A look at some recent data showing housing is becoming more and more unaffordable for the average American buyer, why that might be, and why it is not transitory or cyclical. I explore topics from macro analyst Luke Gromen, look at investor purchase data, and then touch on the one thing that could collapse home … Read more
As readers, listeners of Notorious POD, and people who have heard me present live know, I’m on the record as suggesting that we do not have a housing bubble. What we have is dollar devaluation caused by massive Fed money printing since the start of the pandemic. Accordingly, I believe that the “seller’s market” will … Read more
In this episode, I speak with Marnie Blanco, VP of Industry Relations for the co-ownership pioneer Pacaso. We tackle what it takes to introduce a new idea, that of co-ownership of homes, to the real estate industry, especially to the MLS that we both know and love so well while getting frustrated by it. We … Read more
Welcome to yet another edition of the Seven Predictions, sure to be wrong or your money back. This is one of my favorite annual traditions around this time of year, and whatever the changes in focus to the blog, I’ll have to keep this one up. For those keeping track at home, I just published … Read more
Welcome to another installment of an annual tradition around here: the Seven Most Interesting People in Real Estate in 2021. I look forward to this post, as well as my Seven Predictions post, each year. Last year, I went out of my way to select interesting people who weren’t the Obvious Choices. This year, I’m … Read more
It’s Friday afternoon, and posting has been very light as I’ve been non-stop traveling. But I wanted to get this out because it came up in conversation earlier today with an MLS executive, and thought that many of you probably were wondering the same thing. In light of yet another intervention in a private lawsuit … Read more
In Part 1, I speculated on the obvious first-order regulations headed our way as an industry, as well as the need for further regulation and enforcement mechanisms that those top-level regulations will create. In particular, I thought that the government (whether FTC or someone else) will need to figure out how to get information and data from the industry and provide oversight:
However I think these things through, I can’t escape the fact that any government regulation of these rules and policies requires if not regulation of the MLS, at least direct oversight of the MLS. At a minimum, it requires data collection and/or reporting from the MLS to whatever enforcement agency to make sure that the rules and regulations are being followed appropriately.
Just like mortgage banks and health insurance companies are required to submit information and reports to regulators, the MLS will have to be required to submit information and reports to regulators. And that’s at a minimum. At the maximum is total government control, a government-operated listings exchange.
The reality, I thought, was somewhere in between minimal reporting requirements and government-operated listing exchanges.
Turns out, there is a model already existing, already successful, and already operating that fits rather perfectly: FINRA, or the Financial Industry Regulatory Authority. A RINRA, or the Realty Industry Regulatory Authority, would accomplish almost everything the government wants to accomplish, win support from huge segments of the industry, as well as garner support from the think tanks, media, influencers and the various nonprofits that want to see the real estate industry change.
Longtime readers know that I am constantly wondering about, worried about, and in some cases, excited about future regulation of residential real estate. This is already a heavily regulated industry, but until there is some kind of an unexpected libertarian moment in American politics, there could always be more and different regulation. The immediate aftermath … Read more
Last week, I saw something that is not an uncommon sight here in Las Vegas. This was parked outside my office building. That is a 2021 Lamborghini Urus (it had paper plates still on it). This is a car which starts at $222K but with options and such, it’s normally for sale around $300K. I … Read more