Redfin is leaving NAR and will require their brokers and agents to do the same

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1. Redfin is leaving NAR and will require their brokers and agents to do the same

Redfin has decided to withdraw support from the National Association of Realtors (NAR) due to mandatory buyer's agent fees and alleged sexual harassment within NAR.

Despite investing over $13 million in dues since 2017 to advocate for a tech-driven, consumer-friendly market, compromises weren't achieved. The sexual harassment allegations further strained relations.

Consequently, Redfin, already having resigned from NAR's board earlier, is now mandating its brokers and agents to disassociate from NAR, aiming for a more consumer-centric and competitive industry landscape. LINK

2. Severe crash is coming for US office properties, investors say

Office prices in the US will only rebound after a severe collapse, according to about two-thirds of the 919 respondents surveyed by Bloomberg. An even greater majority says that US commercial real estate prices won’t hit bottom until the second half of 2024 or later.

Commercial property values are getting hit hard by the Fed’s aggressive rate hikes, and pain from higher interest rates can take years to filter through to owners of the US commercial real estate, which Morgan Stanley values at $11 trillion in total. “It tends to be a slow reckoning for US real estate when rates change,” Barclays analyst Lea Overby said. LINK

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3. Catch up quick

📲 A Texas federal district court has ruled it’s unlawful to charge mortgage borrowers extra fees for phone payments. Two companies sued (NMP)

⚖️ The Supreme Court is set to hear arguments in a case that could crush the Consumer Financial Protection Bureau (CFPB). CFPB has been targeted by Republicans, and banks since it’s launch in 2010. (Axios)

💸 Federal student loan payments return this month for more than 40 million Americans with the end of the pandemic pause. (Axios)

4. A record share of homebuyers are relocating

According to Redfin’s latest migration report, a record 26% of homebuyers are looking to move to a different part of the country, up from 24% a year ago and roughly 19% before the pandemic began.

Although many of the most popular relocation destinations are more affordable, they are also increasingly susceptible to extreme high temperatures and hurricanes, where home insurers are leaving. Below are the top 10 metros where homebuyers are moving to (by net inflow):

5. HUD highlights fair housing protections

HUD on Thursday joined seven other federal agencies to clarify in writing that Title VI of the Civil Rights Act of 1964 prohibits forms of discrimination, including antisemitism, Islamophobia, and other related forms.

To accomplish that goal, HUD published a housing-specific fact sheet about Title VI protections.

“In addition to shared ancestry and ethnic characteristics, religion is also a protected class under the Fair Housing Act, which HUD will continue to vigorously enforce,” the department said in a statement.

☀️ See you on Wednesday!

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