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- Homes.com will 'boost' listings that are banned on Zillow
Homes.com will 'boost' listings that are banned on Zillow
Plus: Homeowner tenure has nearly doubled since 2005
Hi and welcome back to Mortgage Nuggets. Today’s newsletter is 825 words, a 3.5-minute read. Let’s dive in…
Disclaimer: Average mortgage rates as of May 09, 2025. © MND Daily Rate Index.
1. Letitia James under investigation for mortgage fraud
New York Attorney General Letitia James is under investigation by the DOJ for allegedly misrepresenting her intent to make a Virginia home her primary residence to secure favorable mortgage terms, according to reports from multiple outlets.
The probe follows a criminal referral from FHFA Director Bill Pulte, who alleges James falsified documents to obtain government-backed mortgage assistance. James allegedly granted her niece power of attorney to close on the Norfolk, Virginia, property while listing it as a primary residence—despite actively serving in New York.
Her attorney, Abbe Lowell, called the matter “political retribution” tied to her litigation against former President Trump, adding that the “two-page power of attorney” cited was “clearly mistaken” and contradicted by other documents indicating the property was not her residence.
2. Homes.com will 'boost' listings that are banned on Zillow
The rivalry between real estate portals is intensifying as Homes’com moves to capitalize on Zillow’s controversial policy change restricting listings that are publicly marketed but withheld from MLS and IDX feeds.
In response, Homes’com is offering to “boost” these barred listings for free, giving agents a premium placement typically reserved for paying users.
CoStar CEO Andy Florance, whose firm owns Homes’com, said the offer is about fairness, not just market share. “We don't think it's right to ban people's listings for your economic interest,” he told Inman, accusing Zillow of using the policy to protect its lead-selling model.
While the extent of impacted listings is unclear, Homes’com claims boosted properties are 25% more likely to go under contract within 10 days. The move underscores Homes’com's aggressive strategy as it battles Zillow and Realtor’com for market share.
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3. More Nuggets
📈 Lenders witness surge of mortgage demand this week. (HousingWire)
🤖 Even Pope Leo XIV has AI on his mind, acknowledging it played a role in the selection of his papal name. (TheVerge)
💸 Home builders are piling on discounts as they struggle to entice buyers. (WSJ)
🏘️ Builders have the most unsold homes since 2009. These are the housing markets with deals. (FastCompany)
🏢 Jonathan McKernan nominated for Treasury role, out as CFPB nominee. (PYMNTS)
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4. Homeowner tenure has nearly doubled since 2005
The median homeowner now lives in their home for 11.8 years, according to Redfin. While that’s down from the peak of 13.4 years in 2020, it has still nearly doubled in comparison to 2005, when the median tenure was just 6.5 years. Here are other stats from Redfin’s analysis:
40% of baby boomers have lived in their homes for more than 20 years.
California leads in homeowner tenure, driven in part by Prop 13, which discourages moves by capping property tax increases.
In Los Angeles, the typical homeowner has stayed for 18.7 years. In San Jose, it’s 17.8. Other long-tenure markets include Cleveland (17.4), San Francisco (16.7), and Memphis (16.5).
Louisville, KY (7.4 years) and Las Vegas (8) have the shortest median tenures. Close behind are Nashville, Charlotte, and Raleigh (each at 8.5 years), where recent migration has kept inventory moving.
5. Senate bill aims to raise FHA multifamily loan limits
Two U.S. Senators introduced a bill on April 30 that, if passed, would raise the Federal Housing Administration’s limits on multifamily mortgage principals for the first time in 22 years.
SB 1527, also known as the Housing Affordability Act, aims to increase the supply of affordable housing by providing more funds to its developers, according to a news release from its co-authors — Sens. Ruben Gallego, D-Ariz., and Dave McCormick, R-Penn.
“To tackle the affordable housing crisis, we need to make building homes easier and cheaper. But outdated regulations are holding us back,” Gallego said in the news release. “By updating a nearly two-decade-old loan limit, the Housing Affordability Act will expand access to affordable loans for building multifamily housing and ultimately bring down housing costs.”
☀️ You’re all caught up. See you on Wednesday!
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