By Kerry Smith The extensive blueprint creates changes via DOJ, HUD, FHFA, FTC, CFPB and others. Builders say it could be worse, but the “order is the wrong strategy.” WASHINGTON – On Wednesday, the Biden-Harris Administration announced new actions to “increase fairness in the rental market and further principles of fair housing” that align with a new Blueprint for a Renters Bill of Rights that was also released. The 18-page blueprint creates a set of principles intended to drive action by the federal government, state and local partners, and the private sector. Overview: Blueprint for a Renters Bill of Rights
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By Kerry Smith In Oct., Fannie Mae’s sentiment index hit a record low, but it rose in Dec. due to increased expectations that mortgage rates and home prices may decrease. WASHINGTON, DC – The Fannie MaeHome Purchase Sentiment Index (HPSI) increased 3.7 points in December to 61.0, though the index remains only slightly above its all-time low (record-keeping began in 2011) set in October. Three of the index’s six components improved month over month, including those associated with homebuying conditions, mortgage rate outlook and job security. Only 21% of respondents believe it’s a good time to buy, likely owing to
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The cost to insure commercial real estate loans has gone up. Borrowers usually “hedge” against interest rate changes, and many older agreements are expiring. NEW YORK – The cost of insuring commercial real estate loans surged over the past year along with rising interest rates. Lenders typically require that borrowers hedge against an increase in borrowing costs through interest-rate cap agreements. The cost of this insurance is minimal when rates are low, but many of the current agreements are expiring. As a result, renewing this protection currently costs 10 times as much as it did 12 months ago, according to
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By Kerry Smith In 2023, a handful of U.S. buyers won’t need a jumbo loan even if borrowing over $1M. While loan caps are lower elsewhere, the increase affects over 2M homes. SEATTLE – More than 2 million U.S. homes no longer require a jumbo loan, according to a new analysis by Zillow Home Loans. That means some buyers will have additional for-sale inventory to consider if they need financing. The study estimates that an additional 2 million U.S. homes now qualify for a conventional mortgage. The change is due to the Federal Housing Finance Agency’s (FHFA) recent increase of
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By Gareth McGrath The Federal Insurance Office wants details about climate change’s impact on insurance costs and availability, though industry and state regulators object. WASHINGTON – The Biden administration wants to collect detailed information from insurance companies to analyze how climate change is affecting the cost and availability of property coverage. The study would be undertaken by the Federal Insurance Office (FIO), an arm of the U.S. Treasury Department established under the 2010 Dodd-Frank financial overhaul, to monitor the insurance industry. The goal, supported by numerous environmental and consumer groups, is to assess the impact of climate-related exposures on the
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By Christopher Rugaber and Stan Choe The Fed says it’s not done raising interest rates, but Wall Street seems to minimize the chance of a recession and expects lower rates this year. Which one is right? WASHINGTON (AP) – Sooner or later, either Wall Street or the Federal Reserve has to blink. Nearly a year into the Fed’s drive to quash inflation by hiking interest rates at a blistering pace, investors still don’t seem to fully believe what the Fed warns is coming next: Higher rates through the end of the year, which could sharply raise unemployment and slow growth.
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By Dylan Abad Analysis finds Fla. home prices rose 17.27% last year, the most in the U.S., with Vermont second at 15.15%. But in last-place Idaho, values sank 0.18%. TAMPA, Fla. – Florida home values rose more in 2022 than in any other state, according to data analyzed from real estate company, Zillow. The average value of a Florida home, per the most recent publicly available data measured in December 2022, was just under $405,000 – That’s up more than $56,000 from $345,305 in January 2022. The 17.27% change in value outpaced every other state in the nation. Vermont was
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By Dylan Abad Analysis finds Fla. home prices rose 17.27% last year, the most in the U.S., with Vermont second at 15.15%. But in last-place Idaho, values sank 0.18%. TAMPA, Fla. – Florida home values rose more in 2022 than in any other state, according to data analyzed from real estate company, Zillow. The average value of a Florida home, per the most recent publicly available data measured in December 2022, was just under $405,000 – That’s up more than $56,000 from $345,305 in January 2022. The 17.27% change in value outpaced every other state in the nation. Vermont was
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By Kimberly Miller More than half a million people (583K) got a first Fla. driver’s license in 2022. Most arrived from outside the U.S. (115,465) with N.Y. the top feeder state (61K). TALLAHASSEE, Fla. – A second notable swell of newcomers traded out-of-state driver’s licenses last year for ones with a Sunshine State address following temptations of tropical succor, an income tax desert or a particular political ethos. More than 583,200 people were freshly entered into the state Department of Highway Safety and Motor Vehicles database in 2022 after surrendering non-Florida licenses. That’s 28% higher than the average of the
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By Nono Shen Is this a scam? Most people look for clues, but expert counterfeiters with fake titles, house keys and bank accounts fool experts into thinking they’re the homeowner. TORONTO – The professional photographs posted on a property tour website last year show Moffy Yu’s condo in downtown Toronto, a light-filled two-bedroom home with floor-to-ceiling windows framing sweeping views from the tallest residential tower in Canada. Documents provided by Yu show the home was listed for $978,000 last May 11, then sold for $970,000 nine days later, near the height of the pandemic property boom. Ontario land title documents
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