By Joel Maxson When does a seller’s obligation to disclose hidden defects kick in? That might be the wrong question. Here’s why that approach seems to miss the mark – and why many people correctly embrace the mantra disclose, disclose, disclose. ORLANDO, Fla. – I was giving a talk to a wonderful and engaged group of Realtors® recently, and one of the topics touched on was the seller’s disclosure. This spawned all sorts of follow-up questions about when disclosures are mandatory vs. optional. What if the seller had someone remediate a mold problem a few months ago? What if the
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By Matt Ott At 6.09%, the 30-year, fixed-rate loan moved even closer to 5%. It’s down from last week’s 6.13% and almost a point lower than highs of 7.08% reached in Oct. WASHINGTON – The average long-term U.S. mortgage rate declined for the fourth week in a row, a sign of relative stability that could potentially open the door for some prospective homebuyers to get back in the market. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to 6.09% from 6.13% last week. That’s the lowest level since September. The average rate a
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By Kerry Smith As the 30-year rate dropped from 6.9% to 6.36% and some home prices fell, Miami buyers averaged 8.3% savings in just two months and Jacksonville buyers 7.4%. SEATTLE – Between October 2022 and December 2022, interest dropped and some housing prices declined. As a result, December homebuyers saw a savings in their monthly mortgage payments compared to October buyers. According to a report from Redfin, the median monthly housing payment for San Francisco homebuyers dropped 14.8% (-$1,477) – the highest percentage decline of the 49 most populous U.S. metros – since hitting its pandemic-era peak in October.
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By Kerry Smith A website, rules and $5M in funding will help survivors of domestic and dating violence, sexual assault, and stalking under the Violence Against Women Act. WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced new resources to protect survivors of domestic violence, dating violence, sexual assault and stalking. The updates fall under the Violence Against Women Act (VAWA). New resources include a new VAWA website, a Notice setting out HUD’s enforcement authority under VAWA, and up to $5 million in funding to provide VAWA training and technical assistance to HUD grantees and other stakeholders. “The Violence Against Women Act
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The condominium and cooperative riders will be updated on March 20 due to changes in law. The revisions are limited and address new documents buyers of certain condominiums and cooperatives are entitled to receive from sellers. Redline is attached. ORLANDO, Fla. – Following the Surfside condominium tragedy, the Florida Legislature passed new laws overseeing condominium and cooperative safety, including standards for inspections and reserve studies. Part of that overall plan includes new documents some buyers are entitled to receive from sellers. What’s changing? At this time, changes will take place on March 20, 2023. Documents changing include: Rider A. Condominium
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By Christopher Rugaber It’s the eighth increase since March 2022, yet less than hikes three times higher last year. And while inflation improved, the Fed still calls future rate hikes “appropriate.” WASHINGTON (AP) — The Federal Reserve extended its fight against high inflation Wednesday by raising its key interest rate by a quarter-point, its eighth hike since March. And the Fed signaled that even though inflation is easing, it remains high enough to require further rate hikes. The central bank’s latest move put its benchmark short-term rate in a range of 4.5% to 4.75%, its highest level in about 15
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By Kerry Smith While Americans’ attitudes declined a bit in Jan., a monthly UF study of Floridians found a 1.4-point increase overall with an uptick in expectations for the future. GAINESVILLE, Fla. – In January, consumer sentiment among Floridians increased 1.4 points to 65.4 from December’s revised figure of 64. At a national level, sentiment increased over five points. Yesterday, the Conference Board noted a slight dip in overall Americans’ optimism. “The increase in consumer sentiment in January stems from improvements in Floridians’ expectations about the future, particularly their expectations of a year from now,” says Hector Sandoval, director of
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By Kerry Smith Appraiser Qualifications Board chair: Appraisal bias “a threat to the public’s trust in the appraisal profession.” Proposed changes would mandate fair-housing education. WASHINGTON – The Appraiser Qualifications Board this week released a First Exposure Draft of proposed changes to the Real Property Appraiser Qualification Criteria. If adopted, the proposed changes would make fair-housing education courses a required component of appraisers’ qualifying and continuing education. “Appraisal bias is a threat to the public’s trust in the appraisal profession,” says Appraiser Qualifications Board Chair Brad Swinney. “As the independent body charged with maintaining the minimum qualification criteria for real
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By Brian O’Connell The White House program didn’t take direct action to slow rising rental costs, and a future national rent-control policy is unlikely given prior court decisions. NEW YORK – The Biden administration tries a new strategy on sky-high U.S. rents. The new White House “Renters Bill of Rights” isn’t exactly a nothing burger, but it doesn’t take any direct action against the sky-high cost of rentals in many sections of the U.S. The new plan aims to give U.S. renters some relief in the form of government protection against landlords and rental property owners who might otherwise take
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