By Kerry Smith If a development has a large number of short-term rentals – individually owned units or single-family homes rented out similar to a hotel’s operations (condotel) – what unique lending standards for home sales should apply? FHFA opened a comment period that runs through July 5. WASHINGTON – The Federal Housing Finance Administration (FHFA) is questioning whether lending standards should be changed for homes destined to be used exclusively as short-term rentals. The issue impacts loans that Fannie Mae or Freddie Mac (the Enterprises) will eventually buy from lenders. A bank or other lender can make a loan
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By Paul Davidson Future demand for both the residential and commercial markets is based, in part, on the number of workers who commute again – but their numbers remain low so far. NEW YORK – A growing number of states are lifting business constraints as the numbers of Americans vaccinated against COVID-19 continues to rise, leading people to shop, dine out and travel. But the revival of one activity has been agonizingly slow: Working from the office. The number of employee office visits in 10 large cities reached 26.1% of the pre-pandemic level the week ending April 21, according to
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Rising home prices and recession memories have convinced some buyers that a bubble will pop and prices will drop. But it’s just too much demand and too little supply. NEW YORK – The U.S. housing market is on a hot streak with double-digit annual gains in home prices, bidding wars and surging buyer demand. That type of soaring housing market is prompting more “bubble” fears in some corners, but economists say the housing market isn’t getting overinflated. A bubble won’t pop, thousands of homes won’t slide into foreclosure, and buyers who wait likely won’t be better off. “We have strong
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By Wendy Cole In 2001, 10% of Realtors were nonwhite; in 2020, that number rose to 24%, according to a study on career choice released by NAR. However, whites had the highest median number of transactions (7) compared to Blacks and Asians (2), Hispanics (3) and LGBTQ+ members (5). WASHINGTON – In 2001, just 10% of Realtors® were nonwhite, but that grew to 24% by 2020, which better reflects the demographic makeup of the country. Jessica Lautz, vice president of demographics and behavioral insights at the National Association of Realtors® (NAR), presented top-line findings from the 2021 NAR study Career
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By Kerry Smith The newest type of real estate investing still carries risk: A Jacksonville crowdfunding firm owner pleaded guilty to mail fraud when some projects didn’t fully fund. JACKSONVILLE, Fla. – Crowdfunding has become a popular real estate tool that connects individual investors directly to specific projects, but like any other commercial venture, it carries a risk of fraud. In a recent Jacksonville case, the owner of a company that oversees crowdfunding – a middle man that accepts investor money to be used toward a specific project – failed to return that money after it didn’t reach the total
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By Kerry Smith DCF, the Fla. department charged with distributing $850M of federal funds to assist with rental assistance, introduced a dedicated website to get funds to landlords and utility companies. Applications should be available soon, and payments can be direct-deposited into business accounts. ORLANDO, Fla. – Florida’s Department of Children and Families (DCF) took its first step to get $850 million in federal recovery funds into the hands of landlords and utility companies. In a Thursday webinar, DCF announced the debut of a new website – OURFlorida.com (Opportunity for Utilities and Rental Assistance) – that will operate as a
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A U.S. District Court judge called the CDC’s eviction ban unlawful, effectively ending it. The DOJ already appealed the decision, but a stay has not yet been requested. WASHINGTON – U.S. District Court Judge Dabney L. Friedrich of the District of Columbia struck down a nationwide eviction moratorium Wednesday, calling it unlawful. Friedrich’s ruling applies nationwide, though the Department of Justice has appealed the decision. The eviction ban was put in place last year by the Trump administration using public health powers granted to the Centers for Disease Control and Prevention (CDC) during health emergencies. The ban was most recently
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By Kerry Smith Renters in unincorporated Hillsborough County cannot face discrimination based on their income, including tenants who use Section 8 housing vouchers. Landlords must also give tenants a list of housing rights and provide a notice for late fees. HILLSBOROUGH COUNTY, Fla. – “Tenant Bill of Rights” is a hot topic in the rental industry, and Hillsborough County is one of the first in Florida to approve one. The new ordinance gives tenants new rights and new rules that landlords must follow, such as one banning denials based on lawful income. In general, the ordinance also requires landlords to
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By Jerry Zremski Trade wars could impact real estate: Starting in 2022, Americans who own Canadian summer homes may be required to pay a 1% tax on underutilized, foreign-owned homes. WASHINGTON – Canada is proposing a 1% tax on underutilized or vacant real estate owned by foreigners, thereby potentially foisting thousands of dollars of annual costs on Americans who own properties north of the border that they haven’t been able to visit for more than a year because of the COVID-19 pandemic. The tax, which would be implemented in 2022 if adopted as part of the Canadian budget for that
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By Kim Hays In July, Realtors across Fla. will clean the state’s beaches, rivers and waterways – a hands-on approach that complements legislative efforts to protect the environment. ORLANDO, Fla. – If there’s one thing Realtors® in Florida understand well, it’s the timeless allure of a beautiful home on the shores of a sandy beach or the banks of crystal-clear natural springs. It’s that allure that makes Florida so attractive to out-of-state buyers who dream of spending weekends sunning on some of the best beaches in the world, paddleboarding a nearby river or hiking along a pristine freshwater spring hoping
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