By Natalie La Roche Pietri Fla. isn’t getting too expensive – only some metro areas are. An inexpensive Sunshine State retirement still exists for people who embrace a more rural lifestyle. MIAMI – If you’d like to live in Florida but the housing prices in some areas are way over your budget – we’re looking at you, Florida Keys – some of the lesser-known counties in the state may have what you’re looking for. A study by SmartAsset ranked the wealth in Florida’s counties by compiling data from the Census Bureau, real estate site Zillow and the U.S. Internal Revenue
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By Kerry Smith Builders told Congress that regulations make it difficult to construct more affordable housing – and they created a list of six specific regulatory roadblocks. WASHINGTON – The National Association of Home Builders (NAHB) told Congress this week that government regulations and mandates supporting environmental, social and governance (ESG) policies impede the industry’s ability to increase production of quality, affordable housing. Testifying at a House Financial Services subcommittee hearing, NAHB Chairman Alicia Huey said a growing number of ESG policies at the local, state and federal level have a direct impact on housing production and affordability. “ESG policies
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By Natalie La Roche Pietri Monroe County tops the list with a median home value just shy of $1M ($957,819) – but it’s not No. 1 for median income ($73,153). MIAMI – If your retirement plan is a vision of luxury, maybe one of Florida’s wealthiest counties will catch your attention. Or maybe you want to live out your youthful days in one of those rich places. The wealthiest county of Florida’s 67 counties has a median home value of almost $1 million – almost three times the state’s median home value of $326,286. A study by SmartAsset ranked the
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By Kerry Smith HUD put out an online suggestion box: Could forms be simplified? Should AI play a future role? Are protected groups served fairly? How much data should be shared? WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) published a Request for Information, but instead of a specific program or question, it’s essentially an online suggestion box for recommendations on what it can do better. HUD says it’s taken a number of recent actions to streamline and improve programs, and highlighted them in a recent White House report to Congress, including streamlined income verification processes in
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By Alex Veiga The average rate on a 30-year, fixed-rate mortgage rose for the third week in a row, hitting 6.96% – up from last week’s 6.81% and 6.71% the week before. LOS ANGELES (AP) – The average long-term U.S. mortgage rate climbed this week to just under 7%, the highest level since November and the latest setback for homebuyers already grappling with a tough housing market constrained by a dearth of homes for sale. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.96% from 6.81% last week. A year
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By Marla Martin Join RE colleagues at Florida Realtors® Convention & Trade Expo, Aug. 16-17, 2023. It offers business-boosting success tips, latest tech info, trends and much more. ORLANDO, Fla. – Success strategies from top real estate leaders, the chance to network with other industry professionals, and the latest in high-tech devices: That’s what the Florida Realtors® 2023 Convention & Trade Expo offers – opportunities to boost business and your bottom line. Florida Realtors Convention & Trade Expo takes place Aug. 16-17, 2023, at the Rosen Shingle Creek resort in Orlando, with the popular REBarCamp slated to kick off the event
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By Jim Saunders and Tom Urban Fla.’s “insurer of last resort” is the first resort for more and more homeowners. The company hopes to reverse that trend through a series of changes, including a rate hike. TALLAHASSEE, Fla. – As Citizens Property Insurance Corp. waits for a decision on a plan that would lead to double-digit rate increases for customers, the state-backed insurer remains on a path to grow to 1.7 million policies by the end of the year, President and CEO Tim Cerio said Wednesday. Citizens, which was created as an “insurer of last resort” for homeowners who could
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By Kerry Smith The Hometown Heroes Program strongly backed by Florida Realtors received applications requesting $11M the first day the updated program went into effect. TALLAHASSEE, Fla. – The Hometown Heroes down payment assistance program reached $20 million in applications within the first week of launching the program’s second year of funding, which includes $11 million in applications on the first day alone, according to a release from Governor Ron DeSantis. Florida Realtors strongly backed the program when it was initially created and again during the 2023 session of the Florida Legislature when it was updated and received new funding.
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By Christopher Rugaber The Fed’s ideal 2% rate of inflation appears closer. If June isn’t an anomaly, two more interest rate hikes are unlikely and the mortgage market can begin to stabilize. WASHINGTON (AP) – Squeezed by painfully high prices for two years, America’s households have gained some much-needed relief with inflation reaching its lowest point since early 2021 – 3% in June compared with a year earlier – thanks in part to easing prices for gasoline, airline fares, used cars and groceries. The inflation figure the government reported Wednesday was down sharply from a 4% annual rate in May,
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By Kerry Smith Gen Z (81%) and millennials (71%) felt the most stress, in part because many are first-time buyers. The main stress-triggers: Low inventory and rising loan rates. CHERRY HILL, N.J. – While 54% of homebuyers say it’s a good time to purchase a home, it’s still a nerve-wracking process. According to TD’s 2023 Mortgage Service Index, 64% of respondents felt their most recent homebuying experience was stressful. Big Village Insights conducted the study. Home inventory challenges (24%) and mortgage rates (24%) tied as the leading factors that negatively impacted home purchasing decisions. Still, 68% of buyers cited shifting
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