Redfin Corporation (RDFN)
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- Associated Press Finance
Redfin agrees to pay $9.25 million to settle real estate broker commission lawsuits
Redfin has agreed to pay $9.25 million to settle federal lawsuits that claim U.S. homeowners were saddled with artificially inflated broker commissions when they sold their home as a result of longstanding real estate industry practices. The online brokerage and real estate services company disclosed the proposed settlement Monday in a regulatory filing with the Securities and Exchange Commission. The settlement, which Redfin agreed to Friday, would resolve pending class action lawsuits filed in federal court in the Western District of Missouri, and also shield the company, its subsidiaries and agents from similar cases around the country, according to the filing.
- Reuters
Fewer low-income Americans took out mortgages in 2023, study says
As aggressive rate hikes by the U.S. Federal Reserve have pushed up the cost of standard 30-year mortgages to more than 7%, existing homeowners have held on to rock-bottom rates from the pandemic. "Somewhat ironically, the continued strength of the economy has made it harder to afford a home and widened the real-estate wealth gap between rich and poor Americans," Redfin Senior Economist Elijah de la Campa said. The median household income in the HMDA data for low-income households was $64,000.
- Business Wire
Redfin Reports Low-Income Americans Have Lost the Homebuying Progress They Made During the Pandemic
SEATTLE, May 06, 2024--(NASDAQ: RDFN) — Roughly one in five (20.6%) new mortgages issued last year went to low-income Americans, bringing that group’s piece of the homebuying pie back down to where it was in 2018. That is according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
