DRE News Clips
COVERAGE INFORMATION:
California Department of Real Estate (DRE) NEWS CLIPS service coverage:
Monday through Friday (except state holidays) each week includes electronic format articles retrieved from newspapers or news services that report real estate related news in California and some national services. Coverage is for California newspapers that are available electronically via the Internet - and any significant related breaking news.
|
Copyright © , California Department of Real Estate
|
Top Stories
California Association of Realtors publishes open letter in newspapers
ESTELA ANAHI JARAMILLO, The Business Journal
The California Association of Realtors (CAR) placed an open letter in nearly 40 California newspapers Thursday from President Melanie Barker to “mitigate confusion” about a recent legal settlement.
In March, the National Association of Realtors (NAR) announced an agreement to end litigation regarding home sellers’ claims on broker commissions. Under the terms of the agreement, NAR would pay $418 million over approximately four years to resolve the claims against the group.
The open letter can be read here.
National News
The Pool of People Taking Out Mortgages In America Is Becoming Less White
LILY KATZ, ELIJAH DE LA CAMPA, Redfin News
The share of U.S. mortgages taken out by white homebuyers has declined over the last five years, while the share taken out by Hispanic, Black and Asian homebuyers has ticked up. That’s according to a Redfin analysis of 2018-2023 Home Mortgage Disclosure Act (HMDA) data covering mortgage originations for primary homes. This analysis does not cover originations for investment properties or second homes.
New appraisal bias protections apply to reverse mortgage program: FHA
CHRIS CLOW, HousingWire
The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) this week announced a new policy enabling mortgage borrowers to “request a re-assessment of the appraised value of their property if they believe that the appraisal was inaccurate or biased.”
Gen Z adults moving in with parents due to high housing costs
SPENCER LEE, National Mortgage News
Approximately 46% of parents said they had "boomerang" adult-age children who had returned home to live with them at some point, according to research from financial services firm Thrivent. Half of that share attributed the trend to the surging costs of homes and rent, with that particular sentiment increasing by 15 percentage points from just a year earlier.
U.S. Home Price Appreciation Accelerated in February
MICHAEL GERRITY, World Property Journal
Like many economic metrics, the journey toward stabilizing the U.S. housing market is fraught with challenges. Although there has been a modest recovery in home sales and inventories from last year's lows, elevated mortgage rates continue to hamper affordability, deterring many potential buyers. Despite a surge in new listings across various markets, pending home sales have only seen a slight increase, about 5% to 7% higher than last year through March 2024.
California News
Buyers need to make $400K for a Silicon Valley home, highest threshold in US
EMILY LANDES, The Real Deal (Subscription)
Silicon Valley homebuyers need to make more than $400,000 a year to afford a median-priced home in the area — by far the highest threshold in the country — according to data from Clever Real Estate. San Francisco buyers need to make more than $300,000 for a home in the city, the second-highest income required to reach homeownership.
California Housing Is Even Less Affordable Than You Think, UC Berkeley Study Says
ERIN BALDASSARI, KQED 9 San Francisco
As California tries to claw its way out of its housing affordability crisis, policymakers have been asking the wrong question, according to a new study from UC Berkeley. The study, published Thursday by researchers at the Terner Center for Housing Innovation, argues the classic question — “Is a place affordable?” — should instead be supplanted with a new one: “Who can afford this place?”
With fewer Californians and more construction, where are the housing bargains?
JONATHAN LANSNER, Orange County Register (Subscription)
If California’s population is well off its peak, and developers keep on building housing, why does the cost of living in the Golden State remain lofty? Start with the basics: California had 38.2 million residents living in households last year – that’s down 375,800 since 2020, or a 0.9% loss. In the same timeframe, California’s housing stock grew to 14.8 million residences – a 432,700 improvement since 2020, or 3% growth.
This is the Bay Area’s ‘last affordable area.’ Here’s what home prices look like
CHRISTIAN LEONARD, San Francisco Chronicle (Subscription)
Bay Point’s values rose from an estimated $428,000 in March 2020 to $541,000 in March 2024, a nearly 27% increase, according to data from Zillow.
Industry News
Zillow posts fifth consecutive quarterly loss
HARRISON CONNERY, The Real Deal (Subscription)
It’s been over a year since Zillow posted a profit.
The proptech company lost another $23 million last quarter, the fifth straight quarter it’s posted a loss, according to its first quarter earnings report. That’s about the same as its $22 million net loss last year.
Real Estate Technology
Robotics, Sustainability, Resiliency Are Standards For Future Homes
JENNIFER CASTENSON, Forbes
As resistant as the housing industry has been to adopting new technology, some innovations are breaking through the barrier. From the actual home construction all the way to operations and user experience, every part of the home experience is being touched by technology and automation.
Property News
They Found a Rare Species in the Wild: an Original Bolt-Together House
JULIE LASKY, New York Times (Subscription)
The tiny cabin, one of the few extant examples of a popular 1970s design, had no heat or toilet. But it was theirs for $85,000.
A 1970s Office Building’s New Life as a Rental
VICTORIA M. WALKER, New York Times (Subscription)
At first glance, 160 Water Street looks like one of the many office buildings packed close together on the border of the financial district and the Seaport neighborhood of Manhattan. But an office building it is not — at least, not anymore. Pearl House, at 160 Water Street, is the latest in a surge of commercial-to-residential conversions driven by the abundance of unused office space and the advent of remote or hybrid work policies.
In Case You Missed It
NAR clarifies when a buyer contract will be required under settlement
ANDREA V. BRAMBILA, Inman (Subscription)
The National Association of Realtors’ proposed nationwide settlement agreement for multiple antitrust commission cases would require brokers and agents to sign contracts with buyers they are “working with” before a buyer “tours any home.” But what exactly does that mean?
Resources, Webinars, and Other Items of Interest
No stories today
