DAILY UPDATE: Salesforce Health Care AI and the National Association of Realtors Rebuke

By Staff Reporters

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Salesforce just announced new AI solutions for health-care workers that could help automate some of the manual administrative tasks that are driving physician burnout. READ MORE

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On Friday, National Association of Realtors (NAR) agreed to pay $418 million over the next four years to settle several lawsuits alleging it artificially inflated realtor commissions. Included in the deal is a policy change that will likely obliterate agents’ 5%–6% commissions.

CITE: https://www.r2library.com/Resource

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BUYING: Home Economics

By Staff Reporters

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A report released last month by the National Association of Realtors (NAR) confirms what many Americans suspect: home affordability is down. Due to rising interest rates and low inventory, NAR found that the average income of a home buyer between July 2022 and June 2023 was $107,000, up from $88,000 the year prior—one of the highest levels since NAR started tracking in 1981.

But the housing market continues to churn. The organization found…

  • More and more home buyers are single women. The share of single women buying homes is almost double that of men. They’re also slightly older—a single woman buying her first home is 38 on average, while a single man is 33 years old.
  • Buyers are older. The average first-time home buyer is 35, up from 29 in the 1980s, but it’s older people who are buying up the three-bedrooms after selling their starter homes: NAR found that the median age of a repeat home buyer last year was 58. In 1981, it was 36 years old.

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REAL ESTATE: Commissions

By Staff Reporters

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A federal jury in Missouri last week found the National Association of Realtors and large brokerages conspired to keep commissions artificially high, finding them liable for $1.8 billion in damages.

MORE: https://medicalexecutivepost.com/2023/01/19/real-estate-for-physician-investors/

This decision could have a major impact on anyone buying or selling a home. For one, it could lead to a 30% decrease in the $100 billion Americans pay in real estate commissions every year, according to investment banking firm Keefe, Bruyette & Woods (KBW).

MORE: https://medicalexecutivepost.com/2022/12/07/daily-update-down-real-estate-and-down-markets/

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Cars and Houses Roar the Economy Back to Life?

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On cars and houses

josh[By Josh Velazquez CMPS]

jvelazquez@bankingunusual.com

The US economy is roaring back to life as measured by the two largest purchases that people make: cars and houses. The interesting thing is that the uptick in sales is not being driven by artificial government incentives.

Instead, consumer demand is the main driver. It’s also interesting to note the impact of housing on your local economy.

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According to data compiled by the Bureau of Economic Analysis (BEA) and the National Association of Realtors (NAR), the value of construction as well as real estate and rental and leasing represents approximately 16.8% of the US economy, but the impact is much larger in some states.

More:

Click here to check out the impact of housing in your state.

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