By Amy Connolly Richmond Federal Reserve President Thomas Barkin said the U.S. is making “real progress” toward controlling inflation, but rate hikes are still possible. WASHINGTON – A top Federal Reserve official said Wednesday the economy is on its way to a soft landing, but it’s not inevitable due to lingering economic concerns and obstacles. Richmond Federal Reserve President Thomas Barkin said the central bank has made strides in taming inflation, but risks might be unavoidable. Comparing the Fed’s job to an airline pilot’s, he noted four risks: the U.S economy can run out of fuel (and see growth declines),
Read More

By Amy Connolly An economist said purchases have not yet picked up in response to the recent mortgage rate decline. WASHINGTON – Mortgage demand decreased 9.4% for the week ending Dec. 29 compared to two weeks earlier even as rates remain at the lowest level since mid-2023, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. The Market Composite Index, a measure of mortgage loan application volume, showed the decline when seasonally adjusted from two weeks earlier. On an unadjusted basis, the index decreased 38% compared with two weeks ago. The 30-year fixed mortgage rate ended 2023 at
Read More

By Amy Connolly Forewarn, a free service for Florida Realtors members, delivers background information on prospective clients before face-to-face interactions. ORLANDO, Fla. – Florida Realtors® members have free access to Forewarn® beginning today for an added layer of personal and professional protection. New Forewarn subscribers should monitor their email for a welcome message containing activation instructions. If the email is missing, check your junk or spam folder. Realtors who already have a Forewarn subscription through their local boards do not need to activate a new subscription. For technical support, contact Forewarn at support@forewarn.com or call 561-757-4551. Two webinars have been
Read More

By Amy Connolly FinCEN, the Treasury Department’s online federal business registry, mandates many small business owners register their personal information. WASHINGTON – The U.S. Treasury Department opened its Financial Crimes Enforcement Network (FinCEN) online registry on Monday to crack down on financial crimes despite objections from lawmakers who say many small businesses are unaware of the reporting requirements. FinCEN – part of the Corporate Transparency Act (CTA) – requires some companies with 20 or fewer employees and under $5 million in revenue to provide information about their beneficial owners, including board members, senior management and legal representation. Beneficial owners must
Read More

By Amy Connolly Home buyers, encouraged by declining mortgage rates and increased listings, are moving from the sidelines, the Redfin Homebuyer Demand Index found. WASHINGTON – Redfin real estate found U.S. pending home sales had the smallest decline since March 2022, dropping by 4% year over year in the four weeks ending Dec. 24. The Redfin Homebuyer Demand Index also found median sale prices across the United States had the biggest increase since Oct. 2022, “because rapidly rising mortgage rates were hampering prices during this time last year.” The year-over-year change was 4.5%. Active listings (-3.8%) saw the smallest decline
Read More

By Amy Connolly Forewarn, offered free to Florida Realtors members starting tomorrow, is a proactive approach to personal, professional and online safety.   ORLANDO, Fla. – Florida Realtors® announced Forewarn – an instant identity verification and risk assessment tool that provides information in seconds – launches tomorrow, Jan. 3, providinag the state’s Realtors with an added level of security when working with buyers and sellers as the new year begins. Realtors who are new subscribers will receive a welcome email with activation instructions. Members who have subscriptions through their local boards do not need additional activation. For technical support, contact
Read More

By Matt Ott Freddie Mac says mortgage rates slid to the lowest level since May, “economy remains on firm ground with solid growth.” WASHINGTON (AP) – The average long-term U.S. mortgage rate retreated for the ninth week to reach its lowest level since May. The average rate on a 30-year mortgage dipped to 6.61% from 6.67% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.42%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also inched down this week, with the average rate falling to 5.93% from 5.95% last week.
Read More

By Amy Connolly The National Association of Realtors said declining mortgage rates “sparked a surge in interest.” WASHINGTON – Pending homes sales remained largely steady in November as compared to the previous month, according to the National Association of Realtors®. NAR found the Northeast, Midwest and West posted monthly gains in transactions while the South recorded losses. Overall, the four U.S. regions registered year-over-year declines in transactions, NAR said. The monthly Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – remained at 71.6 in November. Pending transactions year-over-year, were down 5.2%. An
Read More

By Amy Connolly The Federal Housing Finance Agency also says home prices rose 6.3% year over year. WASHINGTON – October U.S. house prices increased 0.3% from September, according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted monthly House Price Index (HPI). Home prices rose 6.3% year over year. Also, the previously reported 0.6% price increase in September was revised to 0.7%. For the nine census divisions, seasonally adjusted monthly price changes from September to October ranged from -0.3% in the New England division to +1.1% in the Middle Atlantic division. The South Atlantic division, which includes Florida, saw a
Read More

Experts say homeownership and estate planning can help close the wealth gap, which can protect assets for future generations. KEY WEST – A home is often the most valuable asset a family can own. It serves as a wealth-generating opportunity for current and future generations as the home’s value appreciates over time. Yet, for hundreds of thousands of people who inherited their land and homes from family members, these assets could be at risk. Many families have experienced problems with properties that have been passed down without a will or estate plan. These properties are referred to as heirs’ property.
Read More