By Matt Ott The average rate on a 30-year, fixed-rate loan rose a half point in just two weeks, likely due in part to the Fed’s decision to raise the key short-term interest rate. WASHINGTON (AP) – Average long-term U.S. mortgage rates jumped again this week as the 30-year loan rate climbed to its highest level since January of 2019. The increase comes after the Federal Reserve last week increased the key rate – which it had kept near zero since the pandemic recession struck two years ago – by more than a quarter point. The central bank has signaled
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By Kerry Smith Homeowners who renew NFIP flood insurance after April 1 face updated guidelines with new home-by-home prices. But some subsidies and discounts remain in effect. WASHINGTON – The National Flood Insurance Program (NFIP) introduced “Risk Rating 2.0” about two years ago. Under the previous program, FEMA identified flood zones and charged each homeowner in that flood zone the same amount. Risking Rating 2.0 works more like private insurance, where a flood zone may be one factor in computing a yearly premium, but each home receives an individualized quote that may differ from a neighbor’s quote. On Oct. 1,
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By Kerry Smith The DOJ still doesn’t have a regulation standard for ADA website accessibility, but its new webpage explains how businesses can comply under existing standards. WASHINGTON – On Friday, March 18, the U.S. Department of Justice (DOJ) published information on web accessibility under the Americans with Disabilities Act (ADA). DOJ doesn’t have a regulation with detailed standards, but the new webpage offers information for state and local governments (covered by ADA Title II) and public businesses (covered by ADA Title III). Those existing standards can help make websites accessible to people with disabilities in line with ADA requirements.
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By Kerry Smith The task force’s action plan summarizes changes already announced and general future goals, such as creating new automated valuations that assess value without bias. WASHINGTON – In June 2021, President Joe Biden created the Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) to “develop a transformative set of actions to root out racial and ethnic bias in home valuations,” according to Vice President Kamala Harris, in announcing this week that the task force completed its mission. The Task Force is co-chaired by U.S. Department of Housing and Urban Development (HUD) Secretary Marcia L. Fudge and
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By Kerry Smith In last year’s generational report, millennials made up 37% of homebuyers. Gen X, however, bought the most expensive homes at a median price of $320K. WASHINGTON – The share of millennial homebuyers increased significantly over the past year, according to the National Association of Realtors® (NAR) 2022 Home Buyer and Seller Generational Trends report. The report looks at the similarities and differences of recent homebuyers and sellers across generations. In addition to be the biggest share of buyers, millennials are also the most likely generation to find the home they ultimately purchase via the internet and the
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By Kerry Smith NAHB says price increases and rising mortgage rates pushed some new-home buyers out of the market. The median sales price hit $400,600, up 10.6% year-to-year. WASHINGTON – Higher mortgage rates and construction costs pushed new home sales lower in February, though builders say demand remains solid due to a lack of existing home inventory. February sales of newly built, single-family homes fell 2.0% to a 772,000 seasonally adjusted annual rate from a downwardly revised reading in January, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Year-to-year,
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By Kerry Smith The program says the aid covers applications since May 10, 2021. It approved $22.9M so far this month to help 4,219 families pay for rent and/or utilities. TALLAHASSEE, Fla. – From March 10 through March 17, OUR Florida says it approved 4,219 applications and obligated more than $22 million in relief to families behind on rent and utilities payments. Since inception on May 10, 2021, OUR Florida says it has obligated to pay out more than $1.09 billion to more than 201,100 households across Florida. The program received an additional $740.4 million in February, part of the
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By Scott Lawson The governor said he’d welcome a special session to handle any unfinished property insurance or condo safety issues, but he won’t call for one. TALLAHASSEE, Fla. – If Florida lawmakers hold a special session to deal with the troubled property-insurance market or to put additional requirements on condominium buildings, it won’t come from a directive by Gov. Ron DeSantis. DeSantis, appearing Monday in Wellington, said he’d “welcome” the return of lawmakers to Tallahassee to address either of the topics if a special session is called by legislative leaders. “If they can get an agreement, they should do
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By Christopher Rugaber Federal Reserve Chair Jerome Powell warned Monday that the Fed could get more aggressive in raising interest rates if inflation continues to be a threat. WASHINGTON (AP) – Chair Jerome Powell said Monday that the Federal Reserve would raise its benchmark short-term interest rate faster than expected, and high enough to restrain growth and hiring, if it decides this would be necessary to slow rampaging inflation. Powell’s message was more hawkish than his comments were after last week’s Fed meeting, when officials raised their key rate a quarter-point from near zero to a range of 0.25% to
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By Kerry Smith Effective July 1, paid medical collection debt won’t be used for credit scores by the three main U.S. scorers, and unpaid debt won’t appear for a full year. CHICAGO – The nation’s three main credit reporting agencies (NCRAs) – Equifax, Experian  and TransUnion – announced significant changes to medical collection debt reporting. In a joint statement, the companies said they would support consumers faced with unexpected medical bills by removing nearly 70% of medical collection debt tradelines from their consumer credit reports. The change follows months of industry research. According to the Kaiser Family Foundation, two out
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