Today’s News Synopsis:
Zillow is facing a lawsuit for which it has agreed to pay $6 million over alleged violation of federal labor laws. ATTOM Data Solutions released their latest Home Equity and Underwater Report for the third quarter showing a decrease in seriously underwater homes. Fewer and fewer Chinese investors are interested in buying real estate both inside and outside the U.S.
In The News:
Fortune – “The One Big Real Estate Trend You Need to Understand in 2017” (11-27-16)
“Forget a tale of two cities: Extreme housing market fragmentation is now creating different experiences for home buyers and sellers in a wide range of locations and segments.”
DS News – “What Trends Will Impact Homeownership in 2017?” (11-28-16)
“According to the recent Fannie Mae Economic Developments report, issues with housing inventory continue to plague the market due to an increase in household formation that housing supply cannot keep up with.”
“Shares of Chinese real estate site Fang Holdings fell 11 percent in intraday trade Monday after lowering its guidance and reporting a miss on quarterly revenue.”
Washington Post – “Real estate interests poured cash into push for term limits in Montgomery County” (11-28-16)
“Montgomery County real estate developers and builders put some late financial muscle behind the successful term limits ballot initiative, according to a post-election filing with the state. The real estate sector kicked in about $21,000 of the $25,000 in contributions collected in late October and early November by Voters for Montgomery County Term Limits.”
Bloomberg – “Getting Chinese to Buy Your House Isn’t Easy Anymore. Just Ask Cate Blanchett” (11-28-16)
“Australian actress Cate Blanchett wanted to sell her home on Sydney’s waterfront. The buyer who wanted it was from China. The trouble started right there. Getting the money out of China proved impossible.”
Realty Trac – “Seriously Underwater Homes Heat Map” (11-28-16)
“The ATTOM Data Solutions Q3 2016 Home Equity and Underwater Report released two weeks ago shows that the number of seriously underwater homeowners (those owing at least 25 percent more on outstanding mortgages than the estimated market value of the home) decreased by more than 854,000 from a year ago.”
Housing Wire – “Zillow agrees to $6 million settlement for alleged labor violations” (11-28-16)
“Zillow Group will pay as much as $6 million to settle a class-action lawsuit that accused the company of violating federal labor laws, the online real estate giant announced Monday.”
Bruce Norris will be speaking at 10 Life-Changing Days of a Real Estate Investor in San Diego on Tuesday, December 13.
Bruce Norris of The Norris Group will be presenting 2% Interest, $30 Trillion in Debt, and Other Suprise Endings on Saturday, February 4.
Image copyright source: Attom Data Solutions
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