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.
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Copyright © , California Department of Real Estate
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Top Stories
Home prices soar even higher in February, despite higher mortgage rates, says S&P Case-Shiller
DIANA OLICK, CNBC
Strong demand and tight supply continue to push home values higher, even though mortgage rates are now moving higher again.
Home prices in February jumped 6.4% year over year, another increase after the prior month's annual gain of 6%, according to the S&P CoreLogic Case-Shiller national home price index released Tuesday. It was the fastest rate of price growth since November 2022.
Broker commission settlements inch toward $1B
SHERIDAN WALL, The Real Deal (Subscription)
Settlement dollars are stacking up for the home sellers suing the nation’s largest brokerages and trade group.
HomeServices of America last week announced a $250 million deal to settle claims that it violated antitrust laws by conspiring with the National Association of Realtors to inflate agents’ commissions.
Until the agreement, the firm was the last defendant standing in the Missouri-based case known as Sitzer/Burnett. Others named in the case — including NAR, Anywhere Real Estate, Keller Williams and RE/MAX — previously agreed to settle for a combined $627 million. HomeServices’ potential payout, which is pending court approval, would bring the total to about $877,000. That’s not including settlement agreements proposed in similar lawsuits around the country.
National News
Office-Loan Defaults Near Historic Levels With Billions on the Line
PETER GRANT, Wall Street Journal (Subscription)
More than $38 billion of U.S. office buildings are threatened by defaults, foreclosures or other forms of distress, according to data firm MSCI. That is the highest amount since the fourth quarter of 2012 in the aftermath of the 2008-2009 financial crisis.
March 2024 Rental Report: Median Asking Rents Continue To Decline
JIAYI XU, DANIELLE HALE, Realtor.com
In March 2024, the U.S. median rent continued to decline year over year for the eighth month in a row, down -0.3% for 0-2 bedroom properties across the top 50 metros, a pace similar to the -0.4% seen in February 2024. The median asking rent was $1,722, up by $14 from last month following a typical seasonal trend.
US mortgage delinquencies decline for first time in 6 months
CANDYD MENDOZA, Mortgage Professional America
For the first time in six months, the overall delinquency rate fell from a year earlier, reaching 2.8% in February. According to a new report by CoreLogic, this positive trend indicates that the vast majority of borrowers remain financially resilient enough to make timely payments.
Fannie Mae single-family volume drops close to 24-year low
BONNIE SINNOCK, National Mortgage News
Fannie Mae struggled with single-family loan purchase volume in the seasonally weak first quarter, when it fell to depths not seen since the third quarter of 2000, but other strengths netted it a small gain.
California News
Southern California home price hits record $753,000 as sales drop
JONATHAN LANSNER, Los Angeles Daily News (Subscription)
The six-county region had 14,176 completed sales in March of existing and new houses, townhomes, and condos, according to data released by CoreLogic on Monday, April 29. This was off 8% from a year ago and represents the second-lowest sales for a March in Southern California since 1988. Only March 2008, amid a global financial collapse, had fewer sales. This March’s buying pace also ran 39% below average.
Malibu agrees to get housing plan in order, but still vulnerable to builder’s remedy
DARIA SOLOVIEVA, The Real Deal (Subscription)
Malibu’s settlement with the state will “enable the city to reach compliance with the state’s Housing Element Law,” which requires California cities plan for the development of new housing through 2029, the California Department of Housing and Community Development (HCD), Governor Gavin Newsom and Attorney General Rob Bonta said in a statement.
‘People are tired of waiting’: San Diego home price hits all-time high even as mortgage rates rise
PHILLIP MOLNAR, San Diego Union-Tribune (Subscription)
San Diego County’s median home price hit a record high of $865,000 — despite rising mortgage rates. The median price was up 9.5 percent in a year in March, said CoreLogic data released Monday and up from the previous peak of $850,000 in November. San Diego County was part of a trend of rising home prices across Southern California as dedicated buyers competed over few homes for sale.
Industry News
2023: A Terrible, Horrible, No Good, Very Bad Year For Mortgage Bankers
RYAN KINGSLEY, National Mortgage Professional
Last week the Mortgage Bankers Association (MBA) released its Annual Mortgage Bankers Performance Report for 2023, showing 36% of reporting institutions posted positive net financial income, down from 53% in 2022.
Real Estate Technology
How Do You Ensure AI Ethics in Insurtech?
CoreLogic
The applications for generative AI in insurance continue to grow as well thanks to this technology’s ability to ingest enormous amounts of data and assist humans in making better, data-driven decisions.
However, insurance providers must be mindful of the regulatory environments they operate within. There are compliance requirements — and therefore ethical considerations — that insurance companies must heed when using AI.
Property News
No stories today
In Case You Missed It
Commissions lawsuits FAQ: Answers to top questions
Real Estate News
The National Association of Realtors reached a deal in March to settle a growing number of lawsuits that challenge the way real estate agents get paid. This settlement — which still needs to be approved by a judge — has created a wave of uncertainty and concern about the future. But the picture is becoming clearer.
Credit Union Smishing Scam
Coast Central Credit Union (CCCU) has advised the DFPI that their call center has received numerous calls from members and non-members indicating that they received fraudulent SMS text messages that purport to be from CCCU. It is believed that they are being sent to 707 area code numbers in hopes of getting clicks or calls.
All the URLs are from the inet2 domain with .org TLD extension. Examples: http://BNKofcoastcentral-u9.inet2.org, digitalcoastcentral-a.inet2.org, http://digitalcoastcentral-y1.inet2.org, and http://digitalcoastcentral-p1.inet2.org. Notice also that these sites are not secure so there is no certificate being sent.
CCCU is definitely seeing its members experiencing fraud and there are financial losses associated with this smishing campaign.
You can avoid becoming a victim of a smishing attack by following a few simple steps don’t click on links or call telephone numbers of unknown senders; don’t follow urgent instructions to visit a website; don’t give out your personal information, such as passwords or account numbers, and contact your financial institution if you mistakenly respond to a smishing message.
Resources, Webinars, and Other Items of Interest
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