In January, the US Department of Housing and Urban Development announces largest housing discrimination settlement ever. Columbia National Inc., a mortgage lender with offices in 28 states, agrees to make more than $6 billion in home mortgages available to minorities over five years.
In August, HomeStore.com makes an initial public offering (IPO) that generates $140 million.
The National Association of Hispanic Real Estate Professionals (NAHREP) opens.
Homeownership reaches 67% of households nationwide and existing home sales top 5 million for the first time.
NAR creates the RealtorŪ Electronic Commerce Network.
Resulting from an acquisition of MidAmerican Energy Holdings Company by Berkshire Hathaway, Warren Buffet enters real estate via a company called HomeServices. The company consolidates nine prosperous real estate companies to create the second largest real estate company in the US.
Congress finally completes the long-anticipated revocation of the Glass-Steagall Act, creating a furious debate on whether federally chartered financial institutions may enter the real estate industry as owners and operators of real estate firms. |
