Some buyers have seen tons of homes, put in multiple bids, lost out each time, gave up and signed another one-year lease. That doesn’t mean they don’t still dream about owning a home; it means they’re burned out on the buying process and will be back after they recuperate. NEW YORK – Amber Otto hadn’t considered buying a home with any urgency until the pandemic forced her to start working out of her 630-square-foot apartment in Seattle last year. In the past 18 months, she’s seen more than 50 homes in the $300,000 range, made offers above asking price on
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By Kerry Smith HUD’s complaint focused on a Phoenix-area renter who said their landlord didn’t provide needed language services. The owner will pay $34K and update procedures. WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced that it reached a Conciliation Agreement/Voluntary Compliance Agreement with MGM Investment Company, the owner of Roosevelt Plaza Apartments in Phoenix, Arizona, as well as its property manager, resolving allegations that they violated the Fair Housing Act and Title VI of the Civil Rights Act of 1964. According to HUD, the group “failed to provide adequate language services for a resident with
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By Kerry Smith In 5 days, new FR/Bar contract versions will be released. Are you ready? Florida Realtors Legal Hotline already expects calls from members who didn’t prepare. ORLANDO, Fla. – In just a few days – Nov. 1, 2021 – major updates to the Florida Realtors/Florida Bar Residential & AS IS Contracts go into effect, and the old versions won’t be accessible via Form Simplicity any longer. In addition, seven Riders have been updated and three new Riders created. The latest version will appear through Form Simplicity and other licensed vendors. Contract changes are both large and small, but
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By Kerry Smith 20 housing groups want more out of Fannie and Freddie’s “Duty to Serve” regulation – specifically more funding for manufactured, rural and affordable housing. WASHINGTON – In the face of a mounting housing affordability crisis exacerbated by COVID-19, 20 affordable housing organizations are urging the Federal Housing Finance Agency (FHFA) to require Fannie Mae and Freddie Mac (the Enterprises) to substantially improve their “Duty to Serve” proposals before a regulator approves them. Under the Duty to Serve regulation, Fannie Mae and Freddie Mac must facilitate housing opportunities in three areas: manufactured housing, affordable housing preservation, and rural
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By Martin Crutsinger New single-family homes hit a seasonally adjusted annual rate of 800K units last month – well above economists’ expectations. WASHINGTON (AP) – Sales of new homes jumped 14% in September to the fastest pace in six months as strong demand helped offset rising prices. The Commerce Department reported Tuesday that sales of new single-family homes rose to a seasonally adjusted annual rate of 800,000 units last month which was well above what economists had been expecting. However, the government revised lower its estimates for sales in the previous two months with August now showing a 1.4% decline
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By Amanda Stephenson In two weeks, fully vaccinated Canadians can return to Fla. While the housing-market impact isn’t clear, travel agents report a “significant uptick” in reservations. CALGARY, Canada – The travel industry is welcoming what it calls the federal government’s “long overdue” move to lift a global advisory asking Canadians to avoid non-essential travel outside the country. “You cannot believe how welcome this move is for us,” said Bruce Poon Tip, founder of Canadian based international tour operator G Adventures. “It’s very late, as far as I’m concerned, given what’s going in the rest of the world. But very
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By Kerry Smith An interview with 1,700 RE experts found high expectations for the real estate market in 2022. Traditional spaces – homes, offices, shopping centers, etc. – have changing expectations, but 75% of investors now feel confident about their decisions. Last year, less than 50% said the same. WASHINGTON D.C. – PwC US and the Urban Land Institute (ULI)’s Emerging Trends in Real Estate 2022 focuses on evolving trends shaping the real estate industry. The report, which includes data and insights from nearly 1,700 real estate industry experts, explores how the property sector saw encouraging and unprecedented recovery from
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By Ken Sweet A cross-agency coordinated effort will focus on lender actions and attitudes that maintain racial segregation. Agencies plan to investigate and prosecute discrimination. WASHINGTON (AP) – The Justice Department (DOJ) announced Friday a cross-government effort to investigate and prosecute redlining, the practice of banks discriminating against racial minorities or certain neighborhoods. It is the first major expansion of redlining investigations since the Obama administration. As part of the effort, the Justice Department as well as the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) also announced a new case against Trustmark
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By Alex Veiga Planned changes by the Fed will likely push mortgage rates higher – but refis will dry up, and lenders may still offer deals as they compete for homebuyers’ loans. LOS ANGELES (AP) – Mortgage rates have hovered near all-time lows for much of this year, even as inflation has increased sharply across much of the economy. That could begin to change in the weeks to come, now that the Federal Reserve has signaled it could announce as early as next month plans to begin rolling back the measures it has taken to shore up the economy during
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Recently aware that some communities have historically been one race or another, an increased number of buyers are adding “racially diverse neighborhood” to their list of must-haves. But that doesn’t always help lower-income neighborhoods if it causes gentrification and rising home prices. NEW YORK – More homebuyers and renters across the United States are looking for socially, racially and culturally diverse communities to live in. Developers are responding to this by formulating strategies to list more-inclusive properties on the market, like combining affordable units with market-rate homes, adding space for resident services and incorporating neighborhoods in planning. Others aim to
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