By Christopher Rugaber An official recession isn’t usually defined until after it’s over, but even if a generally expected one occurs later this year, it will likely be mild. WASHINGTON (AP) – The second consecutive quarter of economic growth that the government reported in late January underscored that the nation isn’t in a recession despite high inflation and the Federal Reserve’s fastest pace of interest rate hikes in four decades. Yet the U.S. economy is hardly in the clear. The solid growth in the October-December quarter will do little to alter the widespread view of economists that a recession is
Read More

By Ryan Poliakoff Condo associations have broad rights to enter private units, especially for safety reasons, but that power isn’t unlimited – and one condo board went too far. BOCA RATON, Fla. – Question: We know that condo associations are granted broad rights to enter an owner’s unit, but does this include allowing or authorizing a neighbor to access a unit with the aid of a locksmith, without notifying the owner? We were out of town and there was a noise coming from the roof, which a neighbor assumed was coming from our air conditioning unit. I (the unit owner)
Read More

By Kerry Smith In Fla., though, rents outpaced the national average. Jacksonville saw the highest year-to-year change with a 7.5% increase, and a low of 3.5% in Miami and Tampa. SEATTLE – The median U.S. asking rent rose 2.4% year-over-year to $1,942 in January – the smallest increase since May 2021, and the lowest level in nearly a year, according to a report from Redfin. It’s roughly one-sixth the pace of January 2022, when rents were up 15.6% from one year earlier. January marked the eighth straight month in which annual rent growth slowed. Rents fell 1.9% from a month
Read More

By Kerry Smith U.S. home prices rose 4% compared to the last quarter of 2022, hitting $378K. But only 18% of metro markets saw double-digit growth in 4Q. In 3Q, it was 46%. WASHINGTON – About nine out of 10 U.S. metro markets registered home price gains in the fourth quarter of 2022 despite mortgage rates eclipsing 7%, according to the National Association of Realtors®’ (NAR) four quarter (4Q) report for 2022. Of the 186 metros tracked, 18% saw double-digit price increases over the same time period, down from 46% in the third quarter of 2022. Year-to-year, the national median
Read More

When buyers needed a bidding edge, new companies offered to operate as a cash-offer middleman. But now some are stuck with hundreds of homes. NEW YORK – A handful of young companies known as power buyers created a niche business to help homebuyers gain an edge during the hypercompetitive housing boom. While tactics varied, many offered to help buyers “present an all-cash offer,” accomplished by buying homes on behalf of the buyers as an intermediary step. Now that the market has cooled, however, some of these companies are stuck with hundreds of homes they acquired on behalf of clients. That
Read More

It’s Florida Realtors’ highest professionalism honor, earned by top Realtors as demonstrated through their sales, volunteerism, advocacy and ethical conduct. ORLANDO, Fla. – Florida Realtors® unveiled a new program to identify Florida Realtors working at the peak of their profession. “A Florida Realtors Board Certified Professional is a Realtor that has earned the distinction of high competence and professionalism through ongoing work in sales, volunteerism, advocacy, and ethical treatment of the public, consumers and other Realtors,” says Stacy Stahl, chair of the Florida Realtors Board Certified Professionalism Endorsement Trustee Group. “How do you easily identify the top professionals in our
Read More

By Matt Ott After four weeks of declines, the average rate for a 30-year, fixed-rate mortgage rose to 6.12% from last week’s 6.09%. It may suggest some short-term stability. McLEAN, Va. – The average long-term U.S. mortgage rate ticked up slightly this week after four weeks of declines, a possible sign of stability that could draw in home shoppers with spring buying season weeks away. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate inched up to 6.12% this week from 6.09% last week. The average rate a year ago was 3.69%. The average long-term
Read More

By Kerry Smith HUD says steps it took to protect homeowners with an FHA loan during the pandemic helped up to 274K Floridians and up to 2M Americans avoid foreclosure. WASHINGTON – Earlier this week, the U.S. Department of Housing and Urban Development (HUD) said that efforts to help homeowners with a Federal Housing Administration (FHA) loan during the pandemic were so successful that their COVID-19 toolkit has been extended to help all eligible borrowers going forward. According to HUD Secretary Marcia L. Fudge, approximately 2 million homeowners with FHA mortgages were able to stay in their homes during the
Read More

By Erica Plemmons Florida Realtors economist: For do-it-yourself moves, Fla. ranks second in the number of new entrants. Do-it-all movers rank Fla. as one of only four “inbound states.” ORLANDO, Fla – You can feel it on the roads – more people are moving to Florida. You’ve likely seen the trailers and moving trucks filled with their belongings too. The phenomenon is nothing new, and the latest data from van lines confirmed the trend continued in 2022. DIY movers U-Haul tracks over 2 million one-way transactions across the U.S. and Canada, and Florida falls behind only Texas in its annual
Read More

By Matthew Brown and Sam Metz Some states are considering a ban on foreign buys of U.S. farmland due in part to the Chinese balloon event. They see it as a security move and economic issue. HARLOWTON, Mont. (AP) – Near the banks of Montana’s Musselshell River, cattle rancher Michael Miller saw a large, white orb above the town of Harlowton last week, a day before U.S. officials revealed they were tracking a suspected Chinese spy balloon over the state. The balloon caused a stir in the 900-person town surrounded by cattle ranches, wind farms and scattered nuclear missile silos
Read More