News ? RISMedia
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President Biden Signs Law to Ban TikTok, App Parent Company Sues
On Wednesday, April 24, 2024, President Joe Biden signed a bill into law that?s been dubbed a ?TikTok ban.? Specifically, the bill mandates that ByteDance, TikTok?s parent company, has nine months to sell it or the video social media app will cease operations in the United States. The bill, originally passed in the U.S. House…
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Mortgage Applications Up After Three Weeks of Downs
Mortgage applications increased 2.6% from one week earlier, according to data from the Mortgage Bankers Association?s (MBA) Weekly Mortgage Applications Survey for the week ending May 3, 2024. This week?s numbers: The Market Composite Index, a measure of mortgage loan application volume, increased 2.6% on a seasonally adjusted basis from one week earlier. On an…
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Redfin Q1 Revenue Rises, but Net Losses Up as Well From 2023; CEO Notes New Normal
One day after deciding to settle commission lawsuits with a proposed $9.25 million-dollar payout, Redfin, in a May 7 Q1 earning report, showed solid first quarter revenue of $225.5 million, an increase of 5% compared to the first quarter of 2023. Gross profit was $70.8 million, an increase of 22% year-over-year. Real estate services gross…
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Settlements Face 11th Hour Delay in Dispute Over Buyer Immunity
Plaintiffs in Batton, the largest commission-focused case filed by homebuyers, are seeking to delay approval of settlements that brokerages agreed to in cases filed by homesellers, according to a court filing today, claiming at least two companies are attempting to squeeze in immunity from buyer claims at the last minute. With the final approval hearing…
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Never Count Real Estate Agents Out
In the wake of recent headlines surrounding the National Association of REALTORS®? lawsuit settlement and the Department of Justice?s renewed interest in investigating commission practices, skepticism regarding the value of real estate professionals has surfaced across the nation. Yet, amidst the noise, it would be foolish to overlook the enduring significance of the role you…
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Fannie Mae Shows Consumer Sentiment Plateauing
The latest monthly update to the Fannie Mae Home Purchase Sentiment Index (HSPI)?for April 2024?shows the index at 71.9 percentage points (representative of how many consumers think now is a good time to buy). The rating is unchanged from March 2024 and 5.1 points higher from April 2023. In a release, Fannie Mae described these…
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ERA Real Estate Launches New Coaching Program
ERA® Real Estate has announced the launch of its ERA Coaching Program. The program, designed for all ERA-affiliated agents regardless of experience level, is offered at no cost to participants. The ERA Coaching Program will gather agents in their brokerage?s office to attend the program via watch parties. The program consists of seven, two-hour live,…
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NAR Chief Economist Predicts Falling Long-Term Interest Rates, Rising Existing-Home Sales in 2024
The National Association of REALTORS®? Chief Economist Lawrence Yun forecasted that interest rates will fall in the long term, 2024 existing-home sales will rise to 4.46 million (up 9% from 4.09 million in 2023) and 2025 existing-home sales will increase to 5.05 million (up 13.2% from 2024)?with further gains in eight of the next 10…
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AREAA, Fair Housing Advocates File Lawsuit Alleging Discrimination
The National Fair Housing Alliance (NFHA), Asian Real Estate Association of America (AREAA), Housing Opportunities Project for Excellence, Inc. and the Fair Housing Center of the Greater Palm Beaches, have filed a fair housing discrimination suit in Miami federal court, together challenging Florida?s state law SB 264. Each organization is claiming the bill violates the…
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NAR Panel: Financing Buyer Commission Could Be Expensive and Dangerous
Bringing together ostensible outsiders with deep experience in the realm of housing policy and finance, the National Association of REALTORS® (NAR) billed the panel?taking place during the organization?s midyear legislative meetings in Washington D.C. yesterday?as an overview of ?practical and policy solutions in a post-settlement environment.? Really, however, the focus was on one policy?financing buyer…
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