By Kerry Smith FHA lowered its mortgage-insurance premium for borrowers by 30 basis points. The $117 monthly savings is based on a $467.7K home with 3.5% down. WASHINGTON – The Federal Housing Administration (FHA) lowered its mortgage-insurance premium (MPI). The MPI – a fee charged to FHA borrowers largely meant to offset the risk from foreclosures – was lowered by 30 basis points. It announced the change in Mortgagee Letter 2023-05. MPI money goes into FHA’s capital reserve, and federal law requires a capital reserve ratio of 2%. In their 2022 annual report to Congress, however, FHA reported an 11%
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By Jim Saunders Fla. lawmakers passed a bill last year that tightened condo safety requirements, and they’re now considering a slightly lower bar for some of the toughest new rules. TALLAHASSEE, Fla. – A Florida Senate committee Tuesday backed a proposal that would make changes to a condominium-safety law passed last year after the deadly collapse of the Champlain Towers South building in Surfside. In a special legislative session last May, Florida lawmakers passed a law that tightened the safety rules for condo associations, focusing on things like inspections and condominium-association financial reserves. The latest proposal (SB 154) deals with
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By Kerry Smith Americans lost an average 4.9% of their home equity since June ($2.3T). But many Fla. metros bucked the loss trend, with Miami up 19.7% year over year ($77B). SEATTLE – The total value of U.S. homes was $45.3 trillion at the end of 2022, down 4.9% ($2.3 trillion) from a record high of $47.7 trillion in June, according to a report from Redfin. It’s the largest June-to-December drop in percentage terms since 2008. On a year-to-year basis, the total value of U.S. homes was up 6.5%. While positive, it’s still the smallest one-year increase during any month
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By Marla Martin Florida Realtors: Jan. closed single-family sales fell 32.5% as inflation, higher interest rates eroded demand, but for-sale inventory rose 134.2% to a 2.8-months’ supply. ORLANDO, Fla. – Continuing trends from the final few months of last year, Florida’s housing market started 2023 with higher median prices and more inventory (active listings) in January compared to a year ago, according to Florida Realtors®’ latest housing data. However, inflation and still rising interest rates above 6% continued to erode buyer demand: Closed sales of single-family homes statewide last month totaled 14,766, down 32.5% year-over-year, while existing condo-townhouse sales totaled
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By Trevor Fraser Higher deductibles usually kick in for hurricane damage, but a policy often includes tropical storms that have been downgraded from hurricane status. MAITLAND, Fla. – Hours after Tropical Storm Nicole passed through Sharon Kidd’s neighborhood, the homeowner was surprised to hear an oak tree smash through her attic and bedroom ceiling. “The sun was shining,” Kidd said. “The rain had stopped. We were just sitting there with no power, then the whole house shook.” Kidd was even more surprised when her insurance company, USAA, sent her a check for the damage to her nearly 2,600-square-foot home in
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By Kerry Smith According to Zillow’s Jan. market analysis, four Fla. metros saw higher year-to-year price gains than the nation yet also higher month-to-month price decreases. SEATTLE – On the cusp of the 2023 spring home buying season, the market appears somewhat stable, according to Zillow. Home sales are ticking up and price declines leveling off as buyers prepare for the spring sales season. However, sellers have not joined the fray in great numbers, and the inventory of for-sale homes remains low. The typical U.S. home value was nearly flat from December to January, slipping just 0.1% to $329,542, or
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By Hillard Grossman Storm risk is one reason insurance policies get cancelled – but not the only one. Late payments, pets, old roofs, ill-placed trees and other things can do it too. MIAMI – Worried that your property insurance might someday be canceled? Well, don’t blame it on last year’s hurricanes. There are a multitude of reasons why your carrier might reject coverage from generic ones, such as non-payment of premiums, risks of wildfires in your area, lack of home maintenance or filing too many claims. But, there are also some unique reasons, including certain dogs, snakes, electric vehicle hookups,
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By Kerry Smith In Fla., 73 county or local programs will get $78.4 million to help modernize public housing and make it “worthy of the families and individuals who live there.” WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) awarded $3.16 billion in funding to nearly 2,770 public housing authorities (PHAs) in all 50 states, as well as the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands.. In Florida, county and city agencies will share $78,425,278 to make capital investments in their public housing stock. HUD says the funding is for “dedicated housing to
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By Padraic Convery Digital currency hasn’t taken over the real estate industry, at least so far. One analyst suggests it can’t turn “rules on their head” without mastering those rules first. NEW YORK – It’s been more than four years since the world’s first real estate token offering, which saw a stake of almost one-fifth of the St. Regis Aspen resort hotel sold to investors keen to acquire a slice of the prestige Colorado property. The sale of the stake in the 179-room hotel raised U.S. $18 million and was hailed at the time as a revolutionary new means of
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By Erica Plemmons Florida Realtors economist: More people still move into the Sunshine State than leave it, and United Van Lines’ analysis of its customers unveils some of their motives. ORLANDO, Fla – What goes up must come down, but what goes in doesn’t always go out – or at least that’s true for Florida’s shipments, according to the United Van Lines 2022 National Mover Study. Florida is an “inbound state” for residents, classified as having more than 55% of its shipments headed into the state versus leaving it. Other full-service van lines and U-Haul agree with this label. Movers
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