By John Flesher and Michael Phillis Is it or isn’t it a wetland? Recent Supreme Court decision offers some clarity, but it will often be a case-by-case decision for homebuilders, farmers and developers. WASHINGTON – The U.S. Supreme Court has stripped federal agencies of authority over millions of acres of wetlands, weakening a bedrock environmental law enacted a half-century ago to cleanse the country’s badly polluted waters. A 5-4 majority significantly expanded the ability of farmers, homebuilders and other developers to dig up or fill wetlands near rivers, lakes and streams, finding the government had long overreached in limiting such
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By Kerry Smith Investor purchases dropped almost by half year-to-year in the first quarter. In Fla., it ranged from a 56.6% decline in Jacksonville to 28.8% in West Palm Beach. SEATTLE – Real estate investors purchased 48.6% fewer homes in the first quarter of 2023 than they did a year earlier as elevated interest rates along with declining rents and housing values ate into potential profits, according to a report from Redfin. Of total home sales, investors had a 17.6% share. It’s the largest annual decline since Redfin started tracking investor purchases, and it’s higher than a 40.7% drop in
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By Kim Moody The worst time to discover you have less insurance coverage than you thought? The day after a hurricane. The 2023 season starts today and runs through Nov. 30. SEBRING, Fla. – June is here; that means sunscreen, bathing suits, sweet tea and yes, hurricane season. Hurricane season starts June 1 and runs through Nov. 30. In a previous interview, State Farm Public Affairs Specialist Jose Soto urged homeowners to take a look at their insurance policies before the season starts to ensure their coverage is up to date. Homeowners will want to know what their policies cover
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By Bill Kearney The 2023 hurricane season starts June 1, and last year’s storms taught some lessons. For example, a focus on only cones and wind speeds leaves you vulnerable. FORT LAUDERDALE, Fla. – The 2022 hurricane season was a harsh teacher. Not because of the number of storms – it was a fairly average year – but because of the tricky nature of the two storms, Hurricanes Ian and Nicole, that hit Florida. The big lesson to learn from 2022? Experts say it’s to break out of the habit of obsession over the cone, spaghetti models and the storm’s
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By Kerry Smith The Miami area led the nation in price gains with 14.1%, year-to-year, but of 8 Fla. metros included, even the lowest-ranking one (Tampa, No. 36) saw a 5.6% gain. WASHINGTON – U.S. house prices rose 4.3% between the first quarters of 2022 and 2023, according to the Federal Housing Finance Agency (FHFA) House Price Index (FHFA HPI). However, year-to-year home prices increases were higher in all eight Florida metros tracked by the study. Six of those were in the top 25 nationally for prices increases, and Tampa, at No. 36, still had a greater year-to-year 1Q price
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By Cora Lewis AI absorbs lots of data and creates new things, but tainted input data can create wrong or even illegal results – and fed agencies plan to hold humans accountable. NEW YORK (AP) – As concerns grow over increasingly powerful artificial intelligence systems like ChatGPT, the nation’s financial watchdog says it’s working to ensure that companies follow the law when they’re using AI. Already, automated systems and algorithms help determine credit ratings, loan terms, bank account fees, and other aspects of our financial lives. AI also affects hiring, housing and working conditions. Ben Winters, senior counsel for the
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A key index of U.S. prices ticked up 0.4% in April from March, and consumer spending rebounded 0.8%, a sign that inflationary pressures in the economy remain high. WASHINGTON (AP) – A key index of U.S. prices ticked higher in April, and consumer spending rebounded, a sign that inflationary pressures in the economy remain high. The index, which the Federal Reserve closely monitors, showed that prices rose 0.4% from March to April, much higher than the 0.1% rise the previous month. Measured year over year, prices were up 4.4% in April, up from 4.2% in March, according to Friday’s report
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It includes a disaster-preparedness holiday through June 9 eliminating sales taxes on some storm supplies and other goods; and a reduction in the commercial-lease tax. TALLAHASSEE, Fla. – With two sales-tax “holiday” periods poised to start, Gov. Ron DeSantis on Thursday signed a nearly $1.3 billion package of tax breaks. Lawmakers unanimously passed the package (HB 7053) on May 5. It includes a series of tax holidays, reducing a commercial-lease tax and providing permanent sales-tax exemptions for such things as diapers and incontinence products and baby and toddler items. DeSantis did not hold a public event to sign the bill
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By Mark Sherman and Jessica Gresko The court ruled wetlands can only be regulated under the Clean Water Act if they have a “continuous surface connection” to larger, regulated bodies of water. WASHINGTON (AP) – The U.S. Supreme Court on Thursday sharply limited the federal government’s authority to police water pollution into certain wetlands, the second decision in as many years in which a conservative majority narrowed the reach of environmental regulations. The outcome could threaten efforts to control flooding on the Mississippi River and protect the Chesapeake Bay, among many projects, wrote Justice Brett Kavanaugh, breaking with the other
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By Alex Veiga Freddie Mac economist: “The U.S. economy is showing continued resilience which, combined with debt ceiling concerns, led to higher mortgage rates this week.” LOS ANGELES (AP) – The average long-term U.S. mortgage rate rose this week to its highest level since mid-March, driving up borrowing costs for prospective homebuyers facing a housing market that’s constrained by a dearth of homes for sale. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.57% from 6.39% last week. The average rate a year ago was 5.10%. High rates can add
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