Overnight News: Were you rooked by an iBuyer? So was everyone else – and all of you may have grounds for litigation.

If you sold a home to an iBuyer over the past 12 months, you were probably rooked – and you may have grounds for litigation.

If the iBuyer did not explicitly disclose to you that listing on the MLS would be to your best financial interest in a madly accelerating market, you were overtly and objectively misled. A licensee misleading a customer creates agency – omission is deception, deception is advice. Arguably, you were gulled out of a substantial portion of your equity in an undisclosed dual-representation: You were advised to make a mistake by the party – agent AND principal – benefitting from the error.

Until now, class action lawsuits for undisclosed dual-representation have been the belles of the real estate litigation ball. But how about a class action lawsuit against an entire class of gonophs? All of the iBuyers can and should have their licenses put to the test: Are they fiduciary – and hence massively-redundant double-dealers – or are they somehow exempt from the real estate licensing laws?

In other news:

CNBC: Homebuilder confidence is still high, but it slipped this month as construction costs grew.

Redfin.com: Interest in Relocating Remains Elevated, With Nearly 1 in 3 Redfin.com Users Looking to Move to a Different Metro.

CNBC: Homebuyers aren’t seeing savings from falling lumber prices – here’s why.

Mike DelPrete: The Rise of Power Buyers. See above and add two more rookings: The buy-side and the financing.

City Journal: A Nation of Rentiers: The notion that homeownership should be a primary tool for building wealth is mistaken.

Helen Raleigh: Public Schools’ Systemic Problem Isn’t Racism Or Money. It’s Teachers’ Unions.