Realtor.com rental listing costs were up 8.1% year-to-year in June, and two Fla. metros ranked in the top 10 for increases: Tampa-St. Pete, up 21.2% and Jacksonville, up 14.4%. Overall, two-bedroom units saw the largest increase, 10.2%, as demand for a larger living space continues. CHICAGO – The home listing shortage has forced more buyers to rent; and that has boosted rental demand and, as a result, rental prices. Nationwide, the U.S. median rental price in June jumped 8.1% year-to-year, reaching $1,575, according to prices from realtor.com’s website. The specific asking price for two-bedroom units rose even more as demand
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The stock market plunged as biz leaders worried about the Delta variant and any possible impact on closures, federal bans and even a renewed hesitancy among home sellers. WASHINGTON – The stock market dropped more than 900 points yesterday – more than 2.7% – as investors and business leaders focused on the Delta variant of COVID-19 and its potential to slow a booming recovery. While doctors have focused primarily on the health of unvaccinated Americans who appear to be the primary risk category for the Delta variant, business leaders and investors seem wary of the unknown economic impact – a
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By Christopher Rugaber Over two days of Congressional testimony, Fed Chair Powell held to his belief that inflation is a temporary concern: Over time, it will fade and perhaps even reverse. WASHINGTON (AP) – For anyone watching with concern as prices surge for everything from food and gas to airplane tickets and clothes, the message from Federal Reserve Chair Jerome Powell over two days of congressional hearings this week was straightforward: Just give it more time and those price gains should slow, or even reverse. The Fed chair acknowledged that the U.S. is in the midst of an unparalleled economic
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By Kerry Smith A survey of Redfin agents found a slow but steady drop in the percentage of listings engaged in a bidding war. In April, 74.1% of sellers entertained multiple bids; in May it dropped to 72.1%; and in June, it fell to 65%. But Sarasota tops the list of U.S. bidding-war cities at 87%. SEATTLE – While the U.S. remains in a strong sellers’ market, the buyer competition seems to be easing a bit as home prices continue to rise. In June, two out of three (65%) home offers written by Redfin agents faced competition, but that’s down
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By Tom Butler Housing providers and tenants financially impacted by the pandemic need to look into the OUR Florida program for potential relief. TALLAHASSEE, Fla. – It’s called OUR Florida, and it was created to provide assistance to Florida tenants and housing providers who have been financially distressed due to the COVID-19 pandemic. The program has been in place since May, but many Floridians still remain unaware of it, even as they continue to struggle to cover their rent, pay their mortgage or simply provide for their families. OUR Florida is funded through the Emergency Rental Assistance programs passed by
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By Kerry Smith The homeownership rate for Black and Latino families lags white households, but Fla. ranks third nationwide for its efforts and a homeownership rate for both at 68.1%. WASHINGTON – A study by United Way of the National Capital Area found that homeownership has risen nationwide over recent years, but it remains low for Black and Latino Americans. The racial homeownership gap is worse than it was in 1960. The study found that some states are seeing improved rates in homeownership, however, due in part to policies and programs designed to create a more equitable housing market. While
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By Kerry Smith The Fla.-owned insurer had its 10% cap raised under a law passed earlier this year, and its board of governors voted Wed. to raise a Feb. 2022 increase by 2.3%. TALLAHASSEE, Fla. – On Wednesday, Citizens Property Insurance Corporation’s Board of Governors approved rate adjustments that will raise average premiums by an additional 2.3% in February 2022. The change follows recent legislation created to slow the growth of the state’s insurer of last resort. The board’s unanimous vote modifies rates previously approved by the Florida Office of Insurance Regulation (OIR). Along with the already approved increase –
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By Dr. Brad O’Connor Florida Realtors chief economist: More homes are being listed than you think. Despite record-low inventory levels, the reason for current buyer frustrations isn’t “fewer homes coming into the market.” It’s strong buyer demand – so strong that listings don’t stay active very long. ORLANDO, Fla – When it comes to housing, there’s no denying that the U.S. is currently experiencing a seller’s market for the ages – but there’s some confusion about the underlying reason. We’ve all heard the stories. Tearful would-be homebuyers being outbid at every turn. Their frustrated and exhausted agents turning the town
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By Kerry Smith It’s too soon to call it a trend, but the pandemic-driven push for vacation homes appears to be slowing as an increasing number of buyers search for year-round homes. SEATTLE – Based on the number of buyers who locked in mortgage rates to purchase a second home, the demand for a vacation property has declined a bit – the first time in a year – as more buyers seek a home for year-round living. Nationwide, the number of mortgage-rate locks for a second home fell 11.1% year-over-year in June, a reversal from the yearlong surge in demand
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By Jim Turner A law passed this year attempts to ease Fla.’s rising property insurance premiums by limiting roofing companies’ abilities to help homeowners get a “free” insurance-paid roof replacement. But a judge issued an injunction and said the Constitution protects roofers’ free speech rights. TALLAHASSEE, Fla. – A federal judge has blocked the state from enforcing a key part of a new property-insurance law designed to combat fraud that prohibits roofing contractors advertising to potential customers. Chief U.S. District Judge Mark Walker supported the call for a preliminary injunction from Brandon-based Gale Force Roofing & Restoration LLC, which argued
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