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.

Thursday, May 28, 2026

Top Stories

Mortgage Rates Hit Fresh Nine-Month High

NICOLE FRIEDMAN, Wall Street Journal (Subscription)
The average rate for a 30-year fixed mortgage rose to 6.53% this week, up from 6.51% last week and the highest level since August, Freddie Mac said Thursday. Mortgage rates are still lower than they were a year ago, but sales are not rebounding. Mortgage applications for home purchases rose 5% year-over-year last week, but they fell compared with the previous week, according to the Mortgage Bankers Association.

‘Borderline Desperate’ Buyers Are Winning Bidding Wars but Risking Deals Over Low Appraisals

SNEJANA FARBEROV, Realtor.com
Desperate to win bidding wars in low-supply, high-demand markets, buyers often offer well over asking price, only to see the deal stall because the appraisal falls short of mortgage requirements. This leaves them with a stark choice—either pay out of pocket to bridge the financing gap or walk away from their dream home.

National News 

‘Inheritance Bullying’ Is Putting Family Homes and Generational Wealth at Risk

Allaire Conte, Realtor.com
Inheritance fights are largely believed to happen only after death: A will is read, a sibling feels slighted, a family home becomes the center of a dispute. But estate experts say a more troubling version of that conflict is starting earlier—while parents are still alive.

CFPB sued over new rule that would weaken fair-lending laws

KATE BERRY, National Mortgage News
The Consumer Financial Protection Bureau is facing a lawsuit over a new rule that significantly weakens anti-discrimination protections under the Equal Credit Opportunity Act.  Under the new CFPB rule, lenders could not be penalized for unintentional discrimination caused by automated algorithms or credit models. Only proven, intentional discrimination would be enforced at the federal level.

Trump Gets a New Fed Chair, but May Not Get Lower Mortgage Rates Anytime Soon

Tristan Navera, Realtor.com
Trump campaigned on a vow to get mortgage rates down to 3% or lower, but they have remained stubbornly above 6% for the most part since he returned to the White House. The president placed the blame squarely on Fed Chair Jerome Powell, calling the central banker a "moron" for his refusal to slash the Fed's benchmark interest rate.

California News

Plan to build more than 12,000 homes in this Bay Area community passes crucial vote

SARAH RAVANI, ALDO TOLEDO, San Francisco Chronicle (Subscription)
The Concord City Council voted unanimously Tuesday to approve a financial agreement with the Navy that would allow a developer to build a residential community that would include 12,272 homes — 25% of which would be affordable — more than 800 acres of parks and 6 million square feet of commercial space. 

Opinion: California treats homelessness spending as action. That’s not a measure of success

TANGELA BABBITT, CalMatters
A UC San Francisco study found that a third of California’s unhoused adults were long term leaseholders who had been evicted, many for the first time. An eviction order increases the probability of homelessness by more than 300%. We understand the pathway into homelessness. What California still lacks is a coordinated system designed to interrupt it before families lose housing.

AI gold rush sends San Francisco rents soaring

FRANCESCA MAGLIONE, Los Angeles Times (Subscription)
In San Francisco’s latest real estate boom, renters are paying cash up front, multimillion-dollar houses are selling auction-style and AI company stock can buy a sprawling hilltop estate. It’s a reflection of the new wave of wealth from the artificial intelligence industry, leaving even well-paid newcomers scrambling for a place to live.

Industry News 

This spring, homebuyers and sellers are finally aligned on price

Claire Boston, Yahoo Finance
There are plenty of reasons to be worried about the housing market this spring: Mortgage rates are stubbornly high and rising. Economic sentiment is dreary. Prices are still out of reach for many aspiring buyers. But despite the gloomy signals, buying and selling activity looks surprisingly resilient. Contract signings have risen for three consecutive months and are outpacing last April’s levels by 3.2%. Completed home sales also eked out a small gain from a month earlier.

Mortgage refinance demand drops 18% as rates hit highest level since August

DIANA OLICK, CNBC
Mortgage rates continued their climb last week, making it harder for current homeowners to save on a refinance. Potential homebuyers also pulled back a bit, causing total mortgage application volume to drop 8.5% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

Real Estate Technology 

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Property News 

California’s Last Surviving ‘Bubble House’ Is for Sale

LINDA LABAN, New York Times (Subscription)
Dome home, bubble home, shell house, airform house: Southern California architect Wallace Neff’s answer to post-World War II affordable housing was called many things. The sole surviving bubble house in the United States is now for sale in Pasadena, Calif., listed at $1.95 million.

In Case You Missed It 

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Resources, Webinars, and Other Items of Interest 

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