FHFA announces new tenant protection policies

☕️ Good morning. It's Tuesday. On to the news.

Today's newsletter is 589 words — a 2.5-minute read.

1. Court denies NAR petition for rehearing in DOJ case

The U.S. Circuit Court of Appeals in Washington, D.C. on Friday denied a request from the NAR for a rehearing of the court’s previous ruling that the DOJ can reopen an investigation into the trade organization.

The legal back-and-forth on DOJ reopening its investigation has been bouncing through courts dating back to the Trump administration.

In November 2020, the DOJ agreed to close its investigation into NAR after reaching a settlement agreement on the antitrust investigation into NAR’s role in buyer agent compensation.

However, the settlement was withdrawn and a three-judge panel in D.C. ruled that the DOJ could reopen its investigations.

2. FHFA announces new tenant protection policies

FHFA announced new guardrails for renters going into effect next February. The changes are aimed at multi-unit properties financed by Fannie Mae and Freddie Mac and include new rules for landlords, such as:

• 30-day written notice for rent increases

• 30-day notice of lease non-renewal or termination

• A 5-day grace period for late rent payments

The rules will apply to new mortgages and refinances by Fannie Mae and Freddie Mac for multi-unit buildings starting in February 2025, and a more thorough description of the new rules will be released next month.

3. Catch up quick

💵 What is a FHA condo spot approval? (Video)

📱 Houstonians use the Whataburger app to track power outages. (CW39)

📈 Housing inventory is climbing back. So why are leads still lagging? (Fintellect)

🧐 Critics say NAR is like a cartel. (Bankrate)

4. Kroger, Albertsons plan to sell 26 stores in Dallas-Fort Worth

Kroger has identified the 579 stores it plans to sell to C&S Wholesale Grocers in an effort to get antitrust regulators’ approval for its $24.6 billion acquisition of Albertsons, including 26 in the Dallas-Fort Worth area.

The 26 of the 28 Texas stores set to be sold are in North Texas, a market in which San Antonio-based H-E-B LP has been steadily growing. The other two are in the Houston area.

The Federal Trade Commission (FTC) has filed a lawsuit in federal court in Oregon opposing the Kroger-Albertsons merger and a hearing is scheduled for Aug. 26.

5. 'Samsung effect' spurs plans for 100-acre residential development in fast-growing Taylor

A new 100-acre residential neighborhood by Megatel Homes, LLC could be coming to Taylor, where economic growth has been explosive thanks to Samsung’s 2,000-acre, multibillion-dollar semiconductor plant that's under construction in the city.

Megatel Homes met with city staff and the city’s urban design consultant Michael Watkins in November to develop a design for the land that would meet the city’s master plan. The resulting land design was approved at the June meeting of the Planning and Zoning Commission, and approved by City Council at Thursday’s meeting. LINK

6. Home insurance costs already soaring as insurers leave climate disaster-prone areas

Keeping homeowners' insurance has become increasingly challenging for many people, particularly those who live in areas prone to natural disasters.

• For instance, Texas residents saw their home coverage costs surge by 60% according to S&P Global.

Nationally, the average homeowners insurance premium jumped from $1,081 in 2018 to $1,522 last year for people in a single-family property with a 30-year home loan, according to mortgage buyer Freddie Mac. LINK

☀️ Thank you for starting your day with us!

If you like this newsletter, your friends may too. Forward it to a friend, and let them know they can subscribe here.