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☆ Mortgage rates fall for third straight week, bringing some homeseekers off the sidelines
▼ + stars: | 2023-11-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Mortgage rates have cooled in recent weeks as markets absorbed the latest economic indicators, including an improving inflation picture. “For the third straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding,” said Sam Khater, Freddie Mac’s chief economist. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “The gap between the 10-year Treasury yield and the 30-year fixed rate mortgage rate is historically around 180 basis points,” she said. “While the gap has narrowed somewhat, the 30-year mortgage rate remains 280 basis points higher than the bond yield.”By historical norms, she said, mortgage rates should be under 6.5%.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Price, Jiayi Xu, Jerome, Powell, ” Xu, Bob Broeksmit, Lawrence Yun, ” Yun, “, Lisa Sturtevant, ” Sturtevant Organizations: DC CNN —, Mortgage, Association, Federal Reserve, Treasury, Consumer, “, National Association of Realtors, Bright MLS Locations: Washington

☆ At their annual mega-party, real estate agents on edge over the potential erosion of their commissions
▼ + stars: | 2023-11-16 | by ( Anna Bahney | Samantha Delouya | ) edition.cnn.com time to read: +10 min

Courtesy National Association of RealtorsKasper echoed those sentiments in a keynote address to agents at the convention on Tuesday, telling agents: “We will continue to listen closely to your feedback. Real estate agents generate about $100 billion in commissions a year, according to the Department of Justice. And about half of that, plaintiffs in the recent case argue, goes to buyers’ agents. Visitors at the National Association of Realtors convention on November 14 in Anaheim, California. She said that buyers’ agreements may have to have wording that says that if a seller doesn’t agree to pay the buyer’s agent commission, the buyer is on the hook for that money.

Persons: Keller Williams, Tracy Kasper, Berkshire Hathaway, Silverhawk, ”, ” Tracy Kasper, National Association of Realtors Kasper, Renée Roqué, Alexis McGee, “, Liu Guanguan, John Natale, Natale isn’t, Lynn Madison, Madison, Chuck Simons, “ It’s, Matt Troiani, Troiani, it’s, ” Troiani, ” ‘, Jim Flanagan, Flanagan, isn’t, Nate Johnson, haven’t, Johnson Organizations: California CNN, National Association of Realtors, NAR, of Justice, NXT, Department of Justice, China News Service, Social Media, Realtors, Coldwell, RedKey Realty Locations: Anaheim, California, Missouri, America, Texas, Berkshire, Boise , Idaho, Stevenson Ranch , California, San Mateo County , California, New Jersey, Anaheim , California, Illinois, Valencia , California, Ocean County , New Jersey, Flanagan’s, St, Louis , Missouri

☆ How Real-Estate Brokers Are Reacting to the Historic Commission Verdict
▼ + stars: | 2023-11-15 | by ( Nicole Friedman | ) www.wsj.com time to read: 1 min

The recent verdict against the National Association of Realtors and large residential brokerages is likely to change the amount of commissions paid by home buyers and sellers, as well as how they are paid out. WSJ’s Laura Kusisto joins J.R. Whalen to discuss. Photo: Tamir Kalifa For The Wall Street JournalResidential real-estate brokerages are seeking to reassure investors after last month’s $1.8 billion verdict against the National Association of Realtors, another potential blow to an industry already reeling from a severe housing-market slowdown. Industry analysts say the historic verdict could prompt changes in how real-estate agents are paid and eventually push commissions down. A federal jury on Oct. 31 found NAR and two large brokerages conspired to keep costs artificially high.

Persons: WSJ’s Laura Kusisto, Whalen, Tamir Kalifa, brokerages Organizations: National Association of Realtors, Industry

☆ You can thank China and record US oil output for lower gas prices
▼ + stars: | 2023-11-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But the cost of crude oil has been largely declining since the middle of October. The average for a gallon of gas in the United States, meanwhile, dropped to $3.37, according to AAA. This “steady, if slow” decline in gas prices, said an AAA spokesperson, may soon gain speed if oil prices continue their descent. They’re more concerned with economic weakness in China and an increase in oil production in the United States. In the first week of November, US crude oil production reached a new record of 13.2 million barrels per day.

Persons: ” David Kelly, ”, ” David Morrison, refiners, ” Craig Erlam, Brent, Chris Isidore, “, Ted Decker, Refinitiv, Read, Homebuyers Organizations: CNN Business, Bell, New York CNN, AAA, Asset Management, Federal Reserve, Trade, China’s National Bureau of Statistics, . West Texas Intermediate, International Energy Agency, Revenue, National Association of Realtors, Census Locations: New York, Europe, Saudi Arabia, Russia, United States, China, Iran, America, United

☆ Cooler monthly inflation report pushes mortgage rates even lower
▼ + stars: | 2023-11-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The drop was due to a sharp bond market rally, after the government's monthly inflation report came in lower than analysts had predicted. As bond yields fell, so too did mortgage rates, which loosely follow the yield on the 10-year Treasury . Mortgage rates had already been declining from their recent highs. The 30-year fixed mortgage rate jumped over 8% on Oct. 19, the highest level in more than two decades. "The interest rate rises should be over, and the Fed will have to consider cutting interest rates seriously.

Persons: Matthew Graham, Lawrence Yun Organizations: Mortgage News, Treasury, National Association of Realtors, CNBC PRO Locations: Chatsworth, Los Angeles , California

☆ Manhattan real estate brokerages are sued for inflating commissions
▼ + stars: | 2023-11-13 | by ( Jonathan Stempel | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +3 min

REUTERS/Mike Segar/File Photo Acquire Licensing RightsNEW YORK, Nov 13 (Reuters) - A lawsuit filed on Monday accuses the Real Estate Board of New York (REBNY) and more than two dozen brokerages and companies of conspiring to artificially inflate commissions paid to agents who help sell residential real estate in Manhattan. That verdict, which a judge can triple to more than $5.3 billion, could upend decades-old practices that require sellers to pay commissions to buyers' brokers. March said it is unclear whether this would result in lower commissions, or delay sales while buyers' brokers negotiate with sellers. The lawsuit seeks damages for sellers of Manhattan residential property in the last four years who paid buyer brokers' commissions under REBNY rules. The case is March v. Real Estate Board of New York et al, U.S. District Court, Southern District of New York, No.

Persons: Douglas, Mike Segar, Douglas Elliman, Monty, Carl Hum, Corcoran, REBNY, Jonathan Stempel, Jonathan Oatis Organizations: REUTERS, Real, Board, New, Corcoran, National Association of Realtors, NAR, ., Court, Southern District of, Thomson Locations: Manhattan's, New York City , New York, U.S, New York, Manhattan, Missouri, Brooklyn, Southern District, Southern District of New York

☆ Here’s how much you need to make to afford a home in America
▼ + stars: | 2023-11-13 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

“First-time buyers tiptoed back into the market this year with less competition and fewer multiple-offer scenarios,” said Lautz. The age of the typical repeat buyer also dropped slightly to 58 from an all-time high of 59 last year. In comparison, the typical downpayment for repeat buyers was 19%, which is the highest share since 2005, when the typical downpayment was 21%. First-time buyers increased their reliance on financial assets this year, which grew to 24% from 20% last year. Of recent homebuyers, 7% were Latino, 7% were Black, 6% were Asian or Pacific Islander and 6% identified as some other race.

Persons: ”, Jessica Lautz, today’s, homebuyers, downpayment, Homebuyers, “ Organizations: DC CNN, National Association of Realtors, Census Locations: Washington, United, United States

☆ Home prices are falling fastest in these 25 cities, helping buyers escape the least affordable housing market since 1985
▼ + stars: | 2023-11-12 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Would-be buyers remain out of luck as property prices steadily climb. The median US home cost $406,900 in Q3, which was 2.2% higher than last year, according to the NAR's Q3 US housing market report released on November 9. 25 cities where home prices receded in Q3Contrary to some pundits' predictions , property prices didn't crater due to lofty mortgage rates. Even more striking is that 11% of metropolitan areas saw prices grow by double digits, which was more than double the prior quarter's 5% rate. Thirty-eight metro areas saw prices fall from 2022 in Q3, and 25 of those saw significant drops of over 1%.

Persons: Lawrence Yun, Yun Organizations: National Association of Realtors, NAR, Homeowners Locations: Northeast, Midwest, West

☆ Buying a House Isn’t Happening, So They’re Spending and Saving Differently
▼ + stars: | 2023-11-10 | by ( Rachel Wolfe | ) www.wsj.com time to read: 1 min

Would-be home buyers are giving up on the housing market and finding other ways to use the money they had been saving. With mortgage rates near 8% and average home prices hitting record highs, sales of existing homes were down 15.4% year-over-year in September, according to the National Association of Realtors.

Organizations: National Association of Realtors

☆ When You Give Up on Buying a House, What Do You Do With the Down Payment?
▼ + stars: | 2023-11-10 | by ( Rachel Wolfe | ) www.wsj.com time to read: 1 min

Organizations: National Association of Realtors

In a TikTok video, different generations revealed the rent prices for their first apartments. Viewers were left shocked after one baby boomer said he paid $98 per month for his first apartment. AdvertisementAdvertisementWhile a growing economy allowed the typical baby boomer to generate wealth, many millennials and Gen Zers have been weighed down by rising inflation and high rental costs. Several people argued that these prices do not account for inflation, but others pointed out that rent prices are still much higher today, even with inflation considered. Most recently, Gen Zers have been speaking out against work culture, arguing 9-to-5 schedules and in-office mandates are flawed.

Persons: boomer, Zer, Gen Zers, @captainmooseknuckless, Xer, Insider's Hillary Hoffower, Xers, Zers Organizations: Boomers, National Association of Realtors Locations: Baltimore , Maryland, Green Bay , Wisconsin, Hoboken , New Jersey, Savannah , Georgia, Denver , Colorado, Michigan, Zillow

☆ Courts Throw the Book at the Realtors
▼ + stars: | 2023-11-07 | by ( ) www.wsj.com time to read: +1 min

Photo: Gene J. Puskar/Associated PressIn the aftermath of “A Big Legal Defeat for the Realtors” (Review & Outlook, Nov. 1), there will be some chaos in the real-estate market. Will a buyer trust the seller’s agent to represent him properly? The United Auto Workers can conspire against three auto makers to increase the cost of automobiles. The teachers unions can conspire for more pay—without any improvement in student results—or to close down schools. Yet it is the real-estate agents and National Association of Realtors who are accused of conspiring to set commission levels, which, from personal knowledge, I know they don’t.

Persons: Gene J Organizations: Associated Press, Realtors, United Auto Workers, National Association of Realtors

☆ How the cost of homebuying and selling will change after landmark court loss over real estate commissions
▼ + stars: | 2023-11-07 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +4 min

A recent jury verdict against the National Association of Realtors and large residential brokerages could upend the residential real estate industry. Here's what real estate agents, homebuyers and sellers need to know about potential changes in residential real estate economics. A bad time for bad news in real estateThe jury verdict comes at a time when many real estate agents are already feeling a pinch. At a time when home sales are already under pressure, "this lawsuit is just another punch in the gut for real estate franchises," said Bill Gross, a self-employed real estate broker associate in California with eXp Realty. Lawsuits focused on fees reinforce the general trend of trying to lower fees in the real estate market, Schipani said.

Persons: Max, Mike DelPrete, Bill Gross, there's, Keefe, Ryan Tomasello, Gilbert J, Schipani, we've, Glenn Kelman Organizations: National Association of Realtors, NAR, realtors, Max Holdings, Federal, University of Colorado Boulder, eXp Realty, Tempus Fugit, Compass Locations: Missouri, Kansas City, St, Louis, Springfield, Columbia, U.S, California

☆ Stocks making the biggest moves midday: Datadog, Re/Max, Planet Fitness, Tripadvisor and more
▼ + stars: | 2023-11-07 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Revenue was $547.5 million, topping the $524.7 million expected. Planet Fitness — Shares rallied 12.4% after the gym chain topped expectations for both earnings and revenue for the third quarter. Vivid Seats beat analysts' expectations for third-quarter revenue, while also offering strong guidance on the measure for 2023 and 2024. Tripadvisor — Shares of the travel website operator jumped 9.5% after the company beat third-quarter earnings and revenue expectations. Hims & Hers Health also raised its full-year guidance and announced a $50 million share repurchase program.

Persons: Max —, Morgan Stanley, Max, StreetAccount, Tripadvisor, Sanmina, Goldman Sachs, D.R, Horton —, — CNBC's Pia Singh, Tanaya Macheel, Sarah Min, Alex Harring, Jesse Pound Organizations: StreetAccount, Revenue, National Association of Realtors, BioMarin Pharmaceutical, Reuters, Elliott Investment Management, BioMarin, Air Products, Chemicals, UBS, Credit Suisse Locations: Swiss

☆ Re/Max shares tumble as Morgan Stanley warns of litigation risks in wake of landmark realtor conspiracy ruling
▼ + stars: | 2023-11-07 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Shares of Re/Max sank Tuesday after Morgan Stanley warned the brokerage firm could be in for some rocky times ahead in the wake of a landmark ruling against realtors and brokerages. Morgan Stanley thinks the ruling could increase the risk of further litigation and expensive settlements. The bank downgraded Re/Max to underweight from equal weight and slashed its price target to $9 per share from $19.50. The brokerages typically take a slice of its agent's earnings. Shares of Re/Max have already lost more than 40% year to date.

Persons: Max, Morgan Stanley, Ronald Kamdem, Kamdem, Sellers, — CNBC's Michael Bloom Organizations: realtors, brokerages, National Association of Realtors

☆ Lawsuits are shaking the NAR’s grip on America’s real estate fees
▼ + stars: | 2023-11-06 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

It’s easy to forget how much we used to rely on real, physical paper and, like, other people to buy basic things. It wasn’t all that long ago that you’d call a travel agent to book a flight. But the sellers argued that in a competitive market, the buyers should pay their own agent’s commission, and negotiate that fee separately. Because even though the NAR says fees are negotiable, the industry has made 5%-6% commissions so standard that most people wouldn’t question it. According to Bloomberg, Realtor commissions are high by global standards.

Persons: CNN Business ’, Anna Bahney, Keller Williams, Bob Goldberg, ”, you’re, you’ll Organizations: New, New York CNN, CNN Business, National Association of Realtors, Homeservices, Keller, Keller Williams Realty, NAR, MLS, Bloomberg, Department of Justice Locations: New York, Missouri, America, Australia

☆ Real-estate agents may be forced to charge home buyers less, thanks to a new $1.8 billion verdict
▼ + stars: | 2023-11-05 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

On Tuesday afternoon at a courthouse in Kansas City, Missouri, the collective nightmare of the real-estate industry became reality. For decades, the basic structure of how real-estate agents get paid when they help someone buy or sell their home has remained roughly the same. Here's how it works: When you list your home for sale on an MLS, you're required to offer a commission to the buyer's agent. The good buyer's agents who can prove their value will be fine, Brobeck predicted. Buyers might also start making offers on the condition that the seller agrees to pay both agents' commissions — otherwise, no deal.

Persons: Burnett, —, Stephen Brobeck, Brobeck, Mike Rosenthal, Rosenthal, Sellers, Saul Klein, you've, Klein, Keller Williams, Bob Goldberg, Inman, Opendoor, James Rodriguez Organizations: National Association of Realtors, NAR, MLS, Consumer Federation of America, Consumer, nab, New York Times, Justice Department Locations: Kansas City , Missouri, Missouri , Illinois, Kansas, California

☆ A $1.8 billion earthquake just hit the real estate industry
▼ + stars: | 2023-11-05 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

On Tuesday afternoon at a courthouse in Kansas City, Missouri, the collective nightmare of the real-estate industry became reality. For decades, the basic structure of how real-estate agents get paid when they help someone buy or sell their home has remained roughly the same. Here's how it works: When you list your home for sale on an MLS, you're required to offer a commission to the buyer's agent. The good buyer's agents who can prove their value will be fine, Brobeck predicted. The wild thing is, the decision could be just the beginning of tumult for the real-estate industry.

☆ After a $1.8 billion verdict, the clock is ticking on the 6% real estate commission
▼ + stars: | 2023-11-05 | by ( Manav Tanneeru | Anna Bahney | ) edition.cnn.com time to read: +7 min

And yet, every day, people across America hire a real estate agent to help them sell a home. While state governments license real estate agents, NAR has an extensive code of ethics it expects members to adhere to. NAR and the brokerages have vowed to appeal the verdict, which means real estate commissions aren’t going anywhere immediately. Last month Redfin, an internet real estate company, left the association. The longer-term impact of the verdict may be that the pairing of buyer’s agent commission and seller’s agent commission will eventually be separated.

Persons: Keller Williams, –, Corcoran —, Kenny Parcell, ”, Mantill Williams, Darryl Frost, homesellers, Stephen Brobeck, ” Brobeck, Jen Davis, ” Davis, “, they’ll Organizations: DC CNN, National Association of Realtors, Homeservices, Keller, Keller Williams Realty, Coldwell Banker, Sotheby’s, Realty, NAR, US Department of Justice, “, Consumer, Consumer Federation of America, Holt Homes Group Locations: Washington, America, Missouri, Keefe, Springfield , Missouri

☆ Yes, it's possible to get a 4.8% mortgage today — here's how
▼ + stars: | 2023-11-04 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

A top homebuilder executive shared advice for getting a lower mortgage rate right now. Taylor Morrison's Tawn Kelley suggested borrowing directly from a builder's mortgage arm. AdvertisementAdvertisementHigh mortgage rates have deterred many would-be homebuyers from purchasing a property over the last year. But here may be a glimmer of hope: People may have more luck securing a lower mortgage rate if they buy a new-construction home. Builder incentives include rate buydowns, mortgage rate locks, and forward commitments.

Persons: Taylor Morrison's Tawn Kelley, Kelley, —, Tawn Kelley, homebuilder Taylor Morrison, Insider's Alex Nicoll, Freddie Mac, Taylor Morrison, Organizations: Service, National Association of Realtors, Mortgage, Finance Locations: balk

☆ National Association of Realtors CEO Bob Goldberg Stepping Down
▼ + stars: | 2023-11-03 | by ( Nicole Friedman | ) www.wsj.com time to read: 1 min

The National Association of Realtors’ building in Washington, D.C. Photo: AlamyThe chief executive of the National Association of Realtors resigned Thursday in the wake of a historic verdict against the group. Bob Goldberg , who has been NAR’s chief executive since 2017, announced in June that he would retire at the end of 2024. But he said he recently decided to accelerate his departure.

Persons: Bob Goldberg Organizations: National Association of Realtors ’, National Association of Realtors Locations: Washington ,

☆ 8 cities where home values are soaring the most in the US, including 5 with median prices still under $260,000 — and 5 where prices are plummeting the fastest
▼ + stars: | 2023-11-02 | by ( William Edwards | ) www.businessinsider.com time to read: +1 min

Morningstar just published its Q4 Markets Observer note. The firm highlighted cities where home prices are rising and falling the most. Many high-flying markets that saw massive relative appreciation in the pandemic era are now cooling off in a big way, while those that saw more tepid gains are still plugging along. In Morningstar's Q4 Markets Observer note published this week, the firm used National Association of Realtors data to highlight cities in the US seeing the highest appreciation right now, as well as those where prices are falling the fastest. They found that more affordable markets are performing better from Q2 2022 to Q2 2023.

Persons: Morningstar Organizations: National Association of Realtors Locations: Cincinnati, Houston, Philadelphia

☆ National Association of Realtors CEO steps down, days after real estate group found liable for conspiring to inflate rates
▼ + stars: | 2023-11-02 | by ( David Goldman | Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —Bob Goldberg, chief executive officer of the National Association of Realtors, the nation’s largest trade association, is stepping down, the organization announced Thursday. Earlier this week, a federal jury in Missouri found NAR and two brokerages conspired to keep real estate agent commissions artificially high and determined they were liable for $1.8 billion in damages. Nykia Wright, previously CEO of the Chicago Sun-Times, has been appointed NAR interim Chief Executive Officer, starting November 20th. “We are delighted to welcome Nykia as interim CEO,” said NAR President Tracy Kasper, a real estate agent from Nampa, Idaho, and broker-owner of Berkshire Hathaway HomeServices Silverhawk Realty. He added: “Nykia’s strategic expertise and forward-looking perspective are exactly what NAR needs to continue advancing its mission in an ever-changing world.”

Persons: Bob Goldberg, Kenny Parcell, Redfin, Nykia Wright, Nykia, ”, Tracy Kasper, Berkshire Hathaway, Silverhawk, Kasper, “, ” Goldberg Organizations: DC CNN, National Association of Realtors, NAR, Chicago Sun, Times, Sun - Locations: Washington, Missouri, Nampa , Idaho, Berkshire

☆ National Association of Realtors CEO quits earlier than expected after federal lawsuit loss
▼ + stars: | 2023-11-02 | by ( Laya Neelakandan | ) www.cnbc.com time to read: +1 min

The National Association of Realtors announced Thursday that CEO Bob Goldberg will resign earlier than expected, as the group contends with the fallout from a federal lawsuit and a harassment scandal. The leadership transition comes days after a federal jury found the association — and some residential brokerages, including units of Warren Buffett's Berkshire Hathaway — liable for conspiring to artificially inflate commissions from home sales. The association did not mention the lawsuit in Goldberg's decision to step down. Starting Nov. 30, Goldberg will be replaced by Nykia Wright, who's serving as interim CEO while the association searches for a permanent replacement. Goldberg will continue to serve as an executive consultant through the transition, the association added.

Persons: Bob Goldberg, Warren Buffett's Berkshire Hathaway —, Kenny Parcell, Goldberg, Nykia Wright, who's Organizations: National Association of Realtors, NAR, New York Times, CNBC PRO Locations: Edmonton , Alberta, Canada, Warren

The Chicago-based NAR said Thursday that Bob Goldberg would be stepping down after a 30-year career at the trade association. Nykia Wright, former CEO of the Chicago Sun-Times, was tapped to take over on an interim basis, beginning Nov. 20. Real estate agents must be dues-paying members of the NAR in order to advertise themselves as Realtors. Its size and influence in the U.S. real estate industry has not only made the trade association a target in litigation, but also brought it under the scrutiny of the Justice Department. The department filed a complaint in 2020 against the NAR, alleging it established and enforced rules and policies that illegally restrained competition in residential real estate services.

Persons: Bob Goldberg, Nykia Wright, Goldberg, “, Wright, Kenny Parcell, Tracy Kasper Organizations: ANGELES, National Association of Realtors, Chicago Sun, NAR, The New York Times, Realtors, Justice Department, of, U.S ., Times Locations: Chicago, Kansas City , Missouri, Missouri, The, Utah, U.S, Western, of Missouri

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