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.
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Copyright © , California Department of Real Estate
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Monday, June 8, 2026
Top Stories
Home Sales Climb To Highest Level Since 2022
CZARINNA ANDRES, National Mortgage Professional
Existing-home sales climbed to their highest level since October 2022 in May, fueled by a temporary drop in mortgage rates earlier this spring and an improving supply of homes for sale. The gains came as mortgage rates spent much of April in the low-6% range, allowing buyers to lock in financing before rates moved higher again. The average 30-year fixed mortgage rate was 6.44% in May.
Mortgage Applications Retreat in May, with ARMs Gaining Share
CATHERINE KOH, Eye on Housing
Mortgage application activity declined again in May as higher mortgage rates continued to suppress the market, although adjustable-rate mortgages (ARM) gained some traction. According to the Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, applications fell 5.5% month-over-month in May on a seasonally adjusted basis.
National News
Florida jury awards damages of $47.8M in buyer broker agreement dispute
BROOKLEE HAN, HousingWire (Subscription)
A Miami-Dade County jury found Reuben Ezekiel, Roman Diakiwski and Irene Ezekiel Ishay liable, awarding broker Alex Goldstein $47.8 million tied to a $2.8 million Golden Beach, Florida, home purchase. The case is being watched as brokerages weigh enforcing buyer broker agreements in court.
Mortgage Fraud Risk Falls in Q1
CZARINNA ANDRES, National Mortgage Professional
Mortgage fraud risk continued to ease in the first quarter of 2026, returning closer to historical norms as refinance activity increased and investor loan volume moderated, according to new data from Cotality. The decline comes as refinances accounted for a larger share of mortgage activity, reaching 41% of applications during the quarter.
California News
California reaches $4.6M settlement with Select Portfolio Servicing
SARTAH WOLAK, HousingWire (Subscription)
California Attorney General Rob Bonta on Friday announced a $4.6 million settlement with California-based mortgage servicer Select Portfolio Servicing (SPS). Under the agreement, which is subject to court approval, SPS will pay $1.6 million in civil penalties and provide $3 million in consumer restitution to affected borrowers.
Can you buy a home with Anthropic stock — and see tax benefits? Here’s the reality
KATHLEEN PENDER, San Francisco Chronicle (Subscription)
In a sign that artificial intelligence hysteria may be nearing a peak, some people who are desperate for stock in OpenAI and Anthropic before they go public are offering to sell their Bay Area homes for privately held shares in those San Francisco companies. While such a deal can be done, and has happened in the past, experts say it’s more hype than reality.
Industry News
Real Estate Giants Compass and Zillow Fight Over the Future of the Market
ELIZABETH A. HARRIS, New York Times (Subscription)
Over the past year, Zillow, the country’s largest real estate portal, and Compass, the biggest real estate brokerage in the world, have traded lawsuits and allegations of antitrust violations, all while waving the banner of consumer protection.
Real Estate Technology
AI is creating new challenges, opportunities and questions about the industry’s future
MIKE ROMANO, The Real Deal (Subscription)
Artificial intelligence is quickly becoming one of real estate’s most important customers. At the same time, it’s raising uncomfortable questions about the future of the very jobs that have traditionally powered demand for office, residential and retail space.
Property News
Vermont’s Most Bizarre Real-Estate Listing Is a Free College Campus
OWEN TUCKER-SMITH, The Wall Street Journal (Subscription)
A year after Green Mountain College closed for good in 2019, the school found an unlikely buyer for its stately campus in rural Vermont. The Green Mountain saga has taken an unusual turn, but reflects a more common challenge set off by the shrinking enrollment and financial woes closing colleges nationwide. What happens to the quads and buildings when students leave for good?
In Case You Missed It
‘A Romance Scammer Left Me $850,000 in Debt’: How Fraudsters Target Homeowners To Drain Their Equity
KIRI BLAKELEY, Realtor.com
Romance scams, which often blend with investment scams and are colloquially termed "pig butchering," tend to be vastly underreported due to the victim feeling deeply ashamed. In general, these scams are perpetrated by teams of people working abroad—Nigeria and Ghana are the capitals of romance scams but they exist all over—who are experts at separating targets from their money.
Resources, Webinars, and Other Items of Interest
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National News
First-Time Buyers Stretch Affordability, Turn To 50-Year Loans And Retirement Funds
National Mortgage Professional
A new survey from TD Bank found aspiring buyers are open to alternative financing approaches, including longer loan terms, tapping retirement savings, and taking on higher monthly housing costs in pursuit of homeownership.
Redfin debuts ‘Early Access,’ giving homesellers ‘more control’
DAVE GALLAGHER, Real Estate News
Redfin has introduced a new search category on its website, an addition that the company characterized as an expansion of options for homebuyers and sellers. Redfin Early Access launched May 18. "Early Access" listings will not accrue days on market or publicly display price-drop history, Redfin said, enabling sellers to test the market while buyers gain an early look at home listings they won't be able to find elsewhere.
California News
California’s ‘extraordinary’ $33M tiny home project restarts in LA
TRISTAN NAEVERA, New York Post
California is finally making progress on a stalled program to build tiny homes to address the state’s homelessness crisis. Tiny homes, already popular with homeowners, looked like an attractive way to address homelessness. California is already one of the pioneers of the market-rate small home, and the market is expanding as more states allow them, and more financing comes to the table.
This law aims to prevent investors from flipping distressed California homes. They’re managing to anyway — and going unpunished.
JEFF MCDONALD, San Jose Mercury News (Subscription)
State law lets certain home-buyers outbid the top bidder in foreclosure auctions, in an effort to keep homes from getting bought up by institutional investors. But in several cases around San Diego and more statewide, professional buyers are flouting the law's requirements.
Rents drop in 63% of Southern California
JONATHAN LANSNER, Orange County Register (Subsdcription)
Good news, Southern California tenants: rents are down in roughly two-thirds of the region. Looking at the five cities with the largest rent declines, three are near the January 2025 wildfires. That’s a hint that whatever post-fire demand was created by the widespread housing destruction has largely evaporated.
Industry News
No stories today
Real Estate Technology
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Property News
Home Builders Are Getting Buried in Claims of Shoddy Construction
NICHOLAS G. MILLER, Wall Street Journal
The legal liabilities of some of America’s biggest home builders, including D.R. Horton and Lennar, have surged in recent years as buyers increasingly sue for damages from alleged construction defects. Mounting legal bills represent another headache for the home-building industry, which is already coping with a stagnant housing market by offering buyers significant mortgage-rate buydowns.
In Case You Missed It
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Resources, Webinars, and Other Items of Interest
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