By Elizabeth Renter Inventory is likely to rise this spring and throughout the summer on schedule with traditional seasonal trends. Buyers should target the late summer or early fall. NEW YORK – Let’s cut right to the chase: 2024 will not be an easy year for the nation’s home buyers. The shortage of available homes will continue, which will hold prices aloft. And though mortgage rates may come down a bit throughout the year, they’ll continue to play a major role in affordability for buyers who need a home loan. The pandemic disrupted many things, not the least of which
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By Christopher Rugaber Fed policymakers need more confidence that inflation is steadily slowing to their target level before a rate cut. Interest rates affect mortgage rates. WASHINGTON – Consumer inflation remained persistently high last month, boosted by gas, rents, auto insurance and other items, the government said Wednesday in a report that will likely give pause to the Federal Reserve as it considers how often — or even whether — to cut interest rates this year. Prices outside the volatile food and energy categories rose 0.4% from February to March, the same accelerated pace as in the previous month. Measured
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By Alex Veiga The average rate on a 30-year mortgage rose to 6.88% this week — the highest level since early March. Rates on 15-year fixed-rate mortgages rose to 6.16%. LOS ANGELES — The average long-term U.S. mortgage rate rose to its highest level in five weeks, a setback for prospective homebuyers during what’s traditionally the busiest time of the year for home sales. The average rate on a 30-year mortgage rose to 6.88% from 6.82% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.27%. When mortgage rates rise, they can add hundreds of
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A JPMorgan strategist said 1.6 million new homes are under construction and housing completions in February hitting their highest level in 17 years. WASHINGTON – Stephanie Aliaga, global market strategist at JPMorgan, said that the housing market “was one of the hardest-hit areas of the economy when the Fed began raising rates, but there are signs activity has turned a corner.” When mortgage interest rates skyrocketed to nearly 8% in October 2023, homeowners stayed put because they didn’t want to lose their lower mortgage rates. Aliaga, however, said, “This supply is beginning to thaw, with our measure of seasonally adjusted
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By Jim Saunders Homeowners moving off Citizens insurance might not see lower rates. They must accept private coverage if it’s within 20% of their Citizens coverage cost. TALLAHASSEE — Private insurers pulled more than 275,000 policies last year from the state’s Citizens Property Insurance Corp. and have taken nearly 115,000 this year, with Citizens President and CEO Tim Cerio saying Wednesday he thinks “we’re coming through to the other side” after years of troubles in the market. Citizens, which was created as an insurer of last resort, ballooned during the past few years to become the largest insurer in the
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Millennials and Gen Z have a more positive outlook on homebuying in today’s market than their predecessors. A majority of Americans think homeownership is achievable. MIAMI – Despite a challenging few years in the housing market, the American dream of owning a home is still alive. According to a recent Realtor.com survey, a majority of Americans think the dream is still achievable, though for many prospective buyers, it hinges on an interest rate drop to less than 6%. Though the sentiment is generally shared across generations, for Millennials and Gen Z, there may be a little more flexibility, with nearly
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By James A. Jones Jr. Workforce housing is in short supply in Florida so at least four housing complexes are opening across the state to meet the affordability needs. MIAMI – There has been no shortage of applicants trying to get their names on waiting lists as more workforce and affordable housing units become available. In Hollywood, for instance, 20,000 people applied for a lottery to fill a 113-unit affordable housing development. In Miami, a new affordable housing tower is being built for “essential workers” — teachers, police officer prosecutors. Now, at least four affordable housing complexes are in the
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More hopeful buyers are partnering with family or friends or renting rooms to achieve the goal of homeownership. Analysts say more homes need to be built in the U.S. NEW YORK – Home shoppers today need to make more than $106,000 to comfortably afford a home, a new Zillow analysis finds. That is 80% more than in January 2020, showing how the math has changed for hopeful buyers, who are more often partnering with friends and family or “house hacking” their way to homeownership. In 2020, a household earning $59,000 annually could comfortably afford the monthly mortgage on a typical
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By Ron Hurtibise Insurance insiders are optimistic about the home insurance market in Fla., saying rates are continuing to stabilize. A major hurricane could change things though. FORT LAUDERDALE, Fla. – Home insurance rates in Florida far outpaced inflation over the 18 months that ended on Dec. 31, but the rate of increase slowed in the fourth quarter of 2023 to its lowest point of the period. And many insurance insiders are optimistic that rates will continue to stabilize this year and next, barring a big costly you-know-what. According to an analysis by the South Florida Sun Sentinel of publicly
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By Anthony Man An estimated $750 million annual revenue from a gambling compact between the state and the Seminole Tribe will go towards water-quality projects in the state. TALLAHASSEE, Fla. – Almost the entire gusher of cash pouring into the government from the state’s share of profits from expanded gambling offerings by the Seminole Tribe of Florida is now legally earmarked for improving the state’s water quality. The gambling deal between the state and the Seminole Tribe involves a lot of money – an estimated $750 million a year, Gov. Ron DeSantis said Thursday. Through 2030, the total could hit
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