By Lisa Mascaro, Kevin Freking and Stephen Groves The government continues routine operations, but a shutdown threat could occur again as Nov. 17 looms – but storm victims were also handed a lifeline. WASHINGTON (AP) – The threat of a federal government shutdown suddenly lifted late Saturday as President Joe Biden signed a temporary funding bill to keep agencies open with little time to spare after Congress rushed to approve the bipartisan deal. The package drops aid to Ukraine, a White House priority opposed by a growing number of GOP lawmakers, but increases federal disaster assistance by $16 billion, meeting
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Property appraisal tax rules vary by county, but they’re similar. A Q&A with the Citrus County property appraiser offers insight about a sometimes confusing concept. CITRUS COUNTY, Fla. – Question: “Does my spouse need to apply for Homestead even though they’re not listed on the deed?” Answer: If you guessed yes, you are right! Married couples can claim only one Homestead Property Tax Exemption. If both of you currently own a homesteaded property, either in Florida or anywhere else in the United States, one of the exemptions will need to be removed no later than Jan. 1 of the year
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By Mahsa Saeidi Impacted homes with more than 50% damage (home value only) must rebuild, and in some areas, one owner may just make repairs while a next-door neighbor must rebuild. TAMPA, Fla. (WFLA) –Between the flooding and the cleanup, Hurricane Idalia survivors have faced many hurdles. Now, a federal regulation, FEMA’s so-called “50% rule,” might cost them hundreds of thousands of dollars, 8 On Your Side Investigator Mahsa Saeidi found out. It’s something that’s catching some storm victims off guard. When Idalia hit Tampa Bay, some yards turned into rivers. Inside one home in Crystal River, Chris Howson found
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By Kerry Smith Following a “Call for Action” issued by NAR Fri. night and shared by Florida Realtors Sat., Congress and the president extended government funding to Nov. 17. WASHINGTON – Flood insurance and transactions it might impact are safe for now after a down-to-the wire vote in the U.S. House that was soon passed by the Senate and signed by President Biden. The action comes after the National Association of Realtors® (NAR) issued a Call for Action (CFA) on Friday night, asking all Realtor® members to contact their representatives and pressure them to extend the National Flood Insurance Program
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By Christopher Rugaber While inflation rose 3.5% year-to-year in Aug. – still above the Fed’s 2% goal – it was only up 0.1% month-to-month after backing out higher gas prices. WASHINGTON (AP) – An inflation gauge closely tracked by the Federal Reserve rose in August, boosted mainly by higher gas prices. But measures of underlying inflation slowed in the latest sign that overall price pressures are still moderating. Friday’s report from the U.S. Commerce Department showed that prices rose 0.4% from July to August, up from just 0.2% the previous month. Compared with a year earlier, prices rose 3.5% in
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By Melissa Dittmann Tracey A diverse group of RE professionals – Asian, Hispanic, LGBTQ+ and women – say they will jointly oppose the “vocal minority” who fight against diversity. CHICAGO – Organizations representing Asian, Hispanic, LGBTQ+ and women professionals say persistent discrimination in housing must be stopped. Four major organizations representing diverse groups in the real estate profession have joined forces to fight what they call a “vocal minority” targeting underserved populations. “Enough is enough,” said Erin Morrison, president of the LGBTQ+ Real Estate Alliance, at a press conference this week announcing the “Stop Hate in Real Estate” initiative, which
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By Alex Harris But a new report suggests growth along Fla.’s coast undermines those hard-won building-code gains and fuels the rising cost of windstorm insurance. MIAMI – Florida leads the nation in strict building codes, and the decades of hard work have paid off in the increasing number of homes and buildings that survive each time a hurricane slashes the state. But a new report from Swiss Re, a major global re-insurance company, suggests that all those hard-won gains have been undermined by the explosion of growth along the coast. And that has likely helped fuel the skyrocketing price of
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By Alex Veiga Last week, a 30-year, fixed-rate loan averaged 7.19%; a year ago, it was 6.70%. The last time rates were this high was in 2000 when home values weren’t going up. LOS ANGELES (AP) – Home loan borrowing costs climbed again this week, pushing the average long-term U.S. mortgage rate to its highest level in nearly 23 years, another blow to prospective homebuyers facing an increasingly unaffordable housing market. The average rate on the benchmark 30-year home loan rose to 7.31% from 7.19% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.70%.
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By Tony Romm Without more funding in a new federal budget, FEMA will ration aid efforts. It still appears likely new flood policies and other RE must-haves expire at midnight Sat. WASHINGTON – With a government shutdown as few as two days away, the Biden administration has started to ration federal disaster aid, delaying the delivery of about $2.8 billion in grants so the money is available in the event of a crisis, according to state and federal officials and budget documents obtained by The Washington Post. The last-minute move has allowed the Federal Emergency Management Agency (FEMA) to shore
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By Kerry Smith NAR Chief Economist Yun says “increased housing inventory and better interest rates are essential” for a real estate market rebound. WASHINGTON – Pending home sales slid 7.1% in August, according to the National Association of Realtors® (NAR). All four U.S. regions posted monthly losses and year-over-year transaction declines. “Mortgage rates have been rising above 7% since August, which has diminished the pool of homebuyers,” says Lawrence Yun, NAR chief economist. “Some would-be homebuyers are taking a pause and readjusting their expectations about the location and type of home to better fit their budgets.” The Pending Home Sales
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