By Marla Martin Freddie Mac economist: Strong economic and inflation data “caused the market to re-evaluate the path of monetary policy, leading to higher mortgage rates.” MCLEAN, Va. – The 30-year fixed-rate mortgage (FRM) averaged 6.90%, this week, up from last week’s average of 6.77%, according to Freddie Mac. “Strong incoming economic and inflation data has caused the market to re-evaluate the path of monetary policy, leading to higher mortgage rates,” said Sam Khater, Freddie Mac’s chief economist. “Historically, the combination of a vibrant economy and modestly higher rates did not meaningfully impact the housing market. “The current cycle is
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By Ron Hurtibise Lawmakers are considering a My Safe Florida Condo pilot program that would help condo associations “harden” their buildings against severe weather. FORT LAUDERDALE, Fla. – Condominium associations near Florida’s coast will get access to $175,000 per association in state funds for stormproofing projects under a House bill that’s nearing the finish line. The Senate version of the bill does not have a cap. The “My Safe Florida Condominium Pilot Program” would provide condo associations with the type of financial assistance currently available only to owners of single-family homes and townhomes who install new roofs and storm-resistant windows, doors and garage doors. But the $25
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By Casey Quinlan It’s going to take time, experts say: Expected interest rate cuts will have some impact on housing prices and mortgage rates, but more housing stock is needed. NEW YORK – Inflation is slowing, and job growth has surged but many Americans still feel the burden of expensive housing – fueled in part by high demand, low inventory and mortgage rates. Home prices across the U.S. rose 5.5% over the past year in December 2023 and they are projected to increase 2.8% year over year by December 2024, according to CoreLogic, a consumer and business information company. None of the states in CoreLogic’s data showed home price declines.
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New poll: Many also don’t think the institutions – whether federal or local – that use their tax dollars spend the money in the best interest of “people like them.” CHICAGO – A majority of taxpayers feel they pay too much in taxes, with many saying that they receive a poor value in return, according to a new poll from the University of Chicago Harris School of Public Policy and The Associated Press-NORC Center for Public Affairs Research. Two-thirds of U.S. taxpayers say they spend “too much” on federal income taxes, as tax season begins. About 7 in 10 say the same about local property taxes,
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By Jeff Collins Artificial intelligence currently is a useful tool that agents can use for research, marketing and writing emails, listing descriptions and other similar tasks. IRVINE, Calif. – For Ivan Estrada, ChatGPT is like “your smartest best friend.” The Beverly Hills real estate agent uses it daily to research and write emails, blog posts, newsletters and listing descriptions in a fraction of the time it normally takes. “Whatever we get back is like 90% complete,” Estrada said of the artificial intelligence tool. “It will give us more time and cut down on the process of research and the data-generating portion of our
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By Holden Lewis Buyers have had it rough, but some experts think 2024 will see improvement in mortgage rates, home prices and availability of both new and existing homes for sale. SAN FRANCISCO – You feel demoralized about the housing market, right? Hold on. After a grim 2022 and 2023, it looks like 2024 is shaping up to be less hostile to home buyers. Here’s a summary of what’s been rotten in the state of housing: Home prices skyrocketed from the middle of 2020 to mid-2022. Then, mortgage rates took off, and the 30-year fixed-rate home loan crested at almost
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Census Bureau: Weakness in multifamily starts pushed overall housing starts down 14.8% in January. Single-family building permits rose 1.6%; multifamily dropped 7.9%. WASHINGTON – A sharp decline in multifamily starts pushed overall housing starts down in January even as single-family production showed signs of a gradual improvement later this year as interest rates continue to moderate. Overall housing starts decreased 14.8% in January to a seasonally adjusted annual rate of 1.33 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The January reading of 1.33 million starts is the
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NAR: Despite gains, racial minorities still faced disparities. Black homeownership lagged at 44.1%; rates for Asian (66.3%) and Hispanic Americans (51.1%) were records. WASHINGTON – Homeownership rates for racial minorities increased in 2022, with Asian and Hispanic Americans achieving historic peaks. Despite these advancements, disparities persist among racial and ethnic groups, notably with Black homeownership lagging. People of color continue to endure significant buying challenges throughout and after their home purchases, according to a report released today by the National Association of Realtors®. The 2024 Snapshot of Race and Home Buying in America, delves into homeownership trends within each racial
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Attom: Home sellers made a $121K profit on the typical sale in 2023, generating a 56.5% ROI. While still near record levels, it was the 1st decline in over a decade. IRVINE, Calif. – Home sellers made a $121,000 profit on the typical sale in 2023, generating a 56.5% return on investment, according to Attom’s Year-End 2023 U.S. Home Sales Report. But even as both gross profits and profit margins remained near record levels, they decreased from 2022, marking the first declines in either category since 2011. The gross profit on median-priced single-family homes sales dipped down from $122,600 in
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By Marla Martin Panhandle residents with housing issues caused by the Jan. 9 severe weather are urged to apply for the RRF grant money to help their recovery efforts. ORLANDO, Fla. – The National Association of Realtors®’ (NAR) Realtors Relief Foundation announced a $100,000 grant to Florida Realtors® to help Panhandle residents with housing issues resulting from disastrous storm and rain conditions in early January. “The Jan. 9, 2024, severe storms and rainfall damaged so many homes and businesses in the Panhandle, leaving many people struggling with recovery,” says 2024 Florida Realtors® Gia Arvin, broker-owner with Matchmaker Realty in Gainesville.
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