A common misconception: 1031 exchanges are a tax loophole. A study on 1.6 million properties concluded that 80% of 1031s were ultimately sold via a taxable sale rather than a subsequent exchange. And a 1031 repeal would shrink U.S. GDP by $9.3M. SARASOTA, Fla. – The strength and resilience of the commercial real estate market has been tested many times over the past 100 years – never more so than during the pandemic, which shuttered hundreds of shopping malls, retail centers and restaurants. The fallout continues with hotels and office buildings; virtual meetings are replacing business travel, and many people
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By Kerry Smith While OurFlorida.com is the state’s go-to website for past-due rental assistance, some local programs also offer help, and CFPB compiled that info on a single webpage. WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) released an online tool to help renters and landlords impacted by the pandemic easily find and apply for payment assistance for rent, utilities and other expenses. In Florida, OurFlorida.com is the primary go-to website for aid, but CFPB’s Rental Assistance Finder, available at www.consumerfinance.gov/renthelp, connects renters and landlords with other state and local programs  distributing federal assistance to help renters stay housed
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NAR: It’s the lowest level in a decade. Foreign buyers purchased 107K properties, down 31% from the prior year, as the COVID-19 pandemic led to a strong global economic slowdown. For the 13th straight year, Fla. remained the top destination for foreign buyers, with 21% of all international purchases. WASHINGTON – Foreign buyers purchased $54.4 billion worth of U.S. existing homes from April 2020 through March 2021, a 27% decrease from the previous 12-month period and the fourth consecutive annual decline in foreign investment in U.S. residential real estate, according to a new report from the National Association of Realtors®.
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The ban ends July 31, and over 1.5M homeowners remain delinquent on their mortgage. But the Consumer Financial Protection Bureau offers info about possible relief options. WASHINGTON – The foreclosure moratorium on federally backed mortgages, which was initiated at the start of the pandemic, will expire on July 31. More than 1.5 million homeowners remain seriously delinquent on their mortgage, meaning they haven’t made a payment in at least 90 days, according to Black Knight data. That equates to about 2.9% of U.S. mortgage holders. The White House recently announced additional actions to help struggling homeowners avoid foreclosure when they emerge from
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By Gary M. Singer While it may be a random event, the owner owes a “duty of care” – he’s supposed to make sure there are no dangerous conditions that could injure someone on his property. FORT LAUDERDALE, Fla. – Question: A parcel delivery driver tripped on his way to leave a package by my front door. I saw it happen later, reviewing the video from my doorbell. It was a bad fall, and he slowly limped back to his truck and left. I hope he is OK, but I am worried if he can sue me. Can he? – Walter
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Lumber prices had been cooling in recent weeks. However, lumber producers warn price hikes likely are on the horizon if the Western wildfires aren’t contained. NEW YORK – Dozens of raging wildfires in the West are threatening to send lumber prices soaring again. Lumber prices had been cooling in recent weeks, giving builders – and, ultimately, new-home buyers – hope for more affordability. Remodeling costs also were set to benefit. But the relief may be short-lived, as lumber producers are warning price hikes are on the horizon if the Western wildfires aren’t contained. Canfor Corp., one of the largest lumber producers
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Two of the 20 Realtors chosen for the 10-month program that begins in Jan. 2022 are from Florida: Carlos Alleyne, Boca Raton, and Ines Hegedus-Garcia, Miami Shores. CHICAGO – The National Association of Realtors® has announced its 2022 Leadership Academy class. Two members of the class are from Florida: Carlos Alleyne and Ines Hegedus-Garcia. A total of 20 Realtors® are participating in the 10-month program, which will prepare emerging state and local volunteers for future leadership positions at NAR. “NAR’s Leadership Academy allows our volunteer leaders to develop the skills and gain the experiences they’ll need as they represent Realtors and work
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NAR says it faces “steep resistance” but will keep advocating for a Realtor exemption to proposals: “Congress must recognize real estate’s unique place in the economy.” WASHINGTON – A U.S. Senate committee held a hearing Thursday on the proposed Protecting the Right to Organize Act, which targets the independent contractor status of millions of Americans. The National Association of Realtors® (NAR) says parts of the bill face steep resistance on Capitol Hill, but that the NAR advocacy team vows to remain vigilant and engaged with lawmakers on the issue. “As long as this bill is active, we will work to
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Cloudstar, a cloud service used by many title companies, shut down after a ransomware attack last week. As a result, some brokers now can’t register transactions or closings. “We are still very much in the containment and remediation phase,” the company says. NEW YORK – Cloudstar, one of the largest cloud services in title services, remains offline after a ransomware attack last week. Cloudstar is a cloud-based hosting service that provides support to more than 42,000 title and settlement professionals across the country. The attack and resulting outage could delay some real estate transactions. Cloudstar’s main user base is in
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Daniel Grill / Getty Images By Kerry Smith Private fair housing groups may request money and use it to blind test housing groups, respond to complaints or propose new projects related to COVID-19 challenges. WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today that it has $19.4 million available to help HUD Fair Housing Initiatives Program (FHIP) agencies conduct activities that address discriminatory housing practices related to the COVID-19 pandemic. The funds – provided through the American Rescue Plan Act of 2021 (ARP) signed into law by President Biden on March 11, 2021 – will allow
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