FTC complaint filed against Zillow. The Federal Trade Commission confirmed Tuesday that a consumer group filed a complaint against a leading Web-based real estate appraiser, saying it was "intentionally misleading consumers and real estate professionals" and could be violating civil rights and consumer protection laws. According to the complaint, the coalition conducted an audit and found that Zillow's estimates fell within 10 percent of the actual appraised value less than one-third of the time. The coalition's complaint states that "deceptive and inaccurate valuations undervalue entire communities." It said that over-valuations were "prevalent in predominantly white areas" while "under-valuations were more frequent" in predominantly African-American and Latino communities. The FTC did not confirm whether it would investigate Zillow.com. Source.
Bankers object to mortgage license plan. A state mortgage brokers association wants uniform standards instead of the current dual qualifying system. The California Mortgage Bankers Association objected to another group's proposal that loan officers working for banks and mortgage companies meet the same license requirements as independent mortgage brokers. Currently, independent mortgage brokers must take college courses, pass a test and undergo a criminal background check to get a license from the state Department of Real Estate. But employees of lenders can work under the auspices of their company's license from the state Department of Corporations. Last week, the California Association of Mortgage Brokers issued a package of consumer-protection measures, including a proposal calling for uniform licensing for all loan officers. Source.
Can the economy survive the housing bust? Real estate downturns have a way of leading to recessions and stock market slumps. So far the damage has been limited, but the numbers keep getting worse, says Fortune's Jon Birger. An important chart is the National Association of Home Builders' Housing Market index - a monthly measure of builder confidence - against the Standard & Poor's 500 stock market index, with a one-year lag. It turns out that the mood of builders is a terrific stock market bellwether: The correlation between current builder confidence and future stock market returns over the past ten years is downright unnerving. Over the past year, the NAHB housing index plummeted 54 percent. Were stocks to follow suit, the S&P - 1400 in late October - would be trading below 700 this time next year. All the economic activity generated by home sales - new mortgages, realtor fees, outlays to painters and handymen, the inevitable shopping trips to Home Depot and Best Buy - played a huge part in digging the economy out of a recession in 2001 and 2002. Given the importance of home sales on the way up, it may be shortsighted to minimize their importance on the way down. Source.
~Tina Jan~
Coldwell Banker Kivett-Teeters
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