By Kerry Smith NAR’s public statement on possible flood insurance changes backs mitigation and “2.0,” but it doesn’t back adopting or enforcing a real estate disclosure requirement. WASHINGTON – Leslie Rouda Smith, president of the National Association of Realtors® (NAR), issued a public comment on the Federal Emergency Management Agency’s (FEMA) request-for-information notice entitled “Request for Information on the National Flood Insurance Program’s Floodplain Management Standards for Land Management and Use, and an Assessment of the Program’s Impact on Threatened and Endangered Species and Their Habitats.” Smith thanked FEMA, and said that Realtors® support encouraging communities to adopt higher building
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Blackstone, which invests in single-family homes and commercial property, had the “most remarkable results in our history on virtually every metric” in 4Q. NEW YORK – Investment management company Blackstone reported that high returns in its real estate investments fueled record-setting fourth-quarter results. “Blackstone reported the most remarkable results in our history on virtually every metric,” Stephen Schwarzman, co-founder and chief executive, said as the company released its earnings results this week. Officials said its $280 billion real estate business generated nearly half of its earnings last year. Rental housing, logistics and life science offices comprise more than 70% of
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By Gary M. Singer A widow with no children and no will has a live-in boyfriend. If she dies, can he make a claim on the house as a domestic partner or even a dependent? FORT LAUDERDALE, Fla. – Question: My widowed sister owns a house in Florida and has no children or will. She has had a live-in boyfriend for 20 years who does not contribute to household expenses. If something happened to her, could he make a claim on her property as a domestic partner or even as a dependent? The family is concerned. – Jeff Answer: The
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By Kerry Smith The end of forbearance programs and foreclosure moratoriums enticed more at-risk homeowners in lower-cost homes to sell and cash out their higher equity. SEATTLE – Sales of the most affordable homes in the U.S. rose 11.3% year over year in the fourth quarter of 2021, according to a new report from Redfin. At the same time, the inventory of for-sale homes in that tier also rose, likely because the end of pandemic-driven mortgage forbearance and foreclosure moratorium policies encouraged more of these owners to sell. “The market for homes at lower price points is booming for a
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By Kerry Smith Second-home mortgage-rate locks hit 5.7% early last year before dropping, then bouncing back to 5%. The top market? Fla.’s Sumter County with a 65% increase. SAN FRANCISCO – The percentage of second-home mortgage-rate locks hit its highest recorded level in the first quarter (Q1), with the share of transactions reaching 5.7%, according to the Pacaso Second Home Market Report, a company focused on second-home sales. In the next two quarters, however, the percentage decreased to 4.6% (Q2) and 4.5% (Q3). Second-home sales rebounded in the final quarter of 2021, though, reaching 5%. Pacaso’s report looks at data
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By Marla Martin Fourteen Realtors from across the state will enhance their leadership skills and learn more about Florida Realtors through a number of activities and sessions. ORLANDO, Fla. – Florida Realtors recently selected 14 Realtor members to participate in its 16th annual Leadership Academy. The Leadership Academy was established in 2008 to identify emerging Realtor leaders ready to get involved, make a difference and enhance their leadership skills. The goal of the Academy is to empower its participants to develop the skills needed to lead a committee, a Realtor association or a community activity. “We look forward to an
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By Matt Ott The 30-year, fixed-rate mortgage changed little from last week’s 3.56%. While still historically low, any rise in rates may dampen demand later this year. SILVER SPRING, Md. (AP) – Average long-term U.S. mortgage rates were essentially flat this week after jumping nearly a half percent the past two weeks as lenders anticipated the Federal Reserve’s announcement of pending rate increases. The average rate on the 30-year loan ticked down to 3.55% from 3.56% last week, mortgage buyer Freddie Mac reported Thursday. It stood at 2.73% a year ago. The average rate on 15-year, fixed-rate mortgages, popular among
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By Kerry Smith “Diminished housing supply offered consumers very few options,” says NAR’s chief economist. He predicts a 2.8% sales decline by the end of 2022. WASHINGTON – Pending home sales fell in December for two straight months of declines, according to the National Association of Realtors®’ (NAR) monthly report. All four major U.S. regions that make up the full report posted month-over-month and year-over-year drops in contract activity. The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – fell 3.8% to 117.7 in December. Year-over-year, transactions decreased 6.9%. An index of
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By Christopher Rugaber Rates on short-term credit, such as credit cards, will likely rise at the same pace as interest rates. But the link to long-term rates, such as mortgages, isn’t as clear. WASHINGTON (AP) – Will mortgage rates go up? How about car loans? Credit cards? How about those nearly invisible rates on bank CDs – any chance of getting a few dollars more? With the Federal Reserve signaling Wednesday that it will begin raising its benchmark interest rate as soon as March – and probably a few additional times this year – consumers and businesses will eventually feel
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By Christopher Rugaber In the face of persistent inflation, the Fed announced Wed. it would soon raise interest rates. That’s likely to push all types of credit rates – including mortgages – higher. WASHINGTON (AP) – The Federal Reserve signaled Wednesday that it plans to begin raising its benchmark interest rate as soon as March, a key step in reversing its pandemic-era low-rate policies that have fueled hiring and growth but also escalated inflation. With high inflation squeezing consumers and businesses and unemployment falling steadily, the Fed also said it would phase out its monthly bond purchases, which have been
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