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 2023, California Department of Real Estate |
REAL ESTATE COMMISSIONS / LAWSUIT
Moehrl commission lawsuit trial not expected until end of 2024
BROOKLEE HAN - HousingWire (Subscription) - 11/30/2023
If you are waiting on another commission lawsuit trial, it looks like you will be waiting a while. Judge Andrea R. Wood of the U.S. District Court in Chicago indicated this past spring that the trial in the Moehrl commission lawsuit would take place during the first half of 2024. But those plans seem to be in flux after a telephonic status hearing for the case on Wednesday.
During the hearing, Wood stated that she would be able to "try the case likely in the fourth quarter of 2024."
How real estate agents get paid at issue in high-stakes Georgia lawsuit
MICHAEL KANELL - The Sacramento Bee (Subscription) - 11/30/2023
A class action lawsuit filed in a Georgia federal court that's modeled on one that resulted in a huge judgment against brokers in Missouri threatens to shake up the local housing market, mainly by revamping the way that real estate agents for homebuyers are paid. In the Georgia suit, plaintiffs argue that Realtors groups and brokers have forced "excessive costs" and "inflated commissions" on home sellers in an alleged scheme that is "artificially and anticompetitively maintained." They ask the court to declare current real estate practices illegal, violating federal and state law, and award them damages. While not specifying a figure, the suit says plaintiffs have lost "millions of dollars in overcharges and damages."
ADAPTIVE REUSE
No stories today
CALIFORNIA NEWS
Government-backed mortgage loan caps rising to $1,149,825 in OC, LA
JEFF LAZERSON - The Orange County Register (Subscription) - 12/1/2023
As Southern California home prices continue to hover at record highs set during the pandemic-era buying binge, mortgage giants Fannie Mae and Freddie Mac have boosted their caps for high balance and conforming loan limits.
In high cost coastal counties, Los Angeles and Orange counties' high balance loan limits increased to $1,149,825 from $1,089,300. San Diego County's cap rose to $1,006,250 from $977,500 and Ventura County increased to $954,500.
For first time, San Francisco falls to fourth-priciest rental market
EMILE LANDES - The Real Deal (Subscription) - 11/30/2023
San Francisco has dropped another notch and now ranks as the fourth-most-expensive rental market for one-bedroom apartments in the country, according to listing site Zumper.
The city has never dropped this low in the rankings before, said Zumper's Crystal Chen, though rents have been fairly stable all year, with median one-bedrooms "hovering" around $3,000 a month.
"It's more so that other cities have seen growing rents versus SF rents dropping a ton," she said via email.
NATIONAL NEWS
Over One-Third Of Americans Wants A Housing Crash
KEITH GRIFFIN - National Mortgage Professional - 12/01/2023
According to the latest LendingTree survey of over 2,000 U.S. consumers, 44% of Americans think the market is at risk of a housing crash in the next year. And with some non-homeowners believing a crash is the only way they could afford a home, it may not seem surprising that 35% of Americans want the market to crash.
Pending home sales fall to their lowest level in two decades
SARAH MARX - HousingWire (Subscription) - 11/30/2023
Pending home sales in October fell to their lowest level since 2001. As mortgage rates edged near multi-decade highs, pending home sales declined 1.5% in October on a month-over-month basis, according to data released Thursday by the National Association of Realtors (NAR). As a result, NAR's Pending Home Sales Index fell to a reading of 71.4, down from 72.6 in September.
Mortgage rate falls to 7.22%, sliding to lowest level since late September
The Orange County Register (Subscription) - 11/30/2023 - https://www.ocregister.com/2023/11/30/the-average-long-term-us-mortgage-rate-falls-to-7-22-sliding-to-lowest-level-since-late-september/
The average long-term U.S. mortgage rate fell for the fifth week in a row, more good news for prospective homebuyers grappling with an increasingly unaffordable housing market.
The latest decline brought the average rate on a 30-year mortgage down to 7.22% from 7.29% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.49%.
The average rate on a 30-year mortgage is now at the lowest level it's been in 10 weeks, when it was 7.19%.
Zillow predicts a 'breather year' for homebuyers in 2024
BEN VERDE - Inman (Subscription) - 11/30/2023
The nation's leading real estate listings search portal is predicting improvements in inventory and affordability for 2024.
In a forecast released Thursday, Zillow predicted homebuyers will have slightly more homes to choose from at slightly more agreeable prices in the new year - but only by a small margin. Buying a home will remain expensive, but the market will begin to become gradually better for buyers in what Zillow economists called a "breather year."
Multifamily loans will face a critical test in 2024 and beyond
ASHLEY FAHEY - The National Observer (Subscription) - 11/29/2023
Long a darling of the commercial real estate industry, the rental housing market is showing warning signs, as slowing rent growth and demand, higher interest rates, and greater operational expenses test multifamily owners and developers.
The U.S. apartment market absorbed 90,827 units in the third quarter, according to RealPage Inc. While that's an improvement from the negative absorption seen throughout 2022, the approximately 1 million apartments under construction nationally as of the third quarter is still outpacing demand and tempering rent growth in many markets.
INDUSTRY NEWS
Emmy-Winning Director Takes Viewers Inside the World of Mortgage Originators in 'LO Confidential'
CHRISTINE STUART - National Mortgage Professional - 11/30/2023
Ever wonder what it's like to work on commission in a down market? Emmy-award winning director Kirby Bradley tries to give you a taste with "LO Confidential."
It's a new reality show released this week on YouTube that follows three loan originators in three Fairway Independent Mortgage Corporation branches.
The three-part series, which totals about 50 minutes, gives people a glimpse of the industry and the current struggles it's facing getting borrowers from pre-approval to close.
REAL ESTATE TECHNOLOGY
No stories today
TELEWORK NEWS
Oakland office market demand amenities
HANNAH KANIK - The San Francisco Business Times (Subscription) - 11/30/2023
The first "truly postpandemic" high-rise office.
That's how James Ellis, of San Francisco-based developer Ellis Partners, described the office project for which he recently gained entitlements in downtown Oakland. The property, located at 1919 Webster St., will one day be home to a 17-story, 380,000-square-foot building decked out with the features that today's tenants are now looking for - like double-height terraces, indoor-outdoor space and a giant roof deck.
PROPERTY NEWS
Photos: Alamo mansion built by tech billionaire listed for $35 million
PUENG VONGS - The San Jose Mercury News (Subscription) - 11/30/2023
A sprawling mansion in Alamo built by Peoplesoft founder Dave Duffield is for sale for $35 million.
It took three-and-a-half years and $135 million to build the French country-style estate, named Fieldhaven, in 2012. The property sits on 21-plus acres and boasts 10 bedrooms and 22 bathrooms. The estate also has two guest houses and a barn that can house 20 cars.
Michelangelo's Childhood Villa In Florence, Italy, Finds A Buyer
LAUREN BEALE - Forbes - 11/29/2023
It's hard to imagine in today's modern real estate market that an early home of Italian Renaissance artist Michelangelo still exists. But it does and recently changed hands in Florence, Italy.
The historic residence, built between the 14th and 15th centuries, is where the young Michelangelo di Lodovico Buonarroti Simoni grew up and honed his skills.
Set on the upper hills of the village of Settignano, the villa was both home and laboratory for the ardent sculptor and painter, who became an artist's apprentice at 13 and was already receiving commissions as an older teen.
