Free Speech Concerns Addressed as NAR Finalizes SOP 10-5 Revisions

June 5, 2025
NAR Changes 10-5 to allow freedom of speech

Just days after I wrote about the controversy surrounding NAR’s Standard of Practice 10-5 (SOP 10-5), the National Association of REALTORS® Board of Directors has officially ratified changes to the standard. As expected, the updates focus on clarifying the definition of “harassment” and narrowing its scope to only apply when REALTORS® are acting in a professional capacity.

This morning’s move at the REALTORS® Legislative Meetings in Chicago formalizes the proposed revisions that had been in the works since 2023. According to NAR President Kevin Sears, the aim is to better align Article 10 of the Code of Ethics with similar standards used by other large trade associations, while also easing enforcement for state and local associations.

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Redfin Shareholders Say Yes to Rocket Deal—Industry Shakeup Ahead?

June 5, 2025
Rocket Mortgage - Redfin Acquisition Approved by Shareholders

If the preliminary vote tallies hold, Redfin shareholders just gave Rocket Companies the green light to buy them out for $1.75 billion. That vote took place yesterday, June 4, during a special meeting that followed some last-minute legal fireworks and a bit of political heat. Assuming everything stays on track, the deal will close before the end of June.

For those who haven’t been tracking it closely, this merger means Rocket, best known for Rocket Mortgage, is about to add a national real estate brokerage, tech platform, and salaried-agent workforce to its portfolio. It also means Redfin, which hasn’t had a profitable year in nearly two decades, gets absorbed into a company with the budget and appetite to scale their model nationwide.

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REALTORS®’ Chief Economist Yun Warns: Housing Recovery Still ‘Delayed’—But the Magic Bullet May Be Near

June 4, 2025
NAR Lawrence Yun, 2025 Economic Forecast

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”.

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$16 for $11,000 in Commissions? New Court Brief Blasts Real Estate Settlement

May 30, 2025
Monestier Appellant Court Briefing could cause collapse of NAR Sitzer Settlement

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.

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With Fewer Condo Investors, Is Now the Time to Buy or Sell?

May 29, 2025
Condo market slump..investors pulling out

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.

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Zombie Homes Quietly Rise as Vacancy Rate Holds Steady Nationwide

May 29, 2025
Zombie Foreclosures

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.

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NAR Reconsiders SOP 10-5 Amid Free Speech Concerns

May 26, 2025
NAR Code of Ethics - SOP 10-5

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 .

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Clear Cooperation No Longer Clear-Cut as Howard Hanna Breaks Away

May 24, 2025
Hanna Rejects NARS clear Cooperation Policy

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.

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Rocket, Redfin, and the Real Estate “Renaissance”: Wall Street’s Take from the Trenches

May 22, 2025
Zillow vs Costar vs MLS - Wall streets take on the real estate industry

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.

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