March, 2024

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NAR settles commission lawsuits for $418 million

Housing Wire

The National Association of Realtors has agreed to pay $418 million in damages to settle the commission lawsuits. The story was first reported by the New York Times. NAR’s legal counsel approved the settlement agreement early Friday morning. It has yet to be filed in court. Lawyers for the trade organization told the Times that they anticipate the settlement will be filed in the coming weeks, however it will still be subject to court approval.

Legal 539
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What agents need to know about commission rule changes

Real Estate News

As a part of its proposed settlement, NAR agreed to significant policy changes that will impact how all agents do business — and how buyer agents get paid.

Agents 358
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Association of more than 200 MLSs blasts DOJ ‘flaws’ in Nosalek case

Inman

The Council of Multiple Listing Services, a trade group of about 225 MLSs, united with Northwest MLS on Wednesday to pen amicus briefs exposing alleged flaws in the DOJ's statement of interest.

Agents 201
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NAHB Releases What Home Buyers Really Want, Study Shows Buyers Want Smaller Homes

Eyes on Housing

Continuing NAHB’s commitment to be at the forefront of research on home buyer preferences, the 2024 edition of What Home Buyers Really Want was recently released at the International Builders’ Show. The primary objective of the study is to provide builders, manufacturers, architects, and the general residential construction industry with a thorough analysis of what.

Buyers 195
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New Bill in Congress Targets Real Estate Investors—Here’s Why This Could Be a Big Problem

BiggerPockets

Another bill is targeting real estate investors—this time, with a goal to “help Main Street compete with Wall Street.” What's in the bill? And what are the consequences for investors if passed?

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Desjardins on the likelihood of Canada hitting deficit reduction targets

Mortgagebroker News

Projections indicate a budget deficit surpassing government’s aim of $40 billion annually

More Trending

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Industry seeking clarity — and change — in FHA and VA lending

Real Estate News

NAR this week sent letters asking government lending agencies to allow buyers to finance agent compensation. Thursday, it started getting answers.

Lending 353
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Barbara Corcoran on the $418M NAR settlement: It’s ‘not a big deal’

Inman

Corcoran told Yahoo! Finance she doesn't believe the effects of the settlement will be as earth-shattering as many make them out to be, but that "the confusion it's causing is amazing.

Finance 200
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Job Growth Continues to be Strong Across Most States at the Start of 2024

Eyes on Housing

Nonfarm payroll employment increased in 42 states and the District of Columbia in January compared to the previous month, while eight states saw a decrease. According to the Bureau of Labor Statistics, nationwide total nonfarm payroll employment increased by 229,000 in January, following a gain of 290,000 jobs in December. On a month-over-month basis, employment.

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How a Squatter in Oregon “Stole” a Property, and the Rising Tide of Disputes Ending Badly for Landlords

BiggerPockets

“I always thought stealing was wrong,” real estate investor and developer George McCleary remarks at the end of a viral video posted on social media last month, “But turns out, if you steal a […]

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Here's how young Canadians are leaping into homeownership

Mortgagebroker News

Survey shows under-30s are redefining deal-breakers

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Mortgage rates helped by the Fed’s moderate stance

Housing Wire

Mortgage rates had a chance to break to new highs this year, but the Federal Reserve took a moderate tone at the last Fed meeting. We saw the benefit of lower mortgage rates with the last two existing home sales reports, which showed growth. Then mortgage rates rose, facilitating five weeks of negative purchase application data. As rates were hitting year-to-date highs, the fear was that the Fed would go hawkish in their March meeting, which could push mortgage rates toward 8% and tank 2024 dema

Mortgage 510
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These MLSs could be on the hook for $34 million

Real Estate News

The 30 broker-owned or hybrid MLSs not covered by NAR’s settlement agreement must decide whether to pay into a settlement fund, request mediation, or fight on.

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Compass to pay $57.5M to settle commission lawsuits

Inman

The news comes one week after NAR's whopping $418 million settlement was announced. Compass also agreed to make some minor changes to its business practices as part of the settlement.

Business 200
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Mortgage Activity Jumps after Falling for Three Consecutive Weeks

Eyes on Housing

Per the Mortgage Bankers Association’s (MBA) survey through the week ending March 1st, total mortgage activity increased 9.7% from the previous week, and the average 30-year fixed-rate mortgage (FRM) rate fell two basis points to 7.02%. The 30-year FRM has risen 22 basis points over the past month as rates remain right around seven percent.

Mortgage 187
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Home Prices Are Falling in These 10 Markets—Are They Ripe for Investing?

BiggerPockets

Falling prices haven't been common in today's market. With higher mortgage rates and low inventory, many investors have waited on the sidelines. Is now the time to plunge back in?

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Big Six Canada banks: How concerning are climbing credit loss provisions?

Mortgagebroker News

Banks continue to stash away funds for potential loan losses

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Keller Williams faces three lawsuits tied to its profit-sharing program 

Housing Wire

Three agents formerly affiliated with Keller Williams Realty — Jerri L. Moulder, David L. Bueker and Robert E. Hill — have taken legal action against the real estate brokerage by filing three separate class-action lawsuits, Inman first reported on Tuesday. The lawsuits contest alterations made to Keller Williams’ profit-sharing program, with one of them seeking a court order to halt further payouts until the case concludes.

Brokerage 493
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California homeowners face another insurance company pullout

Real Estate News

State Farm, which stopped issuing new homeowner policies in the state last year, will no longer renew existing policies starting in July.

Insurance 349
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WATCH LIVE: Ed Zorn, NextHome CEO on the $418M NAR settlement

Inman

NextHome CEO James Dwiggins, Strategic Officer Keith Robinson and Ed Zorn, the California Regional MLS general counsel, tackle NAR's big settlement. Stream it live, exclusively at Inman.

Realtors 201
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Seven Percent of Builders Now Build Barndominiums

Eyes on Housing

Over the past decade, use of the term “barndominium” (indicating a structure that is, in some sense, a combination barn and condominium) has become increasingly widespread in real estate media outlets. In fact, the term has become popular enough for NAHB to include a question about it in its survey for the February 2024 NAHB/Wells Fargo Housing Market Index.

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Scammers Are Using AI Deepfakes to Steal Millions of Dollars, Including Real Estate—Here’s How You Can Protect Yourself From Fraud

BiggerPockets

Earlier this year, a group of scammers in Hong Kong used deepfake technology to steal more than $25 million from a company by impersonating its CFO. Real estate titles are already subject to fraud, and with AI tech, it could get even worse. Here's how to protect yourself.

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Economists urge Trudeau to cut spending to lower rates

Mortgagebroker News

Fiscal prudence is needed to ease cost-of-living pressures

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‘Find buyers before agents!’ Mortgage industry reacts to the NAR settlement

Housing Wire

The National Association of Realtors (NAR) settlement of commission lawsuits nationwide is expected to force mortgage lenders and loan officers to find new ways of approaching listing agents and borrowers, give LOs a more significant role in the home-buying process, and encourage housing professionals to pursue dual-licensing, industry experts told HousingWire.

Buyers 498
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94 brokerages left out of NAR commissions deal. What’s next?

Real Estate News

Top companies and MLSs outside the settlement can take part in a streamlined process to pay into a fund — but it could cost millions.

Brokerage 354
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Moehrl attorney: Market shift after NAR settlement ‘will take time’

Inman

Robby Braun, partner at Cohen Milstein Sellers & Toll, addresses "misconceptions" about the NAR deal's impact and says Realtors who try to ignore the changes "will get left behind.

Realtors 199
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Single-Family Production Shows Signs of Stirring Across the Nation

Eyes on Housing

Led by larger urban metro markets, single-family growth rates are showing signs of a turnaround as moderating mortgage rates and a lack of existing inventory are contributing to a gradual upward trend, according to the latest findings from the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI) for the fourth quarter of.

Inventory 179
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The Rise of “15-Minute Cities,” and if Investors Should Cash In

BiggerPockets

Paris officially implemented the "15-minute city" as an urban planning concept, and now city planners across the world are debating the merits of switching to this model. What is a 15-minute city, and is it something you should invest in?

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Trudeau proposes reforms for renters as housing crisis deepens

Mortgagebroker News

Plans would see rent payments count toward credit score

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As insurance costs rise, Florida homeowners are given a new option

Housing Wire

Florida is reckoning with a severe homeowners insurance crisis. The recent surge in both the frequency and intensity of hurricanes that have battered the state has prompted numerous insurers and reinsurers to exit the market , leaving Florida homeowners grappling with skyrocketing premiums and limited coverage options. According to the Insurance Information Institute , this exodus has resulted in Florida homeowners paying an average of nearly $4,000 a year in insurance , which is nearly three ti

Insurance 483
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Plaintiffs seek whopping $4.7 billion from HomeServices

Real Estate News

The last defendant in the Sitzer/Burnett commissions case said it anticipated the motion and will respond with its own court filings in April.

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Let’s debunk 7 mainstream media falsehoods, post-NAR settlement

Inman

Premier Sotheby’s International Realty President and CEO Budge Huskey corrects the record on commissions — and the potential impact of the NAR settlement on buyers, sellers and agents.

Realty 198
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Strong Rebound in Single-Family Permits at the Start of 2024

Eyes on Housing

Over the first month of 2024, the total number of single-family permits issued year-to-date (YTD) nationwide reached 75,906. On a year-over-year (YoY) basis, this is an increase of 43.1% over the January 2023 level of 53,062. Year-to-date ending in January, single-family permits were up in all four regions. The range of permit increase spanned 67.0%.

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Market Madness: 10 College Markets That Are Great for Cash Flow

BiggerPockets

With the college sports season’s thrilling climax, this is also an exciting time for real estate investors who own rentals in college towns that are being given a high profile.