A last-minute compromise is still possible, but it appears more and more likely that government services will slow or stop starting Sunday, Oct. 1. WASHINGTON – U.S. lawmakers warned that a government shutdown is increasingly certain as hopes dwindle of a last ditch compromise to resolve a budgetary stand-off in the world’s largest economy. Speaking on Sunday, both Democrats and Republicans said time was running out for a deal before October 1, when current funding for federal operations ends, The Financial Times reported. A shutdown would force thousands of federal workers to stay home, paralyzing vast swaths of the U.S.
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Current owners fear the dearth of for-sale homes and high interest rates, but many still desire a move. These are the top issues holding them back. NEW YORK – Homeowners aren’t listing their homes, which is keep prices up along with buyer frustration. A fear of many current homeowners who want to upsize or downsize is an inability to find a replacement home. To address this, some companies help owners buy their new home with cash, and before selling their existing home. However, these companies don’t operate in every state and, in some cases, they require a lower selling price
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How will your life change in a shutdown? RE agents should fast-track any government-related tasks, such as flood ins., if they have a post-Sept. 30 closing scheduled. WASHINGTON – The federal government has experienced 14 shutdowns since 1980. If Congress fails to pass a full-year spending bill or a stopgap “continuing resolution” (CR) to keep the government open, there could be another shutdown on Oct. 1. But what does this mean, and how does it impact everyday Americans and the economy? What is a government shutdown? A shutdown occurs when there is neither a full-year spending bill nor a CR
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By Melissa Dittmann Tracey Another large brokerage settled a lawsuit over buyer agents’ commissions, but NAR will continue the fight for “pro-competitive local MLS broker marketplaces.” CHICAGO – A second defendant in the two class-action lawsuits challenging real estate compensation fees reportedly has reached a settlement with the plaintiffs. RE/MAX, one of several large brokerages named in the suits, known as the Sitzer/Burnett and Moehrl cases, agreed to pay $55 million to resolve all claims against the company. The news comes two weeks after another defendant, Anywhere Real Estate, formerly known as Realogy Holdings Corp., settled for $83.5 million. The
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By Kerry Smith The nation’s consumer bureau took a first step to erase medical debt from credit reports and lending decisions because that type of debt “has little predictive value.” WASHINGTON – The Consumer Financial Protection Bureau (CFPB) – the national agency focused on consumer issues – began a rulemaking process to remove medical bills from Americans’ credit reports. The CFPB outlined proposals under consideration – moves that it says would help families recover from medical crises, stop debt collectors from coercing people into paying bills they may not owe, and ensure that creditors don’t rely on data that is
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By Marla Martin Single-family median price up 2% ($415K) YOY, condo median price up 6.2% ($324K). Chief Economist O’Connor: Mortgage interest rates continue to be “dominant factor.” ORLANDO, Fla. – Florida’s housing market in August reflected similar trends as the past few months – statewide median sales prices rose year-over-year while sales slowed, according to Florida Realtors®’ latest housing data. “Prospective buyers continue to be drawn to Florida’s lifestyle, climate and job opportunities,” says 2023 Florida Realtors® President G. Mike McGraw, a broker-associate with RE/MAX Central Realty in Orlando. “Persistently higher mortgage rates and a restricted for-sale inventory are hampering sales
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By Alex Veiga “Homebuyers waiting for mortgage rates to come down should expect no major relief until next year,” says Lisa Sturtevant, chief economist for Bright MLS. LOS ANGELES (AP) – The average long-term U.S. mortgage rate edged up again this week, another setback for would-be homebuyers navigating an increasingly less affordable housing market. The average rate on the benchmark 30-year home loan rose to 7.19% from 7.18% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.29%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, also rose. The average
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By Kerry Smith Sales fell 15.3% year-to-year, but prices rose 3.9% as demand continued to outpace supply. Listings were also down, with 0.9% fewer in Aug. month-to-month. WASHINGTON – U.S. existing-home sales moved lower in August, according to the National Association of Realtors® (NAR). Among the four major U.S. regions NAR tracks as part of the overall survey, sales improved in the Midwest, were unchanged in the Northeast, and slipped in the South and West. All four regions recorded year-over-year sales declines. Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – slid 0.7% month-to-month
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By Christopher Rugaber It’s the second no-interest-rate-change decision over the past three meetings. Inflation is still above 2%, however, and the Fed says a future increase is still likely. WASHINGTON (AP) – The Federal Reserve left its key interest rate unchanged Wednesday for the second time in its past three meetings, a sign that it’s moderating its fight against inflation as price pressures have eased. But Fed officials also signaled that they expect to raise rates once more this year. Consumer inflation has dropped from a year-over-year peak of 9.1% in June 2022 to 3.7%. Yet it’s still well above
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A report finds that insurers and lawmakers underestimated the impact of climate change, and 1 in 4 homeowners is now dealing with rapidly increasing insurance costs. NEW YORK (AP) – A growing number of Americans are finding it difficult to afford insurance on their homes, a problem only expected to worsen because insurers and lawmakers have underestimated the impact of climate change, a new report says. A report from First Street Foundation released Wednesday says states such as California, Florida and Louisiana, which are prone to wildfires and damaging storms and flooding, are likely to see the most dramatic increases
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