The highest mortgage rates in two decades have started to take a toll, and by the end of 2024, total existing-home sales will probably be the weakest since 2011. NEW YORK – By the end of 2023, previously owned home sales are expected to decline to a rate not seen since at least 2011, according to many economist forecasts, dragged down by the highest mortgage rates in more than two decades. Chen Zhao, economics research lead at real estate brokerage Redfin, estimates that total existing-home sales for 2023 will amount to around 4.1 million, which if true, would mark the
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By Kerry Smith GTOs require title companies to verify actual buyers of property. FinCEN extended its order to April 2024 and added 8 Fla. Gulf Coast counties to the list. WASHINGTON – The Financial Crimes Enforcement Network (FinCEN) announced the renewal and expansion of its Geographic Targeting Orders (GTOs). GTOs require title insurance companies to identify the real-life people, or “beneficial owners,” behind companies, usually corporations, in cash purchases of residential real estate. FinCEN’s goal is to limit money-laundering in real estate, which has historically happened sometimes when shell companies use cash to buy residential real estate. The latest GTO
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By Kerry Smith Homeowners looking to downsize wonder if they should sell now before higher mortgage rates push home prices lower or hunker down with their 3%-range loan. SEATTLE – Baby boomers planning to downsize in retirement face a dilemma: Should they sell now while home prices are high since rising mortgage rates could push a drop in those prices – or should they hold onto their current home that’s too large because their current interest rates is somewhere in the 3% range? Life goes on regardless of any current real estate market, and the decision covers more issues than
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By Stan Choe The 10-year Treasury plays a big role in the direction of mortgage rates, but it’s the centerpiece of global finance and affects other types of loans as well. NEW YORK (AP) – The yield on the 10-year Treasury has reached 5% for the first time since 2007. That matters for everyone, not just Wall Street. Treasury yields have been climbing rapidly, with the 10-year yield rallying from less than 3.50% during the spring and from just 0.50% early in the pandemic. Monday morning, the yield on the 10-year Treasury was at 4.96% after hitting 5.02% earlier. The
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By Mike Schneider Census Bureau: Fla. and Arizona welcomed more relocating Californians last year as Texas numbers dropped. In 2021, 37K moved to Fla.; in 2022, it grew to 50K. ORLANDO, Fla. (AP) – The number of former Californians who became Texans dropped slightly last year, but some of that slack was picked up by Arizona and Florida, which saw their tallies of ex-Californians grow, according to new state-to-state migration figures released Thursday. The flow of Californians to Texas has marked the largest state-to-state movement in the U.S. for the past two years, but it decreased from more than 107,000
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By Christopher Rugaber Fed Chair Powell says the economy needs to cool as inflation remains stubbornly high – but another interest rate hike may not be needed. It might just take time. WASHINGTON (AP) – Federal Reserve Chair Jerome Powell said Thursday that inflation remains too high and that bringing it down to the Fed’s target level will likely require a slower-growing economy and job market. Powell noted that inflation has cooled significantly from a year ago. But he cautioned that the economy is growing faster than the Fed had expected and could continue to keep inflation elevated. As a
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By Alex Veiga Years of soaring prices and a limited inventory of for-sale homes has stressed buyers for years, but today’s market remains a profit goldmine for most sellers. LOS ANGELES (AP) – Despite a housing slump going back more than a year, soaring home prices in recent years and a stubborn shortage of properties on the market are helping to drive solid profit gains for sellers. The profit margin on median-priced single-family homes and condos nationally soared to 59% in the July-September quarter, according to a report released Thursday by real estate information provider Attom. The profit margin in
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By Kerry Smith The increase breaks a pattern of declines, says Florida Realtors Chief Economist O’Connor, as prices rose 1.3%. For 3Q 2023, though, sales were down 3.2%. ORLANDO, Fla. – In September and the third quarter (3Q) of 2023, Florida’s housing market continued to show signs of stabilization in statewide median prices and improving inventory levels (active listings) compared to a year ago, according to Florida Realtors®’ latest housing data. “Florida continues to draw new residents, and the dollar volume of single-family home sales in September was up 14.1% year-over-year to $12.2 billion dollars,” says 2023 Florida Realtors® President
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By Alex Veiga The march toward 8% mortgages continued this week, with the 30-year, fixed-rate mortgage averaging 7.63%, up from last week’s 7.57%. A year ago, it was 6.23%. LOS ANGELES (AP) – The cost of financing a home surged again this week with the average long-term U.S. mortgage rate at its highest level since December 2000. The average rate on the benchmark 30-year home loan rose to 7.63% from 7.57% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.94%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loan, also
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By Kerry Smith On Oct. 24 at 1 p.m., FREC will focus on foreign buyer “Affidavits of Buyers of Property” and broker-held escrow deposits. The public is invited, virtually or in-person. ORLANDO, Fla. – The Florida Real Estate Commission (FREC) announced a date for the next workshop on creating an affidavit related to SB 264, a bill passed by the 2023 Florida Legislature covering specific foreign buyers of some Florida property, Rule No.: 61J2-10.200, Oct. 24 at 1 p.m. FREC held the first workshop on Sept. 12. The bill impacts buyers associated with a foreign country of concern – China,
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