Real Estate

Zillow stock tanks

Suffers worst day since going public
Zillow’s stock dropped more today than it ever has in a day's trading following yesterday's release of the real estate giant's third quarter earnings report.
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California voters decisively defeat rent control effort

Nearly two-thirds of voters cast ballots against Costa-Hawkins repeal
In addition to going to the polls Tuesday and picking a new governor, lieutenant governor, a host of new members of the House of Representatives, and re-electing one of their two senators, California voters also soundly defeated a push to increase rent control in the state. While the measure’s supporters surely view the defeat as a setback, an analysis from UBS argues that the proposition losing is actually the best thing for all involved.
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San Francisco goes after “scofflaw” landlords who ran “illicit hotel chain” on Airbnb

City fines property owners $2.25 million, prohibits them from renting until 2025
The city of San Francisco, which has some of the strongest laws protecting against the spread of short-term rentals in multifamily buildings, is levying serious sanctions against a pair of landlords who knowingly and willingly ignored the city’s laws by running an “illicit hotel chain” of short-term rentals on Airbnb.
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Housing industry welcomes new Congress

Stress the need to keep focus on housing
While some midterm elections were still too close to call as of Wednesday morning, it was clear that Democrats will take control of the House of Representatives and Republicans will keep the Senate, and now the housing industry is welcoming the new Congress.
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Here are the 10 MSAs with the lowest appreciation

VeroFORECAST predicts 7 out of 10 markets will see property values decline
[Expert commentary] The latest VeroFORECAST report shows that 351 Metropolitan Statistical Areas will experience property appreciation in the next year. But, of the bottom 10 MSAs, seven will see values decline between -0.2% and -2.2% in 2019. The two most troubled markets? Farmington, New Mexico, and Vineland-Millville-Bridgeton, New Jersey.
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Former owner of foreclosure rescue business gets 14 years for stealing borrowers' homes, equity

Company offered "Keep Your Home" program that targeted struggling homeowners
The former owner of a California foreclosure rescue business will spend the next 14 years in prison after admitting in court that he used the business to steal struggling borrowers’ homes during the housing crisis. The company offered a “Keep Your Home” program that targeted borrowers who were struggling with their mortgages and facing foreclosure. But the program was a lie.
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Could taxing tech companies fight homelessness?

Propositions could bring affordability to California's housing market
Thriving tech hubs often come at a cost and the price might be too high. This November, San Francisco Bay Area voters will decide if large corporations can be taxed to offset issues tech companies have escalated, according to an article from NPR.
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