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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Tuesday, April 29, 2025
Top Stories
Waging war has come at a cost, Compass says in NWMLS lawsuit
JIM DALRYMPLE II, Inman (Subscription)
The brokerage’s federal court complaint acknowledges that clients have canceled listings and that agents have departed amid a battle with Northwest MLS over how they’re marketed.
FHA walks back Biden-era restrictions on foreclosed property sales
CHRIS CLOW, HousingWire (Subscription)
In walking back policies designed to boost participation in foreclosed property sales for nonprofit and government bodies, the Federal Housing Administration (FHA) said that policies put in place in 2022 that restrict certain sales to these entities for a 30-day period have produced “mixed results at best” and will now be rescinded. Mortgagee Letter (ML) 2022-01 expanded the exclusive listing period for U.S. Department of Housing and Urban Development (HUD) real estate-owned (REO) properties for owner-occupant buyers, HUD-approved nonprofits and government entities from 15 to 30 days. And ML 2022-08 established a 30-day exclusivity period for the same types of entities on FHA’s Claims Without Conveyance of Title (CWCOT) process.
New bill aims to give first-time homebuyers an advantage
CHRIS CLOW, HousingWire (Subscription)
A bill from Democratic and Republican senators seeks to expand two federal programs to boost affordability for first-time homebuyers.
National News
Foreclosure auctions rise in Q1 after VA moratorium expires
JONATHAN DELOZIER, HousingWire (Subscription)
Foreclosure auction activity across the U.S. rose to a six-quarter high during the first three months of 2025, fueled by a surge in properties that hit the market after the expiration of post-pandemic protections, according to a report from Auction.com. Completed foreclosure auctions were up 20% from the previous quarter and up 4% from a year earlier, despite some mid-quarter softening. Scheduled foreclosure auctions, a leading indicator of future completions, also rose 14% quarterly to a five-quarter high. Foreclosure auction volume remains below pre-pandemic levels — currently standing at 49% of what it was in early 2020 — but is steadily recovering.
Housing on Federal Lands Aims to Ease Affordability Crisis
MADELEINE NGO, The New York Times
During his presidential campaign, Donald J. Trump pledged to quickly bring down prices for American households, including making housing more affordable. “We’re going to open up tracts of federal land for housing construction,” Mr. Trump said in August. “We desperately need housing for people who can’t afford what’s going on now.” The Trump administration is now trying to follow through on that promise. Last month, federal officials created a task force that would identify and release federal land that could be used for housing development.
California News
Meet the S.F. group begging the city to build more housing in its ‘rich’ neighborhood
J.K. DINEEN, San Francisco Chronicle (Subscription)
At a time when San Francisco neighborhood groups from the Marina to the Sunset to Fisherman’s Wharf are fighting the city’s plan to allow taller and denser housing, a group of residents in one city enclave have a different message to city planners: Please, upzone us.
Home sales drag across U.S., while Bay Area is nation’s hottest market
KATE TALERICO, The Mercury News (Subscription)
Home sales this spring have been dragging in most U.S. housing markets compared to last March — dipping 2.4% nationwide. But, of course, the Bay Area’s housing market has never been like the rest of the country’s. In March, the region posted the biggest leap in annual home sales in the U.S., highlighting the relentless demand among buyers, despite the economic uncertainty that has dulled enthusiasm elsewhere.
Bay Area developer helps Valero assess vast Benicia refinery’s future
GEORGE AVALOS, The Mercury News (Subscription)
The vast Valero refinery in Solano County could be redeveloped as a result of an assessment of the prime site that Valero and one of the Bay Area’s top real estate firms have just launched. Signature Development, one of the Bay Area’s most successful development and investment firms, is working with energy giant Valero to assess the future of the refinery complex in Benicia.
Industry News
Current market turmoil may be the new normal, says analyst
MATT SEXTON, Mortgage Professional America
The current economic turmoil is making mortgage customers hesitate before entering the housing and mortgage markets – and one analyst worries that if the political climate remains unchanged, the current turmoil could become the new normal. Rich Martin (pictured top) is the director of real estate lending solutions at Curinos, a global data intelligence business that helps banks and fintechs leverage analytics. He is concerned that the temporary effects of tariff-driven uncertainty could become a more permanent condition.
‘Are you kidding me?’ Real estate industry reacts to Compass-NWMLS lawsuit
BROOKLEE HAN, HousingWire (Subscription)
After weeks of buildup, it felt like only a matter of time before Compass would file a lawsuit against Northwest MLS (NWMLS) over the latter’s Clear Cooperation Policy (CCP). On Friday, the wait ended as Compass filed an antitrust suit against NWMLS. The filing includes alleged violations of the Sherman Act and the Washington Consumer Protection Act, along with tortious interference with business expectancy. The suit alleges that NWMLS’s policy — which, unlike the National Association of Realtors’ (NAR) policy, does not allow for private exclusive listings — is the “most restrictive homeowner marketing rule in the country.” Compass goes on to claim that NWMLS has “successfully prevented any meaningful threat to itself and its owner brokerages by adopting and enforcing a series of rules designed to force anyone wishing to buy or sell a home in the Seattle area with the help of a real estate professional to do so through its platform.”
Regulators expected to remove lid on Wells Fargo's growth soon
MATT CARTER, Inman (Subscription)
A $1.95 trillion asset cap that’s limited the bank’s growth could be lifted in Q2 with CFPB and other regulators having closed 12 of 14 consent orders aimed at remedying past business practices.
Real Estate Technology
AI in mortgage is about evolution, not revolution
PATRICK O’BRIEN, HousingWire (Subscription)
AI is everywhere—dominating headlines, conference agendas, and maybe even your smart refrigerator. And yes, it’s reshaping industries, including mortgages. But if you’re expecting AI to magically transform your business into a fully automated mortgage utopia while you sip your latte, it’s time for a reality check.
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