By Kerry Smith In the latest 20-city index, U.S. home prices rose 7.7% year-to-year and dropped 0.6% month to month. But two Fla. cities, Tampa and Miami, saw different results. NEW YORK – The latest S&P Dow Jones Indices released on Tuesday and covering November 2022 found a repeated pattern: The index measuring U.S. home prices year-to-year was up 7.7%, but the index measuring month-to-month changes found prices down 0.6% compared to the month before. The price index is generally considered one of the most reliable and incorporates 20 U.S. cities, including two in Florida, Miami and Tampa. In the
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By Derek Gilliam Some Fla. homeowners with homestead property-tax exemptions are finding that the exemption is at risk if they rent out part of the home or run a small business. SARASOTA, Fla. – When Dan Graue read a letter from the Sarasota County Property Appraiser that notified him he had been dodging taxes on his homesteaded property and now owed more than $64,000 in fines and back taxes, he thought there must have been an error. He and his wife, Jennifer, had owned the house off Bahia Vista Avenue since 1995, after purchasing the home from Jennifer’s family, which
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By Andy Gibbons, Tristan McLeod and Devan Fafard Under a new law, “non-Canadians” who want to buy residential property can’t have an equity ownership greater than 3% for two years – until Dec. 31, 2024. TORONTO – On January 1, 2023, the Canadian government’s Prohibition on the Purchase of Residential Property by Non-Canadians Act (the Act) and the associated Prohibition on the Purchase of Residential Property by Non-Canadians Regulations (the Regulations) came into effect. The Act prohibits “non-Canadians” – which, by virtue of the Regulations, includes entities formed outside of Canada and Canadian entities with non-Canadian equity ownership of at
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By Bailey Schulz Buyers offered a 2% mortgage rate discount their first year and 1% the second often hope they can refinance then and/or raises at work will make up the difference. NEW YORK – Anna Raymond was ready to make the switch from renting to owning a home last spring. But after five failed offers, she and her husband decided to take a step back from house hunting. Then, in December, their real estate agent presented an offer too good to pass. A home in Longmont, Colo., was up for sale, and the seller was willing to offer a
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By Kerry Smith Prices didn’t stop rising in 2022, increases just slowed. U.S. sellers averaged a $112K profit, up 21% – and eight of the top investment returns were in Fla. metros. IRVINE, Calif. – According to Attom’s end-of-year report, the typical sales profit percentage rose from 2021’s 45% to 51% last year, even with values dropping in the second half of 2022. Overall, home values rose 10%. Florida, however, led Attom’s list for price gains after Hilo, Hawaii (100% return on investment or ROI); Lake Havasu City-Kingman, Arizona (88.4%); and Spokane, Washington (86.2%). Florida metro areas’ return on investment
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By Kerry Smith The Florida Realtors-backed program funded with $100M has so far helped 3,500 teachers, police, ENTs, vets and others achieve the American dream of ownership. TALLAHASSEE, Fla. – Florida’s Hometown Heroes housing program – an issue strongly backed by Florida Realtors® during the 2022 session of the Florida Legislature and a helping hand for the people that hold communities together – has so far awarded more than $50 million in down payment and closing cost assistance to the state’s hometown heroes out of $100 million allocated for the program, which launched in June 2022. “Law enforcement officers, first
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By Kerry Smith Pending home sales rose for the first time in six consecutive months, thanks in part to lower interest rates. Economist Yun says home sales’ low point “is likely over.” WASHINGTON – December pending home sales increased for the first time since May 2022, breaking a report-after-report decline that lasted six consecutive months. According to the National Association of Realtors® (NAR), the Northeast and Midwest recorded month-over-month declines, while the South and West posted monthly gains. However, all four U.S. regions saw year-over-year drops in transactions, with the West having the largest decline at 37.5%. The Pending Home
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By Tom Butler Sen. Pres. Kathleen Passidomo’s legislation would nix rent control policies, add $100M for hometown heroes and “tackle this complex issue from all angles.” TALLAHASSEE, Fla. – In breaking news on the Florida legislative front, Florida Senate President Kathleen Passidomo unveiled her comprehensive legislative approach to addressing Florida’s affordable housing crisis, Senate Bill 102. The bill will be considered during the 2023 session of the Florida Legislature. To become law, it must be passed by the House and the Senate and signed by Gov. Ron DeSantis. The effort is called “Live Local” and Passidomo says it’s based on
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By Matt Ott It’s a slight drop from last week’s average of 6.15%, but it signifies a continued slow retreat by rates that hit an apparent high-water mark of 7.08% last fall. WASHINGTON – The average long-term U.S. mortgage rate fell to its lowest level in more than four months, giving some relief to homebuyers faced with higher prices for just about everything, including homes. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate inched down to 6.13% from 6.15% last week. A year ago the average rate was 3.55%. The average long-term rate reached
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By Kerry Smith NAR responded to the White House rental program by suggesting other solutions, such as grants, and warning that policies can drive housing providers from the market. WASHINGTON – On Wednesday, the Biden-Harris Administration announced a new 18-page Blueprint for a Renters Bill of Rights. It’s a multipronged approach that impacts a number of government agencies, including the DOJ, HUD, FHFA, FTC, CFPB and others. Any change in rental policy affects the U.S. housing industry, and the National Association of Home Builders immediately released a statement say the changes are “not as bad as it could have been” even
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