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, July 22, 2025
Top Stories
California wants regular insurers to grow. But it’s the FAIR Plan that’s growing faster than ever
MEGAN FAN MUNCE, San Francisco Chronicle (Subscription)
A decade ago, the California FAIR Plan was a true insurer of last resort. It insured less than 2 in every 100 homes in the state. Today, it is one of the largest insurers in California. New data from the FAIR Plan shows the insurers’ presence is growing faster than ever before, adding nearly 90,000 new policies in the first half of 2025 alone — a sign that California’s insurance crisis remains in full swing, despite tentative signs of progress.
As mortgage rates move higher, Fed officials mull a cut
NEIL PIERSON, HousingWire (Subscription)
After two straight weeks of declines, mortgage rates have risen for two weeks in a row and returned to the levels seen at the end of June. On Tuesday, HousingWire’s Mortgage Rates Center showed that rates for 30-year conforming loans averaged 6.92%, up 6 basis points from one week ago. Rates for 30-year loans through the Federal Housing Administration (FHA) were up 4 bps to 6.6%, while 30-year jumbo mortgage rates added 7 bps to average 6.58%.
National News
Affordable-Housing Projects Stall Over Proposed Cuts to Rental Assistance
REBECCA PICCIOTTO, The Wall Street Journal (Subscription)
The Trump administration is proposing a $27 billion reduction in federal programs that provide rental assistance to low-income individuals. The proposed 43% cut in these programs is creating enough uncertainty that some lenders are already pulling back, stalling new affordable-housing projects. That is the case for Jeff Fox. In June, the New York City-based real-estate developer was on pace to start construction on a senior affordable-housing facility in Queens, N.Y., by the fall.
Buyers gain leverage amid rising inventory and price cuts
JONALYN CUENTO, Mortgage Professional America
The US housing market is experiencing its highest inventory level in more than five years, according to Zillow’s latest market report. The increase in available homes, coupled with a surge in price reductions, has shifted market conditions closer to balance, giving buyers more options and leverage after years of tight supply and seller dominance.
One-third of Americans financially unprepared for natural disasters
JONALYN CUENTO, Mortgage Professional America
A recent Harris Poll for the American Institute of CPAs (AICPA) showed that 32% of Americans have made no financial preparations for natural disasters, even though 66% expect these events to cause a major (29%) or moderate (37%) impact on their finances.
Two Idaho brokerages, agents named in RICO suit
BROOKLEE HAN, HousingWire (Subscription)
Real estate agents at two Bonner County, Idaho-based brokerages are facing charges of breaching fiduciary duty and engaging in a racketeering scheme with developers to sell defective homes. The suit was filed on Friday in U.S. District Court in Boise by plaintiffs David and Linda Wittwer, The Wittwer Family Trust, Daniel and Sharla Doyle, Daniel L. Doyle and Sharla K. Doyle Trust, Michael and Grace Williams and Lee Wilson. The plaintiffs all purchased homes in a Bonner County, Idaho-based subdivision called Mountain Homestead.
California News
California, eager for homeowners to build ADUs, is helping lower architect fees
KATE TALERICO, The Orange County Register (Subscription)
In California, thanks to a number of state-level interventions in recent years, building an accessory dwelling unit, or ADU, is easier than ever. Still, construction projects, even of a tiny home, are a major undertaking for the average homeowner. Before lining up contractors and breaking ground, a property owner might spend thousands of dollars and wait weeks just to get architectural plans drafted and approved by a local permitting agency. Now, though, California is trying to reduce those up-front barriers as part of a broader push to address its housing crisis.
Californians report unraveling mortgage relief after the fires
SARAH WOLAK, HousingWire (Subscription)
In the wake of massive wildfires that destroyed 16,000 structures in Los Angeles County in January, hundreds of banks and mortgage companies agreed to let borrowers delay their monthly payments for 90 days, without demands for full repayment at the end of the forbearance period. Others simply pledged relief and relocation assistance.
Industry News
Builders’ mortgage aid contributing to higher home prices, Morgan Stanley says
SCOTT CARPENTER, The Mercury News (Subscription)
Home-building companies now commonly reduce borrowers’ mortgage rates on new homes by kicking in some of the financing, but one byproduct of those efforts is that they’ve kept home prices elevated, according to a report by Morgan Stanley.
Lawmaker refers Fed chair Powell for DOJ probe
JONALYN CUENTO, Mortgage Professional America
Representative Anna Paulina Luna, R-Fla., has formally referred Federal Reserve chair Jerome Powell to the Department of Justice for potential criminal investigation, accusing him of perjury and making false statements under oath. The referral alleges two specific instances where Powell purportedly misrepresented facts during testimony and in correspondence regarding the renovation of the Federal Reserve’s Eccles Building.
Agents find marketing magic in low-ball asking prices
MARIAN MCPHERSON, HousingWire (Subscription)
The share of $1 listings has risen 24 percent since 2024, according to Realtor.com. Inman spoke to an agent about the upside — and downside — of the tactic.
Realtor.com: Federal land sales would offer limited housing relief
JONATHAN DELOZIER, HousingWire (Subscription)
Selling federally owned land to private housing developers may help ease inventory shortages in certain areas — but it’s unlikely to solve the nation’s broader housing crisis, according to a new report from Realtor.com. The report estimates that nearly 10 million acres of land would be needed to build 3.8 million homes — the number required to ease inventory shortages. But the potential impact of federal land holdings is limited by geography. Most of these lands are located in the western U.S. and Alaska, far from the population centers that are experiencing the most severe shortages, according to the report.
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