Looming Legal Battles and Market Slowdown | 1-Minute Market Update w/ Martin Perdomo
Are you ready to uncover the chilling truth about the current state of the real estate market? Brace yourself as we dissect the latest data from Redfin, revealing a significant slowdown in the housing market, with mortgage purchase applications and Google searches for homes for sale both plummeting. Notably, medium home sales prices are on the rise, largely due to soaring mortgage rates, which recently hit a 23-year high. This chilling data points to a deep freeze in the housing market, with new listings and active listings also following the downward trend.
But hold on, the plot thickens! We're going to expose the imminent storm brewing for real estate brokers courtesy of the Justice Department. The heart of the US housing market, the commission system, is under a powerful microscope of antitrust enforcers and is the target of two class-action lawsuits. The real estate industry's iron grip on the multiple listing service and the commission-sharing system is being questioned. These looming legal battles could potentially cost real estate brokers billions. So, buckle up as we navigate these industry-shaking developments and analyze their potential impact on the real estate sales industry.
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