By Sarah Marx In 2023, 1 out of 134 mortgage applications contained fraud, though it’s 1 in 28 for two-to-four unit properties. But Fla. and New York remain top states for the crime. NEW YORK – The implementation of more careful loan screening procedures has contributed to lower levels of risk for mortgage fraud. Mortgage application fraud declined 3.1% year-over-year in Q2 of 2023 compared to the second quarter of 2022, according to CoreLogic Mortgage Fraud Report. However, they increased slightly (up 1.6%), from Q1 to Q2 2023. Overall, in the second quarter of 2023, 0.75% of all mortgage applications
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By Alex Veiga Skittish investors keep nudging mortgage rates higher. Last week, a 30-year, fixed-rate mortgage averaged 7.31%; a year ago, it was 6.66%. LOS ANGELES (AP) – The cost of financing a home surged again this week as the average long-term U.S. mortgage rate climbed to its highest level since December 2000, further dimming the affordability outlook for many would-be homebuyers. The average rate on the benchmark 30-year home loan rose to 7.49% from 7.31% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.66%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners
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By Kerry Smith Top challenges for RE firms? Affordability, inventory and new technology. One-office firms had median sales volume of $5.3M – 30% expect higher profits this year. WASHINGTON – The National Association of Realtors® (NAR) released its study of real estate businesses this week. The 2023 Profile of Real Estate Firms found that housing affordability, sufficient inventory and new technology ranked among their biggest challenges as they plan for next two years. The report measures characteristics of firms nationwide. It analyzes how they operate currently and how they see the future through a survey sent to broker members. The
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By Kerry Smith Fla. had 2 (out of 10) finalists – now it has 2 (out of 5) winners: Fort Lauderdale’s Kasia Maslanka and Palm Coast’s Sandra Shank. WASHINGTON – The National Association of Realtors® (NAR) selected five Realtors for its 2023 “Good Neighbor Awards” and two are Floridians: Kasia Maslanka, a Realtor from Fort Lauderdale, and Sandra Shank, a Realtor from Palm Coast. In August, NAR named them as 2 of the top 10 finalists. This award honors NAR members who make an extraordinary difference in their communities through volunteer work. Now in its 24th year, the Good Neighbor
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By J. Kyle Foster Lawrence Yun and other economists spoke to Naples Realtors last week. Yun says mortgage rates could hit 8% later this year – but he expects around 6% by spring. NAPLES, Fla. – Homebuyers and Realtors® should brace for even higher mortgage rates in the next two months, Chief Economist for National Association of Realtors® (NAR) Dr. Lawrence Yun said Wednesday. “I am a little concerned that mortgage rates may go up to 8%, but in the short term,” Yun told attendees of Naples Area Board of Realtors’ 2023 Economic Summit in Naples. “By Thanksgiving time, I
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By Cassity K. Metzsch Buyers complain about too-few sellers selling – but some homeowners want to move and feel frustrated that an ultra-low mortgage rate has locked them in. BOSTON – One out of every 5 homeowners who moved within the last three years now regret their decision. Many Americans relocated either permanently or temporarily because of the COVID-19 pandemic. College dorms closed for students, communities were perceived as unsafe, or people found they could no longer afford their housing. At a time when stay-at-home orders were the norm, many realized their homes were not as comfortable when travel options
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By Mark Sherman A group challenging the Consumer Financial Protection Bureau’s (CFPB) right to exist found doubt among justices on the U.S. Supreme Court in a case heard Tuesday. WASHINGTON (AP) – The Supreme Court on Tuesday seemed likely to preserve the work of the Consumer Financial Protection Bureau (CFPB) against a conservative-led challenge. Even some conservative justices sounded skeptical of arguments that the agency, created after the 2008 financial crisis to regulate mortgages, car loans and other consumer finance, violates the Constitution in the way it is funded. The CFPB case is one of several major challenges to federal
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By Kerry Smith A 1.2-point drop to 66.3 was “not unexpected,” since Hurricane Idalia hit in Sept., say UF researchers – and “current finances” fell more than future expectations. GAINESVILLE, Fla. – Consumer sentiment in Florida dropped 1.2 points in September to 66.3, down from a revised figure of 67.5 in August. Nationally, sentiment declined 1.4 points. “The decline in September is not unexpected, as this month’s reading reflects the impact of Hurricane Idalia, which made landfall on Aug. 30 in Florida’s Big Bend region, resulting in business closures, agricultural production losses and property damage,” says Hector H. Sandoval, director
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By Heidi Groover More than two years ago, RE brokerage Rex filed a case against Zillow, alleging its dual system for listing types was an antitrust violation. But a judge disagreed. SEATTLE – Seattle-based Zillow won a federal court case against a real estate startup Friday, defeating claims that it violated antitrust and consumer protection laws when it separated certain listings on its website. More than two years after the Texas-based real estate brokerage Rex filed the case in federal court in Seattle, a jury sided with Zillow Friday. The lawsuit stemmed from a 2021 change to Zillow’s website. After
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By Kerry Smith An AI-based, NextGen cloud platform, Titan Flood, plans to offer private flood insurance policies with the ability to provide quotes “in seconds.” TAMPA, Fla. – K2 Insurance Services (K2) announced a strategic investment in Titan Flood Inc., a new Managing General Agent (MGA) specializing in the private residential flood market. K2 is making an equity investment in Titan Flood and will participate on its board of directors. Florida is slowly expanding its private flood insurance market and policies that often offer different levels of coverage than the federal government’s standardized National Flood Insurance Program (NFIP) does. That’s
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