By Lynn Ettinger Some of the progress markers that will indicate the Fed is headed to a rate cut includes commercial property price stabilization and land and single-family development. WASHINGTON – The commercial real estate market has a lot to gain if the Federal Reserve follows through on anticipated interest rate cuts this year. It was under high interest rates that the number of commercial transactions dropped by 60% in 2023 compared to 2021, National Association of Realtors® Chief Economist Lawrence Yun said Thursday at the association’s quarterly Real Estate Forecast Summit. Lower interest rates would mean recovery for the
Read More

By Melissa Dittmann Tracey Scammers are using AI to impersonate the written and voice communications of real estate professionals to infiltrate transactions and scam clients. WASHINGTON – Sophisticated scammers can hijack real estate transactions using deepfake audio and video to impersonate agents and other parties involved in a home purchase, security experts warn. The fears are mounting after police in Hong Kong last month alerted the public that a financier had been duped into wiring $25 million to scammers while confirming account information via live video conferencing. The financier learned after transferring the funds that deepfake technology had been used
Read More

By Alex Harris Through the state’s first flooding disclosure bill, buyers could learn if the property they’re considering has been the focus of any flood insurance claims or flood-damage federal aid. TALLAHASSEE, Fla. – Florida has more homes at risk of flooding than anywhere else in the nation, yet until this week, it was one of a handful of states that didn’t require sellers to tell buyers if the property had previously flooded. That changed when the Florida legislature passed the first flood disclosure bill in state history. If signed into law by Gov. Ron DeSantis, it would reveal some
Read More

By Alvin A. Reid Black women, particularly ages 45-54 and over 75, are increasingly breaking down barriers to homeownership, the National Association of Real Estate Brokers said. WASHINGTON – African American women have emerged as leaders in Black homebuying, according to a report released last week by the National Association of Real Estate Brokers (NAREB). The 2023 Women Investing in Real Estate (W.I.R.E) report found that between 1990 and 2019, Black women increased homeownership by 5.6%. Black women ages 45-54 and over 75 had a 2.9% increase during the pandemic, the largest among Black homeowners. In early 2020, when the
Read More

By Abigail Hasebroock and Danica Jefferies A new report shows renters in South Florida aren’t earning enough to keep pace with expenses, while those in other parts of the state, like Jacksonville, are better off. MIAMI – How far does Florida renters’ income go toward paying everyday expenses? A new study shows the South Florida region falling short in affordability when compared with other parts of the United States. Out of nearly 200 cities reviewed, Fort Lauderdale and Miami were among the lowest ranked in how much renters get out of their income: Fort Lauderdale ranked 129th and Miami ranked
Read More

By Amy Connolly Funding through the Florida Job Growth Grant Fund (JGGF) is aimed at infrastructure improvements and workforce development in the Big Bend region, the governor’s office said. LIVE OAK, Fla. — Gov. Ron DeSantis announced an award of more than $66 million to Hurricane Idalia-impacted communities, including more than $9.2 million to the Suwannee County Board of County Commissioners, Madison County and Big Bend Technical College through the Florida Job Growth Grant Fund (JGGF) for infrastructure improvements and workforce education expansion. Another $50 million, through the Hurricane Idalia Recovery Grant Program, is aimed at assisting impacted communities with
Read More

By Amy Connolly President Joe Biden called for a $10,000 tax credit for first-time homebuyers and the construction of two million homes during his State of the Union address Thursday. WASHINGTON – President Joe Biden called for legislation that will lower homeownership costs, build millions of new homes nationwide and reduce rental costs. Biden, in his State of the Union address, also announced new steps to lower homebuying and refinancing closing costs and highlighted his efforts to protect renters from burdensome fees. Biden called on Congress to create a $10,000 tax credit for first-time homebuyers and people who sell their
Read More

By Rebecca San Juan An increasing number of South Florida condo associations are selling their properties to developers as condo regulations and insurance costs rise. This opens the door to new construction. MIAMI — South Florida saw the highest number of condominiums selling out to developers since the pandemic. More buyouts are in the pipeline, raising questions about the future of South Florida’s skyline. Miami-Dade and Broward saw 18 condo buyouts last year, the highest number since 2019 when both counties had a total of 23 buyouts, according to data from the Florida Department of Business and Professional Regulation. The
Read More

By Anna Helhoski Renters care about affordability more than anything else, but the persistent housing shortage is keeping rental inflation high, one expert says. When will it end? The answer isn’t easy. WASHINGTON – An ongoing boom in apartment construction has helped slow down rental inflation — but renters shouldn’t expect prices to drop dramatically from their pandemic-padded highs. That means affordability will remain the dominant narrative in rental housing in 2024. The combination of a pandemic economic rebound, a longtime shortage of rental housing stock and high interest rates on mortgages created a perfect storm for rental prices to
Read More

By Alex Veiga The average rate on a 30-year and 15-year fixed-rate mortgages dropped this week and applications rose for the first time in six weeks, a Freddie Mac economist reported. LOS ANGELES — The average long-term U.S. mortgage rate edged lower for the first time in five weeks, a welcome shift for home shoppers this spring homebuying season. The average rate on a 30-year mortgage slipped to 6.88% from 6.94% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.73%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also
Read More