By Kerry Smith Sales fell 15.3% year-to-year, but prices rose 3.9% as demand continued to outpace supply. Listings were also down, with 0.9% fewer in Aug. month-to-month. WASHINGTON – U.S. existing-home sales moved lower in August, according to the National Association of Realtors® (NAR). Among the four major U.S. regions NAR tracks as part of the overall survey, sales improved in the Midwest, were unchanged in the Northeast, and slipped in the South and West. All four regions recorded year-over-year sales declines. Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – slid 0.7% month-to-month
Read More

By Christopher Rugaber It’s the second no-interest-rate-change decision over the past three meetings. Inflation is still above 2%, however, and the Fed says a future increase is still likely. WASHINGTON (AP) – The Federal Reserve left its key interest rate unchanged Wednesday for the second time in its past three meetings, a sign that it’s moderating its fight against inflation as price pressures have eased. But Fed officials also signaled that they expect to raise rates once more this year. Consumer inflation has dropped from a year-over-year peak of 9.1% in June 2022 to 3.7%. Yet it’s still well above
Read More

A report finds that insurers and lawmakers underestimated the impact of climate change, and 1 in 4 homeowners is now dealing with rapidly increasing insurance costs. NEW YORK (AP) – A growing number of Americans are finding it difficult to afford insurance on their homes, a problem only expected to worsen because insurers and lawmakers have underestimated the impact of climate change, a new report says. A report from First Street Foundation released Wednesday says states such as California, Florida and Louisiana, which are prone to wildfires and damaging storms and flooding, are likely to see the most dramatic increases
Read More

By Lawrence Mower About 300K Fla. homeowners with Citizens – Fla.’s “insurer of last resort” – will receive a letter that automatically transfers them to a private insurer if they don’t respond. MIAMI – A warning to Floridians with Citizens Property Insurance coverage: Check your mailbox. About 300,000 customers of the state-run insurer of last resort are receiving letters in the mail this month with an offer to switch to a private insurance company. If customers don’t respond by Oct. 5, the letters state, customers will be forced to go with the private company – at a potentially far higher
Read More

By Kerry Smith No two shutdowns are the same, but the feds would be less responsive. Some RE products – FHA, VA and Rural Housing loans, flood insurance – may see an immediate impact. ORLANDO, Fla. – The federal government’s fiscal year ends Sept. 30, and Congress has not yet approved an extension, with several lawmakers threatening to hold out. While a shutdown starting Oct. 1 isn’t imminent, it’s appearing more likely. Very generally, one of three things could happen: Congress could pass a new budget at the last minute, the president signs it and nothing will change. Congress could
Read More

By Kerry Smith Multifamily starts took the hardest hit, falling 26.3%. Single-family starts fell 4.3% month-to-month, though they were up year-to-year by 2.4%. WASHINGTON – Led by a sharp decline in multifamily production, overall housing starts fell 11.3% in August to a seasonally adjusted annual rate of 1.28 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The reading is the number of housing units builders would begin if development kept the same pace for the next 12 months. The single-family portion of housing starts decreased 4.3% to a
Read More

By Kerry Smith The My Safe Florida Home program could run out of funds, and homeowners are encouraged to apply soon for up to $10K grants – $2 for every $1 of matching funds. TALLAHASSEE, Fla. – Florida Chief Financial Officer (CFO) Jimmy Patronis released an update on the My Safe Florida Home program, which Floridians harden their homes against storms while reducing their insurance premiums. Under the program, all Florida homeowners can receive a free home inspection and, after applying, possibly qualify for up to $10,000 in funds to help improve any recommendations suggested by that inspection. The funds
Read More

By Ron Hurtibise State-owned Citizens Property Ins. can levy surcharges on all insurance policies if it has heavy losses, but Idalia’s impact won’t force it do to so. FORT LAUDERDALE, Fla. – Claims from policyholders of state-owned Citizens Property Insurance Corp. from Hurricane Idalia will fall short of the $420 million that would trigger assessments for all Citizens customers, the company said this week. But there’s still a lot of hurricane season left. Citizens has received about 2,000 claims from victims of Idalia, which hit the Big Bend region on Aug. 30, Craig Sakraida, the company’s vice president of non-litigated
Read More

By Jim Saunders Fla.’s state-operated “insurer of last resort” lowered its earlier request to an average 11.5% increase, with commercial complexes, including condos, rising 10.2%. TALLAHASSEE, Fla. – The state’s Citizens Property Insurance Corp. has revised proposed rate increases, with many homeowners likely to see double-digit hikes starting late this year. Citizens last week sent a proposal to the state Office of Insurance Regulation that would lead to an average 11.5% increase for homeowners with the most-common type of policies, known as “multi-peril” policies, according to information slated to be presented to the Citizens Board of Governors on Sept. 27.
Read More

By Kerry Smith NAHB’s monthly index (1-100) based on a survey of builders’ attitudes dropped 5 points to 45 in Sept., largely because of rising 7%-plus mortgage rates. WASHINGTON – Builder confidence in the market for newly built single-family homes in September fell five points to 45, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released Monday. The drop comes on the heels of a six-point August decline. “The two-month decline in builder sentiment coincides with mortgage rates jumping above 7% and significantly eroded buyer purchasing power,” says NAHB Chairman Alicia Huey. “And on
Read More