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Lawsuits Filed Against Success Real Estate After Sudden Closure, Alleging Embezzlement and Unpaid Commissions

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Success Real Estate Lawsuits

In a developing story out of Massachusetts, three lawsuits have been filed against Success Real Estate, just two weeks after the agency suddenly shut its doors on December 14th. The lawsuits were filed in both Plymouth Superior Court and Plymouth District Court, with the bulk of the plaintiffs being Realtors® who worked for the agency’s offices in Marshfield and Braintree.

The Realtors® claim that the agency’s owner, Stephen Webster, allegedly stole or embezzled hundreds of thousands of dollars that were meant to be held in escrow for real estate transactions. Attorney Bob Ahearn, who represents the plaintiffs, outlines three main reasons why they’re owed money: 1) Realtors® who never received commission checks after closings, 2) Commission checks that bounced as far back as September, and 3) Individuals who loaned money to Stephen Webster personally.

Ahearn says one of his clients is owed over $100,000 in bounced checks alone. As the legal battle intensifies, he warns that the problem is much larger than just the agents. Some closings are now in jeopardy, with money that was supposed to be in escrow unavailable, potentially affecting buyers and sellers alike. “It’s going to get really ugly,” Ahearn says, predicting widespread fallout.

The case now enters the discovery phase, where Ahearn’s team will attempt to obtain Webster’s bank records to trace the missing funds. While Ahearn isn’t hopeful that the plaintiffs will recover 100% of what they’re owed—since Webster likely doesn’t have the money—a judge has authorized motions for real estate attachments on Success Real Estate’s properties. If successful, proceeds from the sale of those properties could be used to help pay back the plaintiffs.

Success Real Estate, a well-established agency with 32 years in business, had boasted billions in sales over the past five years. However, its sudden closure and the ensuing lawsuits have left many questioning the future of the agency and the fate of those caught in the fallout.

Source: Link

Market Shifts as Stale Inventory Grows

New data from Redfin reveals that the U.S. housing market has hit a four-year high in terms of available listings, with inventory rising 12% year-over-year in November. However, this surge is largely due to a growing backlog of unsold homes, many of which have been sitting on the market for extended periods.

Over half of homes listed last month—54.5%—remained unsold for 60 days or more, marking the highest share since 2019. The typical home that did sell took 43 days to go under contract, the slowest pace for November in four years.

Real estate agents in Portland, Oregon, say many homes on the market are either overpriced or in poor condition, discouraging buyers. Homes priced right and in good condition are still selling quickly—often within a week—but overpriced listings are sitting for months.

Regions like Florida and Texas are seeing the largest shares of stale inventory, with cities like Miami and Austin leading the pack. In contrast, areas like Providence, Rhode Island, and Milwaukee are experiencing fewer unsold listings.

This rising inventory trend could signal a shift in the market, where homes may be harder to sell unless they’re priced attractively. 

Source: Link

U.S. Home Prices Up 3.6% Annually

And finally, the latest data from the S&P CoreLogic Case-Shiller Indices released December 31st, shows U.S. home prices rose 3.6% year-over-year in October. This marks a slight slowdown compared to previous months, as the market cools following a period of rapid growth. The S&P CoreLogic Case-Shiller Index is a leading measure of U.S. home prices, tracking the value changes of single-family homes across 20 major cities.

While the national index showed a solid 3.6% annual increase, the month-over-month data revealed some slowdown. The U.S. National Index dropped by 0.18%, while the 20-City and 10-City Composites also experienced modest declines. However, when seasonally adjusted, the indexes did show slight gains, with a 0.3% increase in the national index.

Among the cities, New York led with the highest annual gain at 7.3%, followed by Chicago and Las Vegas. Tampa, however, saw the smallest growth, with just 0.4% year-over-year. Redfin’s analysis also points to a growing divide: while some cities like New York are thriving, others like Tampa and Cleveland are seeing more sluggish growth.

The S&P CoreLogic Case-Shiller Index is widely used by economists and investors to gauge the health of the housing market.

Source: Link

 

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