By Lisa Walker A jury found NAR and others liable in a compensation lawsuit, but the association will immediately appeal and the case probably won’t conclude for several years. KANSAS CITY, Mo. – A Missouri jury has found the National Association of Realtors® (NAR), Keller Williams and HomeServices of America liable for requiring listing brokers to offer compensation to buyers’ brokers in the Multiple Listing Service. The plaintiffs – 500 Missouri home sellers who paid buyer brokers’ commissions from 2015 to 2022 – claimed the practice violates antitrust statutes and inflates buyers’ costs. The defendants were ordered to pay $1.78
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By Kerry Smith UF’s Oct. consumer sentiment survey found a drop in Floridians’ attitudes about the economy, but only a bit – and notably less than the companion national survey. GAINESVILLE, Fla. – Consumer sentiment in Florida inched down for a second consecutive month in October to 66.2, but it’s only one-tenth of a point lower compared to September’s revised figure of 66.3, according to the University of Florida’s (UF) monthly survey. National consumer sentiment, however, saw a drop of 4.1 points. “Inflation has fallen over the past year, the labor market has shown surprising resilience, and continued economic growth
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By Kerry Smith Home prices aren’t coming down, at least not in most of the U.S. The study of Fannie/Freddie data found just 1 of 9 divisions showing “moderate weakness.” WASHINGTON, D.C. – August U.S. house prices rose 0.6% month-to-month and 5.6% year-to-year, according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted monthly House Price Index (HPI) for August. For the nine census divisions within the study, seasonally adjusted monthly price changes from July to August ranged from a 0.2% price drop in the South Atlantic division to a 1.1% gain in the Pacific and East North Central divisions.
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By Kerry Smith The U.S. Consumer Confidence Index fell for the third month in a row to 102.6 from Sept.’s 104.3. A top concern: The rising cost of goods and services. BOSTON – The Conference Board Consumer Confidence Index declined a bit in October to 102.6, a drop from an upwardly revised 104.3 in September. It’s the third monthly drop in a row. The Present Situation Index – consumers’ assessment of current business and labor market conditions – declined to 143.1 from 146.2. The Expectations Index – consumers’ short-term outlook for income, business and labor market conditions – fell slightly
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By Kerry Smith Too few sellers, high home prices, 8%-ish mortgage rates and strong buyer demand made the list, but so did AI and the “staggering costs to repair … aging infrastructure.” CHICAGO (October 2, 2023) – The Counselors of Real Estate’s (CRE) annual Top Ten Issues Affecting Real Estate report for 2024 includes global events, along with well-known challenges, such as continually rising interest rates and too-few homes for many, many buyers. “This past year has been challenging for some and opportunistic for others as the economy, office market and artificial intelligence (AI) continue to evolve and impact the
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By Anthony Man Some fixed-income condo residents in older buildings must pay for expensive deferred-maintenance repairs as they watch their property insurance costs rise. FORT LAUDERDALE, Fla. – The one-two punch of the post-Surfside law designed to require condominium associations to set aside sufficient reserves for structural repairs combined with Florida’s unending increases in insurance costs is threatening to produce a wave of foreclosures. “People are going to be losing their homes. Foreclosures are increasing,” warned Broward County Commissioner Mark Bogen. “As it looks right now, there are going to be so many people unable to live in their homes.”
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By Noah Peterson Fla. touts its no-income-tax status, but moving is complicated and buyers consider many variables. Still, it appears that lower taxes carry notable weight. NEW YORK – What do The Rolling Stones, NFL star Tyreek Hill, and Maryland millionaires have in common? They all moved because of tax. A tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. es. You may not be a famous musician or a pro athlete, but you too may have considered taxes in
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By Ashraf Khalil Over $35B will be available for below-market rate loans that finance new housing construction and/or office conversions near transportation hubs. WASHINGTON (AP) – The Biden administration is launching a multi-agency effort to encourage states and cities to convert more empty office buildings into housing units, with billions of federal dollars available to help spur such transitions. The new initiative, announced Friday morning, involves the departments of Housing and Urban Development and Transportation, along with the General Services Administration (GSA) and the Office of Management and Budget in a multi-pronged effort to address both the national shortage of
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By Melissa Dittmann Tracey The scams begin with a hunt through public records for vacant land, an absentee owner and no mortgage. Look for red flags, like a refusal to talk in person. CHICAGO – Real estate professionals should watch for these red flags in the course of the transaction. The FBI’s Internet Crime Complaint Center warns that losses from real estate and rental scams are steadily increasing, reaching more than $396 million last year. Scammers are plotting elaborate schemes to dupe potential buyers, property owners and real estate professionals. One of their latest targets is vacant land, warns Charlie
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By Kerry Smith A Yale U. study found only 3 out of 4 Americans (74%) share that belief, and the study’s author says it may be due to Fla.’s “hurricanes and other extreme weather.” BOCA RATON, Fla. – Floridians are more convinced that climate change is happening than Americans as a whole, and they more strongly support steps to address its impact, according to a Florida Atlantic University (FAU) survey. The latest edition of the Florida Climate Resilience Survey found that 90% of respondents believe climate change is happening, consistent with earlier surveys that found 86% to 92% of Florida
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