The switch to online records may be part of the problem. All of Florida’s 67 counties have some sort of property fraud alert program, but more people need to sign up. ORANGE PARK, Fla. – Across Florida, scammers are selling people’s land and even homes behind their backs. Officials are urging property owners to protect themselves this week. It’s called property deed fraud, and there’s been a big spike in cases here in Florida because the real estate market in the Sunshine State is hot. More than 54% of real estate professionals experienced it firsthand in just the second half of 2023. It happens when a scammer steals someone’s identity and title
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By Jing Fu CoreLogic Case-Shiller’s Home Price Index rose at a seasonally adjusted annual growth rate of 2.4%, slower than Nov.’s 3% increase. Miami’s price index rose 8%. WASHINGTON – National home prices continued to increase, hitting a new all-time high in December. Despite high mortgage rates, limited inventory and strong demand continued to push up home prices. Six of 20 metro areas, experienced negative home price appreciation in December. The S&P CoreLogic Case-Shiller U.S. National Home Price Index (HPI), reported by S&P Dow Jones Indices, rose at a seasonally adjusted annual growth rate of 2.4% in December, slower than
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Florida regulators have approved proposals by three insurers to take up to 54,386 policies from the state’s Citizens Property Insurance Corp. in May. TALLAHASSEE, Fla. – Florida regulators Thursday approved proposals by three insurers to take up to 54,386 policies from the state’s Citizens Property Insurance Corp. in May. The approvals, signed by Insurance Commissioner Michael Yaworsky, are part of what is known as a “depopulation” program aimed at moving policies from Citizens into the private market. Insurers have received a series of approvals in recent months to remove batches of Citizens policies. The approvals Thursday would allow Slide Insurance
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HUD and Census Bureau: In Jan., new single-family home sales rose 1.5% month-to-month to a seasonally adjusted rate of 661,000. The pace is up 1.8% from Jan. 2023. WASHINGTON – Sales of new single-family homes in January increased 1.5% to a 661,000 seasonally adjusted annual rate from a downwardly revised reading in December, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The pace of new home sales in January is up 1.8% from a year earlier. The January reading of 661,000 units is the number of homes that would sell if
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By Dan Weisman Real estate professionals who are watching, learning, and adapting will reap the benefits of new technologies, as the industry is starting to see with generative AI. CHICAGO – It’s been a profitable few years for Big Tech – the dominant technology industry giants defined by their size, influence and financial success (namely Amazon, Apple, Google, Meta, Microsoft and newcomer Nvidia). And these big tech giants could set their sights on real estate in numerous ways. As the development and market implementation of new technologies accelerate, Big Tech is in an increasingly intense race to invest in –
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Economists at International Builders’ Show: Construction should gradually increase as the Fed is on track to cut rates during 2024’s second half with inflation slowing. LAS VEGAS – While higher interest rates pushed single-family starts down in 2022 and 2023, production should move on a gradual upward path in 2024 as the Federal Reserve is on track to cut rates during the second half of the year with inflation slowing, according to economists speaking at the National Association of Home Builders (NAHB) International Builders’ Show in Las Vegas today. “While the Fed’s fight against inflation is building progress, the lingering
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By Alex Veiga That’s up from 6.90% last week, marking the 4th straight weekly increase. Rates have been creeping higher as reports show stronger-than-expected inflation. LOS ANGELES (AP) – The average long-term U.S. mortgage rate rose for the fourth consecutive week, another setback for prospective homebuyers just as the spring homebuying season gets going. The average rate on a 30-year mortgage rose to 6.94% from 6.90% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.65%. The average rate is now just below its highest level since mid-December, when it was 6.95%. Floridians Show Positive
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By Alex Veiga That’s up from 6.90% last week, marking the 4th straight weekly increase. Rates have been creeping higher due as reports show stronger-than-expected inflation. LOS ANGELES (AP) – The average long-term U.S. mortgage rate rose for the fourth consecutive week, another setback for prospective homebuyers just as the spring homebuying season gets going. The average rate on a 30-year mortgage rose to 6.94% from 6.90% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.65%. The average rate is now just below its highest level since mid-December, when it was 6.95%. Floridians Show
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NAR: Pending sales were down 8.8% year-over-year. Chief Economist Yun noted that “consumers are showing extra sensitivity to changes in mortgage rates.” WASHINGTON – Pending home sales in January dropped 4.9%, according to the National Association of Realtors®. The Northeast and West posted monthly gains in transactions while the Midwest and South recorded losses. All four U.S. regions registered year-over-year decreases. The Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – decreased to 74.3 in January. Year-over-year, pending transactions were down 8.8%. An index of 100 is equal to the level of
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By Melissa Dittmann Tracey While U.S. tax law supports the current definition of an “independent contractor,” recent changes to U.S. labor law call it into question, and that could potentially impact Realtors. WASHINGTON – Recent legislation challenges the classification of real estate professionals. The U.S. Department of Labor’s (DOL) recent final rule regarding how workers should be classified under the Fair Labor Standards Act (FLSA) could pose a risk to real estate professionals’ classification as independent contractors, according to the National Association of Realtors® (NAR). As written, the DOL rule may be misinterpreted and lead to greater litigation and confusion
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