More homeowners have started paying their mortgage: Only 4.9% were behind in April 2021. Early-stage delinquencies dropped to 1%, but serious delinquencies rose to 3.3%. NEW YORK – Overall delinquency rates dropped annually for the first time since March 2020 when the COVID-19 pandemic hit. According to the latest report from CoreLogic, 4.7% of mortgages in the United States were in some state of delinquency in April, down from 6.1% in April 2020. It’s the lowest overall delinquency rate observed in a year. Early-stage delinquencies are down to 1% compared to 4.2% in April 2020, while foreclosure rates are unchanged
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By Kerry Smith To help residents apply for federal past-due rent money, Seminole County opened a computer lab. It offers needed tech equipment and helps with applications. SANFORD, Fla. – The federal government’s COVID-19-relief funding can help renters pay past-due bills, but the application process requires some specialized computer equipment, such as scanners, that lower-income residents don’t have. In some cases, landlords are helping their tenants complete applications, but Seminole County just introduced a direct solution: On Monday, County Chairman Lee Constantine cut the ribbon on a new computer lab located in Sanford. The lab acknowledges a “digital divide” among
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By Erica Plemmons Florida Realtors economist: In today’s market, prepare buyers to consider paying at least asking price – over half of successful Fla. transactions do. But it’s not a simple question, and the pressure varies by property type and asking price. ORLANDO, Fla. – In May 2021, 55% of Florida buyers paid the seller’s asking price or higher in order to close the deal. That’s a higher probability than the flip of a coin! It’s good news for sellers and valuable information to help your buyers strategize what to offer. Those in the single-family home market face the strongest
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By Rachel Feltman and Carson McNamara Saturday Night Live did a sketch about non-homebuyers who habitually check online listings. What’s their attraction to so-called “Zillow porn”? NEW YORK – My fascination with real estate listings began when I was young. My foster mother and I, both orphans, would whiz through suburban neighborhoods searching for houses we’d live in one day – all while knowing we had no plans or means to leave our apartment in a housing project just outside of Boston. In my teens I scoured every real estate listing book I could get my hands on. Today, even though I
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By Brendan Farrington As Fla. mourns the Surfside disaster, state and local lawmakers are asking, “What can we do to prevent other tragedies?” A lot of talk involves stricter inspection rules. TALLAHASSEE, Fla. (AP) – Across Florida, people living in the thousands of condominiums rising above the state’s 1,350 miles of coastline wonder if the building collapse in Surfside could happen to their home as state and local officials discuss what they can do to make sure it doesn’t. Although building collapses are rare, local governments are looking at whether they need to adopt new inspection policies – the vast
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By Rafael Olmeda Some foreclosures were postponed due the pandemic, but for some homeowners, COVID-19 forced them into foreclosure. In either case, a courthouse backlog is likely starting Aug. 1, though most at-risk homes will be listed for sale before any foreclosure can be finalized. MIAMI – Time is running out for thousands of South Florida families who are facing foreclosure on their homes as a result of the COVID-19 pandemic. For some, the nightmare started more than a year ago but was stalled by the willingness of government officials to prevent banks from forcing people out during an unprecedented
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By David Lyons It’s complicated. A condo dweller could be covered by three separate types of policies. Who pays – and how much – may take time to sort out. FORT LAUDERDALE, Fla. – The disastrous collapse of the Champlain Towers South condo in Surfside has panicked condo owners across Florida who fear their insurance policies wouldn’t protect them against a financial catastrophe. In many cases, their fears are justified. Condo insurance can be an arcane world to understand, and many condo owners may lack sufficient coverage to avert financial ruin, insurance experts say. Here’s what analysts and financial advisers
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Jacksonville Since 2017, many people moved to warmer climates. While Las Vegas ranked No. 1, Jacksonville, Tampa and Orlando made up half of the top six destinations. NEW YORK – Americans have been on the move since the pandemic, but “relocating” didn’t start with the first sign of a virus. As a trend, many Americans moved to warmer weather climates, with Las Vegas, Phoenix and Jacksonville the top three metros for the largest share of homeowners move in since 2017, according to a new study from LendingTree. In a list of 50 metros, the four included Florida cities ranked: 3.
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A single S. Fla. mother lost half of her $63K down payment to wire fraud criminals and thought she lost her dream house – one that she worked multiple jobs for many years to afford. But after a TV news story, RE industry pros and strangers stepped in to help. MIAMI – Patricia Verlino, a South Florida resident, thought she lost the chance to buy her dream home after a wire fraud scam duped her out of a $63,000 down payment – her life savings. But more than $30,000 in crowdfunding donations from strangers and the community helped her partially recover
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By Martin Vassolo Fla.’s condo residents and buyers have new concerns in light of the Surfside disaster. Engineers hired by Surfside recommend 3 tests that can assure stability. MIAMI – After the town of Surfside requested that some older buildings begin safety inspections following the Champlain Towers South collapse, an engineering consultant released additional recommendations Thursday. They call for property owners to hire engineers to study their building foundations and the condition of concrete holding up the structures. KCE Structural Engineers, a firm hired by the town to investigate the June 24 collapse, said in a memo that it recommends
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