By Matt Ott A 30-year, fixed-rate mortgage rose from last week’s 4.67% – up 1.5% in the past three months, the fastest increase pace over that time period since May 1994. WASHINGTON (AP) – Long-term U.S. mortgage rates edged up again this week with the key 30-year loan rate reaching levels not seen in more than three years. The average rate on the 30-year loan this week rose to 4.72%, from 4.67% last week, mortgage buyer Freddie Mac reported Thursday. The average rate has jumped 1.5% in the past three months, the fastest pace of increases over that stretch of
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By Kerry Smith An aggressive attitude and foreclosure threat against zombie homes’ owners have opened up land for building/rehab – or it’s fed city coffers if owners pay their tax debt. ST. PETERSBURG, Fla. – St. Petersburg’s code enforcement director, James Corbett, has started using foreclosures, or the threat of foreclosure, as a tool to clean up the city. Corbett says the program evolved organically after he focused on the problem with dilapidated, unoccupied homes – the city had 830 in 2014 – and slowly developed into an actual program. While St. Petersburg is thought to be the first city
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By Kerry Smith NAR joined the Remodeling Industry and found a perfect “Joy Score” by owners after painting, adding a home office, installing hardwood or renovating closets. WASHINGTON – U.S. homeowners embark on a wide variety of renovations and remodeling projects over the past year, according to new findings in the 2022 Remodeling Impact Report, a joint study from the National Association of Realtors® (NAR) and the National Association of the Remodeling Industry. The report analyzes a number of home improvement aspects, including why people decide to remodel, the general costs of specific remodeling tasks, and the fulfillment experienced after
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Survey: 44% of Gen Z (18-25) and 35% of millennials (26-41) say they’ll sell their starter home this year. Many have lots of equity and a fear of rising mortgage rates. NEW YORK – Millennials and their younger Gen Z cohorts are showing an increased interest in moving. Many of these first-time buyers now want to become first-time sellers. According to a new Harris Poll survey conducted for Coldwell Banker of more than 2,000 U.S. adults, 44% of Gen Z and 35% of millennial homeowners say they plan to sell their homes in the next 12 months. “With more than
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Tampa skyline By Alix Martichoux In two Fla. cities, Miami and Tampa, prices rose more than 200% in a little over 20 years – No. 8 and No. 9 in the U.S. for price increase percentages. SAN FRANCISCO – The cost of housing – much like everything else – has gone way up over the past year. Low inventory and low interest rates have thrust the median price of a home in the U.S. up by nearly 20% in a single year. But the latest jump is just an acceleration of what’s been happening for 20 years. Most major cities
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By Richard D. DeBoest A large, seemingly trustworthy property management firm appears to have absconded with HOA money. How can HOAs protect themselves going forward? NAPLES, Fla. – Question: Given the recent scandal of a local management company and their handling of condominium funds, can you outline a way to verify these property management companies? Are there membership associations to look at? Are there ways to view their competency? I reviewed a couple of state websites to no avail. Answer: Excellent question. There are no management-specific objective rating services such as Martindale Hubble for lawyers or AM Best for insurance
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By Kerry Smith OUR Florida – a state program that offers help to lower-income, at-risk renters – says it has committed $1.5B so far to help 211,667 rental households. TALLAHASSEE, Fla. – From March 24 through March 30, OUR Florida approved 4,462 applications and obligated more than $28 million in relief to families behind on rent and utilities payments. More than $1.15 billion has been obligated to 211,667 households across Florida since the program launched May 10, 2021. “OUR Florida remains committed to providing opportunities for Florida families to get back on track with relief on past due rent and
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By Swapna Venugopal Ramaswamy Worried buyers wonder how high mortgage rates will go, how fast, and whether inventory levels will ever rise – fears that help push housing prices ever higher. NEW YORK – America’s real estate market may be showing signs of a housing bubble as prices become “unhinged from fundamentals,” according to the authors of a blog post published by the Dallas Federal Reserve Bank. House prices can fall out of sync with market fundamentals like supply and demand when there is a widespread belief that prices will keep climbing. “If many buyers share this belief, purchases arising
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In honor of Fair Housing month, NAR focused on new and existing programs – everything from podcasts, reports and research to its Fairhaven testing simulation. WASHINGTON – The National Association of Realtors® (NAR) kicked off Fair Housing Month with a calendar of events, new resources and policy initiatives designed to empower its 1.5 million Realtors® to expand homeownership and support diverse, inclusive communities. “We are taking on a bold goal to narrow racial and ethnic homeownership gaps substantially,” says Bryan Greene, NAR’s vice president of policy advocacy. “The Black-white homeownership gap is larger today than when the Fair Housing Act
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By Kerry Smith Some first-time buyers think they can’t afford a home – but they don’t know where to look. In addition to national and local programs, Fla. offers 3 possible options. TALLAHASSEE, Fla. – Even though cash remains king to many home sellers, a range of programs exist to help first-time homebuyers with down payments and/or closing costs. In Florida, the state administers three programs through the Florida Housing Finance Corporation (FHFC). According to FHFC, the programs operate like second loans when using one of FHFC’s first-mortgage loan programs. They include: The Florida Assist (FL Assist) offers up to
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