Housing recoveries often trail recessions, and positive signs – builder optimism, rebounding prices, more investment – suggest a corner may have been turned. NEW YORK – A recession in the U.S. housing market could already be in the rearview mirror: The National Association of Home Builders reported that its July index of industry sentiment rose to 56 in July from 55 a month earlier – up from a low of 31 recorded in December, and the highest level since June of 2022. On July 19, the Commerce Department reported construction started on 1.44 million homes in June at a seasonally
Read More

By Ron Hurtibise The company is now Fla.’s second-largest private insurer, and its promise to stay in Fla. is a positive sign for an industry that’s had few good signs lately. MIAMI – State Farm is becoming a good neighbor to Florida again. The company regained its position as the state’s largest private market insurer – and No. 2 insurer overall – during the first quarter of the year, supplanting longtime No. 2 Universal Property & Casualty Corp., according to an analysis of market share data produced by the state Office of Insurance Regulation. It’s a positive sign amid continued
Read More

By Liz Weston After paying off debt, some older adults use cash or debit cards and avoid debt completely – but that may lower their credit scores and cause other headaches later. NEW YORK – Getting rid of debt before retirement is often a good idea. Getting rid of your credit scores? Not so much. People who stop using credit also stop generating enough data to produce credit scores, the three-digit numbers used to gauge creditworthiness. Not having scores can make it harder and more expensive to get loans. Even if you’re sure you’ll never borrow again, lacking credit scores
Read More

Florida Realtors wants your opinion: Should the association advocate for a new state license plate tag specific to Realtors – one with the Realtor ‘R’  logo? Vote now. ORLANDO, Fla. – A handful of states offer a specialty license plate tag specific to the real estate profession. While designs vary, most include the National Association of Realtors®’ (NAR) “Realtor R” logo. Should Florida have a plate that includes the “Realtor R”? Since many Floridians already have specialty tags that support interests they value, Florida Realtors® created a quick-vote poll to find out how many members would swap out their current
Read More

By Timothy Engelbrecht AI will play a bigger and bigger legal role, such as streamlining research and preparing decision drafts – but it can’t yet substitute for judges and trials. TAMPA, Fla. – In May 2023, I was part of a panel that gave a presentation at the London Market Association’s Property Insurance Claims Group’s (PICG) Annual Conference. Part of our presentation addressed the rise of artificial intelligence (AI) in the law and in insurance adjusting. We have seen several interesting developments over the past few months in terms of AI and the law. Here are some of the highlights:
Read More

Homeowners with mortgage rates too low to give up aren’t listing their homes, pushing buyers to the new-home market – an economic boon for builders. NEW YORK – High interest rates are actually making new homes easy to sell by compounding a shortage of available real estate. Existing home sales have slowed because fewer owners are willing to sell, and that has pushed buyers into the arms of homebuilders. The National Association of Realtors® reported on June 22 that there were just 1.08 million existing homes on the market in May. In May of 2019, there were 1.91 million. Even
Read More

By Marla Martin Florida Realtors: YOY single-family home median price flat at $420K, supply at 2.8 months. YOY condo median price also remains the same at $325K, supply at 3.6 months. ORLANDO, Fla. – Florida’s housing market in June and second quarter (2Q) 2023 showed signs of continued stabilization of statewide median prices and improving inventory levels (active listings) compared to a year ago, according to Florida Realtors®’ latest housing data. “Florida’s economy and lifestyle continue to attract people who want to live and work in the Sunshine State – about 1,218 people move here per day, according to Census
Read More

By Alex Veiga The average rate for a 30-year, fixed-rate mortgage fell to 6.78% this week – down from last week’s 6.96% and the lowest rate in about a month. LOS ANGELES – The average long-term U.S. mortgage rate slipped this week to the lowest level in four weeks, a boost for house hunters facing a market held back by persistently high prices and a near-historic low number of homes for sale. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan fell to 6.78% from 6.96% last week. A year ago, the rate
Read More

Tampa skyline By C. A. Bridges The safest metro in Fla. isn’t too surprising. The Villages – Central Fla.’s mega 55-plus community of 60,000 residents – ranks as No. 1. SARASOTA – When you’re deciding where to live, there are a lot of things to consider. But one of the most important things to look at is: Is it safe? While no place will ever be completely safe from crime or natural disasters, some places may be a safer bet than others. Real estate site UpHomes decided to find out which ones those were. They analyzed the 60 largest cities
Read More

Cape Coral By Kerry Smith What makes a city “best” for first-timers? WalletHub looked at 22 key indicators, such as attractiveness, affordability and quality of life. Top of the list? Palm Bay. ORLANDO, Fla. – Not all first-time homebuyers are alike, and what they might find appealing can differ. But WalletHub looked at 300 U.S. cities and used “22 key indicators” to rank them. Those indicators include things like market attractiveness, affordability, quality of life, cost of living, real-estate taxes and property-crime rate. Florida cities, both large and small, ranked near the top for first-time homebuyers. Overall Florida metros in
Read More