Real Estate From The Trenches

Opening Up the MLS: Good for the Industry, Even if It Hurts at First

November 26, 2025

The National Association of REALTORS® just made a move that, frankly, they should have made a long time ago. By removing the requirement that MLSs only serve REALTORS®, NAR is no longer forcing agents into association membership just to get access to the MLS (though it was an “optional rule”, many MLS’s, if not most, throughout the country have adopted it). That might sound like a subtle policy tweak, but it could end up reshaping the entire structure of organized real estate.

For many MLSs, this change simply brings national policy in line with what they were already doing. CRMLS, Bright MLS, HAR, and several others have allowed non-REALTORS® to subscribe for years. Now others like SmartMLS in Connecticut and Doorify in North Carolina are following suit.

Zillow Lawsuit Explodes: RICO Allegations, New Plaintiffs, and a Much Bigger Problem Than Anyone Thought

November 20, 2025

Zillow Lawsuit Expands With Major New Allegations Including RESPA violations and violation of RICO law. Here’s What Buyers and Agents Should Know

Nine days ago I covered the first class action accusing Zillow of steering buyers toward Zillow Home Loans in exchange for giving certain agents more and better leadsZillow Hit with Class Action Over Alleged Kickbacks to Agents…Is Your Agent Steering You?). That was serious enough.

Now the lawsuit has been amended, and the claims are much bigger. More plaintiffs were added. More real estate companies were named. And the accusations now include RICO violations, which is the same federal law used against large, organized schemes.

Realtors Block Expanded Referral Fee Disclosure…A Win for Tradition or a Missed Chance at Transparency?

November 18, 2025

NAR Shoots Down Referral Fee Disclosure Rule: Transparency Takes a Hit

At a time when the National Association of Realtors (NAR) is under a microscope, and honestly, for good reason, you’d think transparency would be the one thing everyone could agree on. But at this week’s NAR NXT conference in Houston, a proposed change to the Code of Ethics that would have expanded referral fee disclosure requirements was shot down. Not by the NAR Board of Directors, mind you, they passed it by a strong 84 percent margin. It was the so-called Delegate Body, which had the final say, and they said no.

The proposal would have required Realtors to disclose all referral fees, including those from lead-gen platforms like Zillow and other “partners,” and to obtain written client consent when receiving any kind of rebate, profit, or compensation from referrals. Right now, the rules only require disclosure of commissions, leaving referral fees largely out of sight. The change would have closed that gap.

New Rule Would Shift Fair Lending Focus from Outcomes to Intent

November 13, 2025

CFPB wants to officially clarify that “ECOA does not provide that the ‘effects test’ applies for determining whether there is discrimination” – meaning disparate impact claims would no longer be recognized under the rule.

The Consumer Financial Protection Bureau (CFPB) has proposed a rule that would formally end the use of the “effects test” under the Equal Credit Opportunity Act (ECOA), effectively saying that ECOA does not authorize disparate impact claims. The proposed rule would remove language in Regulation B that has, for decades, opened the door for lenders to be held liable for policies that disproportionately affect protected groups—even if those policies are neutral on their face and not intended to discriminate. The CFPB is taking comments until December 15, 2025, and cited recent executive orders calling for an end to “illegal preferences and discrimination” and eliminating disparate-impact liability in federal enforcement.I think this change is long overdue. The disparate impact standard makes it nearly impossible to create a truly “safe” rule in lending. It puts lenders and financial institutions in a position where everything is subject to interpretation and the outcome matters more than the intent. That’s not just unfair, it’s unsustainable. A lender can have zero intent to discriminate and follow well-established, sound underwriting practices, yet still face legal trouble if their policy affects one group more than another. To me, intent isn’t hard to prove. We prove intent every day in criminal courts across the country. Some rules will inevitably impact certain groups more than others, but if the rule is based on legitimate, non-discriminatory criteria, that should be the...

Zillow Hit with Class Action Over Alleged Kickbacks to Agents…Is Your Agent Steering You?

November 11, 2025

Allegations of Illegal Steering and Kickbacks against Zillow- Class Action Lawsuit- RESPA Violation

A newly filed federal class action lawsuit alleges that Zillow has been quietly pressuring real estate agents to steer buyers toward Zillow Home Loans in exchange for receiving better buyer leads. If proven true, this practice could be a clear violation of federal law, and a serious breach of the fiduciary duties agents owe their clients.

The complaint, filed November 7th in the Western District of Washington, claims Zillow used its Premier Agent and Flex programs to condition agents’ lead access on meeting mortgage referral quotas. Agents who hit targets for sending buyers to Zillow’s in-house lender reportedly got more and better-quality leads. Those who didn’t risked being cut off. Meanwhile, consumers weren’t told any of this, many were funneled into ZHL thinking their agent was simply giving sound mortgage advice.

Buyer’s Markets Are Back: Where Home Shoppers Hold the Cards Again

November 10, 2025

Buyers Markets In the U.S. - Hottest Markets

Buyers Regain Leverage in More Markets—But Not Everywhere

It’s been a long time since homebuyers had the upper hand, but in some parts of the country, the tide is turning. According to a new report from Realtor.com, a growing number of major U.S. metros have crossed into buyer’s market territory, meaning supply has outpaced demand and buyers are finally in a position to negotiate again.

Still Chasing the Dream, But Paying the Price in Florida

November 9, 2025

Florida Home Prices - Floridians Fleeing Florida

The idea of the American Dream is still alive in Florida, but for many, it’s looking more like a high-priced subscription than a birthright. According to the latest survey from Florida Atlantic University’s Business and Economic Polling Initiative, 53% of Floridians still believe the American Dream holds true. Another 54% believe their kids will probably or definitely have a better life than they did. But that optimism is being tested, and in many cases, it’s starting to crack under the weight of housing costs, inflation, and day-to-day financial pressure.

Nearly half of Floridians say they’ve thought about leaving the state because of how expensive it’s become. Housing affordability is top of mind: 80% are worried about it, and 77% still consider owning a home part of the American Dream, but only 51% believe they could realistically buy one today. Between home prices, interest rates, and down payment hurdles, buying a home has gone from a milestone to a moonshot for many middle-income households. Nearly 8 in 10 respondents said it’s harder to buy a home now than just five years ago.

Real Estate’s Commission Reckoning: What Low-Fee Brokers Mean for Agents and Sellers

November 7, 2025

reducing real estate commissions: are low-fee brokers a viable alternative for home sellers? STEPHEN BROBECK senior fellow Wendy Gilch fellow J U N E 2025

There’s no question the real estate industry is in the middle of a shift, and not a subtle one. The recent report from the Consumer Policy Center on low-fee brokers makes it even clearer: change is here, and it’s accelerating. The traditional 5-6% commission structure, long defended and protected by entrenched interests, is finally being questioned not just by regulators and plaintiffs in class-action suits, but more importantly, by consumers themselves. And for good reason.

For decades, the industry has relied on a model where the seller typically pays both sides of the commission, regardless of the quality or actual involvement of the agents on either side. That made sense when MLS access and market knowledge were tightly held by agents, but in 2025, information is no longer a gatekept asset. Buyers and sellers come to the table with more data and resources than ever before, and naturally, they’re beginning to question whether the services provided justify the cost.

Supreme Court Declines REX Case: No Verdict, But Plenty to Watch

October 22, 2025

REX’s Supreme Court Petition Denied: What It Means (and Doesn’t) for Real Estate

The Supreme Court has officially denied Real Estate Exchange, Inc. (REX)’s petition for a writ of certiorari, ending its high-profile antitrust case against Zillow and the National Association of REALTORS® (NAR). While headlines might make it sound like a landmark ruling, the reality is simpler: the Court just opted not to take the case, not to weigh in on whether NAR’s policies are legal or not.

Why Energy-Efficient Homes Still Don’t Get the Credit They Deserve

October 8, 2025

Energy Efficient homes dont get the credit they deserve

The market seems to be pushing for sustainability, but the system still hasn’t caught up. That disconnect is creating real issues for buyers, sellers, and agents.

According to the National Association of REALTORS® 2025 Residential Sustainability Report, nearly half of the agents surveyed said they’ve worked with a green-featured home in the past year. Yet, 73% aren’t even sure whether local appraisers know how to value those features properly. If solar panels, high-efficiency systems, or smart home upgrades don’t show up in the valuation, the seller doesn’t benefit and the buyer may not realize what they’re getting.

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