Today’s News Synopsis:

Home prices in the U.S. increased 5.5% in September to new highs.  GDP increased in the third quarter, fueled by an increase in consumer spending according to the Commerce Department.  Fewer consumers and investors are choosing to live near the coast as they believe it to be a riskier investment.

In The News:

Wall Street Journal – “Real Estate Tech Companies VST and Hightower to Merge in $300 Million Deal” (11-29-16)

“Two technology startups that help commercial real-estate owners and brokers manage their businesses are merging in a $300 million deal that will create one of the largest technology firms in the industry.”

Los Angeles Times – “A pair of ‘Real Housewives’ make real estate moves in the L.A. area” (11-29-16)

“When it comes to the “Real Housewives” franchise, the drama isn’t limited to only the television screen. The various cast members often provide fodder in other walks of life, even in real estate news.”

Curbed – “Climate change has buyers hesitating over coastal real estate” (11-29-16)

“What was once a real estate draw is quickly becoming a liability. As the New York Times details in a new report, close proximity to surf and sand is increasingly seen as a risky invitation to destructive storm surges and rising waterlines.”

CNBC – “US home prices hit new peak, up 5.5% in September: S&P CoreLogic Case-Shiller” (11-29-16)

“Tight supply and high demand pushed home prices in September to a new peak nationally.  Prices were 5.5 percent higher than September of 2015, up from the 5.1 percent annual gain in August, according to the S&P CoreLogic Case-Shiller Index.”

Bloomberg – “U.S. Third-Quarter GDP Revised Higher on Consumer Spending” (11-29-16)

“The U.S. economy expanded more than previously reported last quarter on a sunnier picture of household spending, the primary growth engine.”

Inman – “Zillow settles class action labor lawsuit for $6M” (11-29-16)

“A fair labor law case against Zillow that originally arose two years ago, Ian Freeman vs. Zillow, Inc., has come full circle.”

Forbes – “This Startup Is Changing The Way People Invest In Single Family Homes” (11-29-16)

“Up until recent years, REITs were pretty much the only option for investors who wanted to invest in real estate, but lacked a strong professional background in the industry.”