By Paul Wiseman Minutes from the Fed’s December meeting show officials felt the economic outlook was uncertain and further hikes were still “possible.” WASHINGTON — The Federal Reserve’s policymakers concluded last month that inflationary pressures were easing and that the job market was cooling. In response, the officials chose to leave their key interest rate unchanged for the third straight time and signaled that they expected to cut rates three times in 2024. According to the minutes of their Dec. 12-13 meeting released Wednesday, Fed officials indicated in their own interest-rate forecasts that a lower benchmark rate “would be appropriate
Read More

By Amy Connolly Redfin reported a $372 drop in U.S. mortgage payments during the four weeks ending Dec. 31. WASHINGTON – Real estate brokerage Redfin reported the median U.S. mortgage payment was $2,361 during the four weeks ending Dec. 31, down 14% from an all-time high in October. Redfin said the $372 decline marks the lowest level of U.S. mortgage payments in nearly a year. The company said early-stage homebuying demand is beginning to pick up as buyers look to the lower rates and increasing supply, noting that new listings are up 10% year over year. Redfin also said pending
Read More

The Florida. Dept. of Commerce finalized its rules and their effective date pertaining to certain foreign principals who must register property ownership under a 2023 law. ORLANDO, Fla. – The Florida Department of Commerce Foreign finalized its rules for certain foreign principals to register certain land they directly or indirectly own in the state. The registration process was already outlined in a Florida Realtors News article – Deadlines Loom for Some Fla. Foreign Landowners. The rules are final and will be effective Jan. 4. Of note is Rule 73C-60.003 (5). It is a provision entitled Registration for Real Estate Contracts
Read More

By Amy Connolly Richmond Federal Reserve President Thomas Barkin said the U.S. is making “real progress” toward controlling inflation, but rate hikes are still possible. WASHINGTON – A top Federal Reserve official said Wednesday the economy is on its way to a soft landing, but it’s not inevitable due to lingering economic concerns and obstacles. Richmond Federal Reserve President Thomas Barkin said the central bank has made strides in taming inflation, but risks might be unavoidable. Comparing the Fed’s job to an airline pilot’s, he noted four risks: the U.S economy can run out of fuel (and see growth declines),
Read More

By Amy Connolly An economist said purchases have not yet picked up in response to the recent mortgage rate decline. WASHINGTON – Mortgage demand decreased 9.4% for the week ending Dec. 29 compared to two weeks earlier even as rates remain at the lowest level since mid-2023, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. The Market Composite Index, a measure of mortgage loan application volume, showed the decline when seasonally adjusted from two weeks earlier. On an unadjusted basis, the index decreased 38% compared with two weeks ago. The 30-year fixed mortgage rate ended 2023 at
Read More

By Amy Connolly Forewarn, a free service for Florida Realtors members, delivers background information on prospective clients before face-to-face interactions. ORLANDO, Fla. – Florida Realtors® members have free access to Forewarn® beginning today for an added layer of personal and professional protection. New Forewarn subscribers should monitor their email for a welcome message containing activation instructions. If the email is missing, check your junk or spam folder. Realtors who already have a Forewarn subscription through their local boards do not need to activate a new subscription. For technical support, contact Forewarn at support@forewarn.com or call 561-757-4551. Two webinars have been
Read More

By Amy Connolly FinCEN, the Treasury Department’s online federal business registry, mandates many small business owners register their personal information. WASHINGTON – The U.S. Treasury Department opened its Financial Crimes Enforcement Network (FinCEN) online registry on Monday to crack down on financial crimes despite objections from lawmakers who say many small businesses are unaware of the reporting requirements. FinCEN – part of the Corporate Transparency Act (CTA) – requires some companies with 20 or fewer employees and under $5 million in revenue to provide information about their beneficial owners, including board members, senior management and legal representation. Beneficial owners must
Read More

By Amy Connolly Home buyers, encouraged by declining mortgage rates and increased listings, are moving from the sidelines, the Redfin Homebuyer Demand Index found. WASHINGTON – Redfin real estate found U.S. pending home sales had the smallest decline since March 2022, dropping by 4% year over year in the four weeks ending Dec. 24. The Redfin Homebuyer Demand Index also found median sale prices across the United States had the biggest increase since Oct. 2022, “because rapidly rising mortgage rates were hampering prices during this time last year.” The year-over-year change was 4.5%. Active listings (-3.8%) saw the smallest decline
Read More