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Why are real estate commissions 6%? – and why that may be changing

Published Tue, 05 Nov 2024 08:11:14 GMT

By Anna Bahney | CNNWashington, DC  — Here’s how paying for a real estate agent to sell your home has long been done: A seller hands a percentage of the sale price to their broker, who then splits it with the broker who brought the buyer.The commission is typically between 5% and 6%, which is usually tens of thousands of dollars out of the seller’s proceeds. But the seller also factored that cost into what they listed their home for, so indirectly, the buyer is paying the cost, too.How did that become the standard? And will this process continue?Changes may soon be on the horizon for real estate commission rates after a Kansas City jury determined – in a $1.8 billion judgement in October – that commissions had been inflated and that brokerages and industry groups conspired to keep them that way. This landmark antitrust court case, along with similar lawsuits like it, could overhaul the standard 6% commission and who pays it.A shift could allow home buyers and sellers to negotiate no...

Cal State faculty striking in series of one-day actions

Published Tue, 05 Nov 2024 08:11:14 GMT

(BCN) -- Thousands of California State University faculty are preparing to shut down their classes and strike starting Monday as labor negotiations have stalled. The series of one-day rolling strikes will begin at Cal Poly Pomona on Monday, with San Francisco State following on Tuesday, Cal State LA on Wednesday and Sacramento State on Thursday. Some faculty from other campuses are expected to join their colleagues and not teach on those days. Cal State graduation rates remain flat for second consecutive year Salary remains the largest disagreement between the 23-campus Cal State system and the California Faculty Association, which represents about 29,000 professors and lecturers. The faculty is fighting for a 12% general salary increase for this year and has not specified the size of the raises it will seek after that. However, the university system is proposing a total increase of 15% over three years, including this year. "A lot of what we've been offered by management is depe...

SF school district reaches memorandum of understanding with tradespeople, staving off strike

Published Tue, 05 Nov 2024 08:11:14 GMT

(BCN) -- The San Francisco Unified School District has reached a memorandum of understanding with tradespeople who had pledged to strike Monday to protest what they called unfair labor practices, the school district said Sunday night.Common Crafts employees include about 80 plumbers, carpenters, roofers and other tradespeople, according to the San Francisco Building and Construction Trades Council, though the school district said it only represents 65 employees.The council said Friday that the district had failed to pay wages owed and that workers were going to picket on Monday "to voice their exasperation with the school district that has continuously violated state labor law in its recent dealings with them."Earlier on Sunday evening, SFUSD spokesperson Laura Dudnick said the district had only been made aware of the situation on Friday, but that continued discussions were being held with the workers.On Sunday night, the district sent out an email announcing the MOU, which it said ...

Lanes shut down on I-280 in San Jose Sunday

Published Tue, 05 Nov 2024 08:11:14 GMT

(KRON) -- Traffic on Interstate 280 in San Jose was halted Sunday night due to a person in distress, California Highway Patrol announced on X. All northbound lanes in the area of I-280 and McLaughlin Avenue were shut down as of 10:30 p.m. and later reopened just after midnight.During the closure, only one southbound lane was open, according to CHP.No other information was immediately available.

Christian Pulisic enjoying new lease of life at Milan ahead of Copa America

Published Tue, 05 Nov 2024 08:11:14 GMT

MILAN (AP) — Christian Pulisic came to AC Milan to revive his flagging club career. The United States standout is doing just that and then some.Pulisic has never got off to such a good start at a new club, bettering even his early days at Borussia Dortmund when he was talked about as a teenage prodigy.There he netted two goals and had three assists in his first five matches but then didn’t score again for a number of months.Pulisic has started life in Italy with five goals and two assists in his first 12 league matches with Milan, the 25-year-old matching Weston McKennie’s goal tally for Juventus in the entire 2020-21 season.No U.S. international has scored more in a Serie A season although American-born, former Italy forward Giuseppe Rossi netted 16 in the league for Fiorentina in 2013-14.Pulisic’s latest goal, Milan’s second, was an impressive effort in Saturday’s 3-1 win over Frosinone.The winger barely broke stride as he raced onto a 70-meter pass from goalkeeper Mike Maig...

Stock market today: US futures follow global markets lower ahead of raft of jobs data this week

Published Tue, 05 Nov 2024 08:11:14 GMT

Wall Street followed global stocks lower Monday ahead of a slew of economic data on the labor market this week. Futures slipped, with the Dow Jones Industrial Average falling 0.3% before the bell while the S&P 500 gave up 0.4%.Wall Street ended Friday with its fifth straight weekly gain as a growing number of signs suggest that the U.S. Federal Reserve may be done raising interest rates to curtail rising costs. Inflation has slowed measurably since last year following a series of rate hikes. The hikes are intended to cool the economy and slow hiring, and there is growing evidence that the Fed has had some success. A report Thursday from the Commerce Department showed that prices were unchanged from September to October, down from a 0.4% rise the previous month. Compared with a year ago, consumer prices rose 3% in October, below the 3.4% annual rate in September. That was the lowest year-over-year inflation rate in more than 2 1/2 years.While the labor markets remain strong, the ...

Guinea-Bissau’s president has dissolved the West African nation’s parliament after last week’s failed coup

Published Tue, 05 Nov 2024 08:11:14 GMT

BISSAU, Guinea-Bissau (AP) — Guinea-Bissau’s president has dissolved the West African nation’s parliament after last week’s failed coup.Source

Global warming could cost poor countries trillions. They’ve urged the COP28 climate summit to help

Published Tue, 05 Nov 2024 08:11:14 GMT

DUBAI, United Arab Emirates (AP) — A prominent developing-world leader on the issue of climate change said Monday that global taxes on the financial services, oil and gas, and shipping industries could drum up hundreds of billions of dollars for poorer countries to adapt and cope with global warming.Barbados Prime Minister Mia Mottley focused on how poorer countries, with help from richer countries and international finance, could shoulder the astronomical costs to adapt to climate change, reduce its future impact, and pay for losses and damage caused as climate trouble like floods, forest fires and heat waves rip through communities.The U.N. climate summit known as COP28, which is being presided over by the head of the United Arab Emirates’ biggest oil company, put its attention Monday on how developing countries could possibly pay trillions of dollars that experts say they will need to cope with global warming.“This has probably been the most progress we’ve seen in the last ...

US is running out of money for Ukraine and that could hinder fight against Russia, White House warns

Published Tue, 05 Nov 2024 08:11:14 GMT

WASHINGTON (AP) — The Biden administration on Monday sent Congress an urgent warning about the need to approve tens of billions of dollars in military and economic assistance to Ukraine, saying Kyiv’s war effort to defend itself from Russia’s invasion may grind to a halt without it.In a letter to House and Senate leaders and released publicly, Office of Management and Budget Director Shalanda Young warned the U.S. will run out of funding to send weapons and assistance to Ukraine by the end of the year, saying that would “kneecap” Ukraine on the battlefield. She added that the U.S. already has run out of money that it has used to prop up Ukraine’s economy, and “if Ukraine’s economy collapses, they will not be able to keep fighting, full stop.”“We are out of money — and nearly out of time,” she wrote.Biden has sought a nearly $106 billion aid package for Ukraine, Israel and other needs, but it has faced a difficult reception on Capitol Hill, where there is growing sk...

Shelter-in-place issued for Aurora neighborhood over suspicious activity

Published Tue, 05 Nov 2024 08:11:14 GMT

DENVER (KDVR) — A shelter-in-place has been issued for an Aurora neighborhood while police investigate a report of suspicious activity.The Aurora Police Department tweeted about the shelter-in-place at 7:30 a.m. Monday. Police investigating shooting, assault in Aurora There is a large police presence near South Aurora Parkway and East Euclid Avenue. The area is in the Tallyn's Reach neighborhood near Southlands Mall. All police have said at this time is that there was a report of suspicious activity. All residents west of that intersection have been ordered to shelter inside their homes and stay away from doors and windows.At 7:50 a.m., Aurora police said one person was safely taken into custody, but the shelter-in-place remains active. East Euclid Avenue is closed between South Catawbe Circle and South Calhoun Place. This is a developing story and more information will be posted as it is released.