By Marla Martin NAR Chief Economist Yun’s forecast represents a drop of about 6.8% from this year’s sales; he expects the median home price to rise just 0.3% from this year to $385.8K. WASHINGTON – Lawrence Yun, NAR chief economist and senior vice president of research for the National Association of Realtors® (NAR), forecasts that 4.78 million existing homes will be sold, prices will remain stable and Atlanta will be the top real estate market to watch in 2023 and beyond. Yun unveiled the association’s forecast during NAR’s fourth annual year-end Real Estate Forecast Summit. Yun predicts home sales will decline
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By Cora Lewis Fed policymakers on Wed. raised the key rate by a half-point to a range of 4.25% to 4.5%, the highest in 14 years. But what do this year’s rate hikes mean to you? NEW YORK (AP) – The Federal Reserve’s move Wednesday to raise its key rate by a half-point brought it to a range of 4.25% to 4.5%, the highest level in 14 years. The Fed’s latest increase – its seventh rate hike this year – will make it even costlier for consumers and businesses to borrow for homes, autos and other purchases. If, on the
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By Christopher Rugaber This 7th increase is smaller than the last four as signs point to easing inflation. By the end of 2023, the Fed forecasts the key short-term rate will reach 5% to 5.25%. WASHINGTON (AP) – The Federal Reserve reinforced its inflation fight Wednesday by raising its key interest rate for the seventh time this year and signaling more hikes to come. But the Fed announced a smaller hike than it had in its past four meetings at a time when inflation is showing signs of easing. The Fed boosted its benchmark rate a half-point to a range of 4.25% to
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By Jim Saunders With property insurance described as a “hidden tax” on homeowners, lawmakers on Wed. approved a plan aimed at stabilizing the state’s troubled insurance market. TALLAHASSEE, Fla. – With property insurance described as a “hidden tax” on homeowners, the Florida House on Wednesday gave final approval to a plan aimed at stabilizing the state’s troubled insurance market. The Republican-dominated House voted 84-33 along party lines to pass the bill (SB 2-A) on the final day of a special legislative session. The Senate approved the bill Tuesday, meaning it is ready to go to Gov. Ron DeSantis. The 105-page
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By Ron Hurtibise Fla. homeowners can now apply by phone to the My Safe Florida Home program for up to $10K to improve and strengthen roofs, windows and exterior doors. FORT LAUDERDALE, Fla. – Florida homeowners with no internet access or limited patience to navigate online application portals may now apply by phone for up to $10,000 toward home-hardening improvements. The state-funded My Safe Florida Home program has made $115 million available for homeowners who want to improve their home’s chances of avoiding damage during hurricanes or tropical storms by strengthening their roof, windows, and exterior doors. Now applicants can call 1-866-513-6734 and ask to apply for the program
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By Christopher Rugaber Consumer prices rose 7.1% year-to-year in Nov., but that’s a notable drop from 7.7% in Oct. and 9.1% in June. It was the fifth straight monthly slowdown. WASHINGTON (AP) – Inflation in the United States slowed again last month in the latest sign that price increases are cooling despite the pressures they continue to inflict on American households. Consumer prices rose 7.1% in November from a year ago, the government said Tuesday. That was down sharply from 7.7% in October and a recent peak of 9.1% in June. It was the fifth straight slowdown. Measured from month
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By Kerry Smith The median U.S. asking rent climbed 7.4% year-to-year to $2,007 in Nov. In Fla., Miami’s rate was higher, Orlando and Tampa lower, and Jacksonville saw a decline. SEATTLE – The median U.S. asking rent climbed 7.4% year-over -year to $2,007 in November – the smallest increase in 15 months and the sixth-consecutive month in which annual rent growth slowed, according to a report from Redfin. November also marked the third-straight month of single-digit rent growth following almost a year of double-digit increases. As a state, Florida didn’t follow any specific trends. Rental rates increased more than the national
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By Kerry Smith Overall, more than $3.69B in federal grants, disaster loans and flood insurance money has been provided to the state of Florida and its households so far. WASHINGTON – According to the latest information released by the Federal Emergency Management Administration (FEMA), National Flood Insurance Program (NFIP) policyholders have received more than $1.2 billion so far for Hurricane Ian recovery. Since landfall, more than 46,000 policyholders have filed claims. Including the NFIP insurance money, the state and its residents have received more than $3.69 billion in federal grants, disaster loans and flood insurance payments. FEMA says it provided
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By Jim Saunders A lot can change as bills wind their way through the Florida Legislature, but proposals announced Friday show where discussions shall begin. TALLAHASSEE, Fla. – With a special legislative session now underway, the Florida House and Senate late Friday released proposals that, if enacted in current form, would make far-reaching changes in the state’s troubled property-insurance system. The bills (HB 1A and SB 2A) would take steps to reduce litigation costs, move policies out of the state-backed Citizens Property Insurance Corp., offer additional reinsurance to insurers and try to speed up claims. The bills, which each top
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By Richard DeBoest II A community association doesn’t have flood insurance and every first-floor unit had flood damage. Also: Do storms temporarily change Fla. law requirements? SARASOTA, Fla. – Question: I live on the bottom floor of a condominium building. My unit was flooded by Hurricane Ian. The association did not carry flood insurance. Is that legal? – Unknown Answer: Unlike hurricane wind insurance the Condominium Act does not expressly require the association to carry flood insurance. So, unless the governing documents required it, it was probably legal for the association to forego flood insurance. In the absence of flood
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