The U.S. Department of Justice is taking legal action against RealPage

1 Credits

Lawsuit: DOJ Sues RealPage for Alleged Rent Collusion, Claims Software Fuels Market Manipulation

On our top story today, the U.S. Department of Justice has filed a lawsuit against RealPage, a real estate software company, accusing it of facilitating rent collusion through its algorithmic pricing system. The lawsuit, which has garnered support from attorneys general in eight states, alleges that RealPage’s system allows landlords to exchange confidential data like current rents and vacancy rates, leading to rents being set above market levels.

U.S. Attorney General Merrick Garland stated, “Americans should not have to pay more in rent because a company has found a new way to scheme with landlords to break the law.” The DOJ’s lawsuit claims that RealPage’s practices infringe upon the Sherman Antitrust Act, designed to preserve free market competition.

RealPage, which commands about 80% of the market for such software, has denied any wrongdoing, asserting that its pricing tool adjusts rents based on market conditions and can even lower them when demand drops. Nonetheless, the DOJ’s lawsuit argues that the software creates undue influence, making it challenging for landlords to disregard its pricing recommendations.

This lawsuit reflects broader concerns over AI in price-setting, with some members of Congress proposing new legislation to regulate such practices. The lawsuit also highlights the growing scrutiny of technology companies and their role in market dynamics. As RealPage faces this lawsuit, the outcome may set important precedents for the regulation of pricing algorithms and market fairness.

Source: LINK

Glenn Sanford Sells 50,000 Shares of eXp World Holdings for $617,000 Amid Broader Insider Selling Trend

Glenn Sanford, CEO and Chairman of eXp World Holdings Inc., ticker symbol EXPI, sold 50,000 shares of the company on August 21, 2024, for a total of $617,000. Following this sale, Sanford still owns over 41 million shares of the cloud-based real estate brokerage firm, which operates primarily through virtual technologies to reduce overhead and offer competitive commissions to its agents.

This sale is part of a broader trend, as Sanford has sold 600,000 shares of eXp World Holdings over the past year, with no insider purchases reported. The company’s stock was trading at $12.34 per share on the day of the transaction, giving it a market cap of approximately $1.93 billion.

Interestingly, the stock is considered modestly undervalued, with an intrinsic value estimated at $14.95, according to GF Value. This insider transaction may signal Sanford’s perspective on the stock’s current valuation and its future prospects, which could be of interest to investors.

Source: LINK

Olivia Wilde’s Former LA Home Lists for $4.8 Million, Blends Historic Charm with Modern Upgrades

A 1920s Spanish Colonial-style home in Los Angeles, once owned by Olivia Wilde, is on the market for $4.8 million. Located in the hillside Los Feliz neighborhood, the 3,284-square-foot home, built in 1929, retains much of its historic charm with features like a red-tile roof, white-stucco exterior, hand-painted Malibu tiles, wrought-iron staircases, and stained-glass windows.

Listed by Patricia Ruben and Alan Melkonyan of Sotheby’s International Realty, the property has seen notable owners, including puppeteer Brian Henson and fashion designer Jon Buscemi. The current owner, Jeff Boutelle, CEO of Pharmavite, bought the house in 2017 for $3.04 million. The home boasts modern upgrades, such as a remodeled kitchen, a primary suite bathroom, a home theater, and outdoor spaces, including a patio and hot tub. Its prime location offers easy access to Griffith Park and its hiking trails.

Source: LINK

About 3 Things You Need to Know

Stream “3 Things You Need to Know” with Kayla Walsh, your essential daily update on the real estate world! Airing Monday through Friday, Kayla brings you the top three stories that matter most in real estate.

From economic shifts and housing market trends to celebrity property news and Federal Reserve updates, she delivers the crucial facts without opinion or editorializing.

With Kayla’s straightforward approach, you get the information you need to make well-informed decisions about your real estate ventures. Whether you’re an industry professional, a prospective buyer, or simply interested in market trends, “3 Things You Need to Know” keeps you in the loop with clarity and accuracy.

Start your day with Kayla Walsh for your daily real estate review.

3 Things You Need To Know – Copyright 2024 – OnTrack Agent

Buy Now

---