September’s Consumer Price Index Released

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September Consumer Price Index Released

The September Consumer Price Index report revealed a 0.2% increase in September, mirroring the gains seen in previous months. Over the past year, the September Consumer Price Index rose by 2.4%, marking the smallest annual rise since February 2021.

The September Consumer Price Index was significantly impacted by a 0.2% increase in the shelter index and a 0.4% rise in food prices. The food-at-home sector, as noted by the September Consumer Price Index, saw notable price hikes, with meat and poultry prices climbing by 0.8% and fruits and vegetables rising by 0.9%.

However, the energy index, as reflected in the September Consumer Price Index, fell by 1.9%, primarily due to a 4.1% drop in gasoline prices. Over the last year, the September Consumer Price Index showed a 6.8% decrease in energy costs overall.

Meanwhile, jobless claims spiked, with applications rising to 258,000, reflecting broader economic trends that can influence future September Consumer Price Index readings.

Source: Link

Learn how the Federal Reserve uses this report.

Illinois Homebuyers Sue Brokerages Over Commissions

In Illinois, a significant federal antitrust lawsuit has been filed by homebuyers against three major real estate brokerages: Equity Real Estate, HomeSmart International, and Fathom Realty. Plaintiffs Dawid Zawislak and Michael D’Acquisto allege these companies have engaged in collusion and anti-competitive practices tied to commission structures endorsed by the National Association of Realtors, or NAR.

Zawislak, who bought a home in Chicago in 2021, and D’Acquisto, who made a purchase in Bartlett in 2022, are seeking class-action status and a jury trial. They argue that the NAR’s commission policies have restricted competition by mandating listing agents offer commissions to buyer’s agents, which they say stifles competitive pricing.

This lawsuit builds on earlier legal challenges in Illinois, including two cases led by Mya Batton, which have already raised concerns about jurisdiction and faced multiple hurdles.

As NAR has recently sought to reform its commission policies following a prior settlement, this new lawsuit highlights ongoing issues in the real estate industry. The implications could reshape how commissions work, impacting homebuyers nationwide.

Source: Link

California Faces Largest Housing Discrimination Case

And finally, the Housing Rights Initiative has filed what could be the largest housing discrimination case in California’s history, targeting 203 real estate agents, brokerage firms, and landlords for discriminatory practices against families with Housing Choice Vouchers, commonly known as Section 8.

This mass filing consists of 112 complaints submitted to the California Civil Rights Department, involving major companies like Coldwell Banker, EXP Realty, Sotheby’s International Realty, and RE/MAX. Allegations include explicit rejections of vouchers, with evidence revealing discrimination rates of 44% in San Francisco, 53% in Oakland, and a staggering 70% in Los Angeles.

Aaron Carr, founder of HRI, emphasized the urgency of enforcement, stating, “It’s time for California to get tough on real estate crime.” This complaint not only seeks to halt discriminatory practices but also aims to highlight the pressing need for adequate funding for the Civil Rights Department to effectively combat such violations.

Experts argue that this issue exacerbates the state’s ongoing affordable housing crisis, disproportionately affecting racial minorities and vulnerable populations. As housing affordability continues to be a national concern, advocates are calling for more robust enforcement of existing laws, like Governor Newsom’s Senate Bill 329, which banned housing voucher discrimination in 2019.

Source: Link

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