Attitudes turn positive: A monthly UF study of Floridians saw a 1.9-point increase overall, with a rise in current expectations as well as expectations for the future. GAINESVILLE, Fla. – In February, consumer sentiment among Floridians increased 1.9 points to 67.2 from January’s revised figure of 65.3. A similar national consumer sentiment index increased 2.1 points. However, The Conference Board reported a decline in Americans’ overall consumer attitudes last month. “Consumer sentiment continued to improve for the second consecutive month in February, indicating a reversal in trajectory compared with a year ago,” said Hector Sandoval, director of the Economic Analysis
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Economists’ research into 16 episodes since 1950: When a central bank like the Fed raised the cost of borrowing to fight inflation, a recession resulted in each case. NEW YORK (AP) – Can the Federal Reserve keep raising interest rates and defeat the nation’s worst bout of inflation in 40 years without causing a recession? Not according to a new research paper that concludes that such an “immaculate disinflation” has never happened before. The paper was produced by a group of leading economists, and three Fed officials addressed its conclusions in their own remarks Friday at a conference on monetary
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Persistent inflation and economic anxiety weighed on Americans’ attitudes in Feb. The Conference Board’s confidence index dropped to 102.9 last month from 106 in Jan. WASHINGTON (AP) – Consumer confidence dipped for the second straight month as stubborn inflation and anxiety over a potentially slowing economy weighed on Americans. The Conference Board reported Tuesday that its consumer confidence index slipped to 102.9 in February, from a reading of 106 in January. The business research group’s present situation index – which measures consumers’ assessment of current business and labor market conditions – ticked up to 152.8 from 151.1 last month. The board’s
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By Kerry Smith 1 in 4 buyers searching for a home via Redfin’s website considered homes in other metros. Fla. remains a top choice, and Miami returned to the No. 1 spot. SEATTLE  – More U.S. buyers are considering out-of-city moves. Overall, fewer buyers are in the market this year and total numbers are down; but of those still searching, a higher percentage are looking outside their home city. Redfin says a record one-quarter (24.9%) of its website users nationwide looked outside their metro area in January to find a new home as remote work and elevated housing costs drove
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By Kerry Smith Owned by RMK Financial, the lender was shut down for repeated offenses, notably lying to military families applying for VA loans. WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) permanently banned RMK Financial Corporation, which does business as Majestic Home Loans. In 2015, CFPB issued an agency order against RMK for, among other things, sending advertisements to military families that led the recipients to believe the company was affiliated with the United States government. Despite the 2015 order, the company engaged in a series of repeat offenses, including disseminating millions of mortgage advertisements to military families
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Middle-aged adults often take in older parents facing health problems, but the “reverse boomerang” effect helps with both childcare and living expenses. NEW YORK – Approximately one-quarter of Americans aged 25 to 34 lived with parents or older relatives as of 2021, the fastest-growing segment in multigenerational households, according to data from Pew Research Center. Most of this group is adult children moving back in with their parents, but a significant number of older adults are moving in with millennials, according to Richard Fry, a senior researcher at Pew. Some parents aren’t waiting for retirement or urgent health care needs
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By Kerry Smith Overall, Jan. new-home sales rose 7.2%, but the South’s 17.1% carried the three other areas that saw a decline. The Northeast saw the biggest drop at 19.4%. WASHINGTON – Sales of newly built, single-family homes in January increased 7.2% to a 670,000 seasonally adjusted annual rate from an upwardly revised reading in December, according to new data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. However, the data also breaks the U.S. down into four geographic areas, and the South – which includes Florida – saw sales up 17.1%. It was
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By Paul Wiseman A favored Fed report showed a slow-but-steady monthly inflation drop until this week. The Commerce Dept. reported a 0.6% Dec.-Jan. rise, up from 0.2% Nov.-Dec. WASHINGTON (AP) – The Federal Reserve’s preferred inflation gauge rose last month at its fastest pace since June, an alarming sign that price pressures remain entrenched in the U.S. economy and could lead the Fed to keep raising interest rates well into this year. Friday’s report from the Commerce Department showed that consumer prices rose 0.6% from December to January, up sharply from a 0.2% increase from November to December. On a
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By Michael Butler, Rebecca San Juan The main reason: Inventory. Many buyers are still willing and able to purchase a home at today’s higher interest rates, but fewer sellers are opting to list. MIAMI – Many prospective homebuyers sent a strong message at the start of 2023: They are done trying to buy homes in South Florida, as annual sales nosedived in January in Miami-Dade and Broward counties. For residents patiently waiting to buy a bigger house here or move to a different neighborhood for better quality of life, the regional housing slowdown after two years of rapid growth is
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By Matt Ott It’s the highest average for the 30-year, fixed-rate loan since Nov. when it peaked at 7.08%. Last week it averaged 6.32%; one year ago it averaged 3.89%. WASHINGTON – The average long-term U.S. mortgage rate jumped this week to its highest level since November. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate rose to 6.5% from 6.32% last week. The average rate a year ago was 3.89%. The average long-term rate reached a two-decade high of 7.08% in the fall as the Federal Reserve continued to raise its key lending rate
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