1 big thing: 🚿 Pet-pampering home design

2. 🐾 Who's being pet-fluenced

3. 🐕 Rent a yard for Fido

4. 🏠 Your success stories

Illustration of a repeating pattern of houses made out of hundred dollar bills. 

5. Give back 

An illustration showing a piggybank with coins falling into it in front of a city skyline. The words Support Local are above it

🐾 Today's issue is going to the dogs and cats, because we can't get enough of the custom spaces we're seeing for pets these days.

Today's newsletter is 602 words — a 2.5-minute read.

🦴 Sami is saving Koda a seat at Thanksgiving.

🐶 Bri is ironing Roy's tux for holiday paw-ty season.

Thanks to our editor Ashley May and copy editor Bill Kole.

Tampa Bay

Picture of the Tampa Bay skyline with TPA written across it.

blue

Get smarter, faster about what’s happening in your backyard with local reporter Selene San Felice.

Axios Tampa Bay

Standard

dog food and water bowls tucked into a kitchen island

5. Give back

🐾 Today's issue is going to the dogs, because we can't get enough of the custom spaces we're seeing for pets these days.

Today's newsletter is 461 words — a 2-minute read.

Washington D.C.

A daily look at the most significant and interesting stories affecting Washington, DC. Written by Anna Spiegel and Cuneyt Dil.

Axios D.C.

"Dood cave," music rooms: Twin Cities pets live in pampered homes

3. 🐕 Our best hack 

A photo showing a toddler climbing through a storm door

4. ✨ A sweet setup to go

5. 🏠 Your success stories

6. Give back

An illustration showing coins falling into a piggybank in front of a city skyline. The top of the image reads: Support Local.

Today's newsletter is 770 words — a 3-minute read.

Twin Cities

Picture of the Twin Cities skyline with MSP written across it.

A daily look at the most significant and interesting stories affecting the Twin Cities.

Axios Twin Cities

Dog showers and cat stoops: Chicago pets live in pampered homes

3. 🐕 Private dog parks for rent

backyard with doggie pool and agility course

An illustration of coins falling into a piggybank in front of a city skyline. The top of the image has the words: Support Local. 

Today's newsletter is 572 words — a 2-minute read.

Chicago

A daily look at the most significant and interesting stories affecting Chicago. Written by Monica Eng, Justin Kaufmann and Carrie Shepherd.

Axios Chicago

Today's newsletter is 403 words — a 1.5-minute read.

Denver

Picture of the Denver skyline with DEN written across it.

A daily look at the most significant and interesting stories affecting Denver.

Axios Denver

FetchError

San Francisco

Axios San Francisco

A growing share of San Francisco Bay Area homeowners are selling their houses at a loss, per data Redfin shared with Axios.

Why it matters: The Bay Area's housing market is undergoing a course correction, but potential homebuyers are still finding home prices to be out of reach due to high interest rates.

Driving the news: More than 3% of U.S. homes sold at a loss between August and October — up from 2.4% a year ago.

The median loss was around $40,000, per Redfin data.

Zoom in: Roughly one in seven (13.6%) of Bay Area homes sold at a loss from August to October — up from about 9.2% a year ago.

The median loss was around $122,500, per Redfin data.

Across the nation, the highest proportion and largest losses were in San Francisco, where the region has experienced outsized home-price declines, according to Redfin.

What they're saying: Home prices have declined in the Bay Area for a few reasons, according to Redfin researchers Lily Katz and Sheharyar Bokhari.

The Bay Area is home to the most expensive real estate in the country, so housing costs had "a lot of room to come down," they wrote in September.

The area has also been hit hard by tech layoffs and affected by the rise of remote work enabling people to relocate to cheaper areas, they said.

The other side: Some markets have even been stronger for sellers this year. The proportion of losses in D.C., for instance, has shrunk since last year.

Zoom out: Losses were least common in Providence, Rhode Island; Anaheim, California; San Diego, Boston and Fort Lauderdale, Florida.

Between the lines: There's still a housing shortage in the city of San Francisco, and local officials last week missed a deadline to pass legislation designed to expedite the housing approvals process, The San Francisco Standard reports.

California's housing department granted the city another 30 days to pass the bill, which would eliminate certain review processes in housing projects.

If the city fails to meet this new deadline, San Francisco's control over its housing policies could be in jeopardy. 

The bottom line: Sellers are still on top in this low-inventory market. Those who've been in their homes for a long time can make a profit, per Redfin.

One in seven San Francisco Bay Area homeowners selling at a loss

Across the nation, the highest proportion and largest losses were in Bay Area.

Illustration of a real estate sale sign shaped like a downward point arrow

Housing

A growing share of San Francisco Bay Area homeowners are selling their houses at a loss, per data Redfin shared with Axios.Why it matters: The Bay Area&#x27;s housing market is undergoing a course correction, but potential homebuyers are still finding <a class="gtmContentClick" data-vars-link-text="home prices to be out of reach" data-vars-click-url="https://www.axios.com/local/san-francisco/2023/10/23/housing-affordablity-income-san-francisco" data-vars-content-id="012acf2d-abfd-43e0-b773-0d8e49737355" data-vars-headline="One in seven San Francisco Bay Area homeowners selling at a loss" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/san-francisco/2023/10/23/housing-affordablity-income-san-francisco" target="_self">home prices to be out of reach</a> due to high interest rates.

Real Estate

Austin

Axios Austin

A growing share of Austin homeowners are selling their houses for less than they paid for them, per data Redfin shared with Axios' Brianna Crane.

Why it matters: Some Austin area homeowners lost upwards of five figures on their sale this year amid higher interest rates.

State of play: Nearly 5% of Austin metro homes sold at a loss from August to October — up from 0.75% a year ago.

The median loss was around $35,000, per Redfin data.

What's happening: Austin's housing market is still normalizing after 2020's hot housing market, when buyers snapped up homes within weeks — sometimes for hundreds of thousands of dollars over the asking price.

What they're saying: In the Austin Board of Realtors' November housing market report, president Ashley Jackson said the market is still normalizing. Higher mortgage interest rates have kept homes on the market for longer with fewer buyers able to afford a home here.

In October — the latest data available — homes spent an average of 68 days on the market, up 21 days from October 2022, and housing inventory increased from 0.7 months to 3.2 months.

But October showed some promising signs, Jackson said: "An increase in sales and a jump in pending sales indicates buyers continue to enter the market and are finding more bargaining power throughout the transaction."

Zoom out: Losing money on your home sale is becoming more common across the U.S.

The highest share and largest losses were in San Francisco. Roughly 1 in 7 owners there lost money on their home sale, with a median loss of $122,500.

Some markets have been even stronger for sellers this year. The share of losses in Chicago, for instance, has shrunk since last year.

Yes, but: In this low-inventory market, sellers are still on top. Those who've been in their homes for a long time can make a profit, per Redfin.

Austin homeowners are selling homes at a loss

Some Austin area homeowners lost upwards of five figures on their sale.

A growing share of Austin homeowners are selling their houses for less than they paid for them, per data <a class="gtmContentClick" data-vars-link-text="Redfin shared with Axios&#x27; Brianna Crane" data-vars-click-url="https://www.axios.com/2023/11/27/home-sellers-losing-money-profit-loss" data-vars-content-id="1bf191aa-3ee8-4196-9a96-7e8498a6c6f7" data-vars-headline="Austin homeowners are selling homes at a loss" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/11/27/home-sellers-losing-money-profit-loss" target="_self">Redfin shared with Axios&#x27; Brianna Crane</a>.Why it matters: Some Austin area homeowners lost upwards of five figures on their sale this year amid higher interest rates.

News

Latest news on Wall Street, Corporate America and financial regulation.

Business

Detroit

Axios Detroit

A growing share of Metro Detroit homeowners are selling their houses at a loss, per data Redfin shared with Axios.

Driving the news: 6.9% of metro homes sold at a loss from August-October 2023 — up from 6.1% a year ago.

The median loss was around $20,000, per Redfin.

San Francisco was the only city in the country with a larger share of losses (13.6%).

What they're saying: Local real estate agents were somewhat surprised at the data given they are noticing a high demand for move-in-ready homes.

"The inventory's been picked over dramatically," Randy Repicky, a Grosse Pointe realtor who manages Real Estate One's market research department, tells Axios. "Listings are either going right away or they're sitting."

Yes, but: More sellers could be taking a loss due in part to a softening condo market, Ryan Cooley, owner of O'Connor Real Estate on Michigan Avenue, tells Axios.

Additionally, some out-of-town speculators and house-flippers are offloading property and willing to take a loss on the homes they no longer intend to fix up and sell.

Zoom in: A condo in Midtown was recently listed for $385,000 — about $5,000 less than what the seller paid a couple of years ago, Cooley says.

The big picture: Losing money on your home sale is becoming more common across the U.S., Axios' Brianna Crane reports.

More than 3% of U.S. homes sold at a loss in August-October 2023 — up from 2.4% a year ago.

The other side: Some markets have been even stronger for sellers this year. The share of losses in Chicago, for instance, has shrunk since last year.

The bottom line: In this low-inventory market, sellers are still on top. Those who've been in their homes for a long time can make a profit, per Redfin.

More Metro Detroit homeowners are selling at a loss

6.9% of metro homes sold at a loss from August–October 2023, Redfin data shows.

Real estate

A growing share of Metro Detroit homeowners are <a class="gtmContentClick" data-vars-link-text="selling their houses" data-vars-click-url="https://www.axios.com/local/detroit/2023/10/05/metro-detroit-housing-market-hot-summer" data-vars-content-id="714c9b2d-c507-4318-9140-d2c6ff5ad018" data-vars-headline="More Metro Detroit homeowners are selling at a loss" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/detroit/2023/10/05/metro-detroit-housing-market-hot-summer" target="_self">selling their houses</a> at a loss, per data Redfin shared with Axios.Driving the news: 6.9% of metro homes sold at a loss from August-October 2023 — up from 6.1% a year ago.

A shrinking share of Chicago-area homeowners are selling their houses for less than they paid for them, per data Redfin shared with Axios.

Why it matters: Chicago is among the top five cities with the highest proportion of losses — all north of 6%.

By the numbers: 6.7% of Chicago-area homes sold at a loss from August–October 2023 — down from 8.5% a year ago.

The median loss was around $29,000, per Redfin data.

The big picture: Losing money on your home sale is becoming more common across the U.S.

The highest share and largest losses were in San Francisco. Roughly one in seven SF owners lost money on their home sale, with a median loss of $122,500.

Detroit, Cleveland and New York were also among the top cities.

Meanwhile, losses were least common in Providence, Rhode Island; Anaheim, California; San Diego, Boston and Fort Lauderdale, Florida.

Fewer Chicago homeowners are selling at a loss

A shrinking share of Chicago-area homeowners are selling their houses for less than they paid for them, per data Redfin shared with Axios.Why it matters: Chicago is among the top five cities with the highest proportion of losses — all north of 6%.

Indianapolis

Axios Indianapolis

Data: Zillow; Note: Calculations assume typical increases in home values, 3% closing costs paid at purchase and 1% home maintenance fees, 6% closing costs, and 6% agent fees paid at sale; Chart: Erin Davis/Axios Visuals

If you're going to buy a house, be prepared to stay long-term — or lose money.

State of play: The double whammy of high interest rates and record-high home prices means it could take decades to break even on a purchase made today.

Why it matters: The pendulum has swung toward renting as the most cost-effective housing choice, at least in the short term.

By the numbers: It can take up to 21 years to break even on an Indianapolis-area purchase, per Zillow data exclusively shared with Axios.

That's when buying a $273,000 home with a 3% down payment.

A traditional 20% down payment gives you an 18.7-year break-even horizon, per Zillow.

💭 My thought bubble: This is a good time to purge your brain of the idea that homebuying is an investment.

Instead, think of housing as a very expensive consumer good — more like a car.

A clear-eyed buyer chooses a car based on whether they like it and can afford it, without any expectation of a future return.

Approaching homebuying like this can help you stay sane.

Zoom out: Chicago and Cleveland are the only other large U.S. metro areas where it would take 20 years or longer to break even on a typical home purchase, per Zillow.

The shortest break-even period is between six and eight years in San Francisco, depending on down payment size.

Context: Historically, experts have said you need to stay in your home for at least five years to break even.

In recent years, home purchases have often turned profitable within months as prices skyrocketed.

Now, with mortgage rates bouncing between 7% and 8%, new homeowners will need to stay put far longer to avoid going underwater.

Yes, but: There are exceptions to these timelines based on many factors, including location, home features and future refinancing opportunities.

Cash buyers are still flipping homes in Indianapolis, albeit at a slower rate than in recent years and at reduced profits, per real estate data firm ATTOM Data Solutions.

Plus: Most Indianapolis-area sellers are still doing very, very well.

Sellers reaped a median capital gain, or profit, of $118,000 on homes sold between August and October, per data Redfin shared with Axios.

The big picture: U.S. homeowners are sitting on record-high equity after more than a decade of price growth.

What we're watching: An increasing number of sellers are losing money, though.

About 2% of Indianapolis-area sellers lost money between August and October, up from 0.93% during the same period a year earlier.

Between the lines: As more recent buyers decide to sell, losses likely will become more common.

The bottom line: Whether it's a "good" or "bad" time to buy a house depends on your circumstances and expectations.

Indianapolis homebuyers could wait decades to break even

If you&#x27;re going to buy a house, be prepared to stay long-term — or lose money.State of play: The double whammy of high interest rates and <a class="gtmContentClick" data-vars-link-text="record-high home prices" data-vars-click-url="https://www.axios.com/2023/08/17/housing-prices-affordability-rise-fall-2023-goldman-sachs" data-vars-content-id="92ae53a6-80cb-4dc9-bb41-097e34c5ea81" data-vars-headline="Indianapolis homebuyers could wait decades to break even" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/08/17/housing-prices-affordability-rise-fall-2023-goldman-sachs" target="_self">record-high home prices</a> means it could take decades to break even on a purchase made today.

Brianna Crane

Stories

Austin homeowners are selling homes at a loss

More Metro Detroit homeowners are selling at a loss

One in seven San Francisco Bay Area homeowners selling at a loss

Indianapolis homebuyers could wait decades to break even

Fewer Chicago homeowners are selling at a loss

Newsletter editions

🐶 Fido's dream house

🐶 Fido's dream house

🐶 Fido's dream house

🐶 Fido's dream house

🐶 Fido's dream house