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
The Typical Home Is Selling For Less Than List Price, the First Time That Has Happened in Late Spring Since Start of Pandemic
DANA ANDERSON, Redfin News
The typical U.S. home that sold during the four weeks ending June 23 sold for 0.3% less than its asking price. This marks the first time the typical home has sold under list price this time of year since the onset of the pandemic in 2020, when the housing market nearly ground to a halt. The typical home sold for exactly its list price one year ago, and roughly 2% above its list price two years ago.
National News
Pending home sales plummet to all-time low in May: NAR
BROOKLEE HAN, HousingWire
After rising in March, pending home sales continued to slide in May, with the Pending Home Sales Index (PHSI) posting its second consecutive month of declines to reach a record low, according to data released Thursday by the National Association of Realtors (NAR).
U.S. Mortgage Debt Soars to $20.3 Trillion in Q1 2024
MARCO SANTARELLI, Norada
As of the first quarter of 2024, total mortgage debt in the United States stood at a staggering $20.3 trillion, according to data from the Federal Reserve Economic Data (FRED). A significant portion of this debt is tied to single-family and multi-family residences, amounting to over $14 trillion. American households and nonprofit organizations hold about $13.1 trillion of this debt.
California News
California granted over $16 million for affordable housing
XUANJIE COCO HUANT, NBC 4 Los Angeles
California has four of the 21 communities that will receive the competitive Pathways to Removing Obstacles to Housing (PRO Housing) grant from the U.S. Department of Housing and Urban Development (HUD). PRO Housing provides grant funding to help communities address local housing barriers such as outdated regulations and land use policies, inadequate infrastructure, lack of available financing for development, etc.
Bay Area will decide California’s biggest housing bond ever
BEN CHRISTOPHER, CalMatters
A newly created regional housing finance authority for the entire San Francisco Bay Area will send a bond of up to $20 billion to the ballot. But the fate of its statewide counterpart looks bleak.
State Farm seeks steep home insurance hikes in California
TRD STAFF, The Real Deal (Subscription)
State Farm General, a California unit of the Illinois-based insurance giant, asked the state Department of Insurance to allow the firm to raise homeowners insurance rates by an average of 30 percent for homeowners, 36 percent for condominium owners and 52 percent for renters, the San Francisco Chronicle reported.
Industry News
A tale of two buyer agreements, and why one triggered the DOJ
AJ LATRACE, Real Estate News
The Consumer Federation of America blasted C.A.R.’s agreement but praised eXp’s contract. A CFA Fellow told Real Estate News he was “stunned” by the contrast.
MLS PIN forges ahead with rule changes over DOJ objections
ANDREA V. BRAMBILA, Inman (Subscription)
A large broker-owned multiple listing service that has attracted the attention of the Department of Justice is changing its commission-related rules, despite the federal agency’s view that the rules don’t go far enough.
Real Estate Technology
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Property News
‘We have faith in our federal partners’: Graceland fraud case takes another turn
ANGIE ORELLANA HERNANDEZ, Los Angeles Times (Subscription)
The bizarre fraud case investigating an attempt to sell Elvis Presley’s historic Graceland mansion is being kicked up the chain to federal law enforcement.
The investigation is taking a turn more than a month after a judge blocked a foreclosure sale of the property, Amy Lannom Wilhite, communications director for Tennessee Attorney General Jonathan Skrmetti, told CNN Wednesday.
Architectural Iconography From 1964 Arrives On The Orange County Market
NIELSEN DINWOODIE, Forbes
Time travel. Is it really a thing? For any aficionado of mid-century design, standing in the orbit of a particular house in Dana Point, Orange County, the answer is absolutely yes.
In Case You Missed It
Considering Housing Inventory: Why Both New and Existing Supply Matters
ROBER DIETZ, Eye on Housing
Total (new and existing) home inventory is an important measure for gauging and forecasting home prices and home construction impacts. The intuition is clear: more inventory yields weaker or declining home price growth and home building activity. Lean inventory levels lead to price growth and gains for home building.
Resources, Webinars, and Other Items of Interest
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