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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Friday, May 09, 2025
Top Stories
House bill markup pushes sale of federal land for housing development
CHRIS CLOW, HousingWire (Subscription)
A markup of a budget reconciliation bill from the House Committee on Natural Resources saw an amendment added that would authorize the sale of thousands of acres of federal land in Nevada and Utah, according to reporting by The Hill and NPR. The move could have significant implications for housing. The amendment was pushed by Reps. Mark Amodei (R-Nev.) and Celeste Maloy (R-Utah), who represent states with significant federal land holdings. The markup also seeks to boost energy production on federal lands, including through oil drilling and mining.
National News
A Kansas City Neighborhood Is a Sea of Vacant Lots. Locals Blame One Company.
LIBERTINA BRANDT, The Wall Street Journal (Subscription)
On an October evening last year, there was a funeral on the streets of the Valentine neighborhood in Kansas City, Mo. The departed: six homes. Residents gathered in front of piles of debris and yellow barrier tape. “Save Valentine,” read one of the signs they carried. The homes were among 23 buildings that were demolished in Valentine during the final months of 2024 by their owner, Kansas City Life Insurance, founded in 1895 and run by the same family, the Bixbys, for four generations. It has been based in Valentine since 1924.
DOJ to investigate Letitia James over mortgage fraud
FLÁVIA FURLAN NUNES, HousingWire (Subscription)
New York Attorney General Letitia James is the target of a criminal investigation related to mortgage fraud, following a referral by Federal Housing Finance Agency (FHFA) Director Bill Pulte, multiple news outlets reported Thursday. The U.S. Department of Justice alleges that James falsely claimed she intended to make a single-family home in Norfolk, Virginia, her primary residence in a mortgage application, despite serving as attorney general in New York. Primary residence mortgages typically offer more favorable loan terms, including lower interest rates.
Washington governor signs 10 housing bills, including rent and property tax provisions
CHRIS CLOW, HousingWire (Subscription)
The housing affordability and inventory crisis across the nation has run into many legislative and logistical challenges at the state and local levels. But lawmakers in the state of Washington have demonstrated their housing priorities by sending a package of 10 bills to the desk of Gov. Bob Ferguson (D). Ferguson was elected in November to succeed three-term incumbent Jay Inslee (D), who aimed to push certain housing moves in state government but often received a mixed reception.
Appraisal Institute executive faces multiple accusations of sexual harassment
JEFF ANDREWS, HousingWire (Subscription)
Craig Steinley, the vice president of the Appraisal Institute, has been accused of sexual harassment by 12 current and former employees of the trade group. An expose published Thursday by The New York Times surfaced the allegations against Steinley, who is also a former president of the institute. The accusations from multiple women range from lewd comments about their bodies to groping. The women say they took their claims directly to the organization, which in one instance reportedly paid an alleged victim $412,000 to settle the matter. According to the Times, at least seven other women took complaints to the institute. Steinley has denied the allegations.
California News
Pacifica can keep its controversial seawalls, California agency says — for a limited time only
TARA DUGGAN, San Francisco Chronicle (Subscription)
Pacifica can use new and existing seawalls to bolster parts of its shoreline for at least 20 years, the California Coastal Commission ruled Thursday – a decision that angered both opponents and supporters of using the walls to defend again storms and sea level.
Affordable housing at El Cerrito BART station gets council backing
SIERRA LOPEZ, The Mercury News (Subscription)
Progress continues on plans to build hundreds of new housing units at the El Cerrito Plaza BART Station after the city council agreed to offer a $350,000 loan and as staff prepares to apply for up to $50 million in state funding to move forward phase three of the project.
Fired SDAR CEO claims wrongful termination ahead of October embezzlement trial
BROOKLEE HAN, HousingWire (Subscription)
The drama involving the San Diego Association of Realtors (SDAR) and San Diego MLS (SDMLS) is ramping up. Last month, Michael Mercurio, the former CEO of SDAR and SDMLS, filed a lawsuit alleging that he was wrongfully terminated. This comes as a separate suit against Mercurio is slated to go to trial in October 2025. In his suit filed in San Diego County Superior Court, Mercurio alleges that the classification of his April 2023 termination from the association “for cause” due to “vague, unsubstantiated, and ultimately disproven allegations” was simply an excuse to avoid paying him a contractual obligated severance package.
Industry News
Average rate on a US 30-year mortgage holds steady at 6.76%, not far from highest levels this year
ALEX VEIGA, The San Diego Union-Tribune (Subscription)
The average rate on a 30-year mortgage in the U.S. held steady this week, not far from its highest levels this year, but below where it was a year ago. The rate stood at 6.76% for the second week in a row, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.09%.
Why homebuyers might be paying too much attention to Fed decisions
FERGAL MCALINDEN, Mortgage Professional America
Hopeful buyers and existing homeowners alike often anxiously hang on the Federal Reserve’s every word for some indication of where mortgage rates are headed in the coming months. But mortgage brokers say focusing too much on the central bank’s role in influencing rates could risk overplaying its importance compared to other factors sometimes overlooked by clients.
Homes.com will 'boost' listings that are banned on Zillow: Florance
MARIAN MCPHERSON, Inman (Subscription)
CoStar CEO Andy Florance on Thursday said the “Boost” tool it rolled out on April 29 will now be available for brokers and homeowners who have been thwarted by Zillow’s private listing ban.
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Pope Leo XIV celebrates first Mass as pope and calls his election both a cross and a blessing
NICOLE WINFIELD, The Orange County Register (Subscription)
Pope Leo XIV, history’s first U.S.-born pontiff, said Friday that his election was both a cross to bear and a blessing as he celebrated his first Mass as the head of the Catholic Church. Leo spoke off-the-cuff in English in the Sistine Chapel to the cardinals who elected him to follow in the footsteps of Pope Francis, who put a commitment to social justice at the core of his papacy. He acknowledged the great responsibility they had placed on him before delivering a brief but dense homily on the need to joyfully spread Christianity in a world that often mocks it.
