Posts by Editor

Appeal Court Halts Orange County Rent Control

By Kerry Smith The court reversed a lower court decision about a rent-control ballot measure opposed by Florida Realtors. The court focused on the definition of “housing emergency.” DAYTONA BEACH, Fla. – Florida’s Fifth District Court of Appeal reversed a lower court’s ruling about stopping an Orange County ballot initiative on rent control in the metro area. It’s a win for Florida Realtors® and the Florida Apartment Association (FAA), which opposed Orange County in court. Had the lower court’s ruling not been reversed, Orange County voters would have been given an opportunity to approve rent control measures for a limited
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NAR: Sept. Pending Home Sales Drop 10.2%

By Kerry Smith It’s the fourth decline in as many months, and the impact affects all regions of the U.S. Year-over-year, pending transactions slid by 31.0%. WASHINGTON – Pending home sales trailed off for the fourth consecutive month in September, according to the National Association of Realtors® (NAR). All four major regions recorded month-over-month and year-over-year declines in transactions. The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – slumped 10.2% to 79.5 in September. Year-over-year, pending transactions slid by 31.0%. An index of 100 is equal to the level of contract
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Florida Still No. 1 for International Buyers

About one in four (24%) international buyers opt for a home in Fla., finds Coldwell Banker study, compared to No. 2 Calif. (11%) and No. 3 Texas (8%). MIAMI – Florida is still the No. 1 choice for international home buyers, according to the Coldwell Banker International Buyers Guide. About one in four 24% of international buyers purchase a home in Florida. Percent of international buyers by state Florida: 24% California: 11% Texas 8% Arizona: 7% New York: 4% In 2022, the highest dollar volume among international buyers in the United States came from China, followed by Canada, India, Mexico, Brazil
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Mortgage Rates Cross the 7% Mark this Week

By Matt Ott And Alex Veiga For the first time in 20 years (April 2002), the 30-year, fixed-rate average hit 7.08%. Last week it averaged 6.92%; last year it was 3.14%. WASHINGTON (AP) – The average long-term U.S. mortgage rate topped 7% for the first time in more than two decades this week, a result of the Federal Reserve’s aggressive rate hikes intended to tame inflation not seen in some 40 years. Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate jumped to 7.08% from 6.94% last week. The last time the average rate was
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FEMA Sending Temp Housing to 4 Fla. Counties

By Kerry Smith On Wed., FEMA approved a state request to house Ian survivors by sending travel trailers and manufactured housing to Charlotte, Collier, DeSoto and Lee counties. WASHINGTON – The Federal Emergency Management Agency (FEMA) approved the state of Florida’s request for direct temporary housing in Charlotte, Collier, DeSoto and Lee counties. It will send travel trailers and larger manufactured housing units to help eligible Hurricane Ian survivors get a roof over their head. FEMA says it agreed to provide the temporary housing because rental assistance is enough to meet the housing need in those counties. FEMA will notify
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Fla.’s ‘Cat Fund’ Eyes $10B in Ian Losses

By Jim Saunders The Florida Hurricane Catastrophe Fund – essentially an insurer for insurance companies – says it can handle the loss but now has limited funds heading into 2023. TALLAHASSEE, Fla. – The Florida Hurricane Catastrophe Fund, a state program that provides critical backup coverage to property insurers, is estimated to have $10 billion in losses from Hurricane Ian, officials said Wednesday. The program commonly known as the “Cat Fund” will be able to handle Ian’s financial hit, though it will go into the 2023 hurricane season with reduced amounts of cash. “We feel very confident that we can
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FREC Approved Two Rules at Latest Meeting

An emergency rule focuses on Hurricane Ian’s impact on completing an in-person course online. The second rule updates course certificates’ requirements. TALLAHASSEE, Fla. – At a meeting of the Florida Real Estate Commission (FREC) on Oct. 19, the commission approved two rules. An emergency rule focuses on Hurricane Ian’s impact on completing an in-person course online. The second rule updates course certificates’ requirements. They expect to publish the rules shortly as part of the approval process, following which there will be a comment period. The language of the two rules as released by FREC are below. Rule No. 1: Emergency
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VantageScore Approved for Most U.S. Mortgages

By Kerry Smith The VantageScore model could help up to 37M more Americans qualify for a mortgage. But while FHFA OK’d it, it’s still up to individual Fannie and Freddie lenders. SAN FRANCISCO – VantageScore announced that the Federal Housing Finance Agency (FHFA) approved VantageScore 4.0 for use by Fannie Mae and Freddie Mac, which back more than half of all U.S. mortgages. VantageScore operates as a credit score for consumers seeking a loan, but the information it considers varies from other credit scorers, such as FICO. The goals are the same, however – to identify the potential homebuyers most
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New-Home Sales Drop 10.9% in Sept.

By Kerry Smith After a brief Aug. uptick, Sept. new-home sales slowed again as steadily rising mortgage rates moved a newly constructed home out of reach for more buyers. WASHINGTON – Rising mortgage rates approaching 7% along with declining builder sentiment stemming from stubbornly high construction costs and weakening consumer demand pushed new-home sales down at a double-digit rate in September. Following a brief uptick in August, sales of newly built, single-family homes in September fell 10.9% to a 603,000 seasonally adjusted annual rate, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census
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OK for ‘Testers’ to Sue Over ADA Compliance?

Websites should offer ADA info, but a hotel site claimed that a “tester” who didn’t plan to book a room shouldn’t be allowed to sue. A court judge disagreed. BOSTON – A “tester-plaintiff” had standing to sue for a hotel reservation website’s alleged failure to comply with federal regulations governing accessibility for the disabled, even if she had no plans to actually book a room at the hotel, the 1st U.S. Circuit Court of Appeals has ruled. Plaintiff Deborah Laufer sued defendant Acheson Hotels for allegedly failing to comply with regulations under the Americans with Disabilities Act (ADA) that require
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