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Real estate brokers pocketing up to 6% in fees draw antitrust scrutiny

Published Tue, 05 Nov 2024 05:39:26 GMT

By Jordan Yadoo and Leah Nylen | BloombergThe lucrative broker commission system at the heart of the US residential housing market is facing unprecedented antitrust scrutiny from the Justice Department and two private class-action lawsuits that risk weakening the National Association of Realtors, the industry’s powerful lobbying group.Federal antitrust enforcers are poised to decide whether to pursue their own case after a years-long investigation, according to a person familiar with the issue. The Justice Department is focused on the real estate commission-sharing system that typically puts homesellers on the hook for a 5% to 6% cut of the sale, split between their agent and the buyer’s agent.It’s a structure largely unique to the US, preserved by the association’s control of many of the country’s multiple listing services — an essential tool that aggregates properties available for sale in a given region. To use the system, NAR requires sellers to offer compensation to the buyer’s...

US work-from-home rates drop to lowest since pandemic

Published Tue, 05 Nov 2024 05:39:26 GMT

By Zachary Fleming, Redd Brown and Ignacio Gonzalez | BloombergThe push by employers to get American workers back into the office appears to be working.Fewer than 26% of US households still have someone working remotely at least one day a week, a sharp decline from the early 2021 peak of 37%, according to the two latest Census Bureau Household Pulse Surveys. Only seven states plus Washington, DC, have a remote-work rate above 33%, the data shows, down from 31 states and DC mid-pandemic.The reversal reflects the continued push by many employers to get staff to return to offices. Remote employees have been blamed for dwindling profits and costing cities billions, and fears of a recession have eroded their ability to demand the telework perks they won early in the pandemic when the labor market sat squarely in their favor.Some companies, like Goldman Sachs Group Inc., now expect a return to five days in the office, though boardroom disagreement abounds — nearly three of out four organi...

31 stores in California on Rite Aid closure list

Published Tue, 05 Nov 2024 05:39:26 GMT

Rite Aid has marked 31 stores in California for closure in its restructuring plan, which was filed Monday, Oct. 16 in the U.S. Bankruptcy Court for the District of New Jersey.The chain, which previously said it might close 500 stores, wrote that at least 154 stores would close.The troubled retail pharmacy chain is facing slumping sales and several opioid-related lawsuits. To make ends meet, the company is looking to reduce its debt while resolving “litigation claims in an equitable manner,” Rite Aid reps said Sunday.Related ArticlesBusiness | Rite Aid files for bankruptcy, will close more stores Business | Head into shopping season ready to manage spending and debt Business | Crime isn’t the full story: What else is affecting retailers in urban areas, in 4 charts Business | Why you should start your holiday shopping early Business | Amazon’s October Prime Day Deals rival Black Friday, Cyber Monday “Many ...

Rare monster-looking fish with sharp teeth washes up on California coast

Published Tue, 05 Nov 2024 05:39:26 GMT

The deep-sea creature is an image horror films are made of: Dark black flesh, teeth sharp as glass and an antenna that glows to entice prey in the ocean’s depths.It’s quite fitting that the spooky-looking angler fish washed up on Friday the 13th, just weeks before Halloween.It is the second angler fish to washed up at Crystal Cove State Park in recent years.  Another of the deep water fish, also dubbed the Pacific Football Fish, was found on the shore by a park visitor in 2021, making international news.The fish found last week was picked up by California Department of Fish and Wildlife for further research, according to a social media post by State Parks officials.Related ArticlesEnvironment | Historic Big Sur property, once owned by William Randolph Hearst, to get new owners, including tribe Environment | Surfer injured in apparent shark attack at Pacifica beach Environment | Prominent Bay Area environmental group names new leader En...

California cracks down on ‘forever chemicals,’ or PFAS, found in food packaging

Published Tue, 05 Nov 2024 05:39:26 GMT

California Attorney General Rob Bonta hosted a press conference on Tuesday, Oct. 17 at Los Angeles State Historic Park, to warn companies of their responsibility to disclose the presence of dangerous PFAS under Assembly Bill 1200.He issued a letter to manufacturers, distributors, and sellers of food packaging and cookware, alerting them that they must adhere to AB 1200, a recently enacted law that restricts the presence of PFAS in food packaging and imposes labeling disclosure requirements for cookware.Bonta also issued a consumer alert with tips for reducing exposure to PFAS, referred to as “forever chemicals” which include thousands of toxic chemicals widely used in every day products including food packaging, cookware, clothing, carpets, shoes, fabrics, polishes, waxes, paints and cleaners.California Attorney General Rob Bonta hosted a press conference on Tuesday, Oct. 17, 2023, at Los Angeles State Historic Park to warn companies of their responsibility to disclose the presence ...

Man accused in downtown Long Beach crash was working for Uber, had passenger in car, DA says

Published Tue, 05 Nov 2024 05:39:26 GMT

A 46-year-old Los Angeles man was working as an Uber driver and had a passenger in his car when he allegedly ran a red light while speeding over the weekend, striking multiple pedestrians and vehicles and killing a woman in downtown Long Beach, prosecutors said Tuesday.Khalid Yagobbi, through a defense attorney, pleaded not guilty to one count of vehicular manslaughter with gross negligence in Long Beach Superior Court.A prosecutor provided details of the case while a judge considered whether to allow cameras during the hearing.Yagobbi was accused of speeding eastbound in the westbound lanes of Shoreline Drive and running through a red light at Aquarium Way without slowing down about 5:15 p.m. Saturday, Oct. 14, prosecutors said.One of the pedestrians, Cuarenta Aguilar, 60, of Long Beach, was killed in the crash and several other pedestrians were hospitalized, police said while announcing Yagobbi’s arrest on suspicion of murder and calling the crash intentional.However, the vehicula...

What rights do renters have in Colorado?

Published Tue, 05 Nov 2024 05:39:26 GMT

DENVER (KDVR) — If you are a renter in Colorado, you may or may not know that you have a few rights under state law.Many of these rights were passed recently, with some having gone into effect in 2021 and 2023. One more will go into effect in 2024. What is Prop HH? Voters to decide on property taxes and TABOR dollars You can find all of these laws in the Colorado Revised Statutes, with most of them in Title 38, Article 12.Here are some you should know about.Units must be habitableOne of the basic terms required by landlords is that the units rented out have to be habitable. There are a few things that the law specifically calls out that would deem a unit uninhabitable. This includes a unit having mold, no running water, and non-functional appliances.One thing the units must have is functioning heating. However, they are not required to have functioning air conditioning.Things not allowed in rental agreementsA few things are, by law, not allowed to be in rental agreements.Fees, pen...

WATCH LIVE: President Biden comments on the Israel-Hamas War from Israel

Published Tue, 05 Nov 2024 05:39:26 GMT

President Biden is expected to provide further remarks from Israel, however the timing is fluid. We will carry those remarks live in the video player above.TEL AVIV, Israel (AP) — President Joe Biden opened his visit to Israel on Wednesday vowing to show the world that the U.S. stands in solidarity with the Jewish people and offering an assessment that the deadly explosion at a Gaza Strip hospital appeared to have been carried out “by the other team” and not the Israeli military.“Based on what I’ve seen, it appears as though it was done by the other team, not you,” Biden told Israeli Prime Minister Benjamin Netanyahu during a meeting, referring to Hamas militants. But Biden said there were “a lot of people out there” who weren't sure what caused the blast. The Hamas-run Gaza Health Ministry said an Israeli airstrike caused the destruction and hundreds of deaths. The Israeli military denied involvement and blamed a misfired rocket from the Palestinian I...

Family of 5 displaced following house blaze in Fort Lauderdale; cause under investigation

Published Tue, 05 Nov 2024 05:39:26 GMT

A family of five are displaced after their home went up in flames in Fort Lauderdale. The blaze erupted around 5:30 a.m. Wednesday, off Northwest 31st Avenue and Northwest 17th Street. Several fire crews were on the scene as they worked to control the fire. According to fire officials, five people, including three children, were inside the house at the time of the fire. One woman needed assistance being removed from the home, while the other four people exited the blazing structure safely. The female victim was transported to the hospital with some injuries. Despite being shaken up from the ordeal, all people that were inside the home are expected to be OK. Neighbors said the family did not appear to have grabbed anything on the way out of the burning home, meaning all of their belongings may have gotten damaged due to the fire. Video footage showed the awning of the house completely charred while the inside was gutted. The family is unsure of what to do next, but firefighters said ...

Cool Morning, then Warm Wednesday Afternoon

Published Tue, 05 Nov 2024 05:39:26 GMT

What a change to our weather pattern this week in South Florida! Cooler temperatures, lower humidity and dry conditions have been the main features so far this week.It is another cool morning out there this Wednesday with widespread lows in the 60s and even some pockets of upper 50s!Unfortunately, warmer weather is set to return starting this afternoon following the coolest afternoon in more than half a year on Tuesday.Highs will return to the low to mid 80s this afternoon courtesy of winds shifting out of the north, re-introducing “ocean air.” That will be paired with lots of sunshine and still a near-0% rain chance.Rain chances will rise slightly Thursday into Friday, with the highest chance Thursday night, as a developing front near our coast draws up moisture from the Caribbean Sea. Some of this moisture will skirt our coast, leading to more clouds and that relatively elevated rain risk but most areas will stay dry.That will eventually give way to a beautiful Friday ...