Five states take legal action against Zillow and Redfin for violating antitrust laws.
On Wednesday, five states filed a lawsuit against Zillow and Redfin, claiming that the two online real estate platforms breached federal antitrust laws, impacting competition in the market. Attorneys general from Virginia, Washington, Arizona, Connecticut, and New York initiated a joint lawsuit in the U.S. District Court for the Eastern District of Virginia. The suit […]
New York and four other states file a lawsuit against Zillow and Redfin concerning rental listings agreement
Zillow and Redfin Face Lawsuit Over Antitrust Allegations On Wednesday, five states filed a lawsuit against Zillow Group and Redfin, claiming the companies conspired to hinder competition on online rental listings. This stems from a reported agreement where Zillow paid Redfin $100 million to halt its Apartment Ads. Attorneys General from Virginia, Arizona, Connecticut, New […]
California is facing unprecedented ‘triple threat’ after LA fires, Redfin CEO Glenn Kelman warns
The top real estate executive warned that California is facing an unprecedented “triple threat” along with the rise in housing prices, interest rates, and insurance premiums, as California starts an important reconstruction stage after Los Angeles fires. Over the past few years, California has been hit by a growing crisis due to its major airlines […]
US housing supply reaches highest total since 2019: Redfin
More than half of the homes listed in November remained unsold, and housing supply increased by 12%, the highest since 2020, according to . red fin. This increase is partly the result of widespread unsold homes. According to Redfin: active list Seasonally adjusted, it increased by 0.5% from the previous month and by 12.1% from […]
Rents rose for third straight month in March: Redfin
Median rent prices in the U.S. rose for the third straight month in March, rising 0.8% from a year earlier to $1,987, according to the latest survey. report From real estate company Redfin. Rent prices have been falling across the country for the past three months, but like inflation, rents are starting to rise again. […]
Nearly 32% of homes sold last quarter were new construction: Redfin
Newly built homes are increasing as there are not many older homes listed. (iStock) New construction homes continue to grow in popularity, largely due to the lack of older homes on the market. In the fourth quarter, 31.8% of single-family homes for sale were new construction. According to a Redfin report. This is down slightly […]
Homebuyers gained thousands of dollars as mortgage interest rates fall: Redfin
Thanks to lower interest rates, prospective buyers have more purchasing power than last year. (iStock) People looking to buy a home are finding their money going a little further these days. A homebuyer with a monthly budget of $3,000 has $40,000 more purchasing power than he did a few months ago. Redfin report found. A […]
Blame the baby boomers for the housing shortage, Redfin says
National Association of Home Builders CEO Jim Tobin provides expert analysis of the U.S. housing market as demand falls due to rising interest rates. Struggling to find a home for sale? Older Americans may be to blame, according to a new report. Survey results published by real estate brokers redfin show The baby boomer generation, […]
Nearly 89% of U.S. homeowners with mortgages have an interest rate below 6%: Redfin
Mortgage interest rates below 6% are common among American homeowners. (iStock) The real estate market is cooling as mortgage interest rates are gradually falling towards 6%. Still, many homeowners still have low interest rates compared to last week’s drop to 6.66%. In fact, almost 89% of the borrower’s interest rate is less than his 6%. […]
Just over 15% of home listings were considered affordable in 2023: Redfin
Housing has become unaffordable for the majority of Americans. (iStock) Mortgage rates are finally starting to come down, but large parts of the country remain unaffordable. According to a recent report from Redfin. Only 15.5% of homes listed for sale in 2023 were considered affordable to the average U.S. buyer. This is the lowest share […]