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<ul><li>Today is the third day to subscribe to footwear retailer <keyword id="6356415" type="General" weightage="20" keywordseo="metro" source="Orion">Metro</keyword> Brands.</li><li>The issue has received bidding for 50% of the shares up for sale.</li><li>The Rakesh Jhunjhunwala-backed company is looking to raise ₹1,367 crore.</li></ul>The initial public offering (IPO) of Rakesh Jhunjhunwala-backed Metro Brands has been subscribed 50% on the first two days of issue.<br /><br />The company’s shares will open for subscription today, December 14, for the last time.<br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription (Times)<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyers (QIB)<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.16<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non Institutional Investors (NII)<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.17<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail Investors<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.87<br /><br /></td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total<br /><br /></td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.52<br /><br /></td></tr></tbody></table><br />Metro Brand — which is one of the largest Indian footwear specialty retailers in India — has set the price band of its shares at ₹485 to ₹500. The lot size has been set at 30 shares, costing ₹15,000 at upper price issue. <br /><br />Retail investors can buy upto 390 shares, 13 lots, for ₹1.95 lakh. <br /><br />The grey market premium (GMP), premium at which investors are comfortable buying the shares before it gets listed on a stock exchange, was at ₹34 on December 13.<br /><br />The company intends to raise ₹1,367 crore through this public issue, nearly ₹5 will be raised through fresh issue and the remaining ₹1,072 crore will be raised through offer for sale. <br /><br />The allotment status of Metro Brands’ IPO will be<a href="https://www.businessinsider.in/stock-market/news/metro-brands-ipo-opens-today-and-here-are-all-the-important-details-you-need-to-know/articleshow/88194908.cms"> announced on December 17</a> and the company is likely to list on the stock exchange on December 22. <br /><br />Metro Brands started in 1955 as a footwear specialty retailer in India. It operates 586 stores across 134 cities spread across 29 states and union territories in India. Some of Metro’s brands include Mochi, Walkway, Davinchi and J. Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop.<br /><br /><strong>SEE ALSO</strong><br /><br /><a href="https://www.businessinsider.in/business/startups/news/after-giving-up-on-90-minute-delivery-five-years-ago-due-to-lack-of-profitability-grofers-is-now-chasing-10-minute-delivery/articleshow/88253221.cms" data-type="tilCustomLink">After giving up on 90-minute delivery five years ago due to lack of profitability, Grofers is now chasing 10-minute delivery</a><br /><br /><a href="https://www.businessinsider.in/business/telecom/news/ussd-mobile-banking-charges-trai-vs-airtel-vodafone-idea/articleshow/88249773.cms">TRAI’s push to make mobile banking services via USSD free faces stiff opposition from Airtel, Vodafone Idea</a><br /><br /><a href="https://www.businessinsider.in/stock-market/news/shares-of-tega-industries-list-at-753-while-the-shares-were-allotted-at-453-per-share/articleshow/88249181.cms">Tega Industries meets its GMP of ₹300 and lists at 66% premium</a><br />

Today is the last day to subscribe to Metro Brands’ IPO — issue subscribed 50%

<ul><li>Shares of <keyword id="9095636" type="General" weightage="20" keywordseo="metro-brands" source="Orion">Metro Brands</keyword> list at ₹436 while the shares were allotted at ₹485 per share.</li><li>The IPO was subscribed 3.64 times on the last day of the bidding.</li><li>The market capitalisation of the company stood at ₹11,837 crore.</li></ul>Marquee investor Rakesh Jhunjhunwala-backed Metro Brands, which is one of the largest Indian footwear specialty retailers in India, made a weak listing on the National Stock Exchange (NSE) and BSE at a 12.8% discount on the issue price of ₹485 apiece.<br /><br />Metro Brands issue was expected to open at a discounted price due to weak grey market premium and analyst commentary on the company’s finances. The company’s financial performance in FY21 was not very great due to COVID-19 restrictions in the country that affected the entire footwear retailing segment.<br /><br />Its revenue from operations declined by 37.75% in FY21. In the meantime, it permanently closed 24 stores, due to significant decline in footfalls on account of COVID-19.<br /><br />Post-listing, the market capitalisation of the company stood at ₹11,837 crore, according to BSE data. <br /><br />The shares of Metro Brands were trading at ₹446.70, lower by 10.66% at 10.01 a.m., on December 22. The grey market had also indicated a discounted listing for Metro Brands a day prior to the listing. <br /><br />The IPO was open between December 10 and December 14 ⁠and was oversubscribed 3.64 times by investors. The company intended to raise ₹1,367 crore through this public issue.<br /><br />Started in 1955 as a footwear specialty retailer in India, Metro Brands now caters to footwear needs of men, women, unisex and kids.<br /><br />SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/metro-brands-indian-oil-india-cements-and-other-hot-stocks-on-december-22/slidelist/88423034.cms">Metro Brands, Indian Oil, India Cements and other hot stocks on December 22</a><br /><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/heres-why-axis-bank-may-be-willing-to-pay-2-billion-to-buy-citis-india-ops/articleshow/88407858.cms">Here’s why Axis Bank may be willing to pay $2 billion to buy Citi’s India ops</a>

Metro Brands debuts on a negative note with a 12.8% discount

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>BI</span></p></div><p></p></div></div>British challenger bank Metro Bank is cutting the size of its public offering of shares as turmoil grips the market.</p><p><a href="https://next.ft.com/content/7ab1cd96-d4d6-11e5-829b-8564e7528e54">According to a report in the Financial Times, </a>the bank is now aiming to raise £400 million ($590 million) from its initial public offering, down from £500 million, cutting the price of its shares to £20 from £24.</p><p><span style="line-height: 1.5em;">2016 has been a volatile year for equity markets, particularly for bank shares.</span></p><p><span style="line-height: 1.5em;">Big lenders such as Deutche Bank and Credit Suisse got a hammering in the markets last week after posting weaker than expected earnings.</span></p><p><span style="line-height: 1.5em;">Metro Bank, set up in 2010 by American entrepreneur Vernon Hill, is smaller than other high street banks and is loss-making. The lender made a post-tax loss of £10.1 million in the fourth quarter last year, <a href="https://www.metrobankonline.co.uk/News-Events/PressReleases/2016/January/Metro-Bank-bucks-the-treandagain/Metro-Bank-bucks-the-trendagain/">slightly less than the £10.7 million loss in the previous quarter.</a></span></p><p><span style="line-height: 1.5em;">It has assets of £6.15 billion, up 68% from a year earlier.</span></p><p><span style="line-height: 1.5em;">Hill is set to make millions from the offering. He owns 8% of the bank, according to the FT, which will be valued at around £1.6 billion when the shares are listed.</span></p><p>Hill is known for his attention to detail to the design of the high-street branches. He told Business Insider last year "We have an in-house team that go out and find sites and filter the ones that I should see. If they would show me 10, I might approve 4 out of those 10 and maybe 2 out of those 4 would actually get built."</p><p>A spokeswoman for Metro Bank wasn't immediately available for comment.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/rich-middle-eastern-countries-not-letting-in-syrian-refugees-2015-9">5 uber-wealthy Middle Eastern countries won't take any refugees from their war-torn neighbors</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="AzNmhudzoJf3uw_RynKyAv8qXglf1Ng-" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

Metro Bank is slashing the price of its public offering amid turmoil in bank stocks

<ul><li>Footwear retailer <keyword id="12783358" type="General" weightage="20" keywordseo="metro-brands-ipo" source="Orion">Metro Brands’ IPO</keyword> was open for subscription between December 10 and December 14.</li><li>The Rakesh Jhunjhunwala-backed company received a moderate interest from investors as it was subscribed just 3.64 times.</li><li>Shares of the company may witness a poor listing due to weak grey market premium and volatile market conditions.</li></ul>Marquee investor Rakesh Jhunjhunwala-backed Metro Brands, which is one of the largest Indian footwear specialty retailers in India, is set to get listed on exchanges today, December 22.<br /><br />Shares of the company may open at a discounted price as indicated by weak grey market price and volatile market conditions. The Rakesh Jhunjhunwala-backed company received a moderate interest from investors as it was subscribed just 3.64 times. <br /><br />“We are seeing a change in IPO [initial public offering] sentiment amid a slight decline in the market, and the last two debutants witnessed profit bookings post-listing, as well we are seeing a decline in the GMP [grey market price] for upcoming IPOs. We may see a discount listing of Metro Brands given that its GMP trades at a discount of 10-15% currently,” said Aayush Agrawal, senior analyst at Swastika Investmart.<br /><br />Analysts at Angel One also expect a weak listing for Metro Brand’s stock, but they hold a positive stance for the long term investment. <br /><br />“On the listing day, we are expecting a slightly weak listing due to the company already commanding higher valuation and fear of [the] new COVID variant omicron (will increase the possibility of lockdown). However, we are positive on stock for the long term on the back of asset light business, strong brands and wide range of products,” said Amarjeet Maurya, assistant vice president – mid caps at Angel One. <br /><br />Also, the company’s financial performance in FY21 was not very great due to COVID-19 restrictions in the country that affected the entire footwear retailing segment. <br /><br />Its revenue from operations declined by 37.75% in FY21. In the meantime, it permanently closed 24 stores, due to significant decline in footfalls on account of COVID-19.<br />          <div type="image" title="metro brand rev" height="900" width="1200" msid="88411590" hostid="261"></div><br />While the fundamentals of the company remain good with close-to-zero debt in its books and generation of profits, the new COVID-19 variant may adversely affect its plan to grow its store sales in the near term.<br /><br />As of March 31, 2021, Metro Brands operates 586 Stores in 134 cities across 29 states and union territories in India. Some of Metro’s brands include Mochi, Walkway, Davinchi and J. Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop.<br /><br />SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/snapdeal-ipo-paper-reveals-that-it-is-going-offline/articleshow/88408081.cms">Snapdeal IPO papers reveal the e-tailer’s offline aspirations for budget fashion</a><br /><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/mapmyindia-ipo-makes-a-positive-stock-market-debut/articleshow/88403594.cms">MapmyIndia debuts below expectation but IPO investors still make a sweet 53% return on listing</a>

Metro Brands’ IPO may open on a weak note today, GMP at 10-15% discount

<ul><li><strong>The median price for a single-family home in the US rose 14.9% in the fourth quarter of 2020, <a href="https://www.nar.realtor/newsroom/all-metro-areas-saw-home-prices-rise-during-fourth-quarter-of-2020" target="_blank" rel="noopener">according to the National Association of Realtors</a>.</strong></li><li><strong>The marked the fastest pace of growth on record, according to data compiled by Bloomberg.</strong></li><li><strong>The housing boom continues as <keyword id="179076" type="PERSON" weightage="60" keywordseo="Mortgage-rates">mortgage rates</keyword> remain in record-low territory.</strong></li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestmp;utm_medium=ingest"><strong>Sign up here for our daily newsletter, 10 Things Before the Opening Bell</strong></a><strong style="color: #222222;">.</strong></li></ul><p>The median price of a single-family home climbed 14.9% to $315,000 in the fourth quarter, according to the <a href="https://www.nar.realtor/newsroom/all-metro-areas-saw-home-prices-rise-during-fourth-quarter-of-2020" target="_blank" rel="noopener">National Association of Realtors</a>.</p><p>That's the fastest pace of growth on record, surpassing the top from the last housing boom in 2005, according to <a href="https://www.bloomberg.com/news/articles/2021-02-11/u-s-home-prices-post-14-9-jump-in-pandemic-real-estate-rally" target="_blank" rel="noopener">data compiled by Bloomberg</a>.</p><p>Every single metro area tracked by the NAR saw <keyword id="112918" type="PERSON" weightage="60" keywordseo="home-prices">home prices</keyword> grow from a year ago, while 88% (161) of the metros saw double-digit increases, compared to just 115 metros in the third quarter. It's a sign of the continued housing boom in the US as mortgage rates remain in record-low territory.</p><p>The area with the highest price gain was Bridgeport, Connecticut, where prices soared 39%. By region, the Northeast experienced a 20.7% price increase, followed by the West at 15.5%, the Midwest at 15.1% and finally the South at 14.0%.</p><p>"Mortgage rates reached record lows, thereby driving up the demand," said Lawrence Yun, NAR chief economist. "At the same time, inventory levels also reached record lows, leading to grim inventory conditions of insufficient supply in the fourth quarter."</p><p>While Yun noted that <keyword id="10023973" type="UNKNOWN" weightage="60" keywordseo="low-mortgage-rates">low mortgage rates</keyword> are helping Americans afford their monthly payments, he said that large home price spikes could soon become detrimental to homebuyers. </p><p>"The average, working family is struggling to contend with home prices that are rising much faster than income," he said. "This sidelines a consumer from becoming an actual buyer, causing them to miss out on accumulating wealth from homeownership."</p><p>The NAR found that families typically spent 14.8% of their income on mortgage payments, compared to 14.9% one year ago. With higher home prices, the average monthly mortgage payment marginally rose to $1,040 from $1,020, even as mortgage rates dropped significantly. </p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/stocks-to-buy-beaten-down-stock-picks-capitalize-reopening-barclays-2021-2">Barclays says buy these 33 beaten-down stocks that are perfectly poised to capitalize on the reopening of the economy in the years ahead</a></em></p>

US home prices rose at a record pace in the 4th quarter, surpassing the previous peak in 2005

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image"><p class="source"><span>AP Images</span></p></div><p></p></div></div>A stockbroker and a clerk from a top corporate law firm were charged with insider trading in a scheme that involved a middleman swallowing illicit tips that were written on Post-It notes, <a href="http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370541172895#.UynwHXNes1c">the Securities and Exchange Commission said in a release. </a></p>
<p>Vladimir Eydelman, 42, who worked at Oppenheimer and is currently with Morgan Stanley, and Steven Metro, 42, a managing clerk at Simpson Thacher &amp; Bartlett, are accused of engaging in a four-year long scheme that netted $5.6 million in ill-gotten gains.</p>
<p>According to the SEC, Eydelman and Metro carried out the scheme by allegedly using a mutual friend as a "middleman" to exchange the material information. (The middleman is a cooperating witness in this case.) </p>
<p>The SEC claims that Metro would find out non-public information from deals his law firm was working on by accessing the firm's confidential computer records.</p>
<p>Metro would then arrange to meet the middleman at a New York City coffee shop or bar. During these meetings, Metro would type stock ticker symbols on his cell phone screen and point to indicate which company was being acquired in the transaction, the SEC release alleges. He would also indicate the announcement date and the acquisition price, the regulator alleges. </p>
<p>The SEC alleges that the middleman would then arrange to meet up with Eydelman, the stockbroker, in Grand Central Station.  While in the train station, the middleman would allegedly show Eydelman what was written on the Post-it note or napkin and then he would chew it up and swallow it.</p>
<p>The complaint says that they did this for more than a dozen companies.  </p>
<p><span>Metro and Eydelman were arrested on Wednesday morning. They face both </span>civil and criminal charges.<span></span></p>
<p>Metro is charged with nine counts of securities fraud. Eydelman is charged with eight counts of securities fraud. Both of them have been charged with four counts of tender offer fraud, according to a release from <span>New Jersey U.S. Attorney Paul J. Fishman. </span></p>

SEC Alleges Insider Trading Scheme That Involved Swallowing Post-It Notes

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>The guy who served as a middleman in an insider trading scheme that involved passing illicit stock tips on Post-it notes and napkins and then swallowing them doesn't have to pay a fine, <a href="http://www.sec.gov/news/pressrelease/2015-143.html">the SEC said in a release.</a></p><p>Last year, the SEC <a href="http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370541172895#.UynwHXNes1c">charged</a> a stockbroker and a clerk from a top corporate <keyword id="6355470" type="CITY" weightage="60" keywordseo="Law">law</keyword> firm. <span style="line-height: 1.5em;">Vladimir Eydelman, 43, who worked at Oppenheimer and later Morgan Stanley, and Steven Metro, 43, a managing clerk at Simpson Thacher &amp; Bartlett, were both accused of engaging in a four-year scheme that netted $5.6 million in ill-gotten gains, according to the SEC's complaint. </span></p><p>According to the SEC, Eydelman and Metro carried out the scheme by using a mutual friend, later identified as Frank Tamayo of Brooklyn, as a "middleman" to exchange the material information, the SEC said.</p><p>Tamayo, who has pled guilty, served as a cooperating witness in the case. Because of that, he doesn't have to pay a monetary penalty. He does, however, have to disgorge about $1 million in ill-gotten gains.</p><p><span>"For his extensive cooperation in the SEC's investigation, Tamayo will not face a monetary penalty from the SEC.  In the proposed final judgment, which is subject to court approval, Tamayo would be ordered to disgorge more than $1 million of his ill-gotten gains from the scheme, but that payment would be deemed satisfied by the entry of orders of forfeiture or restitution in the parallel criminal case, in which he has pled guilty," the SEC said.</span></p><p>In its initial complaint, the SEC alleged that Metro would find out non-public information from deals his law firm was working on by accessing the firm's confidential computer records.</p><p>Metro would then arrange to meet Tamayo at a New York City coffee shop or bar. During these meetings, Metro would type stock ticker symbols on his cell-phone screen and point to indicate which company was being acquired in the transaction, the SEC release alleged. He would also indicate the announcement date and the acquisition price, the regulator also alleges. </p><p>The SEC alleged that Tamayo would then arrange to meet up with Eydelman, the stockbroker, in Grand Central Terminal near the clock. While in the train station, Tamayo would show Eydelman what was written on the Post-it or napkin, then chew it up and swallow it.</p><p>The complaint says that they did this for more than a dozen companies.</p><p><span>Metro and Eydelman were arrested last year.</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/largest-companies-revenue-every-state-america-2015-6">This animated map shows the largest company by revenue for every state</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="piZTVsdTqpoAACgxNcUtJ_JQb241zHit" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The middleman in the alleged Post-it note-eating insider trading scheme won't pay a monetary penalty

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>mTaira/Shutterstock</span></p><p class="caption">San Jose, California, has the fastest-growing economy in the US.</p></div><p></p></div></div></p><ul class="summary-list"><li>San Jose-Sunnyvale-Santa Clara, California, is the <a href="https://www.businessinsider.com/america-most-expensive-places-to-live-2018-5">most expensive metro area</a> in the US.</li><li>San Jose is the bona fide capital of <a href="https://www.businessinsider.com/category/silicon-valley">Silicon Valley</a>.</li><li>About one-quarter of households earn over $200,000 a year, but that still may not be enough to buy a median-priced home.</li><li>Meanwhile, an affordable housing shortage has left thousands of working San Jose residents homeless.</li></ul><p>Outsiders may consider San Francisco synonymous with Silicon Valley, but locals know the epicenter of tech culture is San Jose. </p><p>The metro area defined by the US Census as San Jose-Sunnyvale-Santa Clara is the proverbial heart of Silicon Valley - and <a href="https://www.businessinsider.com/america-most-expensive-places-to-live-2018-5">the most expensive place to live</a> in the US. Goods and services are about 27% more expensive than the national average in San Jose, and the median home sale price is over $1 million.</p><p>But San Jose isn't all engineers and programmers flush with cash (or stock options). A dire affordable housing shortage has left teachers, landscapers, security officers, and thousands of minimum-wage workers virtually homeless.</p><p>Here's a look inside San Jose:</p>

What life is really like in the most expensive place in the US, where the typical home costs $1 million and it feels like everyone works in tech

<p>At its E3 presentation Sunday, Microsoft took the wraps off <a href="http://www.businessinsider.com/project-scorpio-xbox-one-x-microsoft-2017-6" target="_blank" rel="noopener noreferrer">its new game console, the Xbox One X</a>, and showcased a number of new games that aim to make use of its enhanced horsepower and graphical capabilities.</p><p>Among the first of those is "Metro: Exodus," a new title from Ukrainian developer 4A Games. It's the latest entry in that studio's "Metro" series of first-person shooter games, based off the "Metro" book series from Russian author <span>Dmitry Glukhovsky.</span></p><p>If you're familiar with those games or those books, the brief trailer for the newest game showcased on Sunday should fall right in line with expectations. There's a post-apocalyptic wasteland, suffocating tunnels, big nasty mutants, and a pervading sense of dread.</p><p>Based on the brief trailer below - and the fact that it's running on a console that can play games in 4K resolution at a smooth 60 frames per second - it should also look nice and sharp:</p><p>The new game isn't exclusive to the Xbox One, though, as it'll also arrive on PC. No word has been given on if a PlayStation 4 launch is in the works. The game is set for release sometime in 2018.</p><h3>Take a look at some screenshots from the game below:</h3><p class="tagline">Get the latest Microsoft stock price<a href="http://markets.businessinsider.com/stock/MSFT-Quote"> here.</a></p>

'Metro: Exodus' is a gorgeous action-adventure game coming to Microsoft's new Xbox One X

<ul class="summary-list"><li>There are 5.5 million empty homes across the 50 biggest US metros, LendingTree reported.</li><li>The study showed the US's 50 largest metro areas have a vacancy rate of 7.22%. </li></ul><p>While <a href="https://markets.businessinsider.com/news/commodities/housing-market-explained-mortgage-rates-fed-inventory-home-prices-house-2023-6">the housing market</a> is historically tight and <a href="https://markets.businessinsider.com/news/commodities/housing-market-outlook-home-prices-record-affordable-mortgage-rates-2023-10">seemingly less affordable by the day</a>, the largest US cities have a surprisingly large stock of vacant homes.</p><p>A study from <a href="https://www.lendingtree.com/home/mortgage/vacant-homes-metros-study/" target="_blank" rel="noopener">LendingTree</a> analyzed and ranked the latest US Census Bureau American Community Survey data of the largest 50 metros by their share of unoccupied homes. The average vacancy rate across the cities analyzed was 7.22%, accounting for 5.475 million homes. </p><p>New Orleans, Miami, and Tampa, Florida had the highest vacancy rates, with 13.88%, 12.65%, and 12.15%, respectively. For those three cities, there are more than 600,000 empty housing units.</p><p>The three cities with the lowest vacancy rates were Minneapolis, Austin, Texas, and Washington DC, at 4.51%, 4.57%, and 4.98%, respectively. These are also the only three metros with vacancy rates below 5%, LendingTree said.</p><p>The houses sitting vacant in these areas don't go towards relieving pressure on the tight housing market, which is experiencing a dearth of homes for sale and historically high prices. That's because the homes for the most part are either waiting to be rented out or are seasonal homes that are not always occupied by their owner.  </p><p>So while vacancy rates alone cannot fully explain the state of the housing market, the numbers offer a localized view of how specific areas are faring. </p><p>High vacancy rates and home prices, LendingTree says, could suggest an area has uniquely attractive features, like being a popular vacation spot or target of investors. On the other hand, high vacancy and low home prices could mean an area has various socioeconomic hardships. </p><p>In any case, affordability is challenged for many Americans. High mortgage rates make it difficult for homebuyers to enter the market, and also keep current homeowners from selling to avoid parting ways with ultra-low rates they locked in years ago. </p><p>This lock-in effect keeps potential buyers and sellers on the sidelines, and means prices aren't falling as they often do in times of rising mortgage rates. </p><p>Borrowing costs for prospective buyers have soared above two-decade highs, <a href="https://markets.businessinsider.com/news/commodities/us-housing-market-slowdown-loan-applications-mortgage-rates-unaffordability-crisis-2023-10">touching 7.53% this week.</a> Meanwhile, mortgage applications plunged to their lowest level since 1996 last week, according to the MBA's latest survey, falling 6%. </p><p>"Mortgage rates continued to move higher last week as markets digested the recent upswing in Treasury yields," MBA vice president Joel Kan said. "The purchase market slowed to the lowest level of activity since 1995, as the rapid rise in rates pushed an increasing number of potential homebuyers out of the market."</p>

America's biggest cities have 5.5 million empty homes

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Shop/West 8</span></p><p class="caption">A rendering of the Schuylkill Yards mixed-use development in Philadelphia, a proposed site for Amazon's HQ2.</p></div><p></p></div></div></p><ul><li><strong><a href="http://www.businessinsider.com/category/amazon-hq2">Amazon's second headquarters, called HQ2,</a> will likely transform the city it comes to.</strong></li><li><strong>Promising 50,000 workers and $5 billion in investment, HQ2 will likely increase rent and home prices in its chosen metro, according to housing experts.</strong></li><li><strong>Cities including Columbus and Indianapolis could see less dramatic increases in housing prices. Miami and Boston could see more significant rises.</strong></li></ul><p><span>In March, Seattle officials and business leaders </span><a href="https://www.seattletimes.com/business/amazon/has-amazons-boom-been-good-for-seattle-community-business-leaders-debate/">debated</a><span> whether Amazon has been good for its hometown of Seattle. </span><span>The Seattle Times </span><a href="https://www.seattletimes.com/business/amazon/has-amazons-boom-been-good-for-seattle-community-business-leaders-debate/">reports</a><span> that, while the company spurred a now-booming tech industry in the city, leaders also voiced concerns regarding <a href="http://www.businessinsider.com/amazon-new-headquarters-reaction-problems-2017-9">the tech giant's role</a> in several issues now facing Seattle, including a spike in housing prices and gentrification.</span></p><p><span>As Amazon grew between 2005 and 2015, Seattle's median rent went from <a href="http://www.deptofnumbers.com/rent/washington/seattle/">$1,008 to $1,286</a>, an increase nearly three times the national median. Recent data also shows Seattle's median home price hit <a href="https://www.seattletimes.com/business/real-estate/new-home-price-records-777000-in-seattle-950000-on-the-eastside/">$777,000</a> in February, up 18% from the year prior.</span></p><p><span>There are now new worries about how <a href="http://www.businessinsider.com/category/amazon-hq2">Amazon's new headquarters, dubbed HQ2,</a> will affect housing prices in its chosen metro. The company revealed the top 20 contenders in January and will announce the winner later this year.</span></p><p><span>HQ2 will likely raise rent and home prices in whichever city it chooses, Aaron Terrazas, a senior economist at the real-estate listing site Zillow, told Business Insider. But some metros will see more dramatic rises than others, based largely on their existing population densities and room for growth.</span></p><p><span>According to Terrazas, the cities least likely to see a huge change in housing prices are Indianapolis, Columbus, Chicago, Atlanta, and New York City. The first four cities have low-to-medium population densities, as well as plenty of vacant housing and space for Amazon to grow. </span></p><p><span>New York City - the nation's largest city - is a bit of a unique case. While housing is in short supply, over 8.5 million residents already live in New York. So Terrazas suspects that even if 50,000 people moved there, the population growth would only make a tiny splash on the housing market. NYC, particularly Manhattan, also has a relatively big high-end housing market, which could provide room for Amazon's <a href="https://www.amazon.com/b?ie=UTF8&amp;node=17044620011">"high-paying"</a> HQ2 hires, Terrazas said.</span></p><p><span>He added that the DC center, Miami, and Boston - may see the largest increases in housing prices, because they are cities with high rent prices and little housing stock.</span></p><p><span>"Growth of any kind creates enormous opportunities but also new challenges [for cities]," Terrazas said. "It's important to keep in mind that adapting to this growth is very difficult, particularly when it happens very quickly."</span></p><h2><span>How population, income, and growth-potential affect home prices</span></h2><p>In Amazon's RFP, the company writes that its $5 billion campus will bring 50,000 jobs. However, it's uncertain whether all of those jobs will be filled by residents, meaning the chosen city could see a population boom and thus a higher demand for housing. Cities with lower populations are more likely to see greater community effects, <span>Terrazas</span> said.</p><p><span>In Seattle, Amazon is the largest property taxpayer and private employer with 40,000 residents working for the company. Since 2000, the area has added 99,000 new jobs, with 30% of them in tech, and s</span><span>ince then, Amazon has continued to </span><a href="http://www.seattletimes.com/business/amazon/thanks-to-amazon-seattle-is-now-americas-biggest-company-town/">spur</a><span> an influx of high-skilled, majority-white tech workers. As many urbanism experts have noted, Amazon's dominance has likely contributed to making Seattle's housing <a href="http://www.businessinsider.com/amazon-new-headquarters-reaction-problems-2017-9">less affordable for some longtime residents,</a> who have also accused the company of perpetuating income inequality in the city.</span></p><p>Another big factor will be the HQ2 city's physical potential for growth, <span>Terrazas</span> said. Cities that have higher rates of housing vacancies or room to develop are better equipped to absorb the shock of HQ2.</p><h2><span>HQ2 and the top cities' housing markets</span></h2><p>A researcher from <span>the Brooking Institution, Jenny Schuetz, came to similar conclusions when she considered how HQ2 would affect the housing markets in each finalist metro. In <a href="https://www.brookings.edu/blog/the-avenue/2018/01/19/which-metros-have-enough-housing-capacity-to-absorb-amazons-hq2/?utm_campaign=Brookings%20Brief&amp;utm_source=hs_email&amp;utm_medium=email&amp;utm_content=60103947">a recent analysis</a>, she divides the 19 American short-listed metros into four categories. (Newark, New Jersey was lumped into the NYC metro area, and Montgomery, Maryland and Northern Virginia were included as part of the DC metro area. Toronto was excluded, because there was not comparable data available.)</span></p><p><span><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>The Brookings Institution</span></p></div><p></p></div></div></span><span>In the map above, colors represent each of the four categories: orange cities are expensive places where strict zoning regulations also make it hard to build new housing; yellow metros are places with high levels of gentrification; dark blue signifies areas with older housing that would likely require repairs if HQ2 came, but also with space for Amazon to grow; and finally, light blue represents cities that have expansive space and relatively lenient land-use regulations that could help cities adapt to growing housing needs more easily. </span></p><p><span>HQ2 finalists in this category - light blue - may see the least strain on their housing markets if Amazon came to town, according to the analysis. They are Dallas, Atlanta, Chicago, and Columbus.</span></p><p><span>At the same time, Schuetz cautions that HQ's prosperity could bring some downsides.</span></p><p><span>"As the 20 finalists negotiate with Amazon over the next year, local policymakers should be asking themselves - and their constituents - whether the benefits of HQ2 will outweigh the economic and social costs," she writes.</span></p>     <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-all-you-can-eat-restaurants-make-money-2018-3">How all-you-can-eat restaurants don't go bankrupt</a></h3>        <div>                    </div>    </div>

Amazon's HQ2 is expected to bring soaring housing prices - here are the cities that could be hit hardest

<p><div class="image-container float_right" style="width:400px"><div class="image"></div><p class="source"><a href="http://www.flickr.com/photos/maureendidde/3022967509/">Maureen lunn/Flickr,CC</a></p></div>A new report on home prices has just been released by the <a href="http://www.realtor.org/news-releases/2012/10/fourth-quarter-metro-area-home-prices-show-strongest-performance-in-seven-years">National Association of Realtors</a>.</p>
<p>According to the report home prices rose in 133 of 152 U.S. metro areas in Q4.</p>
<p>The national median existing single-family home price was $178,900, up 10.0 percent year-over-year.  This is the strongest year-over-year jump since Q4 2005.</p>
<p>"Home sales are on a sustained uptrend, mortgage interest rates are hovering near record lows and unsold inventory is at the lowest level in 12 years," said the NAR's Lawrence Yun. "Home sales are being fueled by a pent-up demand and job creation, along with still favorable affordability conditions and rents rising at faster rates. Our population has been growing faster than overall <keyword id="35061" type="ORGANIZATION" weightage="60" keywordseo="housing">housing</keyword> stock, so supply and demand dynamics are very much at play."</p>
<p>Read more at <a href="http://www.realtor.org/news-releases/2012/10/fourth-quarter-metro-area-home-prices-show-strongest-performance-in-seven-years">Realtor.org</a>.</p>

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