Jung Getty / Getty Images Land-use restrictions, lack of public infrastructure investment and rising land prices contribute to the issue. Land accounts for about 47% of U.S. home values. NEW YORK – Land suitable for housing is increasingly scarce in the United States due to land-use restrictions and a dearth of public infrastructure investment. Land prices are rising as developers try to encourage migration to large cities, which exacerbates the housing shortage. CoStar Group’s land-listing website Land.com reports that the average price of vacant land per acre in the Sunbelt more than doubled in the past two years through the
Read More

By Jim Saunders UF: With its combination of punishing wind and widespread flooding, Hurricane Ian likely caused up to $1.56B in estimated losses for Fla.’s agriculture industry. TALLAHASSEE, Fla. – With its combination of punishing wind and widespread flooding, Hurricane Ian caused up to $1.56 billion in estimated losses for the state’s agriculture industry, according to a University of Florida preliminary assessment. The assessment, by the University of Florida-Institute of Food and Agricultural Sciences, estimated industry losses at $786.6 million to $1.56 billion, with the largest losses for growers of vegetables and melons, citrus and horticultural crops. “After speaking with
Read More

By Marla Martin Florida Realtors: Despite initial impacts from Ian, inventory grew and single-family median price up 13.8% year-to-year, condo median up 20.5%. But sales down 29%. ORLANDO, Fla. – Florida’s housing market reported increased inventory (active listings) and higher median prices in September and 3Q 2022 compared to a year ago, despite impacts from Hurricane Ian, which struck southwest Florida on Sept. 28, according to Florida Realtors®’ latest housing data. Florida Realtors Chief Economist Dr. O’Connor noted that Ian’s impact on Florida’s housing market started at the end of the week before it made landfall, as successive forecasts predicted
Read More

By Matt Ott Last week 30-year, fixed-rate mortgages averaged 6.92%, as the move to 7% slows – at least for this week. Last year FRMs averaged 3.09%. WASHINGTON (AP) – Average long-term U.S. mortgage rates inched up this week ahead of another expected rate increase by the Federal Reserve when it meets early next month. Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate ticked up this week to 6.94% from 6.92% last week. Last year at this time, the rate was 3.09%. The average rate on 15-year, fixed-rate mortgages, popular among those looking to
Read More

By Mike Sunnucks If damage exceeds 50% of a home’s market value, owners can’t just repair what was destroyed – they must upgrade the entire home to current building codes. NORTH PORT, Fla. – Scores of Floridians are getting a crash course on the Federal Emergency Management Agency’s (FEMA) 50% rule governing rebuilding homes after Hurricane Ian. And for many, the FEMA rule is an unpleasant, problematic surprise after all of Ian’s damage and traumas. The 50% rule dictates the future of hurricane damaged homes in designated flood zones. The federal rule prohibits repairs and improvements on damaged homes exceeding
Read More

By Kerry Smith Floridians – especially those in hurricane-ravaged SW Fla. – have a lot to deal with. If someone feels stressed, depressed, confused or even suicidal, help is available. TALLAHASSEE, Fla. – People focused on disaster cleanup, insurance claims, FEMA aid, flood insurance problems and everyday basics, such as clean water, electricity and internet, have a lot on their plate. For some, it’s too much to handle. As Florida works to clean up from Hurricane Ian, survivors often feel that it’s difficult to stay on top of things that are largely out of their control. There is help. “Floridians
Read More

By Kerry Smith Within that larger number, single-family starts declined 4.7% in a seasonally adjusted annual rate, while the multifamily sector dropped 13.2%. WASHINGTON, Oct. 19 – In September, overall housing starts decreased 8.1% to a seasonally adjusted annual rate of 1.44 million units, according to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The 1.44 million reading is the number of housing units builders would begin if development kept September’s pace for the next 12 months. Within that overall number, single-family starts decreased 4.7% to an 892,000 seasonally adjusted annual rate, which is down
Read More

It will be harder for moderate-income people to live by the ocean as buyer demand grows and the state’s tough building codes make housing more expensive. NEW YORK – Living on Florida’s coast has become more expensive as building codes include stronger storm mitigation measures. And people who can afford to go beyond those building-code minimums often find that their homes sustain less hurricane damage. But fortifying Florida’s housing stock simultaneously prices some homeowners out of the market, especially once homeowners add in the costs for escalating property-insurance premiums and flood insurance. After Hurricane Andrew in 1992, Florida adopted one
Read More

By Kerry Smith Over 92K homes have been inspected, FEMA says, 1,468 households have been sheltered (3,817 people), and 39K flood insurance claims have been filed. WASHINGTON – While it will take a long time to help the victims of Hurricane Ian and clean up the debris, the Federal Emergency Management Agency’s (FEMA) latest update suggests much has been done so far. FEMA provides rental assistance, hotel stays, repair assistance, reimbursement for temporary lodging and other forms of support for Hurricane Ian survivors. That help is now available in 26 Florida counties. Florida counties eligible for FEMA Individual Assistance Brevard
Read More

By Kerry Smith Most loans now consider “on-time rent payments” if buyers agree to monitoring, but this seemingly similar new program could help some independent contractors. homeownership opportunities by including a “review of a borrowers’ bank account data.” With the buyer’s permission, lenders who plan to sell a mortgage to Freddie Mac will be empowered to include the buyer’s bank account data when considering loan approval. “Positive monthly cash flow activity” will increase a borrower’s eligibility and the chance that their loan application will be approved. Over the past few years, Freddie Mac, Fannie Mae and FHA have added an
Read More