In what can only be categorized as a shocking development, Zillow Group announced Thursday that Spencer Rascoff is stepping down as the company’s CEO, a position he’s held since 2010. Rascoff, who helped found Zillow, took over as CEO in 2010 for Rich Barton, who served as the company’s first CEO and is also a co-founder. And Zillow isn’t looking too far to find Rascoff’s replacement, as the online real estate giant announced that Barton is returning to serve as CEO again. Click the headline to read more.
Rising construction costs contributed to multifamily developers’ confidence weakening further in the fourth quarter of 2018, according to the National Association of Home Builders. NAHB Multifamily Council Chairman Steve Lawson said: "Rising construction costs and difficulty with getting projects approved have made building particularly challenging in some parts of the country."
For the third month in a row, existing home sales took a dive, according to the latest report from the National Association of Realtors. NAR Chief Economist Lawrence Yun said January’s home sales of 4.94 million were the lowest since November 2015, but he does not expect the numbers to decline further going forward.