Real Estate Roundup: Industry Highlights in MA and Beyond

There has been a LOT of news in the real estate industry lately so this month's blog post is a roundup of some of the most important stories to watch, whether you own property in Massachusetts, work as an agent in the Boston area or are interested in what's going on in the overall economy as it relates to residential real estate.

• First up is the possibility of a title insurance waiver. The Biden administration is seeking ways to reduce borrowing costs and this proposal would eliminate the requirement of title insurance for government backed mortgages for refinances. As mortgage rates come down, this could save homeowners thousands of dollars if and when they choose to refinance into a lower rate loan. Learn more: Proposed Title Insurance Waiver 
• Next is the latest development in the class action suits that have been garnering national attention. The local MLS serving Greater Boston and Massachusetts recently reached a settlement agreement aiming to alter the requirement for sellers' agents to offer a minimum compensation to buyers' agents from $.01 to zero. However, the Department of Justice has issued a statement of interest suggesting a significant shift. They propose that sellers' agents should no longer have the option to incentivize buyers' agents by offering any compensation whatsoever. Interestingly, decades-old consumer protection policies were implemented to ensure that buyers' agents worked exclusively for the buyer's interests, rather than the seller's. Now, the recommendation is to return to policies that discourage the ability of buyers' agents to advocate for their clients. Read more here:  MLSPIN Commissions Case
• For some positive news for homebuyers, there are some and changed first time buyer programs available providing funds for down payments, closing costs and more for condos, single family homes and multifamilies up to 4 units. Here are the details: Mass Housing Down Payment Assistance
• Finally, the Federal Reserve's Beige Book weighs in on the housing market here in Boston with some optimism on increased numbers of homes for sale and lower mortgage rates but still highlights that inventory remains too low and home prices are continuing to rise. For details head to page 7 here: Federal Reserve Beige Book

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