By Brian O’Connell The White House program didn’t take direct action to slow rising rental costs, and a future national rent-control policy is unlikely given prior court decisions. NEW YORK – The Biden administration tries a new strategy on sky-high U.S. rents. The new White House “Renters Bill of Rights” isn’t exactly a nothing burger, but it doesn’t take any direct action against the sky-high cost of rentals in many sections of the U.S. The new plan aims to give U.S. renters some relief in the form of government protection against landlords and rental property owners who might otherwise take
Read More

By Kerry Smith FHA says foreclosure protections during the pandemic “successfully helped millions of borrowers,” so it’s offering them to every homeowner with an FHA loan. WASHINGTON – The Federal Housing Administration (FHA) announced that it’s expanding and enhancing loss mitigation options created during the COVID-19 pandemic to help homeowners with an FHA loan avoid foreclosure – all “eligible borrowers who fall behind on their mortgage payments, regardless of the cause of their delinquency.” The updates also allow mortgage servicers to use the full 30% of FHA’s partial claim option rather than the previous 25%, to help the greatest number
Read More

By Kerry Smith In the latest 20-city index, U.S. home prices rose 7.7% year-to-year and dropped 0.6% month to month. But two Fla. cities, Tampa and Miami, saw different results. NEW YORK – The latest S&P Dow Jones Indices released on Tuesday and covering November 2022 found a repeated pattern: The index measuring U.S. home prices year-to-year was up 7.7%, but the index measuring month-to-month changes found prices down 0.6% compared to the month before. The price index is generally considered one of the most reliable and incorporates 20 U.S. cities, including two in Florida, Miami and Tampa. In the
Read More

By Derek Gilliam Some Fla. homeowners with homestead property-tax exemptions are finding that the exemption is at risk if they rent out part of the home or run a small business. SARASOTA, Fla. – When Dan Graue read a letter from the Sarasota County Property Appraiser that notified him he had been dodging taxes on his homesteaded property and now owed more than $64,000 in fines and back taxes, he thought there must have been an error. He and his wife, Jennifer, had owned the house off Bahia Vista Avenue since 1995, after purchasing the home from Jennifer’s family, which
Read More

By Andy Gibbons, Tristan McLeod and Devan Fafard Under a new law, “non-Canadians” who want to buy residential property can’t have an equity ownership greater than 3% for two years – until Dec. 31, 2024. TORONTO – On January 1, 2023, the Canadian government’s Prohibition on the Purchase of Residential Property by Non-Canadians Act (the Act) and the associated Prohibition on the Purchase of Residential Property by Non-Canadians Regulations (the Regulations) came into effect. The Act prohibits “non-Canadians” – which, by virtue of the Regulations, includes entities formed outside of Canada and Canadian entities with non-Canadian equity ownership of at
Read More

By Bailey Schulz Buyers offered a 2% mortgage rate discount their first year and 1% the second often hope they can refinance then and/or raises at work will make up the difference. NEW YORK – Anna Raymond was ready to make the switch from renting to owning a home last spring. But after five failed offers, she and her husband decided to take a step back from house hunting. Then, in December, their real estate agent presented an offer too good to pass. A home in Longmont, Colo., was up for sale, and the seller was willing to offer a
Read More

By Kerry Smith Prices didn’t stop rising in 2022, increases just slowed. U.S. sellers averaged a $112K profit, up 21% – and eight of the top investment returns were in Fla. metros. IRVINE, Calif. – According to Attom’s end-of-year report, the typical sales profit percentage rose from 2021’s 45% to 51% last year, even with values dropping in the second half of 2022. Overall, home values rose 10%. Florida, however, led Attom’s list for price gains after Hilo, Hawaii (100% return on investment or ROI); Lake Havasu City-Kingman, Arizona (88.4%); and Spokane, Washington (86.2%). Florida metro areas’ return on investment
Read More

By Kerry Smith The Florida Realtors-backed program funded with $100M has so far helped 3,500 teachers, police, ENTs, vets and others achieve the American dream of ownership. TALLAHASSEE, Fla. – Florida’s Hometown Heroes housing program – an issue strongly backed by Florida Realtors® during the 2022 session of the Florida Legislature and a helping hand for the people that hold communities together – has so far awarded more than $50 million in down payment and closing cost assistance to the state’s hometown heroes out of $100 million allocated for the program, which launched in June 2022. “Law enforcement officers, first
Read More

By Kerry Smith Pending home sales rose for the first time in six consecutive months, thanks in part to lower interest rates. Economist Yun says home sales’ low point “is likely over.” WASHINGTON – December pending home sales increased for the first time since May 2022, breaking a report-after-report decline that lasted six consecutive months. According to the National Association of Realtors® (NAR), the Northeast and Midwest recorded month-over-month declines, while the South and West posted monthly gains. However, all four U.S. regions saw year-over-year drops in transactions, with the West having the largest decline at 37.5%. The Pending Home
Read More

By Tom Butler Sen. Pres. Kathleen Passidomo’s legislation would nix rent control policies, add $100M for hometown heroes and “tackle this complex issue from all angles.” TALLAHASSEE, Fla. – In breaking news on the Florida legislative front, Florida Senate President Kathleen Passidomo unveiled her comprehensive legislative approach to addressing Florida’s affordable housing crisis, Senate Bill 102. The bill will be considered during the 2023 session of the Florida Legislature. To become law, it must be passed by the House and the Senate and signed by Gov. Ron DeSantis. The effort is called “Live Local” and Passidomo says it’s based on
Read More