By Kerry Smith NAR Pres. Tracy Kasper says the association posted a pre-trial summary and will do the same after the trial, but it won’t be providing day-to-day updates on the case. KANSAS CITY, Missouri – On Monday, the Burnett v. NAR et al trial started with jury selection and will continue this week. The National Association of Realtors® (NAR) says it understands members’ interest in the commission-focused case, which is why it published a pre-trial summary last week. NAR also dedicated a webpage on the competition.realtor homepage under “Burnett Trial Updates.” In a letter sent to local association communications
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By Kerry Smith FHA will allow expected rental income from an accessory side unit to be considered for an FHA loan, the 203(k) fixer-upper program will be improved, and more. WASHINGTON – A White House press release announced new initiatives to support homeownership, though with a nod to the market’s current difficulties and a request for Congress to appropriate $16 billion for the Neighborhood Homes Tax Credit, which it says will build or rehabilitate more than 400,000 homes. New actions to support homeownership Accessory dwelling units: The Department of Housing and Urban Development (HUD) says a new  Federal Housing Administration
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By Kerry Smith The BRIC grant program, which helps bolster U.S. defenses against climate change, published its “Fiscal Year 2023 Notices of Funding Opportunities.” WASHINGTON – The Federal Emergency Management Agency (FEMA) is making $1.8 billion available through two grant programs designed to help communities increase their resilience to climate changes, including increasingly frequent and extreme weather events: The Building Resilient Infrastructure and Communities (BRIC) annual grant program is making $1 billion available for projects that protect people and infrastructure from natural hazards and the effects of climate change. The Flood Mitigation Assistance program is making $800 million available for projects that mitigate flood risks facing homes and
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By Christopher Rugaber The economy and RE market will improve if inflation is under control, and it’s dropping each month – but at a slower pace than the Fed would like to see. WASHINGTON (AP) – Measures of U.S. inflation barely declined in September, evidence that consumer price increases are grinding lower at a gradual pace. Consumer prices rose 0.4% from August to September, below the previous month’s 0.6% pace. Thursday’s report from the Labor Department also showed that year-over-year inflation was unchanged last month from a 3.7% rise in August. And underlying inflation declined a bit: So-called core prices,
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By Kerry Smith Study: What’s more stressful than buying a new home? A divorce or finding a new job. But events such as weddings, car buying or finding a college are not. SEATTLE – Nearly two-thirds of recent U.S. homebuyers (59%) think purchasing a house is more stressful than dating, according to a report from Qualtrics commissioned by Redfin covering May-June, 2023. “Getting ghosted by your date is stressful, but purchasing a home in today’s market comes with its own unique set of anxieties,” says Redfin Chief Economist Daryl Fairweather. “Buyers are increasingly ghosting sellers as housing costs climb, and
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By Alex Veiga It’s the highest average rate for a 30-year, fixed-rate loan in two decades – up from last week’s 7.49% as more buyers now turn to adjustable-rate loans. LOS ANGELES (AP) – Home loan borrowing costs rose for the fifth straight week, keeping the average long-term U.S. mortgage rate at its highest level in more than two decades and taking another bite out of prospective homebuyers’ purchasing power. The average rate on the benchmark 30-year home loan rose to 7.57% from 7.49% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.92%. Borrowing
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By the National Association of Realtors A verdict in the Kansas City trial is expected Nov. 10. “NAR fundamentally disagrees with how (they’re) characterizing our rules,” says NAR’s top legal officer. KANSAS CITY, Missouri – The National Association of Realtors® (NAR), along with HomeServices of America and Keller Williams Realty, begin trial Monday in Kansas City, Mo., in the case Burnett et al v. National Association of Realtors et al. NAR will present the facts and law about its pro-consumer, pro-business competition rules that plaintiffs in the case are calling into question. In the trial, set to begin Oct. 16
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The fine from two Fed agencies, which included security freeze failures, says TransUnion didn’t take steps to make sure background screening checks were accurate. NEW YORK (AP) – Federal regulators fined credit-reporting agency TransUnion a total of $23 million for tenant screening and security freeze failures on Thursday. The Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) fined TransUnion $15 million because the company did not take steps to ensure the rental background checks that landlords use to decide who gets housing were accurate. They fined the company another $8 million for falsely telling consumers they had
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By Jim Saunders Lawmakers think recently enacted insurance changes will help but need more time to work. TALLAHASSEE, Fla. – A key senator said Tuesday he does not expect lawmakers to make major property-insurance changes during the 2024 legislative session, as they continue to watch the results of an overhaul passed last year. “In my opinion, we swung for the fences, and we got a lot done,” Senate Banking and Insurance Chairman Jim Boyd, R-Bradenton, said after his committee received updates about the property-insurance market from state Insurance Commissioner Michael Yaworsky and Citizens Property Insurance President and CEO Tim Cerio.
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By Jim Saunders Lawmakers are looking back on insurance changes enacted during recent sessions of the Florida Legislature and taking a “give it time to work” stance. TALLAHASSEE, Fla. – A key senator said Tuesday he does not expect lawmakers to make major property-insurance changes during the 2024 legislative session, as they continue to watch the results of an overhaul passed last year. “In my opinion, we swung for the fences, and we got a lot done,” Senate Banking and Insurance Chairman Jim Boyd, R-Bradenton, said after his committee received updates about the property-insurance market from state Insurance Commissioner Michael
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