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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Thursday, August 14, 2025
Top Stories
As Natural Disasters Become More Costly, Homeowners Foot the Bill
VINCE DIXON, The New York Times (Subscription)
As natural disasters grow stronger and more frequent, data from the Federal Emergency Management Agency shows that the average property damage from fires and severe storms is trending upward in many parts of the country, potentially costing homeowners more to recover. When the president declares an emergency, FEMA inspectors may assess the total amount of damage to individual homes, then give the homeowners a limited amount of aid to supplement insurance coverage and out-of-pocket spending. Data from 20 years of such assessments suggests that damage from fires, hurricanes and severe storms is increasing in the West and the South.
National News
Hawaii Supreme Court clarifies foreclosure timeline for lenders
MATTHEW SELLERS, Mortgage Professional America
Hawaii’s Supreme Court just gave lenders a clear answer: you have twenty years – not six – to file a foreclosure action in the state. This ruling, handed down on August 12, 2025, settles a long-standing question for mortgage professionals and servicers across Hawaii. The case traces its roots back to 2005, when Michael Jon Szymanski took out a mortgage with Homecomings Financial Network, Inc. Things changed in 2008 when Szymanski stopped making payments. The mortgage was then assigned to Aurora Loan Services, and later to Nationstar Mortgage. Eventually, in 2015, Deutsche Bank Trust Company Americas, as trustee for a mortgage-backed securities trust, became the holder.
FOA launches new stock offering in Texas
NEIL PIERSON, HousingWire (Subscription)
Texas-based Finance of America (FOA), one of the nation’s leading reverse mortgage lenders, announced Thursday that it is offering a dual listing of its common stock on NYSE Texas. The newly launched equities exchange is headquartered in Dallas and FOA will be among the handful of founding members. Finance of America will continue to trade on the New York Stock Exchange and will maintain the same “FOA” ticker symbol on NYSE Texas.
California News
Irvine City Council delays vote to swap golf course for housing until 2026
HANNA KANG, The Orange County Register (Subscription)
The Irvine City Council has decided to delay any ballot measure on the future of the Oak Creek Golf Course until 2026, effectively taking a proposed Nov. 18 special election off the table. Mayor Larry Agran said the November date was impractical and too costly. The city would face an estimated $2 million bill and residents would be voting days after a likely statewide redistricting measure on Nov. 4.
Central Valley homeowners are watching property values sink with the land
IAN JAMES & GRACE TOOHEY, Los Angeles Times (Subscription)
In parts of the San Joaquin Valley, sinking land has become such a serious problem, it’s beginning to depress home prices, new research shows. Homes in large portions of California’s Central Valley have been sinking, as have roads, bridges, canals and levees, as too much water is drawn out of underground aquifers. Now researchers at UC Riverside have found that home prices are 2.4% to 5.4% lower than they would be if the land were stable, translating to losses of $6,689 to $16,165 per home. The study looks at sales between 2015 and 2021.
Industry News
Mortgage rates hit 4-month low and have more room to drop
MATT CARTER, Inman(Subscription)
Homeowners rushed to refinance last week, and lender data shows homebuyer demand for purchase loans is up 17 percent from a year ago with Federal Reserve rate cuts on deck.
Ex-Fannie Mae employees accuse leadership of defamation in new lawsuit
FLÁVIA FURLAN NUNES, HousingWire (Subscription)
Dozens of former employees are suing Federal Housing Finance Agency (FHFA) Director Bill Pulte, Fannie Mae CEO Priscilla Almodovar and the government-sponsored enterprise (GSE) for defamation, alleging they were wrongfully linked to fraud after being fired in April over donations made through a charitable program. The two lawsuits — filed Monday in Virginia’s Fairfax County Circuit Court by 41 former employees — cite public comments by Pulte on X and in media interviews, as well as statements from Almodovar in a news release, alleging the terminations were tied to fraud. The plaintiffs said these claims are false.
Mortgage rates drop to another new low for 2025
LOGAN MOHTASHAMI, HousingWire (Subscription)
Mortgage rates reached a new 2025 low today, despite core inflation running at 3.1% year over year, according to the CPI report this week. The softening labor data and improved mortgage spreads currently overshadow any concerns about inflation. If the jobs data were exceeding estimates, the situation would be different.
OneTrust challenges mortgage coaching neutrality in suit over trade secrets
FLÁVIA FURLAN NUNES, HousingWire (Subscription)
OneTrust Home Loans filed a lawsuit this week challenging the long-promoted neutrality of mortgage coaching programs, alleging the services were used by a rival to gain a competitive edge.
Bank of America, PNC share top spot in Keynova’s Mortgage-Home Equity Scorecard
SARAH WOLAK, HousingWire (Subscription)
Keynova Group announced on Wednesday the results of its 2025 Mortgage-Home Equity Scorecard, a consumer experience benchmark that evaluates the top 12 U.S.-based mortgage and home equity lenders. Bank of America and PNC tied for first place in the annual Scorecard. The Scorecard, syndicated since 2005, reviews the digital capabilities and user experience at 12 of the top bank and non-bank lenders in the U.S. This includes eight of the largest financial institutions in home lending: Bank of America, Chase, Citi, Citizens, PNC, Truist, U.S. Bank and Wells Fargo.
Cities grapple with short-term rental rules as 2026 FIFA World Cup approaches
ASHLEY FAHEY, The Business Journals (Subscription)
As World Cup host cities prepare for an influx of visitors, some may reconsider their stance on short-term rentals.
Real Estate Technology
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Property News
The Biggest Estate in a Historic Hudson Valley Village Lists for $29.5 Million
E.B. SOLOMONT, The Wall Street Journal (Subscription)
At roughly 151 acres, an estate asking $29.5 million is the largest ever to hit the market in the historic gated community of Tuxedo Park, N.Y. The lakefront circa-1920s estate in Orange County is known as Renamor, according to listing agent Richard Ellis of Ellis Sotheby’s International Realty. If it sells for close to the asking price, it could set a county record, he said.
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