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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Thursday, 11/21/2024
Top Stories
Mortgage refinancing, auto loans rejected at highest rate since 2013
JONNELLE MARTE, Orange County Register (Subscription)
Despite largely stable demand, applications for various forms of credit were increasingly rejected in 2024, according to a survey released Monday by the Federal Reserve Bank of New York. Americans also became more pessimistic about their ability to tap credit in the future.
US existing-home sales smash barrier for first time in three years
FERGAL MCALINDEN, Mortgage Professional America
The National Association of Realtors (NAR) said Thursday that sales of existing homes improved in all four major US regions last month, hitting a seasonally adjusted annual clip of 3.96 million and rising by 3.4% compared with September.
National News
Construction outlook for 2025 'cloudy' with potential for tariffs, immigration policy, rate cuts
ASHLEY FAHEY, The National Observer
Anirban Basu, chief economist of the Associated Builders and Contractors, said even with the higher interest rates of the past two years, contractors and builders overall haven't seen their pipeline or deal flow rapidly constrict. Rather, their biggest challenge has been labor. While there's been employment growth, it hasn't necessarily kept up with construction starts.
FHA Proposes Looser Boarder Income Requirements For Qualifying
KATIE JENSEN, National Mortgage Professional
FHA programs permit for the purchase, rehabilitation, or refinance of properties that include a single accessory dwelling unit (ADU). Today's proposal by the FHA comes after last year's revision, in October 2023, that allowed rental income from ADUs to be used in calculating a borrower’s effective income for FHA-insured loans.
Homes With Low Natural Disaster Risk Are Rising in Value Faster Than Homes With High Risk for the First Time in Over a Decade
LILY KATZ, ELIJAH DE LA CAMPA, Redfin News
This year marked the first time since 2010 that low-risk homes across three major climate categories—heat, fire and flood—gained value faster than high-risk homes. That may be a sign Americans are growing more responsive to natural disasters. Still, high-risk homes are much more valuable than they were before the pandemic.
California News
These L.A. tenants want to own their buildings. L.A. is collecting millions to help
PALOMA ESQUIVEL, Los Angeles Times (Subscription)
For so many Angelenos, it’s a dream to own a single-family home and build wealth through equity. But having watched for years as housing costs put ownership increasingly out of reach while the cost of rent keeps tenants struggling, advocates say it’s time to take a different approach to home ownership.
Empty offices in Bay Area add up to $5.4B in lost revenue per year
TRD STAFF, The Real Deal (Subscription)
Office landlords in Los Angeles, San Francisco and San Jose stand to lose at least $2 billion a year in revenue lost to vacant workplaces. The three California cities were among the top five U.S. metros with the highest cost of office vacancies, the San Francisco Business Times reported, citing figures from Switched on Business and Cushman & Wakefield.
Industry News
Antitrust lawsuit over MLS access dismissed in California
BROOKLEE HAN, HousingWire
The National Association of Realtors (NAR) is getting a temporary reprieve from the latest antitrust suit it’s fighting regarding “three-way membership agreements” for MLS access. On Monday, the complaint filed earlier this month in U.S. District Court in Los Angeles by John Diaz was dismissed by Judge Dolly Gee.
Mortgage defect growth points to emerging concern
BRAD FINKELSTEIN, National Mortgage News
As both origination volume and interest rates increased during the second quarter, mortgage defect rates rose too, increasing by nearly 15% compared with the first quarter, Aces Quality Management said.
Real Estate Technology
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Property News
Where Are the Most Million-Dollar Homes?
MATT YAN, New York Times (Subscription)
While many metropolitan areas have homes valued at $1 million or more, California is leading the pack.
This $5M Calabasas Midcentury Comes With an Airstream and a Backyard Cantina
DWELL STAFF, Dwell
Set on a four-acre oak grove, the 1956 residence is an entertainer’s dream with lush patios, a container pool, and a quirky ADU.
In Case You Missed It
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Resources, Webinars, and Other Items of Interest
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