By Sam Sachs Foreclosure rates are low and inching their way back to normal, with no post-pandemic impact so far. Still, only Calif. had more than Fla. in January. TAMPA, Fla. – Across the whole of the United States, foreclosures increased 11% from January. The state with the highest number of foreclosures was California, but Florida wasn’t far behind at No. 2, according to ATTOM, a real estate analyst company. “February foreclosure activity looks a lot like what we can expect to see for at least the next six months – double digit month-over-month growth, and triple digit year-over-year increases,”
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North Carolina State University used AI to predict potential flood damage and found 790K square miles have a greater risk than FEMA identifies in its maps. RALEIGH, N.C. – In a new study, North Carolina State University researchers used artificial intelligence (AI) to predict where flood damage is likely to happen in the continental United States, suggesting that recent flood maps from the Federal Emergency Management Agency (FEMA) do not capture the full extent of flood risk. In the study published in Environmental Research Letters, researchers found a high probability of flood damage – including monetary damage, human injury and
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By Matt Ott Last week, a 30-year, fixed-rate loan averaged 3.76%; two weeks ago, it was 3.89%. Increases are still expected long-term, but the short-term? Not as clear. WASHINGTON (AP) – Average long-term U.S. mortgage rates rose this week but remain at historically low levels as the Federal Reserve prepares to raise its main borrowing rate. The average rate on a 30-year loan hit 3.85%, up from 3.76% last week, mortgage buyer Freddie Mac reported Thursday. A year ago, the long-term rate was 3.05%. The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, climbed to 3.09%
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By Trevor Fraser Delays can frustrate buyers with mandated deadlines, and slow appraisals could be one of those frustrations due to too many requests and not enough appraisers. ORLANDO, Fla. – For Fred Collins, owner of Orlando Appraisers, completing an entire home appraisal should take a full day, if not more. “If I do one in the morning, and I don’t get distracted, there’s a good chance I can turn it around that day,” he said. With 20 years’ experience in the field, Collins is keeping his workload to five appraisals a week, even if he could make more money
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By Kerry Smith NAR: Orlando and Tampa ranked near the top for middle-income-owner equity increases, though 71% of equity growth went to the high-income group. WASHINGTON – Homeownership is a leading source of net worth among families, akin to a silent savings account that doubles as a place to live. Built over time, housing wealth is primarily achieved by price appreciation gains, which the nation has seen accelerate at a record pace during the last decade. A new study from the National Association of Realtors® (NAR) – Housing Wealth Gains for the Rising Middle-Class Markets – examines the housing wealth
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By Kerry Smith Cryptocurrency home sales barely have a toehold, and a new exec order from Pres. Biden may change the rules. The order suggests regulation and a U.S.-owned version. WASHINGTON – President Joe Biden signed an Executive Order that appears to be a first step to regulating the use of cryptocurrency, a form of unregulated virtual money that includes Bitcoin. The size of the growing cryptocurrency market likely played a role in the timing of the announcement, complicated by concerns that any attempted economic lockdown to punish Russia for invading Ukraine could be weakened by the use of cryptocurrency.
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Sunny Isles, Fla. – “Little Moscow” – has been hot for Russian investors buying luxury homes. But sanctions send a message that investments may not be safeguarded. SUNNY ISLES, Fla. – Russian investors have long pinpointed U.S. luxury real estate. But since the Russian invasion of Ukraine that sparked worldwide condemnation and sanctions focused on Russia’s elite and their families, Russian buyers will likely make up less of the U.S. housing market, experts say. Sunny Isles, Fla. – also known as “Little Moscow” and “Moscow by the Sea” – has long been a hotbed for Russian investors to purchase luxury
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By Jenn Elliot The Texas minority and woman-owned investment firm focuses on creating workforce housing and, so far, has acquired 13K apartments worth roughly $2B. WASHINGTON – Earlier this month, Freddie Mac selected Comunidad Partners as the inaugural Impact Sponsor of the Year for 2021. The newly created award recognizes Freddie Mac multifamily borrowers that are working to preserve or create affordable rental housing with unique initiatives to advance tenants’ interests. Founded in 2007 by Antonio Marquez, Comunidad is a minority- and women-owned real estate investment firm specializing in workforce and affordable housing communities in culturally diverse neighborhoods. Since its
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By Jennifer Warner Florida Realtors economist: Low interest rates made monthly mortgage payments cheaper, but home price appreciation may be washing out the impact. ORLANDO, Fla. – As we wrote in early 2021 when mortgage rates hovered around 3% for the first time in recorded history, low interest rates reduced the cost of homeownership significantly on a monthly basis. On average, Floridians who refinanced their homes from a 4.9% interest rate to a 2.7% rate on a $255,000 home would save $253 per month, or $3,036 per year. People purchasing homes could afford more expensive homes while keeping monthly payments
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By David Ovalle A Hialeah couple was convicted for a $1.8M house-flipping scam, but detectives also found at least 19 rental-fraud victims from their fake social media ads. HIALEAH, Fla. – Two months after Hialeah couple Vivian Rodriguez and Yovany Serna were convicted of fleecing a family out of nearly $1.8 million in an investment scam, a Miami judge has sentenced them to 15 and 14 years in prison, respectively. And that may be just the beginning of their legal problems. Hialeah police detectives have now identified at least 19 victims in a separate scam. The pair preyed on desperate
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