By Kerry Smith NAR study: The U.S. homeownership rate rose to 65.5% in 2021 – but Black ownership (44%) lags white ownership (72.7%) by 29 percentage points. WASHINGTON – The U.S. homeownership rate has gradually increased during the last decade to hit 65.5% in 2021, up from 64.7% in 2011. However, the Black homeownership rate hasn’t kept pace, even when compared to the increases of other racial groups. According to a new report released by the National Association of Realtors® (NAR), “people of color endure significant buying challenges throughout and even after their home purchase.” The 2023 Snapshot of Race
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By Kerry Smith Study: The typical U.S. homeowner moved after 12.3 years in 2022, down from 13.4 in 2020 and 12.9 in 2021. But in Fla., only a Miami homeowner stays that long. SEATTLE – The typical U.S. homeowner has spent 12.3 years in their home, according to a report from Redfin – down from a peak of 13.4 years hit in 2020 and 12.9 years in 2021. While Americans are starting to spend less time in a single location, however, homeowner tenure is still much longer than it was before. In 2012, it was about 10 years; in 2005,
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By Kerry Smith The FHFA House Price Index in 4Q 2022 found an 8.4% year-to-year rise – but 20.1% in top-ranking Bradenton. Of 100 metros, none in Fla. was lower than 31. WASHINGTON – U.S. house prices rose 8.4% year-to-year – between the fourth quarter (4Q) of 2021 and 2022 – according to the Federal Housing Finance Agency (FHFA) House Price Index (FHFA HPI). Quarter-to-quarter, house prices rose 0.3% (4Q 2022 compared to 3Q 2022). FHFA’s seasonally adjusted monthly index for December was down 0.1% from November. “House prices grew at a much slower pace in recent quarters amid higher
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By Kerry Smith Jan. pending sales rose 8.1% month-to-month as mortgage rates fell and affordability increased; however, pending sales were still down 24.1% year-to-year. WASHINGTON – Pending home sales improved in January for the second consecutive month, according to the National Association of Realtors® (NAR). All four U.S. regions included in the analysis posted monthly transaction gains but saw year-over-year drops. The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – improved 8.1% to 82.5 in January, while year-over-year, pending transactions dropped 24.1%. An index of 100 equals the level of contract
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By Kerry Smith Volunteer now for a 2024 Florida Realtors committee. You’ll help guide the state real industry forward as you represent the interests of 238K Realtor members. ORLANDO, Fla. – Florida Realtors® 2024 President Gia Arvin opened up the application process for Realtors willing to serve on a Florida Realtors committee next year. Committees are the backbone of the association’s drive to improve Florida’s real estate industry. Volunteer committee service gives members an opportunity to discuss issues that directly impact the Realtor profession and Florida homeowners – everything from the environment to public policy to the association’s real estate
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By Holly Spencer Bunting and Kerri Elizabeth Webb RESPA prohibits giving or receiving a thing of value for the referral of settlement service business for some mortgage loans. The law can be complicated, but it’s important to understand all of it to avoid potential future fines. WASHINGTON – The enforcement landscape under Section 8 of the Real Estate Settlement Procedures Act (RESPA) remains largely unchanged, but in today’s competitive residential mortgage market, strategic marketing alliances among real estate brokers, mortgage lenders, title insurance agencies, and other service providers are in high demand. That makes RESPA compliance a hot topic. With
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By Melissa Dittmann Tracey Not revealing known property defects to a buyer – a common problem in real estate, studies show – can land you in court. Follow these best practices to avoid liability. CHICAGO – When a homebuyer discovers a property defect that wasn’t disclosed by the seller or listing agent, the buyer may sue, claiming the home was misrepresented. Disclosure became a more urgent problem in real estate since buyers in last year’s frenzied market started waiving the home inspection contingency to win bidding wars. According to a July study from Cinch Home Services, more than half of
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By Shannon Allen Dear Shannon: The Code doesn’t list “father-in-law” as a relationship Realtors must disclose, yet after my father-in-law submitted the highest and winning bid to a seller I represented, the seller filed an ethics complaint claiming I should have disclosed that the buyer was my father-in-law. Who’s wrong here? ORLANDO, Fla. – Dear Shannon: I’m a listing broker and listed a home. I presented the seller with three offers from three different buyers, though all were below the listed price. I advised the seller to accept the offer from the buyer who presented the highest of the three
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Attitudes turn positive: A monthly UF study of Floridians saw a 1.9-point increase overall, with a rise in current expectations as well as expectations for the future. GAINESVILLE, Fla. – In February, consumer sentiment among Floridians increased 1.9 points to 67.2 from January’s revised figure of 65.3. A similar national consumer sentiment index increased 2.1 points. However, The Conference Board reported a decline in Americans’ overall consumer attitudes last month. “Consumer sentiment continued to improve for the second consecutive month in February, indicating a reversal in trajectory compared with a year ago,” said Hector Sandoval, director of the Economic Analysis
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Economists’ research into 16 episodes since 1950: When a central bank like the Fed raised the cost of borrowing to fight inflation, a recession resulted in each case. NEW YORK (AP) – Can the Federal Reserve keep raising interest rates and defeat the nation’s worst bout of inflation in 40 years without causing a recession? Not according to a new research paper that concludes that such an “immaculate disinflation” has never happened before. The paper was produced by a group of leading economists, and three Fed officials addressed its conclusions in their own remarks Friday at a conference on monetary
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