By Amber Randall Some buyers postponed searches, assuming prices would drop as they did in the last recession. But now homes they once considered are financially out of reach. FORT LAUDERDALE, Fla. – As South Florida home prices spiked during the pandemic, some people decided to put their home shopping on pause in the hopes that prices might drop, a decision they are coming to regret. Now, a year-and-a-half into record price growth and dwindling inventory, non-buyers are stuck in a precarious situation: they want to buy, but are facing higher prices than they did when they first started searching,
Read More

By Kerry Smith The agencies sent letters to landlords and mortgage servicers, saying they’ve identified illegal treatment of military families and “will hold them accountable” WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) issued two joint letters regarding legal housing protections for military families. While military families enjoy the same legal protections and privileges afforded all homeowners and tenants, they also have additional protections under the Servicemembers Civil Relief Act (SCRA), which is enforceable by the DOJ and servicemembers themselves. CFPB and DOJ sent one letter to landlords and other housing providers regarding
Read More

By Kerry Smith “House poor” has nothing to do with size or the number of incomes. It reflects a feeling that housing expenses are higher than owners can easily handle. ORLANDO, Fla. – Most Americans dream of homeownership. However, independence from a landlord comes at a cost, and a study by ConsumerAffairs unveiled that a majority found the price of ownership more than they expected. Renters who once “called the landlord” if anything went wrong discover they have to call a company to fix broken washing machines, hot water heaters and more. And the cost of those repairs – no
Read More

By Kerry Smith The rare large-state honor, which recognizes goal achievement in five categories, shows that Fla. members understand the importance of political advocacy. ORLANDO, Fla. – While final dollar figures raised for the National Association of Realtors®’ (NAR) Realtors Political Action Committee (RPAC) won’t be finalized until the end of the year, Florida Realtors® will be honored for winning the “Triple Crown,” which reflects attaining all five major goals outlined by NAR. It’s rare for a state as large as Florida to achieve the honor, and it reflects the commitment of Florida Realtors’ members to political advocacy. They understand
Read More

A Grand Jury tasked with recommending Fla. condo law changes in the wake of the Surfside collapse wants more inspections, less corrosion and faster reporting. MIAMI (AP) – A Florida grand jury issued a lengthy list of recommendations Wednesday aimed at preventing another condominium collapse like the one that killed 98 people in June, including earlier and more frequent inspections, and better waterproofing. In its report on the Surfside collapse, the Miami-Dade County Grand Jury called on state and local officials to require condominium towers to have an initial recertification inspection by an engineer between 10 and 15 years after
Read More

And the boomers are winning. Despite huge millennial demand, they make up a smaller share of the market, suggesting repeat buyers are crowding them out. MECKLENBURG, Tenn. – Americans 60 years and older are more active in the housing market than a decade ago. Longtime homeowners who can tap equity gains have an advantage over younger buyers, who are often bidding for their first home and usually aren’t able to include as much cash in their offers. Despite the huge millennial generation aging into its peak home-buying years, young buyers make up a smaller share of the market than in
Read More

By Matt Ott The jump follows a few months of moderate growth, and both single-family and multifamily improved. Building permits, a sign of future work, rose 3.6%. SILVER SPRING, Md. (AP) – New home construction in the U.S. rebounded 11.8% in November as strong demand continues to boost builder confidence even with the slower winter season approaching. The double-digit percentage increase last month left home construction at a seasonally adjusted annual rate of 1.68 million units, an 8.3% increase from the rate at this time last year, the Commerce Department reported Thursday. October’s home construction number was revised downward slightly
Read More

By Matt Ott Mortgage rates changed little this week, though the survey took place before the Fed announced three possible 2022 rate hikes, which might have an impact. SILVER SPRING, Md. (AP) – The average interest rate on a long-term mortgage in the U.S. ticked up slightly this week but remained historically low just as the Federal Reserve announces that it will begin tightening credit. Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year, fixed rate home loan was up this week to 3.12% from 3.10% last week. A year ago, the rate stood at
Read More

The federal housing agency claims it saw thousands of cases of potential bias, based on a keyword search for red-flag words in millions of appraisals. WASHINGTON – The Federal Housing Finance Agency (FHFA) says it found thousands of cases of potential bias in neighborhood descriptions written by appraisers used for home valuations. Under the allegation it included in a blog post, the FHFA described its findings after examining millions of agency property valuations. “From millions of appraisals submitted annually, a keyword search resulted in thousands of potential race-related flags,” Chandra Broadnax, senior examination specialist, and James Wylie, an associate director,
Read More

By Christopher Rugaber In an abrupt policy shift, the Fed will also stop economy-boosting bond purchases twice as fast as planned, and possibly halt that program altogether in March. WASHINGTON (AP) – The Federal Reserve will quicken the pace at which it’s pulling back its support for the post-pandemic U.S. economy as inflation surges, and it expects to raise interest rates three times next year. In an abrupt policy shift, the Fed announced Wednesday that it will shrink its monthly bond purchases at twice the pace it previously announced, likely ending them altogether in March. The bond purchases were intended
Read More