Real Estate News 10/30/2024

Today’s News Synopsis:

There’s less than a month until the final approval hearing for the commission lawsuit settlement agreements reached by the National Association of Realtors, HomeServices of America, and other brokerages and non-Realtor-affiliated MLSs that opted in to NAR’s settlement. Ahead of that date, the objections have started to roll in.

In The News:

Yahoo Finance – “Objections abound as NAR settlement approaches final approval date“ (10-30-2024)

“In addition to the objection filed by law professor Tanya Monestier on Monday, objections were recently filed by attorneys at Knie & Shealy, who represent the Burton suit plaintiffs; Hao Zhe Wang, who has filed his own commission lawsuit; Robert Friedman, who filed and later dismissed a commission suit against the Real Estate Board of New York; Monty March, who also has a suit pending in New York; and James Mullis, a plaintiff in the Batton homebuyer commission lawsuits.”

KQED– “If Proposition 33 Passes, These Bay Area Cities Would See Big Rent Control Changes“ (10-29-24)

“If Californians vote to approve a rent control measure on the ballot, thousands of Berkeley tenants could immediately see new limits on how much their landlords can raise their rent each year.”

NAR –  “Job Relocation Trends and the Impact on Local Real Estate Markets ” (10-17-2024)

“While job relocation may not be the most common reason for moving—trailing behind housing and family reasons—the influx of workers into new areas significantly impacts local economies and real estate markets. ”

NBC Bay Area –  “Home insurance crisis impacting home ownership in California“ (10-29-24)

“Interest rates and the high price of housing used to be the leading issues impacting home ownership in California. But realtors say the focus is now shifting to homeowners’ insurance as well. ”

Redfin –  “Roughly One-Third of Renters Have an Apartment That Costs Less Than $1,000 a Month—the Lowest Share on Record” (10-30-24)

“Less than one-third (32.1%) of renter households pay under $1,000 in monthly rent—the lowest share on record. That’s down from 35.2% in 2022 and 50.4% in 2012.