By Alex Veiga Some economists predict a slight drop in rents, but only in some metros – and even there it won’t have a big impact after years of rising rental costs. LOS ANGELES – When viewed through a wide lens, renters across the U.S. finally appear to be getting some relief, thanks in part to the biggest apartment construction boom in decades. Median rent rose just 0.5% in June, year over year, after falling in May for the first time since the pandemic hit the U.S. Some economists project U.S. rents will be down modestly this year after soaring
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By Flavia Furlan Nunes Regulators want to boost capital requirements, but, as proposed, they’re targeting banks that offer mortgages with higher loan-to-value ratios. That could raise rates. WASHINGTON – The Federal Reserve, Federal Depository Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) released on Thursday the proposed changes for the Basel III rule (called the Basel endgame), which significantly increases capital requirements for banks. If implemented, the changes will affect the mortgage industry, and trade groups are already coming out in opposition to the new regulation. As expected, the rules target financial institutions with $100
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Why would a Fla. resident refuse to evacuate? Why don’t some at-risk Fla. owners buy flood insurance? A survey by AAA asked. TAMPA, Fla. – Severe weather like hurricanes can wreak havoc on your home, damage your vehicle, and sidetrack your summer vacation. That’s why AAA is sharing its top insurance policies for hurricane season to help Floridians protect their property and travel plans. But first, The Auto Club Group is releasing new findings from its annual hurricane season survey. According to the survey, about 1-in-5 Florida residents (19%) do NOT make advanced preparations for hurricane season or severe weather.
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By Michael Casey $85M in funding for HUD will reduce barriers, such as zoning restrictions, that have “become a hurdle to increasing the supply and density of affordable housing.” WASHINGTON – The White House is taking steps aimed at increasing the supply of affordable housing while also bolstering protections for renters. The housing measures announced Thursday include providing communities with $85 million in funding from the Department of Housing and Urban Development (HUD) to reduce barriers to affordable housing, such as zoning restrictions that in some places have become a hurdle to increasing the supply and density of affordable housing.
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By Kerry Smith While properties under HUD may be directly affected, five federal agencies “strongly encourage” some changes, such as a public posting of renters’ rights. WASHINGTON – In January, President Biden released the Blueprint for a Renters Bill of Rights, which outlines principles and best practices at the federal, state and local level to strengthen tenant protections and increase fairness in the rental market. On Thursday, it expanded on some of the protections in a push to: Ensure all renters have an opportunity to address incorrect tenant screening reports Provide new funding to support tenant organizing efforts Ensure renters are
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By Kerry Smith Nationally it’s 13%, but in Fort Lauderdale it’s 28% – the highest in the U.S. In Miami, a first-time buyer needs to earn 25% more than they did a year ago. SEATTLE – A first-time homebuyer must earn roughly $64,500 per year to afford the typical U.S. “starter” home, up 13% ($7,200) from June a year ago, according to a report from Redfin, thanks to the one-two punch of higher mortgage rates and higher home prices. It’s even worse in many Florida metros, with the strongest demand for a higher income occurring in Broward County. Fort Lauderdale
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By Matt Ott After moving closer to 7% and then falling last week, the 30-year, fixed-rate moved a bit higher from last week’s 6.78%. A year ago, the rate averaged 5.3%. WASHINGTON – The average long-term U.S. mortgage rate ticked back up this week, remaining a barrier for Americans trying to upgrade or buy their first home. The average rate on the benchmark 30-year home loan rose to 6.81% this week from 6.78% last week, which was the lowest level in a month, mortgage buyer Freddie Mac said Thursday. One year ago, the average rate was 5.3%. High rates can
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By Kerry Smith “The recovery has not taken place, but the housing recession is over,” says NAR’s chief economist, after the first pending-sales increase in three months. WASHINGTON – Pending home sales registered a modest increase of 0.3% in June month-to-month – its first increase since February – according to the National Association of Realtors® (NAR). The South and West posted monthly losses, while sales in the Northeast and Midwest grew. All four U.S. regions saw year-over-year transaction declines. “The recovery has not taken place, but the housing recession is over,” says NAR Chief Economist Lawrence Yun, “The presence of
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By Kerry Smith In 2Q 2023, Fla. remained a top go-to state, with the lion’s share relocating from New York, but Chicago provided more buyers for Cape Coral, No. 7 on the list. SEATTLE – A record one-in-four national homebuyers (25.5%) searched for homes in metros outside their current state in the in the second quarter, up from 23% one year earlier, according to a report from Redfin. Before the pandemic, it was 19%. The total number of out-of-state-seeking buyers declined 7.5%, however the percentage grew because the number of people interested in in-state moves declined even more, down 18%.
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Observers looked for clues on whether the Fed will raise interest rates again later this year, and the Fed seemed to imply it was likely, but not a sure thing. WASHINGTON – The U.S. Federal Reserve on Wednesday raised its benchmark interest rate by another 0.25 percentage point following a pause in June, recognizing the need to do more to contain inflation. The increase, announced after a two-day policy meeting, brings the federal funds rate, which banks charge each other for overnight borrowing, to a new target range of between 5.25% and 5.5% — a 22-year high. This is the
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