By Jennifer Warner Florida Realtors economist: Interest rates have an oversized impact on buyers’ ability to secure a home – and the challenge is growing. ORLANDO, Fla – Sale price and interest rate are the two things locked down when financing the purchase of a home. This one number dictates how much an individual shells out each month for their mortgage payment – and for most households, this number is far and away the largest share of their monthly expenses. It matters more than most other line items on the household spreadsheet as it directly impacts their ability to pay
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By Earle Kimel A denial is not the last word, according to FEMA. “People see that first paragraph, throw it away and think that’s the end,” says FEMA spokeswoman Renee Bafalis. SARASOTA, Fla. – Applicants who receive a denial letter after applying for Hurricane Ian relief from the Federal Emergency Management Agency should not take that as the government’s final answer. Instead, officials say, that’s a signal to start an appeal process. “People see that first paragraph in that letter, and they just throw it away and think that’s the end of the road,” FEMA spokeswoman Renee Bafalis said Wednesday.
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By Kerry Smith The order to name actual corporation owners if buying real estate in S. Fla. (Miami-Dade, Broward, Palm Beach) and other metros was extended to April 24, 2023. WASHINGTON – The Financial Crimes Enforcement Network (FinCEN) announced another renewal and expansion of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in non-financed purchases of residential real estate. In Florida, the order directly impacts three counties, Miami-Dade, Broward and Palm Beach. The order includes information on how it impacts cash real estate transactions. “Renewing the GTOs will
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By Kerry Smith The court reversed a lower court decision about a rent-control ballot measure opposed by Florida Realtors. The court focused on the definition of “housing emergency.” DAYTONA BEACH, Fla. – Florida’s Fifth District Court of Appeal reversed a lower court’s ruling about stopping an Orange County ballot initiative on rent control in the metro area. It’s a win for Florida Realtors® and the Florida Apartment Association (FAA), which opposed Orange County in court. Had the lower court’s ruling not been reversed, Orange County voters would have been given an opportunity to approve rent control measures for a limited
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By Kerry Smith It’s the fourth decline in as many months, and the impact affects all regions of the U.S. Year-over-year, pending transactions slid by 31.0%. WASHINGTON – Pending home sales trailed off for the fourth consecutive month in September, according to the National Association of Realtors® (NAR). All four major regions recorded month-over-month and year-over-year declines in transactions. The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – slumped 10.2% to 79.5 in September. Year-over-year, pending transactions slid by 31.0%. An index of 100 is equal to the level of contract
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About one in four (24%) international buyers opt for a home in Fla., finds Coldwell Banker study, compared to No. 2 Calif. (11%) and No. 3 Texas (8%). MIAMI – Florida is still the No. 1 choice for international home buyers, according to the Coldwell Banker International Buyers Guide. About one in four 24% of international buyers purchase a home in Florida. Percent of international buyers by state Florida: 24% California: 11% Texas 8% Arizona: 7% New York: 4% In 2022, the highest dollar volume among international buyers in the United States came from China, followed by Canada, India, Mexico, Brazil
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By Matt Ott And Alex Veiga For the first time in 20 years (April 2002), the 30-year, fixed-rate average hit 7.08%. Last week it averaged 6.92%; last year it was 3.14%. WASHINGTON (AP) – The average long-term U.S. mortgage rate topped 7% for the first time in more than two decades this week, a result of the Federal Reserve’s aggressive rate hikes intended to tame inflation not seen in some 40 years. Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate jumped to 7.08% from 6.94% last week. The last time the average rate was
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By Kerry Smith On Wed., FEMA approved a state request to house Ian survivors by sending travel trailers and manufactured housing to Charlotte, Collier, DeSoto and Lee counties. WASHINGTON – The Federal Emergency Management Agency (FEMA) approved the state of Florida’s request for direct temporary housing in Charlotte, Collier, DeSoto and Lee counties. It will send travel trailers and larger manufactured housing units to help eligible Hurricane Ian survivors get a roof over their head. FEMA says it agreed to provide the temporary housing because rental assistance is enough to meet the housing need in those counties. FEMA will notify
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By Jim Saunders The Florida Hurricane Catastrophe Fund – essentially an insurer for insurance companies – says it can handle the loss but now has limited funds heading into 2023. TALLAHASSEE, Fla. – The Florida Hurricane Catastrophe Fund, a state program that provides critical backup coverage to property insurers, is estimated to have $10 billion in losses from Hurricane Ian, officials said Wednesday. The program commonly known as the “Cat Fund” will be able to handle Ian’s financial hit, though it will go into the 2023 hurricane season with reduced amounts of cash. “We feel very confident that we can
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An emergency rule focuses on Hurricane Ian’s impact on completing an in-person course online. The second rule updates course certificates’ requirements. TALLAHASSEE, Fla. – At a meeting of the Florida Real Estate Commission (FREC) on Oct. 19, the commission approved two rules. An emergency rule focuses on Hurricane Ian’s impact on completing an in-person course online. The second rule updates course certificates’ requirements. They expect to publish the rules shortly as part of the approval process, following which there will be a comment period. The language of the two rules as released by FREC are below. Rule No. 1: Emergency
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