By Kerry Smith New-home starts fell a surprising 9.5% in April. Builders say buyers are dropping out of the market because rising costs for raw materials keeps pushing prices higher. WASHINGTON – Housing production fell in April, and builders say the drop is due to a higher cost for building materials that has priced out potential homebuyers. Overall, housing starts decreased 9.5% to a seasonally adjusted annual rate of 1.57 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The April reading of 1.57 million starts is the number of
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By Ron Hurtibise State-owned Citizens Property Ins. is growing rapidly, and Fla. insurance regulators recently authorized “extraordinary” terminations for thousands of homeowners insured by Universal Insurance of North America, Gulfstream Property & Casualty and Southern Fidelity. TALLAHASSEE, Fla. – As another hurricane season bears down on the state, more than 50,000 Florida home insurance customers will soon receive notices that their policies have been canceled or won’t be renewed. State insurance regulators recently authorized “extraordinary” terminations of thousands of policies of Florida-based insurers Universal Insurance of North America, Gulfstream Property & Casualty, and Southern Fidelity. And the bloodletting will likely
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By Kerry Smith In Fla., 40 agencies will get “Emergency Housing Voucher” money to help individuals and families experiencing homelessness or at risk of homelessness. WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced that $5 billion in emergency funding will help Americans who are homeless or “at risk of homelessness.” The money is funded through the American Rescue Plan, which Congress passed earlier this year. In Florida, 40 agencies across the state will receive a total of 3,168 housing vouchers. HUD announced the allocation on a Zoom call Monday. A complete list of agencies can be
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By Kerry Smith Investors save money during boom times to buy distressed property when things slow, but what’s a post-pandemic bargain? Should they buy offices or retail? It’s not clear. MELVILLE, N.Y. – Commercial real estate investors are raising funds to acquire distressed assets, but even with cash in hand, what should they focus on? Long-term speculation on changes brought about by COVID-19 aren’t clear yet, and these investors face uncertainty about the retail, office and hospitality sectors, says Doug Greenspan, a managing director at A&G Real Estate Partners, during a recent Turnaround Management Association (TMA) webinar. “One scenario is
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By Amber Randall Rising costs motivate some movers, but a lot of South Floridians are maximizing profits by selling their home now and moving to an area where their housing dollar buys more real estate. Moves to Tampa, Orlando, Fort Myers, St. Lucie County and more are up 108% this quarter. FORT LAUDERDALE, Fla. – The rising cost of homes in South Florida is chasing some people to other parts of the state. Some homeowners are cashing in at a profit and moving to more affordable spots like the Gulf coast or farther north on the eastern side, according to
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Dues won’t go up in 2022, an MLS policy now requires property addresses for residential listings on the day they’re submitted to the MLS, and new policies were approved. WASHINGTON – The National Association of Realtors®’ (NAR) Board of Directors met during the association’s recent Legislative Meetings & Trade Expo. In addition to electing a 2022 Leadership Team and Regional Vice Presidents, it approved a budget that forecasts 1.43 million members for 2022. It also approved a move to keep national dues at the current level of $150 per member. Among the policy changes approved by the board were a
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By Kerry Smith After the quickest recovery in the nation’s history, consumers with pandemic savings will “do more shopping, restaurant dining, traveling and in-person house hunting.” WASHINGTON – After recording the quickest recovery in the nation’s history in the wake of the COVID-19 pandemic, the U.S. economy is expected to kick into high gear in 2021, according to analysis from the National Association of Realtors® (NAR) at its Residential Economic Issues and Trends Forum. Thanks to the number of vaccinated Americans increasing and new coronavirus cases decreasing, the economy will grow 4.5% in 2021, according to NAR Chief Economist Lawrence
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By Kerry Smith The housing industry had an artificial pause button pushed during the pandemic, thanks to eviction moratoriums, forbearance programs, etc. As those draw to a close, CFPB proposed rules to maintain stability, and NAR commented with a suggestion that short sales might be the way to go. WASHINGTON – As foreclosure moratoriums and forbearance programs begin to close, what’s the best way to keep the housing market stable, organized and productive without creating other problems, such as homelessness, frustration and an onslaught of evictions? The U.S. Consumer Protection Bureau (CFPB) proposed rules to organize the transition, and the
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By Melissa Tracey Financing for a second-home purchase could be limited, taxes could go up for 1031 like-kind exchanges, and policy updates are expected for national flood insurance. WASHINGTON – The second-home market got a pandemic boost as more buyers turned to resorts and vacation hot spots, whether to escape the city, find a more leisurely area to remote work, generate extra income or to just simply shelter in place. But a few policy changes have the potential to dampen second-home sales over the coming months. Russell Riggs, senior policy representative for the National Association of Realtors®’ (NAR) Advocacy Group,
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By Kerry Smith The average 30-year, fixed-rate mortgage dropped to 2.94% from last week’s 2.96%, but with inflation apparently rising, they’ll likely change direction soon. MCLEAN, Va. – Mortgage rates continued their slow descent this week, with the average 30-year, fixed-rate mortgage dropping to 2.94% from last week’s 2.96% average, according to Freddie Mac’s weekly Primary Mortgage Market Survey (PMMS). “Since the most recent peak in April, mortgage rates have declined nearly a quarter of a percent and remained under 3% for the past month,” says Sam Khater, Freddie Mac’s chief economist. However, Khater also issued a warning about possible
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