By Amy Connolly A Fannie Mae survey found 17% of consumers indicate it’s a good time to buy a home now. WASHINGTON – The Fannie Mae Home Purchase Sentiment Index HPSI) increased 2.9 points in December to 67.2, due primarily to a significant jump in the share of consumers expecting mortgage rates to go down over the next 12 months. In December, a survey-high 31% of consumers indicated that they expect mortgage rates to go down, while 31% expect them to go up, and 36% expect rates to remain the same. Although consumer perceptions of homebuying conditions remain overwhelmingly pessimistic,
Read More

By Amy Connolly A Fannie Mae survey found 17% of consumers indicate it’s a good time to buy a home now. WASHINGTON – The Fannie Mae Home Purchase Sentiment Index HPSI) increased 2.9 points in December to 67.2, due primarily to a significant jump in the share of consumers expecting mortgage rates to go down over the next 12 months. In December, a survey-high 31% of consumers indicated that they expect mortgage rates to go down, while 31% expect them to go up, and 36% expect rates to remain the same. Although consumer perceptions of homebuying conditions remain overwhelmingly pessimistic,
Read More

By Amy Connolly More than 1,600 bills have been filed on topics that include Citizens Property Insurance, flood disclosures and HOA rules. Not all bills will make it to discussion.  TALLAHASSEE – Florida’s lawmakers are expected to kick off the 2024 legislative session today, taking a deeper dive into issues vital to Florida property owners and Realtors®. During the 60-day session, legislators have more than 1,600 bills on a variety of topics for review. Anything passed during the session will still need the governor’s review and approval. He also has the option to veto bills. Lawmakers have filed bills that
Read More

By Amy Connolly Although UF’s monthly consumer confidence survey ended the year on a high note, the survey marked its third lowest level since it began in 1985. GAINESVILLE, Fla. – Consumer sentiment in Florida inched up for a third consecutive month in December to 69.5, gaining 1.2 points from a revised figure of 68.3 in November. Meanwhile, national consumer sentiment surged by 8.4 points, the University of Florida found in its monthly consumer confidence survey. The annual average consumer confidence ended 2023 at 67.9 points for the year, marking the third-lowest level on record since the series began tracking
Read More

By Paul Wiseman Experts say there’s never been a wider gap between the underlying health of the economy and public perception. WASHINGTON — The nation’s employers added a robust 216,000 jobs last month, the latest sign that the American labor market remains resilient even in the face of sharply higher interest rates. Friday’s government report showed that December’s job gain exceeded the 173,000 that were added in November. The unemployment rate was unchanged at 3.7% — the 23rd straight month that joblessness has come in below 4%. Some details of the report, though, may disappoint the inflation fighters at the
Read More

By Amy Connolly Seven Florida locales dominated the 2023 U-Haul Growth Index, indicating the Sunshine State continues to be a sought-after destination. Seven Florida locales dominated the 2023 U-Haul Growth Index, indicating the Sunshine State continues to be a sought-after destination. PHOENIX – Seven regions in Florida lead in the highest number of one-way U-Haul moves in 2023, underscoring the Sunshine State’s continued allure and appeal. The U-Haul Growth Index found Florida represented 28% of the top 25 growth cities – the seventh consecutive year the state has had the most cities represented on the list. Palm Bay-Melbourne Ocala Charleston-North
Read More

By Alex Veiga This week, Freddie Mac reported a slight increase on the average rate on a 30-year mortgage, to 6.62% from 6.61%. LOS ANGELES — The average long-term U.S. mortgage rate edged higher this week, ending a nine-week slide that gave prospective homebuyers some breathing room after home loan borrowing soared to the highest level in more than two decades. The average rate on a 30-year mortgage inched up to 6.62% from 6.61% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.48%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their
Read More

By Paul Wiseman Minutes from the Fed’s December meeting show officials felt the economic outlook was uncertain and further hikes were still “possible.” WASHINGTON — The Federal Reserve’s policymakers concluded last month that inflationary pressures were easing and that the job market was cooling. In response, the officials chose to leave their key interest rate unchanged for the third straight time and signaled that they expected to cut rates three times in 2024. According to the minutes of their Dec. 12-13 meeting released Wednesday, Fed officials indicated in their own interest-rate forecasts that a lower benchmark rate “would be appropriate
Read More

By Amy Connolly Redfin reported a $372 drop in U.S. mortgage payments during the four weeks ending Dec. 31. WASHINGTON – Real estate brokerage Redfin reported the median U.S. mortgage payment was $2,361 during the four weeks ending Dec. 31, down 14% from an all-time high in October. Redfin said the $372 decline marks the lowest level of U.S. mortgage payments in nearly a year. The company said early-stage homebuying demand is beginning to pick up as buyers look to the lower rates and increasing supply, noting that new listings are up 10% year over year. Redfin also said pending
Read More

The Florida. Dept. of Commerce finalized its rules and their effective date pertaining to certain foreign principals who must register property ownership under a 2023 law. ORLANDO, Fla. – The Florida Department of Commerce Foreign finalized its rules for certain foreign principals to register certain land they directly or indirectly own in the state. The registration process was already outlined in a Florida Realtors News article – Deadlines Loom for Some Fla. Foreign Landowners. The rules are final and will be effective Jan. 4. Of note is Rule 73C-60.003 (5). It is a provision entitled Registration for Real Estate Contracts
Read More