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August 2020

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In addition to the three deep-dive articles above, T3 Sixty has, in addition, identified a collection of noteworthy articles from various news sources. Here are those honorable mentions.

Rocket Companies set to go public

(Read the Story)
  • From: Benzinga
  • Summary
Rocket Companies, the parent of the nation’s largest retail lender Quicken Loans, has priced its shares at $18 in its IPO, looking to raise approximately $1.8 billion. The company has streamlined its consumer-facing technology in recent years, and has grown its real estate agent referral business.
  • Commentary
Settlement services, and the end-to-end transaction dream, increasingly have become focuses for real estate brokerage companies. Companies like Rocket will continue to be formidable competitors for that business.

Home list prices jumped 8.5% in July

(Read the Story)
  • From: Realtor.com
  • Summary
Median home list prices jumped 8.5 percent in July from a year ago to a median of $349,000, realtor.com reports. In addition, year over year, inventory dropped nearly a third from a year ago.
  • Commentary
The jump in median list price reveals yet again the confidence sellers feel in the current real estate market, where inventory remains constrained. The residential real estate market remains strong despite the pandemic.

The U.S. economy struggles with a pandemic rebound

(Read the Story)
  • From: New York Times
  • Summary
In the second quarter, despite the trillions of dollars the government pumped in to support the economy, the U.S.’s GDP still dropped 9.5 percent, The Times chronicles how communities and businesses are struggling across the country.
  • Commentary
With billions in lost revenue, subsequent layoffs and a growing number of bankruptcies, almost no industry has gone unscathed, with hospitality, restaurants, airlines, movies, sports and retail among the worst hit. The pandemic has impacted all segments of the population with the elderly, those living in people poverty and people with disabilities most impacted. Sadly, the number of infections in various areas have begun to spike again making the road to recovery long and arduous.

Zillow Group announces employees can work from home indefinitely

(Read the Story)
  • From: GeekWire
  • Summary
In late July, Zillow Group announced that it had extended the option to work from home, at least part-time, to approximately 90 percent of its over 5,000 employees indefinitely. The company also reported it onboarded 500 employees completely virtually since the pandemic began.
  • Commentary
Zillow Group, one of the industry’s largest employers, reveals how the pandemic may leave a lasting impact on the reduction of office space. We believe many real estate companies are revisiting their leases and will decrease their office footprints in the coming months and years.

Realogy settled part of its $400M Cartus lawsuit

(Read the Story)
  • From: The Real Deal
  • Summary
Realogy has settled its lawsuit over the aborted $400 million sale of its relocation business after Sirva and MDP backed out of the transaction in April, claiming that the pandemic had a “devastating” impact on Cartus.
  • Commentary
The canceled sale appears to have had no negative impact on the Cartus business and, for most of its real estate partners, it remains business as normal. Realogy has confirmed that relocation continues as a key part of its business model.

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