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What happened at Zillow? How a prized real estate site lost at iBuying
What happened at Zillow? How a prized real estate site lost at iBuying
Zillow, the popular online real estate marketplace and daydream fuel throughout the pandemic, is having a tough time.
The company turned heads earlier this month when it announced it would be shutting down Zillow Offers, the algorithm-fueled home-flipping arm of its company. It also said it would try to offload more than 7,000 homes and exit the iBuying -- or "instant buying" -- business completely. That's $2.8 billion worth of homes.
The announcement came as a major surprise, especially given the scale of Zillow's massive investments in its iBuying efforts in recent years. Its exit was precipitated by a series of missteps, including an overbuying fiasco that resulted in a glut of overpriced inventory.
Now, according to an Insider analysis, more than half of the homes Zillow owns are listed for prices below what the company paid for them. In Phoenix, 93% percent of the homes Zillow purchased are listed for less than the original purchase price, and in Dallas, 81% are less.
What is iBuying anyway?
To do iBuying, tech companies rely on algorithms to determine if it would be profitable to purchase a home to then resell. Using specific data -- the home's age, condition and ZIP code -- algorithms can predict which homes will rise in value, allowing the tech company to get into an emerging market early. Think of it like large-scale, automated home-flipping.
If you're a homeowner, there may be a benefit to using an iBuyer to sell your home. For one, the process is streamlined over the traditional method: You don't have the stress of dealing with a real estate agent, showings or the uncertainty of the market. You'll get an immediate all-cash offer based simply on the algorithm's assessment of your home's data, though the tradeoff is a smaller profit margin.
What went wrong at Zillow?
As an iBuyer, Zillow relied on these computer calculations to buy houses in decent condition on the cheap, spend minimal capital fixing them up and quickly resell them for a profit. Sound too good to be true? For Zillow, it was. The company ended up making thousands of above-market offers to homeowners.
Zillow attributed the mishap to its technology, blaming its iBuying algorithms -- called "Zestimates" -- for inaccurately predicting the values of homes. Given surging prices and high real estate volatility in the last 18 months, it was a tricky undertaking in the first place.
As homes appreciated at a rapid pace during the COVID-19 pandemic, Zillow's iBuying algorithms consistently and significantly underestimated market changes. That's what eventually led the company to shut down its instant-buying business for good. The real estate giant is set to lose an estimated $380 million on Zillow Offers, according to the LA Times.
"The challenge we faced in Zillow Offers was the ability to accurately forecast the future price of inventory three to six months out, in a market where there were larger and more rapid changes in home values than ever before," said Viet Shelton, a spokesperson for the company.
The company also said it will write off $569 million worth of homes and lay off 25% of its staff. Though the future is unclear for some of Zillow's languishing inventory across the country, there's reason to believe that institutional investors could win out in snatching it up. The company has agreed to sell 2,000 units to New York City-based investment firm Pretium Partners.
Zillow has said it intends to honor all existing deals for homes under contract.
What do Zillow's problems mean for iBuying?
Other competitors seem to have figured out the iBuying formula's secret sauce and are going strong. Two of Zillow's rivals, Opendoor and Offerpad, both posted new revenue highs for the third quarter, though neither company is profitable yet. Private equity firms like Blackrock have made headlines for their investments in instant buying.
Though Zillow is no longer in the game, iBuying seems to be here to stay.
The personal computer industry backed a promising candidate in the ultrabook concept, convincing even a skeptic like myself that a new class of superslim, superlight laptops was the key to exciting consumers. Ultrabooks were well on their way to becoming the PC form factor of the future.
And now, it's already over.
In record time -- something less than six months -- the ultrabook term has become so overused and amorphous that it's well on its way to being useless.
Liberal terminology The first major examples of this new ultrabook rift are two laptops we recently reviewed. The HP Envy 14 Spectreand the Samsung Series 5 Ultra are both 14-inch laptops pitched as ultrabooks. The idea of bringing the ultrabook concept to larger laptops is a reasonable one -- the initial wave of ultrabooks were all 13-inch systems -- but they need to be nearly as thin and lightweight as the 13-inch models.
Instead, both the HP Spectre and Samsung Series 5 Ultra weigh a hair under 4 pounds, about a full pound more than a 13-inch MacBook Air. Both are also about one-tenth of an inch thicker. That may not sound like much, but when less than an inch is your baseline, it makes a noticeable difference in the feel of the laptop in your hand.
The biggest deviation from the ultrabook model to date is the 14-inch Samsung's use of a standard 500GB platter hard drive. The ultrabook platform is supposed to be built around faster, lighter solid-state drives (SSDs), and Samsung includes a tiny 16GB SSD as a secondary drive, which allows it to meet the letter, if not the spirit, of the ultrabook specifications. This system also includes an optical drive, which is another difference from previous ultrabooks.
It's relatively thin and light, but should it be an ultrabook? CNET
What you end up with, especially in the case of the Series 5 Ultra, is a perfectly fine midsize, mainstream laptop that can stand toe to toe with anything similar in the $850-$950 range. If we had seen it eight months or a year ago, our initial impression would be, "Wow, that's a pretty thin 14-inch laptop."
But today, there's absolutely nothing about it that says "ultrabook," which is bad news for this promising new category.
The origins of ultrabook So, what is an ultrabook supposed to be, anyway?
Seeing the success of Apple's MacBook Air, Intel and PC manufacturers wanted to find a way to replicate it for Windows-based consumers in systems that could be sold at a reasonable price. The idea was pitched as an entirely new laptop category, although the name "Ultrabook" was a trademarked Intel marketing term, and the systems that were going to use it had to meet a series of Intel-set system requirements.
In fact, Intel even set aside $300 million to help PC makers develop these new systems, saying in August 2011 that it would "invest in companies building hardware and software technologies focused on enhancing how people interact with Ultrabooks such as through sensors and touch, achieving all-day usage through longer battery life, enabling innovative physical designs, and improved storage capacity."
The $799 Toshiba Z835. CNET
From that original big idea, and the subsequent challenge Intel presented to PC makers, came the first generation of laptops to use the ultrabook name. These systems, from companies such as Acer, Lenovo, Toshiba, and Asus, came off very well in our initial reviews and we were surprisingly impressed with the platform, especially as prices declined, offering buyers systems with 128GB SSD drives for as little as $799.
Ultrabooks 2012: From noteworthy to no big deal But a few months ago, at CES 2012, I warned that the road ahead looked foggy, saying: "The ultrabook is in danger of being oversold by both Intel and industry watchers overeager to get behind the Next Big Thing."
And that seems to be exactly what is happening here. The ultrabook idea was a hit. It even seemed to have high name recognition with CNET readers, who would e-mail us with specific questions about which ultrabook they should buy. Now, everyone's rushing to join the bandwagon and the bigger 14- and even 15-inch ultrabooks hitting stores feel like they dilute the concept far too much.
For an example of this kind of branding done right, think back to the early days of wireless networks, when Intel's Centrino name meant that a laptop was able to connect to Wi-Fi and do most of the other networking things you needed it to, without you having to delve too deeply into the spec sheet.
In this case, instead of looking for an Intel ultrabook sticker on a laptop and knowing that it's going to be very thin, very light, rely on SSD storage, boot quickly, and run for a long time on a battery charge, now consumers will have to go back to checking the size and weight specs carefully.
How is that helpful for anybody?
Expect to see more laptops that look like this. CNET
The ultrabook is dead; long live the new laptop order But the ultrabook, as originally presented, is still an idea whose time has come. Apple's MacBook Air proved that consumers could live without optical drives and large-capacity hard drives, and valued long battery life and portability over ports and connections (in that sense, systems such as the Dell Adamo were ahead of their time). Also, ultrabook branding is certainly not going away anytime soon, and we'll all see dozens of new ultrathin laptops both with the ultrabook label and without during the rest of 2012.
The real long-term victory is that the ultrabook is rewriting what it means to be a mainstream laptop. By this time next year, I find it hard to believe that any midprice, midsize laptop won't be well under 1 inch, and closer to 3 pounds than 4 or 5. Optical drives will continue to fade away, as will dedicated Ethernet jacks (although I'm still convinced you'll eventually need one in a pinch). If you're a PC maker and most of your future laptops aren't at least trending toward ultrabooks and the MacBook Air, you simply won't be in the game.
So, yeah: I'm no longer sure what "ultrabook" means anymore. But if most future laptops are going to be thinner, lighter, and faster -- whether or not they get an Intel-approved sticker -- maybe that's not such a bad thing.
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How the PC industry killed the ultrabook
How the PC industry killed the ultrabook
commentary Well, it was fun while it lasted.
The personal computer industry backed a promising candidate in the ultrabook concept, convincing even a skeptic like myself that a new class of superslim, superlight laptops was the key to exciting consumers. Ultrabooks were well on their way to becoming the PC form factor of the future.
And now, it's already over.
In record time -- something less than six months -- the ultrabook term has become so overused and amorphous that it's well on its way to being useless.
Liberal terminology The first major examples of this new ultrabook rift are two laptops we recently reviewed. The HP Envy 14 Spectreand the Samsung Series 5 Ultra are both 14-inch laptops pitched as ultrabooks. The idea of bringing the ultrabook concept to larger laptops is a reasonable one -- the initial wave of ultrabooks were all 13-inch systems -- but they need to be nearly as thin and lightweight as the 13-inch models.
Instead, both the HP Spectre and Samsung Series 5 Ultra weigh a hair under 4 pounds, about a full pound more than a 13-inch MacBook Air. Both are also about one-tenth of an inch thicker. That may not sound like much, but when less than an inch is your baseline, it makes a noticeable difference in the feel of the laptop in your hand.
The biggest deviation from the ultrabook model to date is the 14-inch Samsung's use of a standard 500GB platter hard drive. The ultrabook platform is supposed to be built around faster, lighter solid-state drives (SSDs), and Samsung includes a tiny 16GB SSD as a secondary drive, which allows it to meet the letter, if not the spirit, of the ultrabook specifications. This system also includes an optical drive, which is another difference from previous ultrabooks.
It's relatively thin and light, but should it be an ultrabook? CNET
What you end up with, especially in the case of the Series 5 Ultra, is a perfectly fine midsize, mainstream laptop that can stand toe to toe with anything similar in the $850-$950 range. If we had seen it eight months or a year ago, our initial impression would be, "Wow, that's a pretty thin 14-inch laptop."
But today, there's absolutely nothing about it that says "ultrabook," which is bad news for this promising new category.
The origins of ultrabook So, what is an ultrabook supposed to be, anyway?
Seeing the success of Apple's MacBook Air, Intel and PC manufacturers wanted to find a way to replicate it for Windows-based consumers in systems that could be sold at a reasonable price. The idea was pitched as an entirely new laptop category, although the name "Ultrabook" was a trademarked Intel marketing term, and the systems that were going to use it had to meet a series of Intel-set system requirements.
In fact, Intel even set aside $300 million to help PC makers develop these new systems, saying in August 2011 that it would "invest in companies building hardware and software technologies focused on enhancing how people interact with Ultrabooks such as through sensors and touch, achieving all-day usage through longer battery life, enabling innovative physical designs, and improved storage capacity."
The $799 Toshiba Z835. CNET
From that original big idea, and the subsequent challenge Intel presented to PC makers, came the first generation of laptops to use the ultrabook name. These systems, from companies such as Acer, Lenovo, Toshiba, and Asus, came off very well in our initial reviews and we were surprisingly impressed with the platform, especially as prices declined, offering buyers systems with 128GB SSD drives for as little as $799.
Ultrabooks 2012: From noteworthy to no big deal But a few months ago, at CES 2012, I warned that the road ahead looked foggy, saying: "The ultrabook is in danger of being oversold by both Intel and industry watchers overeager to get behind the Next Big Thing."
And that seems to be exactly what is happening here. The ultrabook idea was a hit. It even seemed to have high name recognition with CNET readers, who would e-mail us with specific questions about which ultrabook they should buy. Now, everyone's rushing to join the bandwagon and the bigger 14- and even 15-inch ultrabooks hitting stores feel like they dilute the concept far too much.
For an example of this kind of branding done right, think back to the early days of wireless networks, when Intel's Centrino name meant that a laptop was able to connect to Wi-Fi and do most of the other networking things you needed it to, without you having to delve too deeply into the spec sheet.
In this case, instead of looking for an Intel ultrabook sticker on a laptop and knowing that it's going to be very thin, very light, rely on SSD storage, boot quickly, and run for a long time on a battery charge, now consumers will have to go back to checking the size and weight specs carefully.
How is that helpful for anybody?
Expect to see more laptops that look like this. CNET
The ultrabook is dead; long live the new laptop order But the ultrabook, as originally presented, is still an idea whose time has come. Apple's MacBook Air proved that consumers could live without optical drives and large-capacity hard drives, and valued long battery life and portability over ports and connections (in that sense, systems such as the Dell Adamo were ahead of their time). Also, ultrabook branding is certainly not going away anytime soon, and we'll all see dozens of new ultrathin laptops both with the ultrabook label and without during the rest of 2012.
The real long-term victory is that the ultrabook is rewriting what it means to be a mainstream laptop. By this time next year, I find it hard to believe that any midprice, midsize laptop won't be well under 1 inch, and closer to 3 pounds than 4 or 5. Optical drives will continue to fade away, as will dedicated Ethernet jacks (although I'm still convinced you'll eventually need one in a pinch). If you're a PC maker and most of your future laptops aren't at least trending toward ultrabooks and the MacBook Air, you simply won't be in the game.
So, yeah: I'm no longer sure what "ultrabook" means anymore. But if most future laptops are going to be thinner, lighter, and faster -- whether or not they get an Intel-approved sticker -- maybe that's not such a bad thing.
Should you buy a home in 2021 should you buy a home before selling should you buy a refurbished computer should you buy travel insurance should you buy tesla stock should you buy extended warranty should you pop a blister how many eggs should you eat
Should You Buy a Home in 2022? Here's What You Need to Know
Should You Buy a Home in 2022? Here's What You Need to Know
This story is part of Recession Help Desk, CNET's coverage of how to make smart money moves in an uncertain economy.
After two years of a wildly hot and competitive housing market with skyrocketing home prices, there are some signs indicating that these record-high spikes might start leveling off. This past April, home price increases declined for the first time in four months, as did sales of new homes.
But many experts note that, given the ongoing shortage of properties, home prices will still continue to go up in 2022 -- just at a slower pace. Plus, prospective new homeowners have to contend with relatively high mortgage rates, which keep monthly mortgage payments expensive. Although mortgage rates have dropped slightly since the Federal Reserve announced its fourth rate hike of the year to continue combating inflation, they're still more than 2% higher than they were at the beginning of 2022. So homebuyers should expect their mortgage payments to be higher this year, even if lessening demand decreases competition for homes.
"If we've seen the peak in inflation then we have seen the peak in mortgage rates," said Greg McBride, chief financial analyst at CNET's sister site, Bankrate. "The outlook for a weaker economy will hold sway as long as inflation pressures begin to show evidence of easing. If we get a couple months down the road and that hasn't happened, then all bets are off."
Even though mortgage rates appear to be leveling off, when taking all of these factors into account, a homebuyer will now pay almost 47% more for the same property compared with a year ago, according to Realtor.com.
Buying a home is one of the most important money moves you'll ever make. It's an exceptionally personal decision that requires evaluating your long-term goals while making sure you're financially ready, from the down payment to interest on a home loan. Your job stability, household needs and the inventory available where you want to live all play a role in determining what makes sense for you.
Here are the most important things to consider when buying a house in 2022, including why it might make sense to wait or to rent instead of buy.
Key factors to consider when buying a home in 2022
Right now, home prices are still seeing double-digit growth nationwide and all-cash offers still make up around a quarter of housing bids, according to Jessica Lautz, vice president of demographics and behavioral insights at the National Association of Realtors. Does that mean you should try to hold off until prices start going down? Not necessarily.
The first thing to keep in mind is that expert predictions are imperfect. No one knows what's going to happen with the economy, even with warning signs for events like recessions. And timing the market, or trying to make decisions based on what you think will happen to prices or rates in the future, is generally not a sound strategy. "With housing, buyers tend to obsess over home values and how buying at a certain time may be better for appreciation and equity," said Farnoosh Torabi, personal finance expert and editor-at-large at CNET. "That's important, but your monthly housing payment is what really matters in the end."
Even if you have a plan, be prepared to pivot in this market. Maggie Moroney, 27, is trying to buy her first home in the Washington, D.C. area, but can't find anything affordable. Between sales and rentals, there's low inventory in both markets.
"I probably could try to buy something, but it'd be a little bit of a stretch, especially with interest rates," she said. Moroney doesn't want to rush the decision and plans to wait it out if she doesn't find a home she likes, with the hope that more inventory will start to hit the market. "I'd rather have a rental I'm not super in love with than a home I'm not in love with."
If you're teetering between buying a home and waiting, here are some factors to keep in mind.
1. Mortgage rates and price trends
In today's housing market, high prices along with home loan rates are two of the most important factors at play. Although mortgage rates fluctuate daily, they are expected to remain between 5-6% for the rest 2022 -- though what happens next with inflation will tell where rates are headed. So far, rates are already more than 2 percentage points higher than this time a year ago and passed the 5.5% mark in June, but seem to be evening out since the announcement of the Fed's fourth rate hike in July.
Although rates dipped slightly with the most recent interest hike, it's still important to understand how the rate you lock in for your mortgage will impact your monthly payments, as well as the total amount you'll pay over the lifetime of your loan.
For example, if you take out a 30-year fixed-rate mortgage to buy a $500,000 house at a 5.2% interest rate, you'll pay $488,000 in interest over the life of your loan. But if you wait and buy a $450,000 house at a 6.5% interest rate, you'll end up paying $574,000 in interest over the course of your mortgage. So even though you paid less for your home, you're paying more than the difference in price due to interest over three decades.
Scaling back your budget and looking at homes that may be smaller or in less-expensive neighborhoods is an option to consider if higher mortgage rates have made your previous housing goals unattainable.
2. Financial and personal goals
Homeownership is still considered one of the most reliable ways to build wealth. When you make monthly mortgage payments, you're building equity in your home that you can tap into later on. When you rent, you aren't investing in your financial future the same way you are when you're paying off a mortgage.
Another factor to take into consideration is how long you plan to live in the house. If you expect to live there for a decade or longer, you'll likely be able to refinance your mortgage to a lower rate, reducing your monthly payment in the process. However, if you plan to move in a few years, it likely won't make financial sense for you to refinance. In that case, it's worth considering an adjustable-rate mortgage, which can help offset today's high mortgage rates by offering you a lower initial interest rate that only adjusts or increases later on in your mortgage term.
3. Future housing trends and recession risks
As buyer competition decreases when buying a home becomes increasingly unaffordable, it could mean that inventory opens up where you're looking. In June, the national inventory of available homes grew by 18.7% this year compared to last year. More available inventory means that you have more homes to choose from, increasing the chances you can buy something you actually want this year versus scrambling in a bidding war for whatever is available in your budget.
But there's also talk of a looming recession. If you wait to buy instead, you could avoid potentially overpaying for a home that could lose its value in an upcoming economic downturn, said Torabi. Plus, if the economy slows down, it's possible the Federal Reserve will raise interest rates less aggressively, which could benefit potential homeowners trying to lock in a better rate on their mortgage.
Is it better to rent than buy right now?
It depends, especially when we're dealing with an unpredictable period of high inflation.
On one hand, if you buy a house and secure a fixed-rate mortgage, that means that no matter how much prices or interest rates go up, your fixed payment will stay the same every month. That's an advantage over renting since there's a good chance your landlord will raise your rent to counter inflationary pressures. Right now, rents are rising faster than wages, and if homebuyers are priced out of the housing market, there'll be more pressure to rent, which will increase competition. Many are already experiencing a red-hot rental market, leading to rental bidding wars and evictions.
On the other hand, even though a fixed-rate mortgage can offer you more predictability and budget stability, "as long as inflation continues to outpace wages, there could be benefits to renting right now as the economy worsens," said Torabi.
For example, one advantage of renting over buying is that you can save the cash you would have otherwise needed to use for a down payment. In a time of economic uncertainty, if you don't have to worry about coming up with a down payment and emptying most of your entire bank account to secure yourself a home, you can stay more liquid. Having more cash on hand can offer you added security if a recession negatively impacts your financial situation.
"It's important to know the differences in cost of owning a home versus the cost of renting," said Robert Heck, vice president of mortgages at Morty, an online mortgage marketplace. "How much is homeowners insurance going to cost? How much are the annual property taxes? Maybe you're not used to paying property taxes if you've been renting. Consider the costs that will go into maintaining a home."
Ultimately, whether you rent or buy often comes down to practical considerations like whether you need more space to start a family, or your lease is ending -- regardless of market conditions.
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Here's Who Needs a Monkeypox Vaccine, and What We Know About It
Here's Who Needs a Monkeypox Vaccine, and What We Know About It
What's happening
The monkeypox vaccine is available to people at higher risk of getting the disease, but supply has been limited. To stretch out more doses, the US is starting to administer the vaccine in a slightly different way that requires a smaller dose.
Why it matters
Vaccination is an important tool to slow the monkeypox outbreak happening in the US and other countries. Access to vaccines is crucial for people most at risk.
What it means for you
Some men who have sex with men are eligible for the vaccine, as are other people who may've been exposed to monkeypox.
The vaccine Jynneos is being given out a little differently now in some places. If you're eligible for a monkeypox vaccine, you might be getting a shot under a top layer of skin, instead of deeper into your arm. That's because the US Food and Drug Administration authorized intradermal injection for the monkeypox vaccine this month, which is an effort to increase the US supply of vaccine up to five times since intradermal injection requires a much smaller dose than one given subcutaneously.
Also called "dose-sparing," intradermal types of injections aren't new to health care. But the change in medical guidance on how the monkeypox vaccine can be administered reflects a shortage of Jynneos that's plagued the vaccine rollout since it began. Health officials have touted a national stockpile of vaccines that work against monkeypox as well as smallpox, but getting them out to states and into the arms of people who need them has been a challenge.
According to a report from The New York Times, a hurdle in the monkeypox vaccine rollout (besides limited supply of Jynneos) is that the federal system being used to move vaccines to states and cities is different from the system local health officials are used to, which is run by the US Centers for Disease Control and Prevention and is already linked to state databases. The current system states are using for the monkeypox vaccine is made for mass vaccine rollouts where every person would need a vaccine (like a smallpox bioterrorism event), and it's been difficult in some states for local health officials to track their orders or get to the site where the doses have been delivered, the Times reports.
But federal health officials are confident in the new intradermal vaccination method, which they say gives an immune response similar to that of the traditional method. But it still requires two doses, about 28 days apart. One-dose priority policies for the vaccine, which could potentially delay a second dose, have been put in place in cities like San Francisco and New York City, which make up a large portion of the country's monkeypox cases.
Here's what we know about monkeypox vaccination.
Read more: Monkeypox: What to Know About Variants, Symptoms and More
Who can get a monkeypox vaccine?
Exact criteria for who should get a monkeypox vaccine depend on the city or state people live in and how widespread the outbreak is there, but men who have sex with men and who have had multiple or anonymous sexual partners in the last two weeks are eligible in cities like New York. That's because gay and bisexual men are currently at higher risk in the outbreak, though anyone with close contact to monkeypox can get the disease. You may also be eligible if you were recently exposed to someone with monkeypox.
According to the CDC, you meet the criteria for a monkeypox vaccine if:
You're a contact of someone who has monkeypox or you were identified as possibly exposed via contact tracing.
You had a sexual partner within the last two weeks who has monkeypox.
You've had multiple sexual partners in the last two weeks in an area with a high number of monkeypox cases.
You are a lab or health care worker who's around orthopox viruses, including in animals.
If you think you qualify for a vaccine or were exposed to monkeypox, contact your local health department or doctor's office to find an appointment in your area. You can also book an appointment for the vaccine online, a process that'll walk you through the eligibility criteria. Here is New York City's vaccine appointment website. You can make an appointment and find a vaccine in San Francisco by calling one of the city's clinics or visiting its drop-in location.
Colematt/Getty Images
What is intradermal vaccination?
Intradermal vaccination is a method that injects the vaccine under a more shallow layer of skin, typically on the inner side of the forearm. This should produce a "noticeable pale elevation of the skin," according to the US Centers for Disease Control and Prevention. Counties including Los Angeles county and Fulton county in Georgia (where Atlanta is) have already transitioned to intradermal injections, according to the White House.
Most vaccines we get these days go either into the muscle in our arm (intramuscular injection) or into the fatty tissue under our skin (subcutaneous injection), like Jynneos has been given so far. Subcutaneous injection of Jynneos is the only authorized method of vaccination for people younger than 18. If you get the monkeypox vaccine intradermally, you'll still need two doses.
When the FDA authorized the new vaccine method, the agency referenced a study published in 2015 that found that a smallpox vaccine given intradermally gave a similar immune response in people compared to the vaccine given subcutaneously.
What are the monkeypox vaccines?
The US has two vaccines in its national stockpile that work against monkeypox. Jynneos is currently being given out to people before an exposure, as well as after an exposure, as it's a newer vaccine that's safe for most people.
Jynneos (made by Bavarian Nordic) is a new-generation vaccine approved by the US Food and Drug Administration in 2019 for monkeypox and smallpox. It's a two-dose vaccine, with each shot given about four weeks apart. It uses a weakened virus and is approved for adults 18 and older who are at high risk of getting monkeypox or smallpox.
Because of limited supply, it's likely you'll only be able to book an appointment for the first dose for the time being. In New York City, for example, health officials say you'll be contacted if you received a first dose about the second dose in the coming weeks.
Side effects of Jynneos may include typical temporary vaccine side effects, including headache, chills and fatigue. There can also be some pain and swelling around the injection site, which can result in what some are reporting as a temporary swollen lump around the injection site.
ACAM2000 is a second-generation smallpox vaccine that also works against monkeypox. According to the CDC, ACAM2000 is a derivative of Dryvax, which helped eradicate smallpox. (The two diseases are closely related and both caused by orthopoxviruses, which makes this possible.) If necessary, the US Department of Health and Human Services said it's also prepared to ship out the ACAM2000 vaccine, which is in greater supply than Jynneos but remains a second choice in the monkeypox response because it has a side effect profile that isn't safe for certain people.
ACAM2000 is administered differently than the typical vaccine shot we're used to, including intradermal injection. It's given by dipping a needle into a vaccine solution which will then be "pricked" several times on the upper arm. It will cause a localized infection (a "pox"), prompting an immune response.
While ACAM2000 doesn't cause smallpox, it contains live vaccina virus, which isn't suitable for everyone. It could be unsafe for immunocompromised people, pregnant folks and those with certain heart or skin diseases, like eczema.
Smallpox was declared eliminated from the world in 1980. The US stopped routine vaccination against it in 1972, though some health care workers or people who work in labs may have had the vaccine. Historically, according to the CDC, smallpox vaccines were 95% effective against infection and protect you for about three to five years, and after that protection starts to wane.
Because of this, it's possible people born before the early 1970s who got the smallpox vaccine might have some cross-protective immunity against monkeypox, according to the WHO, but there is "little immunity" to younger people living in non-endemic countries because they've had no exposure to a similar virus.
Read more:Monkeypox: What Gay and Bisexual Men Need to Know
A smallpox vaccine scar. People born before the mid-1970s might have such a scar. Jynneos, a newer-generation monkeypox and smallpox vaccine, is not the same type of vaccine as the one used to eradicate smallpox and doesn't leave a scar.
Picture Alliance/Getty Images
How effective are the vaccines against monkeypox? How long do they take to work?
Giving Jynneos within four days of a monkeypox exposure is the best option for stopping the onset of the disease, according to the CDC. If it's given four to 14 days after an exposure, the CDC says, Jynneos may not prevent monkeypox but will likely reduce the severity of symptoms. However, this information was published when Jynneos was given only the "standard" way (subcutaneous injection).
The CDC says that the Jynneos vaccine takes two weeks (14 days) after the second dose for immunity to build, and that ACAM2000 takes four weeks for maximum immunity. Though many people are receiving only the first dose of Jynneos at this time, early research suggests that one dose will still offer some protection, at least for a shorter period of time.
Because the US outbreak of monkeypox is so new, there's no data yet on exactly how effective the vaccines will be in the current situation, according to the CDC.
You should still self-isolate if you develop symptoms of monkeypox after getting vaccinated, such as a rash.
A computer image of a monkeypox virus.
Uma Shankar Sharma/Getty Images
Why does the US have a stockpile of monkeypox vaccines?
The US has a stockpile of Jynneos and ACAM2000 on hand not because the country was worried about an outbreak of monkeypox (which has been endemic in some African countries for years), but in case smallpox becomes a public threat again. Smallpox was declared eliminated in the 1980s, and the last natural outbreak in the US happened in 1949. But smallpox is usually much more severe than monkeypox, and officials worry it could be used as biological warfare.
"The stockpile was created in the event of a biological weapons attack on the United States with smallpox," Dr. Amesh Adalja, an infectious-disease expert and senior scholar at the Johns Hopkins Center for Health Security said. In this event, health officials would not be rationing vaccines or using only the newer-generation vaccine, according to Adalja.
"If there was a smallpox attack, we would be using whatever vaccines we have to be able to deal with it," he added.
Why is there a monkeypox vaccine supply issue?
The supply of Jynneos, the newer vaccine specifically approved to prevent monkeypox, has been in particularly short supply.
Officials who spoke to The New York Times said the supply issue is partly because the government waited too long to ask Bavarian Nordic, which makes Jynneos, to bottle and fill the vaccine order the US had already purchased.
Another report by the Times alleges that the US national stockpile of monkeypox and smallpox vaccines dwindled because the government never replaced the expired doses and instead put money into technology that would extend their shelf life. Part of the reason for this was that the government created the stockpile not for monkeypox but for smallpox, which is a more contagious and often more serious disease officials fear could be used in biological warfare against the US.
The US Department of Health and Human Services didn't respond to a request for comment on the reports.
The information contained in this article is for educational and informational purposes only and is not intended as health or medical advice. Always consult a physician or other qualified health provider regarding any questions you may have about a medical condition or health objectives.
Here's Who Needs a Monkeypox Vaccine, and What We Know About It
Here's Who Needs a Monkeypox Vaccine, and What We Know About It
What's happening
The monkeypox vaccine is available to people at higher risk of getting the disease, but supply has been limited. To stretch out more doses, the US is starting to administer the vaccine in a slightly different way that requires a smaller dose.
Why it matters
Vaccination is an important tool to slow the monkeypox outbreak happening in the US and other countries. Access to vaccines is crucial for people most at risk.
What it means for you
Some men who have sex with men are eligible for the vaccine, as are other people who may've been exposed to monkeypox.
The vaccine Jynneos is being given out a little differently now in some places. If you're eligible for a monkeypox vaccine, you might be getting a shot under a top layer of skin, instead of deeper into your arm. That's because the US Food and Drug Administration authorized intradermal injection for the monkeypox vaccine this month, which is an effort to increase the US supply of vaccine up to five times since intradermal injection requires a much smaller dose than one given subcutaneously.
Also called "dose-sparing," intradermal types of injections aren't new to health care. But the change in medical guidance on how the monkeypox vaccine can be administered reflects a shortage of Jynneos that's plagued the vaccine rollout since it began. Health officials have touted a national stockpile of vaccines that work against monkeypox as well as smallpox, but getting them out to states and into the arms of people who need them has been a challenge.
According to a report from The New York Times, a hurdle in the monkeypox vaccine rollout (besides limited supply of Jynneos) is that the federal system being used to move vaccines to states and cities is different from the system local health officials are used to, which is run by the US Centers for Disease Control and Prevention and is already linked to state databases. The current system states are using for the monkeypox vaccine is made for mass vaccine rollouts where every person would need a vaccine (like a smallpox bioterrorism event), and it's been difficult in some states for local health officials to track their orders or get to the site where the doses have been delivered, the Times reports.
But federal health officials are confident in the new intradermal vaccination method, which they say gives an immune response similar to that of the traditional method. But it still requires two doses, about 28 days apart. One-dose priority policies for the vaccine, which could potentially delay a second dose, have been put in place in cities like San Francisco and New York City, which make up a large portion of the country's monkeypox cases.
Here's what we know about monkeypox vaccination.
Read more: Monkeypox: What to Know About Variants, Symptoms and More
Who can get a monkeypox vaccine?
Exact criteria for who should get a monkeypox vaccine depend on the city or state people live in and how widespread the outbreak is there, but men who have sex with men and who have had multiple or anonymous sexual partners in the last two weeks are eligible in cities like New York. That's because gay and bisexual men are currently at higher risk in the outbreak, though anyone with close contact to monkeypox can get the disease. You may also be eligible if you were recently exposed to someone with monkeypox.
According to the CDC, you meet the criteria for a monkeypox vaccine if:
You're a contact of someone who has monkeypox or you were identified as possibly exposed via contact tracing.
You had a sexual partner within the last two weeks who has monkeypox.
You've had multiple sexual partners in the last two weeks in an area with a high number of monkeypox cases.
You are a lab or health care worker who's around orthopox viruses, including in animals.
If you think you qualify for a vaccine or were exposed to monkeypox, contact your local health department or doctor's office to find an appointment in your area. You can also book an appointment for the vaccine online, a process that'll walk you through the eligibility criteria. Here is New York City's vaccine appointment website. You can make an appointment and find a vaccine in San Francisco by calling one of the city's clinics or visiting its drop-in location.
Colematt/Getty Images
What is intradermal vaccination?
Intradermal vaccination is a method that injects the vaccine under a more shallow layer of skin, typically on the inner side of the forearm. This should produce a "noticeable pale elevation of the skin," according to the US Centers for Disease Control and Prevention. Counties including Los Angeles county and Fulton county in Georgia (where Atlanta is) have already transitioned to intradermal injections, according to the White House.
Most vaccines we get these days go either into the muscle in our arm (intramuscular injection) or into the fatty tissue under our skin (subcutaneous injection), like Jynneos has been given so far. Subcutaneous injection of Jynneos is the only authorized method of vaccination for people younger than 18. If you get the monkeypox vaccine intradermally, you'll still need two doses.
When the FDA authorized the new vaccine method, the agency referenced a study published in 2015 that found that a smallpox vaccine given intradermally gave a similar immune response in people compared to the vaccine given subcutaneously.
What are the monkeypox vaccines?
The US has two vaccines in its national stockpile that work against monkeypox. Jynneos is currently being given out to people before an exposure, as well as after an exposure, as it's a newer vaccine that's safe for most people.
Jynneos (made by Bavarian Nordic) is a new-generation vaccine approved by the US Food and Drug Administration in 2019 for monkeypox and smallpox. It's a two-dose vaccine, with each shot given about four weeks apart. It uses a weakened virus and is approved for adults 18 and older who are at high risk of getting monkeypox or smallpox.
Because of limited supply, it's likely you'll only be able to book an appointment for the first dose for the time being. In New York City, for example, health officials say you'll be contacted if you received a first dose about the second dose in the coming weeks.
Side effects of Jynneos may include typical temporary vaccine side effects, including headache, chills and fatigue. There can also be some pain and swelling around the injection site, which can result in what some are reporting as a temporary swollen lump around the injection site.
ACAM2000 is a second-generation smallpox vaccine that also works against monkeypox. According to the CDC, ACAM2000 is a derivative of Dryvax, which helped eradicate smallpox. (The two diseases are closely related and both caused by orthopoxviruses, which makes this possible.) If necessary, the US Department of Health and Human Services said it's also prepared to ship out the ACAM2000 vaccine, which is in greater supply than Jynneos but remains a second choice in the monkeypox response because it has a side effect profile that isn't safe for certain people.
ACAM2000 is administered differently than the typical vaccine shot we're used to, including intradermal injection. It's given by dipping a needle into a vaccine solution which will then be "pricked" several times on the upper arm. It will cause a localized infection (a "pox"), prompting an immune response.
While ACAM2000 doesn't cause smallpox, it contains live vaccina virus, which isn't suitable for everyone. It could be unsafe for immunocompromised people, pregnant folks and those with certain heart or skin diseases, like eczema.
Smallpox was declared eliminated from the world in 1980. The US stopped routine vaccination against it in 1972, though some health care workers or people who work in labs may have had the vaccine. Historically, according to the CDC, smallpox vaccines were 95% effective against infection and protect you for about three to five years, and after that protection starts to wane.
Because of this, it's possible people born before the early 1970s who got the smallpox vaccine might have some cross-protective immunity against monkeypox, according to the WHO, but there is "little immunity" to younger people living in non-endemic countries because they've had no exposure to a similar virus.
Read more:Monkeypox: What Gay and Bisexual Men Need to Know
A smallpox vaccine scar. People born before the mid-1970s might have such a scar. Jynneos, a newer-generation monkeypox and smallpox vaccine, is not the same type of vaccine as the one used to eradicate smallpox and doesn't leave a scar.
Picture Alliance/Getty Images
How effective are the vaccines against monkeypox? How long do they take to work?
Giving Jynneos within four days of a monkeypox exposure is the best option for stopping the onset of the disease, according to the CDC. If it's given four to 14 days after an exposure, the CDC says, Jynneos may not prevent monkeypox but will likely reduce the severity of symptoms. However, this information was published when Jynneos was given only the "standard" way (subcutaneous injection).
The CDC says that the Jynneos vaccine takes two weeks (14 days) after the second dose for immunity to build, and that ACAM2000 takes four weeks for maximum immunity. Though many people are receiving only the first dose of Jynneos at this time, early research suggests that one dose will still offer some protection, at least for a shorter period of time.
Because the US outbreak of monkeypox is so new, there's no data yet on exactly how effective the vaccines will be in the current situation, according to the CDC.
You should still self-isolate if you develop symptoms of monkeypox after getting vaccinated, such as a rash.
A computer image of a monkeypox virus.
Uma Shankar Sharma/Getty Images
Why does the US have a stockpile of monkeypox vaccines?
The US has a stockpile of Jynneos and ACAM2000 on hand not because the country was worried about an outbreak of monkeypox (which has been endemic in some African countries for years), but in case smallpox becomes a public threat again. Smallpox was declared eliminated in the 1980s, and the last natural outbreak in the US happened in 1949. But smallpox is usually much more severe than monkeypox, and officials worry it could be used as biological warfare.
"The stockpile was created in the event of a biological weapons attack on the United States with smallpox," Dr. Amesh Adalja, an infectious-disease expert and senior scholar at the Johns Hopkins Center for Health Security said. In this event, health officials would not be rationing vaccines or using only the newer-generation vaccine, according to Adalja.
"If there was a smallpox attack, we would be using whatever vaccines we have to be able to deal with it," he added.
Why is there a monkeypox vaccine supply issue?
The supply of Jynneos, the newer vaccine specifically approved to prevent monkeypox, has been in particularly short supply.
Officials who spoke to The New York Times said the supply issue is partly because the government waited too long to ask Bavarian Nordic, which makes Jynneos, to bottle and fill the vaccine order the US had already purchased.
Another report by the Times alleges that the US national stockpile of monkeypox and smallpox vaccines dwindled because the government never replaced the expired doses and instead put money into technology that would extend their shelf life. Part of the reason for this was that the government created the stockpile not for monkeypox but for smallpox, which is a more contagious and often more serious disease officials fear could be used in biological warfare against the US.
The US Department of Health and Human Services didn't respond to a request for comment on the reports.
The information contained in this article is for educational and informational purposes only and is not intended as health or medical advice. Always consult a physician or other qualified health provider regarding any questions you may have about a medical condition or health objectives.
Apple TV Plus: Every New TV Show Arriving in September
Apple TV Plus: Every New TV Show Arriving in September
Apple TV Plus is one of the newer streaming platforms vying for your attention, and there's good reason to start watching. It's stocked with big names and some hit shows, from the first season of Severance to the heartwarmingly adorable Ted Lasso to Reese Witherspoon's Emmy-winning drama The Morning Show.
Like rivals Netflix, Hulu and Amazon Prime Video, Apple TV Plus is filled with exclusive, original content. But unlike the other services, Apple streams only content it has made itself. That meant that when the service launched in November 2019, the catalog wasn't huge, but it's filling out fast.
Here's what's coming to the streaming service this month, followed by our guide to some of the best TV shows on Apple TV Plus.
Read more:Apple TV Plus: Everything to Know About Apple's Streaming Service
What's new this month
Here's every show coming out in September.
September 2
Life by Ella (2022- ): A series about a teenage girl named Ella who is bouncing back from cancer and ready to embrace life.
September 9
Central Park, season 3 (2020-): An animated show about a family who lives in Central Park and try to save it from a developer.
Gutsy (2022): This documentary series follows Hilary and Chelsea Clinton as they meet "the world's bravest and boldest women."
September 16
Sago Mini Friends (2022): An animated series for young kids about being thankful.
September 30
Wolfboy and the Everything Factory, season 2 (2021-): An animated fantasy series for kids about the adventures of a boy in the "magical spryte realm of the Everything Factory." It's executive produced by Joseph Godron-Levitt.
Best Apple TV Plus series
Apple
Loot (2022-)
After Molly Wells (Maya Rudolph) catches her tech billionaire husband (Adam Scott) of 20 years cheating on her, she divorces him and ends up with not only $87 million, but a question of what to do with her life. The answer? Get involved with a philanthropic foundation she didn't even know she had. Along the way, she finds grounding with her new coworkers -- but not without plenty of comedic, out-of-touch-millionaire flaps along the way. The show was co-created by Alan Yang, who was also involved in Parks and Rec and Master of None.
Apple
Home Before Dark (2020- )
Inspired by the reporting of real-life journalist Hilde Lysiak, Home Before Dark follows the story of a young girl who moves from Brooklyn to a small lakeside town. It starts slow but features some strong central performances, particularly in the lead role.
Apple
Truth Be Told (2019- )
Truth Be Told is a drama for true-crime fans, riding the recent trend of crime podcasts in a fictionalized form. Octavia Spencer and Aaron Paul play a podcaster and a prisoner united by a horrific crime years before, kicking off a whodunit that draws in both their families in an entertaining mix of a character-driven drama like Big Little Lies with true-crime stories like Making a Murderer and The Staircase.
Apple
Servant (2019- )
Sixth Sense director M. Night Shyamalan brings his brand of creepy domestic drama to episodic TV in Servant, created and written by Tony Basgallop. After a devastating loss, two bereaved parents adopt a hyperrealistic baby doll to help them tackle their grief, but danger and deception lurks in the nursery.
Apple TV Plus
The Afterparty (2022- )
A comedic murder mystery in the same vein as Rian Johnson's 2019 film Knives Out, The Afterparty is a star-packed whodunnit that will keep you guessing and laughing with each episode. Tiffany Haddish, Dave Franco, Ilana Glazer, Ben Schwartz and more lend their talents to the show. If you're one to opt for a mystery-comedy mixture, The Afterparty should shoot right to the top of your to-stream list.
Severance (2022- )
This show has a fascinating premise: People can choose to undergo a procedure called severance, which separates their work-related and personal memories. Adam Scott's character spends eight hours of the day in a sanitized, strikingly white office space with no recollection of his outside life. Soon, a former co-worker shows up with a warning about the strange company. A mind-bending and suspenseful sci-fi thriller -- enjoying Severance is no work at all.
Apple TV Plus
The Shrink Next Door (2021)
In my book, any show that casts both Will Ferrell and Paul Rudd as its leads is already doing something very right. In the drama miniseries The Shrink Next Door, Ferrell and Rudd play characters on opposite ends of the personality spectrum -- Ferrell is a sniffling, timid textile business owner, and his co-star is an egotistic therapist with manipulative tendencies. When the two are together, the result is both unsettling and tantalizing, making The Shrink Next Door something you'll want to check out for yourself.
Apple
Ted Lasso (2020- )
You don't need to like sports to love comedy series Ted Lasso. Produced by the show's Golden Globe-winning star Jason Sudeikis with Scrubs creator Bill Lawrence, it follows relentlessly upbeat American coach Ted Lasso as he takes charge of an English soccer team. Think of it as Friday Night Lights crossed with Saturday Night Live (in London). Season 2 is streaming now.
Apple
For All Mankind (2019-)
For All Mankind offers an alternate timeline of what would have happened if the Soviets had landed on the moon first. The short answer is the never-ending militarization of space, but the show is so much more expansive than that. If you're looking for a sci-fi thriller with plenty of interpersonal drama and political intrigue, For All Mankind is solid choice.
Apple TV Plus
Tiny World (2020- )
A nature show, focused on small creatures, narrated by Ant-Man himself, Paul Rudd. Absolute genius.
Like seemingly every single one of these modern nature documentaries, Tiny World is gorgeously shot and brilliantly compelling.
Apple
Long Way Up (2020)
Ewan McGregor and Charlie Boorman get back on their bikes and head north from Argentina through South and Central America. In this sequel to the popular travel shows Long Way Round and Long Way Down, the petrolhead duo goes green. They cover 13,000 miles and 13 countries on Harley-Davidson LiveWire electric motorcycles.
Apple TV Plus
Trying (2020- )
In this British comedy, couple Nikki and Jason want to have a baby but struggle to conceive. They decide to adopt -- a process that inevitably throws new challenges their way. Trying offers charm and low-stakes fun, and it also happens to be laugh-out-loud funny. If you're in need of some lighthearted TV time, this show has you covered.
Apple
Little America (2020- )
Ordinary people dream big in Little America. A heavyweight cast tells stories of immigrants living their lives in a heartwarming anthology series packed with a mix of funny, sweet, romantic and often surprising tales.
Apple TV Plus
The Mosquito Coast (2021- )
Justin Theroux stars as Allie Fox, an oddball inventor taking his family off the grid in protest against society's failings. Apple's heavyweight drama is based on the novel by the actor's uncle Paul Theroux (previously filmed with Harrison Ford in 1986). Now season 1 has wrapped up, Apple has already renewed this modern version of The Mosquito Coast for a second season.
Apple TV Plus
Lisey's Story (2021)
Adapted by Stephen King from his own novel, Lisey's Story stars Julianne Moore as a grieving widow spookily revisiting her marriage to her late husband, a famous novelist played by Clive Owen.
Apple
Prehistoric Planet (2022)
Prehistoric Planet gives viewers a look at the world of dinosaurs. Using realistic computer-generated dinos, and structured like a nature documentary series down to the camera shots, it's easy to forget you're not watching real footage. To top is off, David Attenborough narrates.
Apple
Mythic Quest: Raven's Banquet (2020- )
Mythic Quest: Raven's Banquet is a must for anyone with even a passing interest in video games or the industry that produces them. It's unique, funny and earnest in parts. It treads familiar territory but is well worth a watch.
Apple
Dickinson (2019-2021)
Dickinson takes the story of real-life American poet Emily Dickinson and shoehorns it into a period drama of sorts. It's hardly historically accurate -- Emily and her teenage friends act more like characters from Riverdale -- but it is entertaining.
Apple
The Morning Show (2019- )
Reese Witherspoon and Jennifer Aniston produce and star in a timely series tackling office politics in the #MeToo era, as a TV network is rocked by the indiscretions of a host played by Steve Carell. Among the compelling performances, Billy Crudup won Outstanding Supporting Actor in a Drama Series at the 2020 Emmy Awards. The award-winning drama, strong cast and timely themes make The Morning Show worth a watch.
Apple
Defending Jacob (2020)
Chris Evans stars in a dark-tinged legal drama about a family caught up in a Massachusetts murder mystery. Defending Jacob may be familiar territory, but fans of absorbing character-driven crime dramas will get sucked in.
