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
Judge Approves $418 Million Settlement That Will Change Real Estate Commissions
DEBRA KAMIN, New York Times (Subscription)
A settlement that will rewrite the way many real estate agents are paid in the United States has received preliminary approval from a federal judge.
On Tuesday morning, Judge Stephen R. Bough, a United States district judge, signed off on an agreement between the National Association of Realtors and home sellers who sued the real estate trade group over its longstanding rules on commissions to agents that they say forced them to pay excessive fees.
Nearly 40% of Homeowners Couldn’t Afford Their Home If They Were to Buy It Today
DANA ANDERSON, Redfin News
Nearly two of every five (38%) homeowners don’t believe they could afford to buy their own home if they were purchasing it today.
Nearly three in five (59%) homeowners who answered this question have lived in their home for at least 10 years, and another 21% have lived in their home for at least five years. That means the majority of respondents have seen housing prices in their neighborhood skyrocket since they purchased their home: The median U.S. home-sale price has doubled in the last 10 years, and has shot up nearly 50% in the last five years alone.
National News
Despite Higher Mortgage Rates, New Home Sales Post Solid Gain in March
ROBERT DIETZ, Eye on Housing
Despite higher interest rates last month, new home sales rose in March due to limited inventory of existing homes. However, the pace of new home sales will be under pressure in April as mortgage rates moved above 7% this month, which is expected to moderate sales and increase the use of builder sales incentives this Spring.
Residential Property Sales Dip Across America in March
World Property Journal
According to the National Association of Realtors, existing-home sales slipped in March 2024. Among the four major U.S. regions, sales slid in the Midwest, South and West, but rose in the Northeast for the first time since November 2023. Year-over-year, sales decreased in all regions.
Home Sellers Consider Ditching Real Estate Agents
ERIXCA DRZEWIECKI, National Mortgage Professional
In a survey by Clever Real Estate, more than three-quarters (77%) of home sellers say commission rates will factor into their decision to hire a real estate agent.
This comes after the National Association of Realtors (NAR) reached a settlement overhauling the traditional commission structure, in which buyers' and sellers' agents split a predetermined amount. Buyers would now need to negotiate their own agent’s compensation, putting more power in the hands of borrowers.
Office sales, construction plummet as market adjusts to new work trends
CANDYD MENDOZA, Mortgage Professional America
The US office market continued to face headwinds in the first quarter, marked by rising vacancy rates across the nation and a sharp slowdown in new development activity, according to a new report by CommercialEdge.
The national office vacancy rate reached 18.2% in March, up 120 basis points year-over-year, as companies embrace remote work models and reevaluate their real estate footprints. The increases are widespread, impacting markets and sectors across the board.
California News
Housing developers win first ‘builders remedy’ battles in fight to bypass local zoning
JEFF COLLINS, Orange County Register (Subscription)
A year-long tug-of-war between California cities and developers over the state’s anarchic “builder’s remedy” law is starting to make its way to the courts as litigants spar over the intricacies of the 34-year-old pro-housing provision.
And if three recent Los Angeles County court rulings are any indication, developers appear likely to come out on top of the building-and-zoning tussle.
California homeowners' insurance exodus: How are homebuyers impacted?
FERGAL MCALINDEN, Mortgage Professional America
Tokio Marine America and Trans Pacific Insurance said last week that they would not renew over 12,500 homeowners policies valued at a premium of $11.3 million starting in July, the latest exits linked to cost increases as a result of wildfire risks.
S.F. prioritized building homes for the ‘missing middle.’ 80% of units sit empty
J.K. DINEEN, San Francisco Chronicle (Subscription)
For years, San Francisco politicians and housing advocates have fought for the creation of “missing middle” housing for workers with incomes high enough to be middle class in most markets, but who are often priced out of the famously expensive city. But developers who have recently built apartments aimed at moderate-income families in San Francisco have discovered a harsh reality: The missing middle seems to have gone missing.
Industry News
60-day clock begins for brokerages seeking to opt into $418M NAR deal
ANDREA V. BRAMBILA, Inman (Subscription)
Plaintiffs in the bombshell Sitzer | Burnett and Moehrl antitrust commission cases asked a federal court Friday for initial approval of a proposed settlement with the National Association of Realtors, triggering a deadline for brokerages left out of the deal to take action to be covered.
Real Estate Technology
No stories today
Property News
How Eight Feet Jolted A $180 Million Real Estate Deal…
JEREMY LECHTZIN, ALIZA AUFRICHTIG, New York Times (Subscription)
Or, How this man’s ideas about the idyllic city made life difficult for developers of this building 200 years later.
When St. Francis College moved to its modern Brooklyn Heights campus in 1963, giving up an older South Brooklyn location, its yearbook heralded the new site with pomp and self-satisfaction: “Finally, an end to waiting: Completion of the job.”
In Case You Missed It
Texas Hail(ed) 2023 a Record-Breaking Year for Insured Losses
CoreLogic
Historically, risk managers have considered severe thunderstorms a secondary peril given the high-frequency but low-severity nature of these events. However, hail is quickly becoming an expensive peril that should be modeled with the same scrutiny as the “big ones” like hurricanes and earthquakes.
Resources, Webinars, and Other Items of Interest
No stories today
