Angeles had more than 32,000 average daily visits, but with a median home value of nearly $2 million, it suggests more of a fantasy scroll for most.

• The list also featured neighborhoods from California, Texas, Arizona, and Manhattan's Upper East and Upper West Sides.

A SCOOP OF LAYOFFS

Redfin reduces workforce due to market uncertainty

Real estate company Redfin has laid off 201 employees, marking its third job reduction since June. The layoffs amount to about 4% of its workforce and were primarily in “real estate support” due to the housing downturn and economic uncertainty.

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• Redfin stated that affected employees will receive 10 to 15 weeks of severance, depending on tenure, and healthcare coverage for three months.

• The company’s spokesperson said the layoffs were necessary as Redfin adapts to the current economic climate.

• Last June, the company laid off around 470 employees, and last November, it laid off 13% of its staff, or 862 people, and shuttered its iBuying division, RedfinNow.

• The latest layoffs are indicative of the ongoing pains being felt by many proptech companies and startups due to the housing downturn, with Opendoor laying off 18% of its workforce last November, and Zillow cutting 300 jobs in late October.

How was today's shake?

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