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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By Abby Badach Doyle As cyberattacks against large companies happen more frequently, consumers should take precautions to protect their finances, such as freezing their credit and credit monitoring. 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
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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. It’s the highest level since August. 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
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By Tom Butler A study commissioned by Florida Realtors shows eliminating the tax would bring $4 billion into Florida in new business growth and operations in the first year and $19.7 billion over five years. TALLAHASSEE, Fla. – A new study by the Regional Economic Consulting Group shows that if Florida were to eliminate its sales tax on commercial leases, known as the Business Rent Tax (BRT), the resulting economic benefits to the state would be substantial. The study, commissioned by Florida Realtors®, reveals that if Florida were to invest $976.8 million to eliminate the tax, it would get back
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