FTC to Refocus Privacy Efforts
So I’ve notice a good deal of discussion here on Agent Genius related to privacy. I thought I’d devote this post to how policymakers in Washington, particularly the Federal Trade Commission (FTC) are viewing the topic and how the agency is starting to think about future regulation in the area.
I attended what is to be the first of three privacy workshops held by the FTC on December 7. The workshop brought together FTC staff, academics, consumer advocates and industry representatives to discuss whether new regulations are necessary and if so, what they might look like.
Chairman Jon Leibowitz opened the event by stating that “We are at another watershed moment in privacy, and the time is right for the commission to take a broader look at privacy.” He announced that the FTC “will pay increased attention to online privacy concerns over the next six months.”
What was clear from the workshop is that the FTC is no longer satisfied with the current privacy protection paradigm of notice and choice. In other words, under current law, as long as you disclose your privacy practices in a policy on your website, and stick to them, generally, anything goes.
Consumer Protection Leads FTC’s New Direction
The FTC is headed in a new direction and consumer protection is the name of the game. During the course of the day-long workshop FTC staff repeatedly stated that consumers don’t read or understand privacy policies so new methods of disclosure are needed to ensure that consume privacy is protected.
Commission staff suggested broadening the traditional definition of personally identifiable information or PII. This is the threshold definition for determining which information will be protected. Today it generally consists of names and account numbers. The suggestion was that a new broader definition of PII should include any information that can be aggregated from different sources to identify an individual.
Finally, the Commission identified emerging technologies that will come under increasing scrutiny for privacy related issues in the months and years ahead as cloud computing, mobile or location specific applications and social media networks.
So What Does this Mean for Real Estate Professionals?
Austin tops the list of best places to buy a home
When looking to buy a home, taking the long view is important before making such a huge investment – where are the best places to make that commitment?
Looking at the bigger picture
(REALUOSO.COM) – Let us first express that although we are completely biased about Texas (we’re headquartered here, I personally grew up here), the data is not – Texas is the best. That’s a scientific fact. There’s a running joke in Austin that if there is a list of “best places to [anything],” we’re on it, and the joke causes eye rolls instead of humility (we’re sore winners and sore losers in this town).
That said, SelfStorage.com dug into the data and determined that the top 12 places to buy a home are currently Texas and North Carolina (and Portland, I guess you’re okay too or whatever).
They examined the nerdiest of numbers from the compound annual growth rate in inflation-adjusted GDP to cost premium, affordability, taxes, job growth, and housing availability.
“Buying a house is a big decision and a big commitment,” the company notes. “Although U.S. home prices have risen in the long term, the last decade has shown that path is sometimes full of twists, turns, dizzying heights and steep, abrupt falls. Today, home prices are stabilizing and increasing in most areas of the U.S.”
Average age of houses on the rise, so is it now better or worse to buy new?
With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as is the price of new housing, so a shift could be upon us.
The average home age is higher than ever
(REALUOSO.COM) – In a survey from the Department of Housing and Urban Development American Housing Survey (AHS), the median age of homes in the United States was 35 years old. In Texas, homes are a bit younger with the median age between 19 – 29 years. The northeast has the oldest homes, with the median age between 50 – 61 years. In 1985, the median age of a home was only 23 years.
With more houses around 40 years old, the National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case the buyer will be responsible to update their new residence. Even homeowners who aren’t selling will need to consider remodeling for structural and aesthetic reasons.
Prices of new homes on the rise
Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn’t meet the demand.
Are Realtors the real loser in the fight between Zillow Group and Move, Inc.?
The last year has been one of dramatic and rapid change in the real estate tech sector, but Realtors are vulnerable, and we’re worried.
Why Realtors are vulnerable to these rapid changes
(REALUOSO.COM) – Corporate warfare demands headlines in every industry, but in the real estate tech sector, a storm has been brewing for years, which in the last year has come to a head. Zillow Group and Move, Inc. (which is owned by News Corp. and operates ListHub, Realtor.com, TopProducer, and other brands) have been competing for a decade now, and the race has appeared to be an aggressive yet polite boxing match. Last year, the gloves came off, and now, they’ve drawn swords and appear to want blood.
Note: We’ll let you decide which company plays which role in the image above.
So how then, does any of this make Realtors the victims of this sword fight? Let’s get everyone up to speed, and then we’ll discuss.
1. Zillow poaches top talent, Move/NAR sues
It all started last year when the gloves came off – Move’s Chief Strategy Officer (who was also Realtor.com’s President), Errol Samuelson jumped ship and joined Zillow on the same day he phoned in his resignation without notice. He left under questionable circumstances, which has led to a lengthy legal battle (wherein Move and NAR have sued Zillow and Samuelson over allegations of breach of contract, breach of fiduciary duty, and misappropriation of trade secrets), with the most recent motion being for contempt, which a judge granted to Move/NAR after the mysterious “Samuelson Memo” surfaced.
Salt was added to the wound when Move awarded Samuelson’s job to Move veteran, Curt Beardsley, who days after Samuelson left, also defected to Zillow. This too led to a lawsuit, with allegations including breach of contract, violation of corporations code, illegal dumping of stocks, and Move has sought restitution. These charges are extremely serious, but demanded slightly less attention than the ongoing lawsuit against Samuelson.
2. Two major media brands emerge
Business Entrepreneur2 days ago
Why receiving big funding doesn’t guarantee startup success
Business Entrepreneur6 days ago
‘Small’ business was once a stigma, but is now a growing point of pride
Business Marketing2 weeks ago
6 tips to easily market your side hustle
Opinion Editorials2 days ago
Be yourself, or be Batman? A simple trick to boost your self-confidence
Business Entrepreneur6 days ago
3 types of clients you should fire as a freelancer (without feeling guilty)
Business Entrepreneur1 week ago
Tesla: One company, or a collection of innovative startups?
Tech News23 hours ago
Google is giving back some privacy control? (You read that right)
Business Entrepreneur1 week ago
If you’re an employer, don’t hire without knowing about these hidden traits