By Kerry Smith Americans’ confidence took two steps forward (June and July) and one step back. Higher prices had an impact along with less certainty about the job market. BOSTON – The August Conference Board Consumer Confidence Index declined in August to 106.1, from a downwardly revised 114.0 in July, reflecting a bit less optimism among Americans. The Present Situation Index – consumers’ assessment of current business and labor market conditions – fell to 144.8 from 153.0. The Expectations Index – consumers’ short-term outlook for income, business and labor market conditions – declined to 80.2, a notable switch in direction
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By Kerry Smith On Sept. 12 at 1 p.m., FREC will hold a workshop on “development of the forms of Affidavits of Buyers of Property.” The public is invited, virtually or in-person. ORLANDO, Fla. – The Florida Real Estate Commission (FREC) announced a date for the workshop on creating an affidavit related to SB 264, a bill passed by the 2023 Florida Legislature covering specific foreign buyers of some Florida property. The bill impacts buyers associated with a foreign country of concern – China, Russia, Iran, North Korea, Cuba, Venezuela and Syria, and sellers who knowingly sell property to these
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By Kerry Smith How strong will Idalia be? Where will it come ashore? What happens to ongoing transactions? Individuals, businesses and associations need to prepare now. ORLANDO, Fla. – On Monday, the National Hurricane Center issued a hurricane warning for a huge section of Florida’s Gulf Coast. As Tropical Storm Idalia turns into Hurricane Idalia – predicted to be a Category 3 hurricane before the eye crosses land – residents across the state begin their home-hardening routines. If the eye of the storm makes landfall where predicted on Monday afternoon, it will cross the state close to Tampa and exit
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Nine Fla. cities are “top small towns to start a new business,” more than any other state. In another study, it’s the second best state to start an LLC. KEY WEST, Fla. – Florida fares well in two recent rankings for the best places in the U.S. to start a new business. Nine Florida cities make the list of top small cities and towns to start a small business, according to Site Selection Magazine. The publication is much watched by economic developers, industry and corporate site selectors, as well as commercial real estate investors and brokers. Sarasota is 38th and
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Builders have turned their sights to buyers of moderate means, and house size reflects that change. Fewer now have dining rooms, bathtubs and/or family rooms. NEW YORK – With some potential buyers feeling priced out of the housing market, home builders are finding ways to make their product more affordable to increase their pool of customers – and reducing a new single-family home’s size is an increasingly popular way to do so. Smaller homes can help cost-constrained buyers facing high mortgage rates. Since 2018, the average unit size for new housing starts has decreased 10% nationally to 2,420 square feet,
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By Christopher Rugaber The good news is also the problem: Consumers keep spending. The economy keeps growing but so does inflation, and the Fed’s expected Sept. rate hike may not be its last. JACKSON HOLE, Wyoming (AP) – The continued strength of the U.S. economy could require further interest rate increases, Federal Reserve Chair Jerome Powell said Friday in a closely watched speech that also highlighted the uncertain nature of the economic outlook. Powell noted that the economy has been growing faster than expected and that consumers have kept spending briskly – trends that could keep inflation pressures high. He
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Buyers get used to mortgage rates and incorporate them into decisions, but increases/decreases make them wonder if they should move quickly or hope they come back down. NEW YORK – Despite the highest mortgage rates in a generation, new houses continue to sell. The U.S. Commerce Department on Wednesday reported that a seasonally adjusted 714,000 new homes sold in July (seasonally adjusted rate). That compares to 684,000 in June and 543,000 in July last year. Sales were well below the 1.03 million clocked in August 2020 when home buying was surging, but still at a faster pace than the pre-pandemic
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By Jim Turner and Tom Urban Common disaster-related purchases are tax-free through Sept. 8 as Fla. heads into its most active month for hurricanes and four storms drift in the Atlantic. TALLAHASSEE, Fla. – Retailers hope Floridians will stock up on storm supplies during a sales-tax “holiday,” particularly as the increasingly active hurricane season could bring a storm toward the state by the end of next week. While storms can make landfall at any time, September is considered the most likely month to do so. The state’s second “disaster preparedness” tax holiday of the year started Saturday and continues through
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By Alex Veiga Increases may continue. “Ongoing economic strength will likely continue to keep upward pressure on rates in the short-term,” says Freddie Mac’s chief economist. LOS ANGELES – The average long-term U.S. mortgage rate climbed further above 7% this week to its highest level since 2001, another blow to would-be homebuyers grappling with rising home prices and a stubbornly low supply of properties on the market. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan climbed to 7.23% from 7.09% last week. A year ago, the rate averaged 5.55%. It’s the fifth
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By Kerry Smith Two companies under the Orion180 name were approved this week in another hopeful sign that legislative changes may be having a positive Fla. market impact. TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (OIR) approved two more private insurance companies as property and casualty insurers in Florida: Orion180 Select Insurance Company and Orion180 Insurance Company. Four new insurance companies have now recently been approved to operate in Florida following legislative reforms designed to promote market stability. “OIR has been diligently working to attract more companies, jobs and capital to Florida’s insurance market since the passage of
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