Welcome to real estate insights born from many years “in the trenches.” This site cuts through the theory to deliver down-to-earth, field-tested advice for homeowners, buyers, and industry pros—covering everything from buying and selling to investing and development. It’s all practical knowledge for making smarter property decisions.
If you were hoping for some bright spots in the real estate market this summer, you’re not alone—so was Dr. Lawrence Yun.
Yesterday, I attend the Economic Issues & Trends Forum at NAR’s Mid-Year Meetings in Washington D.C. at which, Lawrence Yun, Chief Economist for the National Association of Realtors, opened with a bit of candor: “I thought at this conference I would share some good news with you. Home sales are rising. Momentum is building. But we are not seeing that”.
Law professor and home seller Tanya Monestier has filed an appeal to overturn the Sitzer/Burnett commission lawsuit settlement. She argues the deal gives sellers almost nothing—about 0.1% of their damages—while leaving the commission system largely intact. If the court agrees, the entire $1.8 billion+ settlement could be thrown out, reopening the litigation and undoing all the current rule changes. Her brief is below for anyone who wants to dig into the details.
When Tanya Monestier first objected to the Sitzer/Burnett settlement last fall, I wrote that her critique exposed the uncomfortable truth: this deal might look good on paper, but in practice, it’s left most sellers just as stuck in the old system as before. Now, she’s doubled down with a formal brief to the U.S. Court of Appeals for the Eighth Circuit—and she’s aiming not just to revise the settlement, but to throw it out entirely.
Condo Market Hits a Decade Low for Investors—Is It an Opportunity for You?
Investor interest in U.S. condos has dropped to its lowest level in ten years, according to newly released data, with only 8,509 units purchased nationwide in Q1 2025. That marks a 3% year-over-year decline—and aside from the early-pandemic freeze, it’s the weakest quarter for condo investor activity in a decade.
Despite a steady nationwide vacancy rate, a subtle but growing trend in so-called “zombie” homes is worth watching. According to ATTOM’s latest data, 1.3% of all U.S. homes remain vacant—a figure that’s held remarkably steady for over three years. But while most markets are stable, the number of zombie foreclosures—homes that are vacant and in the foreclosure process—has crept up year-over-year.
Zombie properties still make up a small portion of the market (just 3.3% of homes in foreclosure), but they’re up from 2.9% this time last year. That’s not enough to panic over, but it does signal some stress beneath the surface, especially in pockets of the Midwest and South. Metro areas like Peoria, Cleveland, and Toledo are seeing double-digit percentages of pre-foreclosure homes sitting vacant—raising concerns about local property values and neighborhood stability.
Sun Belt Buyers Finally Have the Upper Hand—For Now
If you’re house hunting this spring, your experience might hinge on where you’re looking. According to new data from Zillow, there are major differences in how competitive local markets are, and that might be the edge buyers have been waiting for in certain parts of the country.
The National Association of REALTORS® (NAR) is set to consider revisions to Standard of Practice 10-5 at its upcoming June 2025 Board of Directors meeting. These proposed changes aim to address longstanding concerns about the scope and enforcement of the standard, which prohibits REALTORS® from using harassing speech, hate speech, epithets, or slurs based on protected characteristics.
Since its adoption in 2020, SOP 10-5 has been criticized for potentially infringing on members’ freedom of speech, particularly in contexts unrelated to their professional real estate activities. Notably, there have been instances where REALTORS® faced disciplinary actions for expressing personal religious beliefs outside of their professional roles. For example, Wilson Fauber, a Virginia REALTOR® and ordained minister, was found in violation of SOP 10-5 after reposting a Bible verse on his personal Facebook page. The post, which supported the biblical view of marriage, led to ethics complaints and potential penalties, including fines and loss of REALTOR® membership .
Howard “Hoby” Hanna didn’t mince words in his interview with Inman this week. The CEO of Howard Hanna Real Estate Services drew a hard line in the sand, declaring that his company will no longer view the National Association of Realtors’ Clear Cooperation Policy (CCP) as binding. “We’re giving our sellers and ourselves choice,” Hanna said, emphasizing the need for flexibility, innovation, and freedom from what he called “the edicts of organized real estate.” His broader point echoes what I’ve written about before—real estate is local, not one-size-fits-all. National policies that fail to respect the uniqueness of individual markets create confusion, increase legal risk, and ultimately don’t serve consumers or agents well.
Hoby’s argument, that MLSs should control their own participation rules rather than enforcing blanket NAR mandates, aligns with what many of us in the industry have been quietly thinking (although I’m not always so “quiet” on it). As the structure of compensation and cooperation continues to unravel post-NAR settlement, it’s time for brokerages to evaluate their models. I’ve long said that giving buyers and sellers more transparency and agents more tools is the path forward, not adding layers of compliance. Hanna’s defiance may seem bold, but it’s likely just the beginning. As he put it, “We actually think other people should take a hard look.” I think they will.
I just finished Rob Hahn’s latest Notorious POD episode with Ryan Tomasello, managing director and equity research analyst at KBW (see his profile here). The episode is required listening for anyone trying to understand what’s really coming next for our industry. You’ll find the full episode embedded below.
Wall Street analysts are calling this a real estate “renaissance.” This is not business as usual. As Tomasello pointed out, there’s no modern industry that’s seen this kind of disruption—not even the taxi/Uber fight compares. We are watching the foundation shift in real time.
The Mortgage Bankers Association (MBA) is signaling a more optimistic tone in the early months of President Trump’s return to the White House. Speaking at a recent secondary mortgage market conference in New York, MBA President Bob Broeksmit outlined what he sees as a positive turn for the mortgage and housing finance industries, crediting early regulatory pullbacks and a more industry-friendly approach out of Washington.
According to reporting from Mortgage News Daily, Broeksmit said the group jumped in right after the election, getting in front of key decision makers and making their case. Since January, the MBA has had steady conversations with the administration, Congress, and housing agencies, pushing for fewer regulatory barriers and more space for the industry to operate.
The Fed’s new report takes a deeper look at commissions just as the industry is adjusting to the fallout from the $418 million NAR settlement. That settlement banned listing offers of compensation to buyer’s agents and required written agreements spelling out how buyer agents will be paid. A lot of folks expected this to push commission rates lower fast, or even shake up the business model. But so far, the data says otherwise. Nationally, buyer agent commissions have only dipped slightly over the past couple of decades, from about 3% to 2.7%, and most of that change happened long before the rule shift.
What’s more, the Fed found that policies like buyer agency agreements and rebate bans didn’t do much to move the needle. The bigger driver seems to be local custom and home prices. Areas with higher home values tend to have lower percentage rates, but the traditional split is still common in many places. The big question now is whether buyers, when asked to agree upfront to pay their agent, will start questioning the value more directly. If that happens, we might finally see some real changes to how agents get paid.