NAR: Despite gains, racial minorities still faced disparities. Black homeownership lagged at 44.1%; rates for Asian (66.3%) and Hispanic Americans (51.1%) were records. WASHINGTON – Homeownership rates for racial minorities increased in 2022, with Asian and Hispanic Americans achieving historic peaks. Despite these advancements, disparities persist among racial and ethnic groups, notably with Black homeownership lagging. People of color continue to endure significant buying challenges throughout and after their home purchases, according to a report released today by the National Association of Realtors®. The 2024 Snapshot of Race and Home Buying in America, delves into homeownership trends within each racial
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Attom: Home sellers made a $121K profit on the typical sale in 2023, generating a 56.5% ROI. While still near record levels, it was the 1st decline in over a decade. IRVINE, Calif. – Home sellers made a $121,000 profit on the typical sale in 2023, generating a 56.5% return on investment, according to Attom’s Year-End 2023 U.S. Home Sales Report. But even as both gross profits and profit margins remained near record levels, they decreased from 2022, marking the first declines in either category since 2011. The gross profit on median-priced single-family homes sales dipped down from $122,600 in
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By Marla Martin Panhandle residents with housing issues caused by the Jan. 9 severe weather are urged to apply for the RRF grant money to help their recovery efforts. ORLANDO, Fla. – The National Association of Realtors®’ (NAR) Realtors Relief Foundation announced a $100,000 grant to Florida Realtors® to help Panhandle residents with housing issues resulting from disastrous storm and rain conditions in early January. “The Jan. 9, 2024, severe storms and rainfall damaged so many homes and businesses in the Panhandle, leaving many people struggling with recovery,” says 2024 Florida Realtors® Gia Arvin, broker-owner with Matchmaker Realty in Gainesville.
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By Ron Hurtibise The popular program should resume taking applications on July 1, but it may be more difficult to secure the home hardening grants of up to $10,000. FORT LAUDERDALE, Fla. – Looks like the free money party is over for many Florida households. The popular My Safe Florida Home program is expected to resume taking applications on July 1, but many homeowners might find it more difficult to secure grants of up to $10,000 for such improvements as hardening windows and doors and replacing roofs to improve water and uplift resistance. Following a year of awarding nearly $400 million on a “first-come, first-serve” basis, this year’s
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Regulators OK’d a plan for insurer Condo Owners Reciprocal Exchange to assume up to 400 “commercial residential” policies – that cover condo buildings – from Citizens. TALLAHASSEE, Fla. – Florida regulators last week approved a plan that could lead to condominium-association policies leaving the state’s Citizens Property Insurance Corp. The plan will allow insurer Condo Owners Reciprocal Exchange to assume up to 400 “commercial residential” policies from Citizens, according to an order signed by Insurance Commissioner Michael Yaworsky. Generally, commercial-residential policies are purchased to cover condominium buildings. They are not policies for individual condominium units. The approval is part of
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By Sarah Moreno Developers in S. Florida and elsewhere are adding annexes to new construction, which let relatives like elderly parents have their own space in the same house. MIAMI – With the cost of homes out of reach for many families, developers in South Florida are now adding annexes to new construction, allowing relatives to live under the same roof. The extra space comes with a room or two and its own kitchen, much like those in-law quarters added to older homes. The built-in apartments even have their own entrances for elderly parents or single or adult children. In addition to
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More inventory potentially hitting the market paired with stabilizing interest rates allows buyers some breathing room, NEFAR president says. JACKSONVILLE, Fla. – According to Northeast Florida Association of Realtors data, the median price for a single-family home increased over $23,000 between January and December last year, with the median price ending the year at $384,750, down from its peak of $395,000 in July. Home sales data in Baker, Clay, Duval, Nassau, Putnam, and St. Johns counties also showed a shift in the market as the median number of days a house was on the market fell from 57 days in
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By Abby Badach Doyle As cyberattacks against large companies happen more frequently, consumers should take precautions to protect their finances. NEW YORK – In back-to-back months, Mr. Cooper and LoanDepot — two of the nation’s largest mortgage lenders — made headlines for experiencing cyberattacks that exposed the data of more than 30 million people combined. Mortgage lenders haven’t been the only recent targets. Title insurance companies Fidelity National Financial and First American Financial each experienced cyberattacks in November and December 2023. “If you see one attack against an industry or a group of organizations, it’s pretty common you’ll see others,”
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By Alex Veiga Rates on 30-year mortgages ticked up this week, but forecasters remain optimistic they will hover around 6% by the end of the year. LOS ANGELES — The average long-term U.S. mortgage rate rose this week to its highest level in 10 weeks, a setback for prospective homebuyers ahead of the spring homebuying season. The average rate on a 30-year mortgage rose to 6.77% from 6.64% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.32%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also rose this week,
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By Amy Connolly NAHB’s monthly index climbed four points to 48 in February off improved buyer traffic and possible future rate cuts. WASHINGTON – Builder confidence improved for the third straight month, bolstered by increasing buyer traffic, anticipated rate cuts by the Federal Reserve and the ongoing lack of existing inventory. In February, builder optimism in the market for newly built single-family homes climbed four points to 48 – the highest level since August, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). “Buyer traffic is improving as even small declines in interest rates will
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