My blog is brief today because I am working with the NAHREP research team to complete the annual State of Hispanic Homeownership Report. The report provides an overview on how Hispanics are faring in terms of homeownership, and reviews various metrics to predict what is likely to happen in the near future. For NAHREP, it is our benchmark report and also serves as a report card for the effectiveness of our work. The good news is that the Hispanic homeownership rate increased for the fifth consecutive year; the only ethnic demographic to have achieved this milestone during the same period. This year’s report will cover more detail about local markets, specifically, where Hispanics are buying homes and the areas where the greatest opportunities exist for future growth. I don’t want to give too much away, but I can tell you that the state of Texas plays a prominent role.
This week, in a brief to the judge of a major antitrust lawsuit known as Nosalek, the U.S. Department of Justice called for decoupling buyer and seller agent representation. If the DOJ gets what it wants, it would mean that listing agents would no longer be permitted to share their commissions with agents representing buyers, and buyers would have to pay out of pocket to have an agent represent them.
I was in D.C. on Friday for the celebration of life for my friend, Dave Stevens. Dave was a former FHA Commissioner under Barack Obama and an icon in the mortgage banking industry. I was lucky to know Dave as a good friend.
If you’re not familiar with the Sitzer class action lawsuit against the National Association of Realtors and several of the largest real estate brands, it centers on how real estate agents are compensated. The lawsuit claims that the practice of seller and buyer agent cooperation or sharing of commissions is an anti-trust violation and has resulted in inflated commissions paid by consumers. While a jury in Missouri has already sided with the plaintiffs, the judge has not rendered a final verdict.