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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Monday, 01/13/2025
Top Stories
Newsom suspends 2 environmental laws to jumpstart rebuilding in fire-damaged L.A. communities
PAT MAIO, The Orange County Register
Gov. Gavin Newsom signed an executive order Sunday, Jan. 12, temporarily suspending two California environmental laws in order to speed rebuilding in Los Angeles County wildfire zones. The order lifts, with certain limitations, permitting and review requirements under the California Environmental Quality Act and the California Coastal Act.
National News
Real estate investors face a daunting winter storm
Kennedy Edgerton, HousingWire
It’s mostly doom and gloom for real estate investors heading into 2025, according to a quarterly survey released this week by RCN Capital and CJ Patrick Co. Their Winter 2024 Investor Sentiment Survey showed that only 35% percent of investors consider the market to be “better” or “much better” than a year prior — and not many more think things will improve soon.
California News
Demand for temporary housing is likely to push up rent prices
JEFF COLLINS, The Orange County Register
As thousands of residents displaced from Los Angeles County wildfires look for temporary housing, rent and home prices are likely to rise, local economists predicted. Expect to see demand soar for hotel rooms and short-term rentals.
L.A. wildfires’ economic toll: Devastating losses followed by burst of building
JEFF COLLINS, The Orange County Register (Subscription)
As residents grapple with the enormity of homes and businesses lost, the economic impact of the devastating Palisades and Eaton fires grows larger by the day. AccuWeather’s estimate of property and business losses reached $135 billion to $150 billion by Friday, 10 times greater than the deadly Maui file in 2023. Lives are in disarray. Businesses and jobs are up in smoke. And experts are months away from tabulating the ultimate toll.
Rep. Maxine Waters pushes for serious investigation with proposed wildfire bill
SARAH WOLAK, HousingWire (Subscription)
Less than 10 days into 2025, California is experiencing a multibillion-dollar wildfire disaster that is further shaking up the state’s already vulnerable insurance coverage. Rep. Maxine Waters (D), who represents a portion of the Los Angeles area that is impacted by the damage, is ready to reintroduce a bill at the federal level that would require a study to evaluate the damaging effects of wildfires and the response from the homeowners insurance market.
CEO of California’s third-largest home insurer discusses consequences of L.A. fires
MEGAN FAN MUNCE, San Francisco Chronicle (Subscription)
The ongoing Los Angeles wildfires are the pinnacle in a series of bad blazes that have plunged the state’s insurance market into a state of deep crisis.
Industry News
Supreme Court denies NAR’s appeal request in DOJ case
MARIAN MCPHERSON, Inman
The Supreme Court didn’t explain its reasoning for the decision, which will now allow the Department of Justice to reopen its investigation into the association’s cooperative compensation rule.
eXp must provide Gibson court with settlement negotiations docs
BROOKLEE HAN, HousingWire
Although eXp World Holdings is hoping to move past the commission lawsuits thanks to the proposed nationwide settlement it negotiated with the Hooper suit plaintiffs in Georgia, other courts are not so sure. Last Wednesday, Judge Stephen R. Bough, who oversaw the Sitzer/Burnett trial and is also overseeing the Gibson suit, ruled after oral arguments that eXp must turn over all documents related to the negotiation of its settlement by this coming Wednesday, Jan. 15.
Spain to Try to Limit Real Estate Purchases by Non-EU Residents
RODRIGO ORIHUELA, Bloomberg (Subscription)
Spain’s government will seek to limit the number of houses sold to foreigners by significantly raising the taxes they pay.
Housing demand positive, but at risk from higher mortgage rates
LOGAN MOHTASHAMI, HousingWire (Subscription)
The latest weekly pending contract data from Altos Research offers critical insights into real-time trends in housing demand. It’s been showing positive growth for some time now versus 2022 and 2023 data. We are still showing growth in 2025 versus 2024 data, but the growth rate has slowed to just 1%.
Real Estate Technology
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Property News
Department of Interior approves federal trust status for site of new Bay Area casino
THOMAS GASE, The Mercury News
Plans for a $700 million casino resort sought by the Scotts Valley Band of Pomo Indians advanced Friday with Department of Interior approval of federal trust status for a 160-acre site in Vallejo.
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