By Kerry Smith In 2022, only Texas saw more homebuyers using private mortgage insurance (PMI) than Fla., where 76,451 buyers (57%) relied on PMI to buy a home. WASHINGTON – U.S. Mortgage Insurers (USMI) – the association representing the nation’s leading private mortgage insurance (PMI) companies – released its annual report on mortgage financing supported by private PMI at the national and state levels, and Florida ranked second after Texas with almost 3 out of 5 buyers (57%) relying on PMI to buy a home. PMI helps buyers who do not put 20% down on a home purchase. With PMI,
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By Kerry Smith Politics can hurt home sales if a neighbor’s yard flag pushes views offensive to a potential buyer – but flags can help if buyers agree. SEATTLE – People buy homes in neighborhoods, and the area surrounding a property listing carries a lot of weight with buyers who hope to fit into their new community. A study from Redfin polled potential buyers about nearby flags and how it makes them feel about moving into that specific neighborhood. For example, 29.5% of U.S. homebuyers said a rainbow flag (LGBTQ+) would make them more likely to make an offer on
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Tornado with lightning By Ron Hurtibise Experts say not all disasters, claims and insurers are alike. What’s the best way to file a claim? Who do you call first? Your insurer? A public adjuster? An attorney? FORT LAUDERDALE, Fla. – When the shock that your house has been damaged in a hurricane wears off, it’s time to think about how quickly you can get your insurer to cover the cost of your repairs and make you “whole” again. These days, in Florida, that can be a daunting task. But you’ve been paying your premiums and now you have major damage.
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By Kerry Smith Storms rarely have a long-term effect on the local real estate market. Cape Coral-Fort Myers listings dropped for two months after Ian but rose for the six after that. FORT MYERS, Fla. – After plunging in the wake of last fall’s Hurricane Ian, home listings in the Cape Coral-Fort Myers metropolitan area have recovered, and sales have begun to bounce back, according to a report from Redfin. Hurricanes present unique housing market events. Their immediate impact on the local real estate market is harsh, but investors often rush in and the number of real estate transactions bounces
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According to the Mortgage Bankers Association, the median monthly mortgage payment for a purchase loan rose to an all-time high of $2,165 in May. LOS ANGELES (AP) – Would-be homebuyers are willing to take on sharply higher mortgage payments, even as home prices have begun to pull back this year. The median monthly payment listed on applications for home purchase loans jumped 14.1% in May from a year earlier to an all-time high $2,165, according to the Mortgage Bankers Association. The May figure also represents a 2.5% increase from April. Two years ago, the median national monthly payment on home
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By Terry Savage People need a roof over their heads, making “home” a life necessity – and also, on the side, a good investment. As a result, buying sooner is better than later. DAVENPORT, Iowa – For the vast majority of Americans, their home is their greatest lifetime investment. But as in all investing, timing is everything. The real advantage of putting money into homeownership is that you’re incented to ride this investment out through ups and downs, because not only is it an investment – it’s also the roof over your head. Home prices make headlines when they reach
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By Alex Veiga It’s a new high for 2023 and the second week of increases. It’s largely the result of higher 10-year Treasury Note yields as investors worry about inflation. LOS ANGELES (AP) – The average long-term U.S. mortgage rate climbed to a new high for the year this week, pushing up borrowing costs for homebuyers already facing heightened competition in a housing market short on homes. The average rate on the benchmark 30-year home loan rose to 6.81% from 6.71% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 5.30%. It’s the second consecutive
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By Holden Lewis Homebuyers shouldn’t view today’s rates as temporary and postpone ownership. The housing crisis pushed rates lower for 11 years, but that won’t recur anytime soon. NEW YORK – The era of low mortgage rates is over. Embracing this reality will hasten your owning a house that meets your needs. Low rates flourished for 11 years, as the 30-year mortgage remained below 5% from February 2011 to April 2022. Since then, it has remained mostly above 5%, averaging 6.72% in June in Freddie Mac’s weekly survey. Some forecasters predict that rates will decline over the next 12 months.
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By Kerry Smith For the first time since last August, the average sale-to-list price ratio surpassed 100%, says Redfin, as low inventory and steady demand buoy home prices. SEATTLE – The average sale-to-list price ratio hit 100.1% during the four weeks ending July 2, 2023 – the first time in nearly a year that the average U.S. home sold for more than its asking price, according to a report from Redfin. The report also found little year-to-year drop in price, with the median home-sale price down about $1,000 (-0.3%). And one year ago, home prices were near record highs. The
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By Kerry Smith UF’s June consumer sentiment saw an uptick to 69.3 from May’s 69.1, driven mainly by U.S. economic expectations. It’s the highest reading since Oct. 2021. GAINESVILLE, Fla. – Consumer sentiment in Florida clicked up for a second consecutive month in June to 69.3, an increase of two-tenths of a point from a revised figure of 69.1 in May. Meanwhile, national consumer sentiment rose 5.2 points. “The increase in June’s confidence is largely driven by Floridians’ anticipation of national economic conditions in the long run,” says Hector H. Sandoval, director of the Economic Analysis Program at UF’s (University
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