Fla. job growth will outpace the nation, says UCF, and the housing industry – an “albatross” in the Great Recession – will “be an important economic driver.” ORLANDO, Fla. (AP) – Job growth in Florida will outpace the national economy, and unemployment will continue to decline in 2022, according to a new economic forecast for the Sunshine State. Florida’s unemployment rate, which stood at 4.5% in November, is expected to continue falling in 2022, and housing starts will pick up, but not quickly enough to satisfy robust demand in the short run, according to the forecast released earlier this month
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By Marla Martin Florida Realtors: Condo sales dropped slightly year-to-year, single-family home sales and pending sales rose in Nov. Prices rose more than 19% for both. ORLANDO, Fla. – Florida’s housing market reported more closed sales, higher median prices, more pending sales and continuing tight inventory levels in November compared to a year ago, according to Florida Realtors® latest housing data. Closed sales of single-family homes statewide last month totaled 27,541, up 4.3% year-over-year, while existing condo-townhouse sales totaled 11,598, down 5.4% from November 2020. Closed sales may occur from 30- to 90-plus days after sales contracts are written. “High
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By Matt Ott One week earlier, a 30-year, fixed-rate mortgage averaged 3.05%; a year ago, it averaged 2.67%. Most economists predict more slight rises in 2022. SILVER SPRING, Md. (AP) – Average long-term U.S. mortgage rates moved slightly higher in the final week of 2021. Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark, 30-year home loan ticked up to 3.11% this week from 3.05% last week. A year ago, the 30-year rate stood at 2.67%. The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, rose to 2.33% from 2.3% last week.
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By Gary M. Singer Each type of co-ownership – tenants in common, joint tenant with right of survivorship and tenants by the entirety – has different rules, along with unique pros and cons. FORT LAUDERDALE, Fla. – Question: Our youngest sister lives with our 94-year-old mother and takes care of her. The family has agreed that she will be the sole owner of the property upon my mother’s demise. My sister is listed on the house deed along with my mother, and we were wondering if this is best for tax purposes and inheritance. – Jo Answer: People can own
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By Richard Swank Is it OK to use one of Florida Realtors’ residential contracts for a new-construction home? The short answer: No. The longer answer: Buyers likely lose important protections and it may lead to litigation. ORLANDO, Fla. – Florida Realtors’ Legal Hotline has received an increasing number of calls focused on one of Florida Realtors®’ forms: using residential contracts for new construction. Either a small builder used these contracts on their own, or they employed a real estate agent and instructed them to use these contracts. By the time we receive a call on the Legal Hotline, the parties
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By Joey Sale Dear Joey: Code of Ethics’ headings seem directed to specific people – fellow Realtors, members of the public, etc. Does that limit who can file certain types of ethics complaints? Or are the headings just headings? ORLANDO, Fla. – Dear Joey: In the Code of Ethics, the articles appear under headings – Duties to Clients & Customers, Duties to the Public and Duties to Realtors®. Do these headings bear any weight on who can file a complaint? – Policy Guru Dear Policy Guru: You pose a great question that I’m sure many have asked in the past.
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By Kerry Smith Fannie and Freddie tighten condo-lending rules. Details vary, but they generally won’t back single-unit condo loans if a building has deferred maintenance issues. ORLANDO, Fla. – In response to the Surfside tragedy, Freddie Mac announced last week that it would immediately start taking a closer look at a condo development’s maintenance issues before approving individual loans. The change follows a similar announcement made earlier by Fannie Mae. The two mortgage giants back over half of all U.S. loans. The new requirements can be complex – Freddie Mac posted its announcement online – but they will generally deny
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By Amber Randall The current market favors sellers, but owners see slowing price increases and buyers being priced out of the market. Many who held off may decide it’s time to sell. FORT LAUDERDALE, Fla. – Some possible good news for buyers – more inventory could be headed to the South Florida market in the coming months, as sellers become more willing to list their homes. A survey of 1,300 consumers by realtor.com, conducted in fall of 2021, revealed that 65% of homeowners across the country planned on selling their home within the next six months, while 26% of homeowners
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Sarasota, Florida By Kerry Smith A hotness study of U.S. metros – defined as days on market, sales above list price and sale-to-list price ratio – finds 8 are in Fla., and 7 of 10 are in SW Fla. ORLANDO, Fla. – In a “hot” real estate market, listings sell quickly once they hit the market, they collect more offers above list price, and the amount above list price is higher than in cooler markets. Based on that, Redfin analyzed sales in September 2021 to create a list of the hottest real estate markets heading into 2022, and eight of
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By Kerry Smith The money goes to 10 local agencies across the state. Nationwide, HUD is providing $18M to support U.S. vets facing or experiencing homelessness. WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) awarded over $18 million in HUD-Veterans Affairs Supportive Housing (HUD-VASH) vouchers to 103 Public Housing Agencies (PHAs) in 33 states. The funding supports veterans experiencing homelessness. In Florida, 10 local agencies have been allocated over $2 million ($2,021,110) of that money, or about 11% of the total. Florida HUD-VASH recipients West Palm Beach Housing: $97,690 Housing Authority of the City of Lakeland: $60,370
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