Fla. regulators published notices to begin creating rules required under SB 264, the new Fla. law about buyers from certain foreign countries. ORLANDO, Fla. – Two Florida agencies – the Department of Commerce (formerly DEO, the Department of Economic Opportunity) and the Department of Business and Professional Regulation (DBPR) announced plans to propose regulations related to SB 264, a bill passed by the 2023 Florida Legislature. The bill impacts buyers associated with a foreign country of concern – China, Russia, Iran, North Korea, Cuba, Venezuela and Syria. The notice published by the Florida Real Estate Commission (FREC) specifies FREC will
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By Kerry Smith Carlos Melendez (Florida Premier Realty of the Palm Beaches) and Patricia “PJ” Smith (Naples Golf to Gulf Real Estate) are two of 20 chosen for the program. CHICAGO – The National Association of Realtors® (NAR) announced its 2024 Leadership Academy class, and out of 20 members participating in the year-long program, two hail from Florida. Carlos Melendez (Florida Premier Realty of the Palm Beaches) and Patricia “PJ” Smith (Naples Golf to Gulf Real Estate) will participate in a wide range of educational experiences as part of a nationwide community of volunteer leaders. “Participants will learn the history,
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By Marilyn Kennedy Melia A Fannie Mae survey found that a record number of buyers think it’s a bad time to buy a home. But is it? Even experts stumble with market predictions. WASHINGTON – “It’s a bad time to buy a home.” This summer, more Americans held that view than any time since 2002, the first year that mortgage agency Fannie Mae started its “Home Purchase Sentiment Index.” High prices and rates are souring many would-be buyers. But in April, home prices nationally posted their first year-over-year price decline in 11 years, according to the S&P CoreLogic Case Shiller
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Jacksonville By Kerry Smith Checkr – an employee background-check firm – analyzed data to pinpoint the growth metros that would be attractive to employer relocations and job-seeking movers. ORLANDO, Fla. – Boomtowns, in short, are U.S. cities and metro areas attracting the most people – new business as well as movers looking for better jobs – that other areas of the country. Boomtowns often have rapidly expanding infrastructure – housing and services – to  accommodate a growing population. To pinpoint the current boomtowns, Checkr – an employee background-check firm – analyzed a roster of data, including some from the U.S. Census
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By Libby Wells Most buyers want move-in ready, but they’ll have a wider selection with fixer-uppers, and an FHA 203(k) loan can roll upgrade/repair costs into their first mortgage. NEW YORK – When you buy a home, there are usually a few repairs to pay for. Buyers who want to take on a real fixer-upper might be facing the prospect of many projects. If this is the case for you, you may be considering an FHA 203(k) loan, also known as a mortgage rehab loan or Section 203(k) loan, which combines the financing for both the home’s purchase and remodeling
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By Gary M. Singer In a single-family-home HOA, one homeowner damaged common space. Does that owner pay for repairs or does the HOA – meaning all homeowners – pay? FORT LAUDERDALE, Fla. – Question: We live in a single-family home where our homeowners’ association takes care of some items customarily left for individual owners. The monthly dues cover water, landscaping, and even house painting every few years. It makes life easy, but I can see where it could lead to problems. If one owner uses too much water or their power line breaks, would we all have to pay for
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Average rates for a 30-year, fixed-rate loan pushed closer to 7% again this week, up from last week’s 6.81%. A year ago, rates averaged 4.99%. WASHINGTON (AP) – The average long-term U.S. mortgage rate rose again this week, bad news for Americans seeking to upgrade or buy their first home. The average rate on the 30-year home mortgage rate ticked up to 6.90% this week from 6.81% a week ago. A year ago, the benchmark home loan rate stood at 4.99%, mortgage buyer Freddie Mac reported Thursday. The average rate on 15-year fixed-rate mortgages, popular with those refinancing their homes,
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The insurer received 59K claims and is “encouraged by the recent insurance reforms.” Last month State Farm said it remained committed to the Fla. market. TALLAHASSEE, Fla. – State Farm Insurance reminded Floridians that the 2023 hurricane season is entering its busiest months. It also provided an update on its response to last year’s  Hurricane Ian and Hurricane Nicole, saying it received nearly 59,000 claims and paid out $597 million. Ian crashed into the Southwest Florida coast on Sept. 28, 2022, before crossing the state, while the smaller Nicole made landfall in November on the East Coast. Despite the losses,
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By Kerry Smith Scheduled to launch in Oct., the partnership will focus on appraisal discrimination through counselor training, roundtable discussions and appraisal-related training. WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) and the National Association of Real Estate Brokers (NAREB) announced a partnership aimed at tackling appraisal bias and discrimination in the housing market. This collaboration, set to launch Oct. 23, will lead to education, outreach and other efforts to combat racial appraisal bias in home property valuation. “Owning a home provides a path to the American dream, yet Black and Brown people have consistently had their
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By Kerry Smith International buyers face the same challenges as domestic buyers: Transactions were down 9.6% year-to-year, and the number of homes sold (84.6K) declined 14.2%. WASHINGTON – From April 2022 through March 2023, foreign buyers purchased $53.3 billion worth of U.S. existing homes – 9.6% less than the previous 12-month period, according to the National Association of Realtors® (NAR). They bought 84,600 properties, down 14.2% year-to-year and the fewest number of purchases since 2009, when NAR began tracking international-buyer data. Still, foreign purchases didn’t fall as much as existing home sales, which were down 17.8% from 2021. “Sharply lower
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