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 2022, California Department of Real Estate

Links to web sites do not constitute an endorsement from The California Department of Real Estate. These links are provided as an information service only. It is the responsibility of the user to evaluate the content and usefulness of information obtained from these sites. DRE does not provide full text articles - user must access expired articles via newspaper archives online or local public library.

      

CALIFORNIA NEWS

 Mayor Breed lays out plans for S.F. to build 82,000 housing units in the next 8 years

  J.K. DINEEN, J.D. MORRIS - The San Francisco Chronicle (Subscription) - 02/07/2023

Mayor London Breed will introduce an executive order Tuesday that lays out in explicit terms how and when the city will make the changes needed to build 82,000 housing units over the next eight years. The goal was laid out in a road map to building more housing approved by the state last week.
The directive calls for a series of executive and legislative actions aimed at eliminating much of what makes San Francisco among the most expensive and difficult places to build housing in the United States.


 ‘We basically sleep with the roaches.’ Tenants sue at large South L.A. apartment complex

  LIAM DILLON - The Los Angeles Times (Subscription) - 02/07/2023

Nearly 100 residents of a large, troubled apartment complex in South Los Angeles have sued their landlord in recent months, alleging rampant vermin infestations, faulty plumbing, deficient electricity and heating and other significant habitability problems.
The claims made across three Los Angeles County Superior Court lawsuits filed since December reflect deep frustrations from tenants at Chesapeake Apartments against their landlord, Pama Properties. Although residents have long complained about the World War II-era, 425-unit complex, the issues came into public view last spring when city code enforcement and public health officials found sewage being discharged on public grounds outside the apartments and squalid conditions inside.
 Helping homeowners: California expands mortgage relief

  ALEJANDRO LAZO - CalMatters - 02/07/2023

The state is expanding mortgage relief to more California homeowners who are struggling through the pandemic. The program now covers second mortgages and loan deferrals, with a maximum total grant of $80,000.
 Editorial: Let skid row have affordable and market-rate housing. It’s the forward-looking thing to do

  THE TIMES EDITORIAL BOARD - The Los Angeles Times (Subscription) - 02/05/2023

For more than a century, skid row has been a community of last resort. In the early 20th century, it was the area, on the east side of downtown, where the railroad ended, depositing immigrants and men seeking better work. With little money in hand they stayed in hotels, flophouses and religious missions. Some never found the success they sought and simply stayed on skid row, sometimes falling into the grasp of addictions.
Over time, skid row became the part of the city that tolerated those unwanted elsewhere — the addicted, the poor, Black people. The housing stock, mostly of single-room occupancy hotels, was cheap, but about half of it was demolished from the mid-1960s to the mid-1970s when owners decided they would rather tear their buildings down than make city-ordered repairs. In the 1970s the city adopted an official policy of “containment” — concentrating cheap hotels, shelters and service agencies on skid row to both take care of residents and prevent them from setting up in other parts of downtown or the city. It was born of a desire by leaders to help and also to wipe their hands of the misery there.
 Environmental groups sue Northern California city of Chico over approval to build new homes without assessing risk of wildfires

  AMORA EVANS - Jurist.org - 02/05/2023

A coalition of environmental groups Friday sued the city of Chico in Northern California over its approval to build 2,777 new homes and other public facilities—without assessing the risk of wildfires in the area. The Valley’s Edge Specific Plan (VESP) will include housing, as well as parks and public facilities for the elderly.
Since 2019, the city has been preparing an environmental impact report (EIR) for the project and decided that the project would result in “significant and unavoidable impacts.” The environmental groups assert that their aesthetic and environmental interests are impacted by the city’s decision. They claimed that the city’s EIR violates the California Environmental Quality Act (CEQA).

NATIONAL NEWS

 Home-Buying Companies Stuck With Hundreds of Houses as Demand Slows

  WILL PARKER, NICOLE FRIEDMAN - Wall Street Journal (Subscription) - 02/07/2023

Ribbon Home Inc. had a fast-growing business during the housing boom. The New York City-based startup purchased homes with cash on behalf of buyers. Then it sold the homes to the buyers at the same price, plus a fee, once the buyers got a mortgage.
This approach made their clients’ offers more appealing, since sellers often prefer all-cash transactions that can close quickly and are considered more reliable. Ribbon has been active in hot markets such as Atlanta and Charlotte.
But last year as mortgage rates surged, some Ribbon customers backed out of their purchases or needed more time to get financing. That left the company owning nearly 400 homes, according to property records analyzed by research firm Attom Data Solutions and confirmed by the company.


 CFPB: Some Mortgage Comparison Sites May Illegally Manipulate Results

  DAVID KRECHEVSKY - National Mortgage Professional - 02/07/2023

The Consumer Financial Protection Bureau (CFPB) on Tuesday issued an advisory opinion it says will protect Americans from double dealing on digital mortgage comparison-shopping platforms.
The CFPB said companies that operate these digital platforms appear to shoppers as though they provide objective lender comparisons, “but may illegally refer people to only those lenders paying referral fees.”
According to the CFPB, when shoppers use a lender that is not the best option for their needs, they may end up with a lower-quality lender or paying thousands more in closing costs or interest.
 Mapping out 253 cities with quarterly declines in home value

  G. BRIAN DAVIS - Inman (Subscription) - 02/07/2023

It’s no secret that the second half of 2022 saw a sharp reversal for real estate.
But all real estate is local, and some markets still see home price growth while others free fall.
Every month, Zillow tracks the median home price in nearly 900 cities. Of those, 253 saw home prices fall in the fourth quarter of 2022.
Unfortunately, the news gets worse from there. When you look at monthly price changes in December the number of cities that lost value jumps to 384, suggesting the pace of declines nationwide seems to still be accelerating.
 Multifamily buyers, sellers at standoff over valuation

  TONY CANTU - Mortgage Professional America - 02/07/2023

What a difference a year makes. After experiencing the best operating environment in its 30-year history, a noted real estate investment trust in now taking a wait-and-see posture as it relates to multifamily valuations.
Camden Property Trust officials laid bare the scenario during the real estate investment trust’s earnings call report on it fourth quarter 2022 performance. The REIT’s chairman and chief executive officer, Richard Campo, detailed the changing environment from that seen last year.
 Growth in pending home sales points to strong buyer demand

  MIKE SIMONSEN - RealTrends (Subscription) - 02/06/2023

Well, friends, Americans are buying houses this winter. Each week housing inventory is falling, and the pending sales are climbing. The market has fewer price reductions and more immediate sales each week. The market is not crazy hot like last year, but the data is irrefutable. I’ve been calling the trend “surprising,” but I’m no longer surprised because it has been so consistent. Available inventory of single-family homes on the market declined by another 1.8% this week to 457,000. It’s not totally unheard of for inventory to creep down for a few weeks in the early part of the year. This year’s change is notable only because inventory was rising unusually fast in September and October.

INDUSTRY NEWS

 Smaller nonbanks facing “come to Jesus moment” as MSR values dip

  BILL CONRY - HousingWire (Subscription) - 02/07/2023

The year ahead for the mortgage-servicing rights market is shaping up to be a lucrative play for investors, lenders and others looking to purchase MSR assets.
Independent mortgage banks (IMBs) leaning on MSR sales, however, now face a supply-demand imbalance, market observers say. That imbalance favors buyers and is expected to be a drag on MSR pricing that threatens to squeeze margins for already struggling IMBs — particularly the smaller players, regardless of whether they sell or retain servicing.


 MBA Seeks Meeting With FHFA Over New GSE Pricing Framework

  DAVID KRECHEVSKY - National Mortgage Professional - 02/07/2023

The Mortgage Bankers Association (MBA) has again raised concerns about changes to the single-family pricing framework for Fannie Mae and Freddie Mac that were announced last month by the Federal Housing Finance Agency (FHFA).
In a letter to FHFA Director Sandra Thompson, MBA President Robert Broeksmit reiterated concerns about the announced changes to the government-sponsored enterprises’ (GSEs) loan-level price adjustments (LLPAs), and in particular the addition of an LLPA based on debt-to income ratios (DTI).

REAL ESTATE TECHNOLOGY

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ADAPTIVE REUSE

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TELEWORK NEWS

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PROPERTY NEWS

 Actor Jim Carrey lists surreal ranch home in California. Check out all its amenities

  TJ MACIAS - The Sacramento Bee (Subscription) - 02/07/2023

Actor and comedian Jim Carrey is saying goodbye to his longtime home in Los Angeles, California. The star of the first and second “Sonic the Hedgehog” movies put the trendy Brentwood ranch-style house on the real estate market for $28.9 million. While the price tag is pretty hefty, the amenities in and around the beautiful property explain the cost.


 What You Get: $3.5 Million Homes in California

  ANGELA SERRATORE - New York Times (Subscription) - 02/06/2023

A Spanish-style house in Los Angeles, a 1925 Mediterranean-style home in San Francisco and a renovated 1978 retreat in Encinitas.

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