On Oct. 14, a former employee filed a class-action lawsuit against the tech-based brokerage and listing platform Redfin—and its parent company Rocket—after a data breach this year. The plaintiff, Frankie Moreno, worked for the company from around September 2020 to November 2022. According to the 44-page complaint, Moreno alleges that the data breach compromised the…
Editor’s note: The COURT REPORT is RISMedia’s weekly look at current and upcoming lawsuits, investigations and other legal developments around real estate. Compass sues CRMLS over “mandatory submission” policies Shortly after the MLS filed its own suit against the brokerage, Compass has now filed a lawsuit against California-based CRMLS, asking a judge to prevent the…
As homebuilder confidence has now bottomed out to a 12-year low, the housing construction industry continues to face a series of hurdles that are severely diminishing activity. With the latest New Residential Construction report from the Department of Housing and Urban Development and the Census Bureau demonstrating another impacted month, builders are now forecasting issues…
As the housing market begins to wind down for the cold season, pending home sales are also showing the impact of elevated mortgage rates as contract signings fell across the board, according to the National Association of Realtors® (NAR). The Pending Home Sales report by NAR for September shows that sales decreased by 7.3% month-over-month,…
Housing data company HouseCanary announced on Oct. 20 that Side has joined its Google Listings Program. Under the agreement, the active listings for the over 600 partners in 19 states in Side’s broker network are available for display in Google mobile search in live markets. When consumers search for homes on Google mobile in a…
A third MLS today publicly rejected threats from Compass over listing rules, as New York-based OneKey MLS joined CRMLS in California and Unlock MLS in Texas in refusing to change policies despite significant back-channel pressure and legal threats from the mega-brokerage. In a release early this morning, OneKey CEO Richard Haggerty said the MLS would…
Many homebuyers assume a brand-new home will automatically cost more than a resale home. In today’s market, that isn’t always true. Builders can offer incentives that traditional homesellers usually can’t, including lower mortgage rates and help with closing costs. Those incentives can sometimes make a more expensive new construction home cost less each month than…
Colorado Springs-based elevateMLS has announced the launch of a new consumer website where homebuyers and sellers can search listings straight from the MLS, find a local agent and see how the market is moving. The site is live at elevateMLS.com. According to a release, home search on the site runs on the Cribio platform from…
The monthly National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) for builder confidence fell three points to 29 (out of 100) in October, marking the lowest builder confidence in the market since June 2012. NAHB attributed the historically low measure of builder sentiment to rising mortgage rates, energy and material costs, and…
In an entirely expected move last Friday, Oct. 16, Compass filed a federal antitrust lawsuit against California-based CRMLS, asking a judge to prevent the MLS from enforcing its “mandatory submission” policies that the brokerage argues violates antitrust policies. As it has continued to campaign for changes to certain MLS policies, a Compass spokesperson told RISMedia…
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