By Alex Harris But a new report suggests growth along Fla.’s coast undermines those hard-won building-code gains and fuels the rising cost of windstorm insurance. MIAMI – Florida leads the nation in strict building codes, and the decades of hard work have paid off in the increasing number of homes and buildings that survive each time a hurricane slashes the state. But a new report from Swiss Re, a major global re-insurance company, suggests that all those hard-won gains have been undermined by the explosion of growth along the coast. And that has likely helped fuel the skyrocketing price of
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By Alex Veiga Last week, a 30-year, fixed-rate loan averaged 7.19%; a year ago, it was 6.70%. The last time rates were this high was in 2000 when home values weren’t going up. LOS ANGELES (AP) – Home loan borrowing costs climbed again this week, pushing the average long-term U.S. mortgage rate to its highest level in nearly 23 years, another blow to prospective homebuyers facing an increasingly unaffordable housing market. The average rate on the benchmark 30-year home loan rose to 7.31% from 7.19% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.70%.
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By Tony Romm Without more funding in a new federal budget, FEMA will ration aid efforts. It still appears likely new flood policies and other RE must-haves expire at midnight Sat. WASHINGTON – With a government shutdown as few as two days away, the Biden administration has started to ration federal disaster aid, delaying the delivery of about $2.8 billion in grants so the money is available in the event of a crisis, according to state and federal officials and budget documents obtained by The Washington Post. The last-minute move has allowed the Federal Emergency Management Agency (FEMA) to shore
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By Kerry Smith NAR Chief Economist Yun says “increased housing inventory and better interest rates are essential” for a real estate market rebound. WASHINGTON – Pending home sales slid 7.1% in August, according to the National Association of Realtors® (NAR). All four U.S. regions posted monthly losses and year-over-year transaction declines. “Mortgage rates have been rising above 7% since August, which has diminished the pool of homebuyers,” says Lawrence Yun, NAR chief economist. “Some would-be homebuyers are taking a pause and readjusting their expectations about the location and type of home to better fit their budgets.” The Pending Home Sales
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By Kerry Smith Study: Fla. leaped past New York to be No. 2 in housing values, trailing only Calif. S. Fla. (No. 5) and Tampa (No. 18) made the “top 20 most valuable metros” list. SEATTLE – The total value of the U.S. housing market surged more than $2.6 trillion over the past year, according to a Zillow analysis, largely due to rising home prices and the value of new construction. Florida has been at the forefront of that value gain, according to the data used in the study. In the latest analysis of total real estate value, the Sunshine
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By Kerry Smith 2022 borrowers paid 22% more in closing costs, largely paying points to snag a lower interest rate. Even so, average monthly mortgage payments rose 46%. WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) released its annual report on residential mortgage lending, the 2022 Mortgage Market Activity and Trends. Overall, 2022 saw a marked decline year-to-year in mortgage applications and originations – but rates, fees, discount points and other costs increased. “The higher interest rate environment had profound effects on the mortgage market in 2022, with borrowers paying much more in monthly payments,” says CFPB Director Rohit
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By Kerry Smith The FAA has specific rules on drones used commercially, and there are additional real estate risks, including accidental damages to drones or property that most business insurance policies won’t cover. ORLANDO, Fla. – Many real estate agents include listing photos and videos taken by a drone – aerial scenes of a home that show nearby lakes and provide an overall feel for the neighborhood. For some agents, drone photography is a selling point presented during the listing presentation, and it’s popular and sometimes expected by millennials. However, drones used commercially are considered aircraft, and their use falls
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By Shannon Allen Dear Shannon: A broker listed a property to include a rental apartment upstairs, figuring the new buyer could get the zoning changed. But it wasn’t zoned for a residential apartment when listed. Should a complaint be filed against the commercial listing broker? ORLANDO, Fla.– Dear Shannon: I’m facing a rather astonishing situation and seeking guidance. A client of mine, a doctor, reached out for help finding a suitable location for a small medical practice in the neighborhood where she grew up. I began the search and emailed her several options, one of which was a two-story building
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By Meredith Caruso Realtors have the ability to modify contract terms through optional clauses, riders and/or addenda. To effectively represent a vast array of clients, agents should know their list of options and how each works as part of the full contract. ORLANDO, Fla. – How well do you know the optional clauses, riders and addenda that go with the contracts? Florida Realtors® offers various contracts drafted by different groups, and each type of contract offers addenda, riders or optional clauses that go with each one of those contracts. For the sake of simplicity, I’ll refer to the various options
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