By Padraic Convery Digital currency hasn’t taken over the real estate industry, at least so far. One analyst suggests it can’t turn “rules on their head” without mastering those rules first. NEW YORK – It’s been more than four years since the world’s first real estate token offering, which saw a stake of almost one-fifth of the St. Regis Aspen resort hotel sold to investors keen to acquire a slice of the prestige Colorado property. The sale of the stake in the 179-room hotel raised U.S. $18 million and was hailed at the time as a revolutionary new means of
Read More

By Erica Plemmons Florida Realtors economist: More people still move into the Sunshine State than leave it, and United Van Lines’ analysis of its customers unveils some of their motives. ORLANDO, Fla – What goes up must come down, but what goes in doesn’t always go out – or at least that’s true for Florida’s shipments, according to the United Van Lines 2022 National Mover Study. Florida is an “inbound state” for residents, classified as having more than 55% of its shipments headed into the state versus leaving it. Other full-service van lines and U-Haul agree with this label. Movers
Read More

By Jim Saunders United Property & Casualty Ins. Co. is insolvent, and the company cites higher-than-expected losses from Hurricane Ian. Fla. is taking steps to place it in receivership. TALLAHASSEE, Fla. – State regulators moved forward Thursday with placing United Property & Casualty Insurance Co. (UPC) into receivership after higher-than-expected losses from Hurricane Ian helped push the insurer into insolvency. Interim Insurance Commissioner Michael Yaworksy sent a letter to state Chief Financial Officer Jimmy Patronis to trigger a process that leads to seeking court approval to place the St. Petersburg-based insurer into receivership, according to documents posted on the Office
Read More

By Eduardo J. Valdes Residents expect HOAs to enforce rules and often empower them to fine and suspend homeowners. But laws and rules keep HOAs from being all-powerful. MIAMI – Community associations’ abilities to fine and suspend unit owners who refuse to comply with their rules and restrictions are essential for the viability of the home/condo-owner association model for private residential enclaves. Without such enforcement and lien rights, individual owners would be able to flout the rules, avoid paying their dues, and even become a nuisance to their neighbors with no regard whatsoever for any potential consequences. However, Florida law
Read More

By Matt Ott Last week the 30-year, fixed-rate mortgage averaged 6.12%. While the Fed says some inflation measures eased, it still expects two 0.25-point rate increases this year. WASHINGTON – The average long-term U.S. mortgage rate jumped this week to its highest level in five weeks, bad news for home shoppers heading into the spring buying season. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate rose to 6.32% from 6.12% last week. The average rate a year ago was 3.92%. The average long-term rate reached a two-decade high of 7.08% in the fall as
Read More

By Jim Turner Yearly tax value increases are capped at 3% on homesteaded properties, but voters may be able to lower it to 2% if the Fla. Legislature passes an amendment proposal. TALLAHASSEE, Fla. – A proposal to change the state’s Save Our Homes property-tax cap cleared its first legislative committee on Wednesday, despite concerns that it might force counties to cut services or shift the tax burden. The Senate Community Affairs Committee voted 8-1 to approve a proposed constitutional amendment (SJR 122) that would provide bigger savings to homeowners. Currently, Save Our Homes places a 3% cap on annual
Read More

By Melissa Dittmann Tracey The U.S. homeownership gap between Blacks and whites widened 1.5 percentage points from 2010 to 2021, according to a study by “Today’s Homeowner.” CHICAGO – The national racial homeownership gap widened from 2010 to 2021, new data shows – but in some areas of the country, the gap has actually closed. Housing equality worsened in the decade since the Great Recession, a new analysis shows, lending greater urgency to the commitment Realtors® make to uphold fair housing laws. The national homeownership gap between Blacks and whites widened 1.5 percentage points from 2010 to 2021, according to
Read More

By David O. Klein Cold calls could bring legal heat if Realtors don’t follow Fla.’s telemarketing laws, which are often stricter than federal ones. The risk often outweighs the benefits. TALLAHASSEE, Fla. – On July 1, 2021, Florida’s Telephone Solicitation Act (FTSA) took effect. Recognizing the prevalence of telemarketing in the state, Florida decided to update its telemarketing laws to regulate intrastate communications in a more restrictive manner than that of the Telephone Consumer Protection Act (TCPA). The TCPA is a federal statute designed to protect consumer privacy by restricting certain types of telemarketing communications. Florida’s TCPA has become colloquially
Read More

By Kerry Smith Given a mild drop in some metro’s home prices, more investors are taking a wait-and-see attitude. And flippers who use short-term loans are dealing with higher costs. SEATTLE – Investor purchases of U.S. homes fell a record 45.8% year-over-year in fourth quarter 2022. The higher cost to borrow money and a wariness over declining home values made real estate investing less attractive, according to a report from Redfin. The second-biggest decline in investor purchases occurred in 2008, when they slumped 45.1% during the subprime mortgage crisis. But it’s not just investors. Overall U.S. home purchases fell 40.8%
Read More

By Kerry Smith 31% of U.S. Dec. sales were for cash, though Fla. percentages ran as high as 52% in West Palm Beach. VA and FHA loans also rose in most Fla. metro areas studied. SEATTLE – Roughly one-third (31.2%) of U.S. home purchases were  cash sales in December, according to a report from Redfin. That’s up from 28.8% one year earlier but down from an eight-year high of 31.9% hit in November. Florida, however, largely saw a higher percentage of cash sales in the six metro areas studied. The share of U.S. cash sales remains elevated above pre-pandemic levels
Read More