By Amy Connolly The National Association of Realtors said declining mortgage rates “sparked a surge in interest.” WASHINGTON – Pending homes sales remained largely steady in November as compared to the previous month, according to the National Association of Realtors®. NAR found the Northeast, Midwest and West posted monthly gains in transactions while the South recorded losses. Overall, the four U.S. regions registered year-over-year declines in transactions, NAR said. The monthly Pending Home Sales Index (PHSI) – a forward-looking indicator of home sales based on contract signings – remained at 71.6 in November. Pending transactions year-over-year, were down 5.2%. An
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By Amy Connolly The Federal Housing Finance Agency also says home prices rose 6.3% year over year. WASHINGTON – October U.S. house prices increased 0.3% from September, according to the Federal Housing Finance Agency’s (FHFA) seasonally adjusted monthly House Price Index (HPI). Home prices rose 6.3% year over year. Also, the previously reported 0.6% price increase in September was revised to 0.7%. For the nine census divisions, seasonally adjusted monthly price changes from September to October ranged from -0.3% in the New England division to +1.1% in the Middle Atlantic division. The South Atlantic division, which includes Florida, saw a
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Experts say homeownership and estate planning can help close the wealth gap, which can protect assets for future generations. KEY WEST – A home is often the most valuable asset a family can own. It serves as a wealth-generating opportunity for current and future generations as the home’s value appreciates over time. Yet, for hundreds of thousands of people who inherited their land and homes from family members, these assets could be at risk. Many families have experienced problems with properties that have been passed down without a will or estate plan. These properties are referred to as heirs’ property.
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By Alex Veiga Some economists say home sales will increase in 2024 as mortgage rates ease. LOS ANGELES (AP) — Home loan financing costs eased again this week, pulling the average long-term U.S. mortgage rate down to a six-month low. The average rate on a 30-year mortgage dropped to 6.67% from 6.95% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.27%. The latest drop in rates is the eighth in as many weeks. The average rate is now back to where it was in late June. “The 30-year fixed-rate mortgage remained below 7% for
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By Amy Connolly Since March 2020, mortgage servicers have provided forbearances to approximately 8.1 million borrowers. NEW YORK – The Mortgage Bankers Association’s (MBA) announced a decrease in the number of loans in forbearance with about 130,000 homeowners currently in forbearance plans. The MBA’s monthly Loan Monitoring Survey showed the total number of loans in forbearance dropped by 3 basis points from 0.29% of servicers’ portfolio volume in the prior month to 0.26% as of Nov. 30. Mortgage servicers have provided forbearances to approximately 8.1 million borrowers since March 2020, the peak of the pandemic. In November 2023, the share
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By Amy Connolly Maria Wells, 2017 President of Florida Realtors, is among the appointees to the Commission on the Status of Women. TALLAHASSEE, Fla. — Governor Ron DeSantis announced the appointment of Leda Kelly and the reappointment of Candace Falsetto and Maria Wells to the Florida Commission on the Status of Women. The commission communicates, promotes and collaborates with hundreds of organizations in the state that are focused on women’s welfare. “We are all interested in improving the well-being of Florida women and girls – and by extension, all Floridians,” the commission says. The appointees are: Maria Wells Wells is
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By Marla Martin Florida Realtors: Florida’s single-family closed sales up 4.2% YOY, median price up 3.3% ($413K). Condo sales up 0.3%, median price up 7.5% ($330K); new listings also up. ORLANDO, Fla. – Florida’s housing market reported more new listings and higher statewide median sales prices in November compared to the previous year, according to Florida Realtors®’ latest housing data. “November brought some welcome news for Florida homebuyers, as mortgage rates started to ease and the inventory (active listings) of for-sale properties increased statewide,” says 2023 Florida Realtors® President G. Mike McGraw, a broker-associate with LPT Realty in Orlando. “The
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By Amy Connolly Freddie Mac sees short-term headwinds – a high supply and moderating economic growth – but a positive long-term outlook for 2024. MCLEAN, Va.—The year ahead in the multifamily industry will see positive growth despite continued headwinds and a positive long-term forecast, Freddie Mac said in its 2024 Multifamily Outlook released Wednesday. The Outlook indicates an elevated multifamily supply pipeline, with peak completions predicted in 2024, will moderate potential rent gains, which are expected to be positive in the year ahead, although below longer-run averages. The Outlook also forecasts 2024 vacancy rates will be modestly higher than average
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Self-promotion without sounding self-centered is important to maintaining a thriving business. Self-promotion without sounding self-centered is important to maintaining a thriving business. NEW YORK – Nikki Beauchamp, an advisor with Sotheby’s International Realty in New York City, says self-promotion is important for real estate professionals, but they need to balance showcasing their expertise while maintaining authenticity and nurturing genuine connections with clients and peers. Beauchamp recommends recognizing the benefits of and practicing dual promotion. This positions them as team players, bolsters their reputation and expands their network. They should engage with their peers’ social media content, participate in industry discussions
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