By Paul Wiseman Consumer spending, which grew at a 3% annual pace during the quarter, fueled the upswing. The nation’s economic growth has topped 2% for six consecutive quarters. WASHINGTON (AP) – The U.S. economy grew at a robust 3.2% annual pace from October through December, propelled by healthy consumer spending, the Commerce Department reported Wednesday in a slight downgrade from its initial estimate. The expansion in the nation’s gross domestic product – the economy’s total output of goods and services – slipped from a red-hot 4.9% from July through September. The fourth-quarter GDP numbers were revised down from the
Read More

By Ron Hurtibise Recent reports note Fla.’s condo market faces rising costs. But an influx of high demand during the pandemic may also be a factor influencing current conditions. FORT LAUDERDALE, Fla. – Sharp increases in what it costs to own a condominium in Florida are driving down prices that owners can get when they sell their condos in the state, according to a report released Tuesday by national real estate brokerage Redfin. The report, written by Redfin data journalist Dana Anderson, cited higher costs of insurance and homeowner association fees as reasons that the number of condo listings in Florida increased by 28.2% in January compared
Read More

Americans are showing growing fears over a potential recession: The Consumer Confidence Index fell 4.2 points from Jan., marking the 1st drop in three months. NEW YORK – American consumers are feeling less confident this month as concerns over a possible recession grew. When Will Housing Affordability Improve? It’s going to take time, experts say: Expected interest rate cuts will have some impact on housing prices and mortgage rates, but more housing stock is needed. Learn More ► The Conference Board, a business research group, said Tuesday that its consumer confidence index fell to 106.7 from a revised 110.9 in
Read More

Attom: 46.1% of mortgaged residential properties were equity-rich in 4Q. Miami was among the biggest metros with the most equity-rich mortgaged properties (61.8%). IRVINE, Calif. – Attom has released its fourth-quarter 2023 U.S. Home Equity & Underwater Report, which shows that 46.1% of mortgaged residential properties in the United States were considered equity-rich in the fourth quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than half of their estimated market values. Is It Time to Refinance Your Mortgage? The modest drops in rates may make refinancing more attractive to some homeowners, but others
Read More

KB Homes CEO: New home orders rose in the first weeks of 1Q 2024 as mortgage rates eased off late-Oct. highs – a positive sign for a strong spring for the industry. LOS ANGELES (AP) – Rising mortgage rates through much of 2023 kept many prospective homebuyers and sellers on the sidelines and the housing market in a deep slump. Homebuilders responded by lowering prices and offering incentives like mortgage rate buydowns to help buyers get over their affordability hump. The approach helped lift sales of new U.S. homes 4.2% over 2022, but also cut into many builders’ profits. Wall Street Sees a Solid Year for
Read More

Remind clients who recently bought a primary home in Florida not to miss the Homestead Exemption filing deadline of March 1 – it could cost them thousands of dollars. PLANT CITY, Fla. – If you’ve recently acquired a home in Florida and missed the Homestead Exemption filing deadline, it could cost you thousands, according to Hillsborough County Property Appraiser Bob “Coach” Henriquez. All Floridians should be aware of the Homestead Exemption and the Save Our Homes Amendment. As the March 1 annual filing deadline approaches, many homeowners who qualify for these significant tax breaks risk missing out. New homeowners in Florida should get acquainted
Read More

Gov. DeSantis: $5.3M through the Rural Infrastructure Fund will strengthen public infrastructure; $1M through the Florida Disaster Fund will help with home repair. CEDAR KEY, Fla. – Governor Ron DeSantis recently announced more than $6 million in awards to Hurricane Idalia-impacted communities through the Rural Infrastructure Fund (RIF) program and the Florida Disaster Fund. $5.3 million in RIF awards have been awarded to help nine communities impacted by Hurricane Idalia by strengthening public infrastructure and expanding job opportunities for employers and families in rural communities. Florida Realtors Disaster Relief Fund: There When You Need It Realtors helping others in times of need is what this charity
Read More

Among states, Florida had the highest percentage of decline (9.21%) in rent prices year-over-year in 2023, but monthly rent remains higher than the nation’s average. JACKSONVILLE, Fla. – Rent.com reported that in January, Florida had the highest percentage of decline (9.21%) in rent prices year-over-year in 2023 compared to other states. Rent in Florida, however, remains high at $2,095 monthly, compared with the national median rent of $1,964. Jacksonville had the sixth highest year-over-year increase (7.62%) in rents last year to a total median rent of $1,717, while Orlando had a median average rent of $2,119 after a 0.53% decline
Read More

Sales of new homes rose nationally in 2023 for the 1st time in 2 years, up 4.2% from the previous year. However, fluctuating mortgage rates remain a wild card. LOS ANGELES (AP) – Housing market trends are shaping up in favor of a solid 2024 for U.S. homebuilders – as long as mortgage rates don’t jump back to the highs they hit late last year. Sales of new homes rose nationally in 2023 for the first time in two years, climbing 4.2% from a year earlier, according to the Commerce Department. This bucked the trajectory of the broader housing market, which remained mired in a deep slump as sales of
Read More

By Joseph Tucci While easing, for-sale inventory remains tight in Florida and across the U.S. Buyers have to stay persistent and manage frustration levels during their home search. MERIDEN, Conn. – Ben Borecki and Raleighe Orszulak-Borecki, both 29, searched for about a year to find their perfect home. They visited over 20 houses and bid on five. Finally, the couple purchased a 1912 colonial in Windsor this January. They had viewed the house before and liked it, but it went off the market – only to be relisted months later and at a cheaper price. Buyers Should Reconsider ‘Timing’ the Market
Read More