By Trevor Fraser Affordable housing advocates want the Florida Legislature to fully fund affordable housing this year, while insurers hope something is done about soaring costs. ORLANDO, Fla. – As Florida lawmakers get ready for another session that convenes Tuesday, affordable housing advocates are worried about keeping dedicated funding, and the home insurance industry is pondering what might be done about soaring costs. Jaimie Ross, president and CEO of Florida Housing Coalition, says the No. 1 concern for her organization is always the Sadowski Housing Trust Fund, which allocates money to affordable housing and other programs. “What we are looking
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“Aspirational pricing” doesn’t work well in any real estate market. Buyers will risk a bidding war only if they first see some level of value. CHICAGO – The housing market is hot, but some homeowners overestimate how hot it is when they go to sell. Real estate professionals shared a few unrealistic expectations with realtor.com that their sellers had, such as that their home “doubled in value since they bought it” or they “shouldn’t have to make any repairs before closing.” “One of the biggest mistakes sellers can make is going with aspirational pricing just because it is a seller’s
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By Alex Veiga Mortgage bankers say buyers borrowed $1.6T last year for home purchases, topping the 2005 housing bubble’s $1.5T. They expect another new record this year. LOS ANGELES (AP) – The fierce competition, low mortgage rates and soaring prices that helped raise mortgage borrowing to record heights last year is expected to drive lending even higher this year, experts say. Banks lent an estimated $1.61 trillion for home purchases last year, up about 9% from 2020, according to the Mortgage Bankers Association (MBA). That tops the $1.51 trillion lent at the peak of the housing bubble in 2005, the
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By Jim Turner Fla. tourism officials don’t think so, though a panel of state economists slightly lowered their six-month expectations for Canadian and overseas tourists. TALLAHASSEE, Fla. – A top Florida tourism official called the future of travel to the state “bright” and said there are no plans to slow marketing efforts, even with the rapid spread of the omicron variant of the coronavirus. Visit Florida President and CEO Dana Young said Wednesday the agency continues to expand its winter marketing campaign in the United States and isn’t slowing international efforts. “This has been a tough road for our international
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Tampa skyline By Kerry Smith An analysis of “competitive” markets in 2021 projects that Tampa will be the hottest in the U.S. this year, with Jacksonville and Orlando close behind. ORLANDO, Fla. – An analysis of the 50 largest U.S. metro areas to determine “the hottest” (most competitive) for 2022 determined that Tampa was No. 1 in the U.S. To determine hotness, the study released by Zillow looked at home value appreciation from November 2021 to November 2022, anticipated change in home value appreciation from 2021, the flow of for-sale inventory, an estimate of the net new number of home-owning
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The 30-year, fixed-rate loan rose from last week’s average 3.11%. A year ago, the FRM was 2.65%, though this week’s average remains low by historical standards. WASHINGTON (AP) – Average long-term U.S. mortgage rates rose in the past week to start the new year. They reached their highest level since May 2020, at the height of the coronavirus pandemic, yet remained historically low. Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year home loan increased to 3.22% this week from 3.11% last week. A year ago, the 30-year rate stood at 2.65%. The average rate
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By Kerry Smith FHFA is increasing the “G-fee” on most high-balance and second-home mortgages. Translation: After April 1, buyers seeking these loans will pay a bit more. WASHINGTON – On Wednesday, the Federal Housing Finance Agency (FHFA) announced an increase in Fannie Mae and Freddie Mac’s upfront fees for some high-balance and second-home loans. The increase in the so-called “G-fees” begins on April 1, 2022, according to FHFA’s announcement. More than half of all mortgages, once originated by a lender, are sold to either Fannie Mae or Freddie Mac. The system provides liquidity to the U.S. mortgage market and allows
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By Christopher Rugaber Notes released Wed. suggest a shift in Fed officials’ attitudes, and policy changes could soon induce interest rates, including mortgages, to move higher. WASHINGTON (AP) – The U.S. job market is nearly healthy enough that the central bank’s low-interest rate policies are no longer needed, Federal Reserve officials concluded last month. Fed officials also expressed concerns in minutes from its December meeting, released Wednesday, that surging inflation was spreading into more areas of the economy and would last longer than they previously expected. “Many (policymakers) saw the U.S. economy making rapid progress” toward the Fed’s goal of
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Financial risks caused by climate change pose “a serious threat to the U.S. housing finance system,” says FHFA Acting Director Sandra Thompson. WASHINGTON – The Federal Housing Finance Agency (FHFA), which regulates Fannie Mae and Freddie Mac, says the government-sponsored enterprises (GSEs) should take into account financial risks posed by climate change into their decision making. The FHFA is also expanding its monitoring and supervision of climate change issues, according to FHFA Acting Director Sandra Thompson. She says climate change “poses a serious threat to the U.S. housing finance system,” and that the GSEs “have an important leadership role to
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By Melissa Dittmann Tracey A Dec. national poll found 69% of commercial RE brokers said they made more money in 2021 than in 2020, and a NAR report predicts a strong year in 2022. DENVER – Sixty-nine percent of commercial real estate brokers say they made more money in 2021 than in 2020, according to the latest Apto National Broker Buzz Poll conducted in December 2021. They’re even more optimistic about this year. Commercial real estate has posted a dramatic recovery ever since the beginning of the pandemic. 2021 marked a big turn for the sector, notably in the multifamily
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