By Sam Sachs FAU: Fort Myers metro renters pay 18.05% above long-term trends, along with Miami, North Port, Jacksonville and five Central Fla. metro areas. TAMPA, Fla. – The rent cost is high, and has been for a while, especially in Florida. As housing costs remain a significant driver of overall inflation, a new study by Florida Atlantic University (FAU) dives into why rent costs are so high in the Sunshine State, especially compared to the rest of the United States. FAU reported that Florida is home to nine of the 21 most overpriced rental markets in the nation, with
Read More

By Ron Hurtibise The state’s insurer-of-last-resort charges less, but big state programs tend to get bogged down by their own weight over time – and private insurers offer better coverage. FORT LAUDERDALE, Fla. – Why not just expand state-run Citizens Property Insurance Corp. to cover all homeowners in Florida? It’s a timely question for the fast-growing state-owned insurer of last resort after a run of costly hurricanes and heavy litigation have resulted in five straight years of collective insurance industry losses, failure of 15 insurance companies since 2020, and huge rate hikes for homeowners. Created in 2002, Citizens is meant
Read More

By Kerry Smith New HUD process will allow FHA borrowers to request a second appraisal if they suspect their first appraisal was skewed due to an appraiser’s racial bias. WASHINGTON, Fla. – Housing and Urban Development (HUD) Secretary Marcia L. Fudge announced that HUD, through the Federal Housing Administration (FHA), is creating a process that people seeking FHA financing can use to request a review of their property appraisal if they believe the results may have been skewed by racial bias. A homeowner refinancing their home with an FHA-insured mortgage, for example, will be able to take steps to ensure
Read More

A Manalapan home sold for $173M in June – possibly the largest deal ever closed in Fla. – and a Coconut Grove sale brought in over $106M. NEW YORK – According to real estate appraisal firm Miller Samuel and The Wall Street Journal, at least seven deals closed for $100 million or more in 2022. Of these deals, four closed in Florida, including the $173 million Gemini estate in Manalapan purchased by Oracle’s Larry Ellison. The off-market deal comprised a record-setting purchase in June of an oceanfront estate near Palm Beach, and marked the largest deal ever closed in Florida.
Read More

By Richard Craver Once the nation’s largest mortgage provider, Wells Fargo says it’s pulling back from third-party lender mortgage loans and FHA lending. NEW YORK – Wells Fargo & Co. confirmed Tuesday it is shrinking the size of its home-lending serving business as part of retrenching what had been the nation’s largest mortgage provider. Bloomberg News reported in an Aug. 14 article that Wells Fargo was pulling back from providing funds for mortgage loans made by third-party lenders, as well as serving Federal Housing Administration loans. The downsizing involves exiting what is known as the correspondent business. Rocket Mortgage defines
Read More

By Matt Ott Average 30-year, fixed-rate mortgages fell to 6.33% this week from last week’s 6.48%. The rate for a 15-year loan, popular for refinancing, fell to 5.52% from 5.73%. WASHINGTON (AP) – After two straight weekly increases, the average long-term U.S. mortgage rate came back down again this week but remains a significant hurdle for many prospective homebuyers. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to 6.33% from 6.48% last week. A year ago the average rate was 3.45%. The average long-term rate reached a two-decade high of 7.08% in the
Read More

By Marla Martin Congratulations to those recognized for their influence, inspiration, innovation, decision-making and leadership in the real estate industry across the nation. ORLANDO, Fla. – The annual Swanepoel Power 200 – named for T3 Sixty Chairman and CEO Stefan Swanepoel – rates real estate’s leaders across the nation. The just-released list for 2023 includes Realtor® association leaders, brokerage leaders, MLS executives, innovators and executives. Judges says they ranked leaders based on the office they hold, the decision-making power in that role, the financial resources at their disposal, their organization’s significance and geographic reach within the industry, their personal influence,
Read More

By Kerry Smith A year-to-year comparison of rate increases finds the smallest jump in over a year. Rents rose less than that in 3 Fla. metros and were down 0.8% in Jacksonville. SEATTLE – The median U.S. asking rent rose 4.8% year-over-year to $1,979 in December – the smallest increase since July 2021, according to a report from Redfin. One year ago, rents grew at more than three times that pace. December also marked the seventh straight month for a drop in annual rent growth, and the fourth consecutive month of single-digit rent growth after nearly a year of double-digit
Read More

By Kerry Smith An Office of Insurance Regulation report on property-market stability found the lowest single-family costs in Sumter ($1,533) and the highest in Monroe ($7,162). TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation issued its first Property Insurance Stability Report for 2023 last week. On a county-by-county basis, it found that Sumter County has the lowest average cost for single-family home property insurance at $1,533, while Monroe County had the highest average cost at $7,162. Property insurance: 10 highest priced Florida counties Monroe County: $7,162 (single-family homes) Miami-Dade County: $5,391 Palm Beach County: $5,247 Broward County: $5,164 Martin
Read More

By Marla Martin Want to prepare for this year? On Jan. 19, virtually and in-person, top economists like Florida Realtors Chief Economist Dr. Brad O’Connor will share insights for 2023. ORLANDO, Fla. – Real estate drives Florida’s economy, and having a look into what may lie ahead in a still uncertain 2023 is key for policymakers, residents and Realtors. As part of this year’s Florida Real Estate Trends summit, Florida Realtors® Chief Economist Dr. Brad O’Connor will share his outlook for Florida’s economy and housing market in the months to come. A highlight of Florida Realtors 2023 Mid-Winter Business Meetings, the
Read More