By Lisa J. Huriash In a macabre scam, thieves steal homes of the recently deceased, so Broward County’s top appraiser will start to coordinate with the Medical Examiner’s office. FORT LAUDERDALE, Fla. – A new alliance is stepping up in the fight to stop thieves from stealing the homes of people who’ve recently died. Broward County Property Appraiser’s Office has teamed up with the county’s Office of Medical Examiner and Trauma Services to start sharing notes about property owners who’ve died, and amass a tower of information to crack down on property theft. When thieves strike, investigators say, it’s the
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By Kerry Smith In a seasonally adjusted month-to-month comparison, July sales were 4.4% higher than June sales. Year-to-year sales were up 31.5%. WASHINGTON – New-home sales hit a 17-month high in July as construction continues to hold an outsized percentage of the home-sale market. The industry has been slowly ramping up even as the existing-home market pulls back because homeowners with ultra-low mortgage rates are opting to stay in place rather than move. In a seasonally adjusted month-to-month comparison, July sales were 4.4% higher than June sales. Year-to-year sales were up 31.5%, according to a joint report from the U.S.
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By Alex Veiga Home sales dropped 22.3% year-to-year but prices don’t seem to care. Year-to-year prices fell a bit in Feb. and 3% in May, but they started to rise again in July (up 1.9%). LOS ANGELES – The U.S. housing market remains in a deep sales slump, but the worst declines may be over when it comes to home prices. While home sales have fallen 22.3% through the first seven months of the year versus the same stretch in 2022, prices are being propped up by buyers competing for a near-record low inventory of properties on the market. The
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By Kerry Smith The Mortgage Bankers Association says the number of homeowners getting forbearance mortgage help dropped 5 basis points in July and is now only 0.39%. WASHINGTON – The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey found that the total number of loans in forbearance decreased by 5 basis points at the end of July – from 0.44% of servicers’ portfolio volume in June to 0.39%. Mortgage servicers have provided forbearance to approximately 7.9 million borrowers since March 2020. Number of loans in forbearance Fannie Mae and Freddie Mac: Down 1 basis point to 0.20% Ginnie Mae (government):
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By Marla Martin Florida Realtors: Higher mortgage rates still a factor; single-family home median price at $415K, 2.8 months’ supply. Condo median price at $319K, 3.6 months’ supply. ORLANDO, Fla. – In July, Florida’s housing market reported improving inventory levels (active listings) and statewide median sales prices consistent with values of a year ago, according to Florida Realtors®’ latest housing data. “Buyers and sellers in Florida continue be challenged by higher mortgage rates, which have been fluctuating around 7%,” says 2023 Florida Realtors® President G. Mike McGraw, a broker-associate with RE/MAX Central Realty in Orlando. “In recent months, we’ve seen active
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By Jim Saunders A judge turned down a preliminary injunction request over Fla.’s foreign-buyer law, but the plaintiffs said Monday that they’re going to appeal the decision. TALLAHASSEE, Fla. – A battle about a new Florida law that restricts people from China from owning property in the state is headed to a federal appeals court. Attorneys for four Chinese people and a real estate brokerage that serves Chinese clients filed a notice Monday – the first step in appealing a ruling last week by U.S. District Judge Allen Winsor that rejected a preliminary injunction against the law. The notice, as
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By Marla Martin 20 Realtors earned their endorsement as “the best of the best” – a Florida Realtors Board Certified Professional. This first group was recognized at Sunday’s BOD meeting. ORLANDO, Fla. – The “best of the best” – that’s what 20 Realtors in communities across Florida now can claim, having earned their endorsement as a Florida Board Certified Professional. “How do you easily identify the top professionals in our field?” asks Florida Realtors 2023 President G. Mike McGraw, a broker-associate with RE/MAX Central Realty in Orlando. “As one of the largest professions in our state, we need to promote
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By Jim Saunders The state-owned insurer requested a maximum 12% hike for most residential policies and must go lower. But a condo association hike was approved at 9.2%. TALLAHASSEE, Fla. – Regulators have ordered the state-backed Citizens Property Insurance Corp. to revamp – and trim – proposed rate increases. Florida Insurance Commissioner Michael Yaworsky signed an order Friday that took issue with parts of a Citizens rate proposal that included increasing rates by 12% for homeowners with the most-common type of policies. The order, posted on the state Office of Insurance Regulation website, directed Citizens to “calculate new, reduced, overall
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By Kerry Smith The consumer bureau says Freedom Mortgage gave Long Island brokers and agents “illegal incentives” under RESPA, including cash, subscriptions and parties. WASHINGTON – The U.S. Consumer Financial Protection Bureau (CFPB) says Freedom Mortgage Corporation (Freedom) provided illegal incentives to real estate brokers and agents in exchange for mortgage loan referrals. According to the allegation, Freedom provided Realty Connect USA Long Island (Realty Connect) agents and brokers incentives, including cash payments, paid subscription services and catered parties with the understanding that they would refer prospective homebuyers to Freedom for mortgage loans. That conduct violates the Real Estate Settlement
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By Olivia Chen SBA now allows some more nonbank lenders to offer SBA 7(a) loans, and it eased lending standards, knocking nine creditworthy criteria down to only three. WASHINGTON – The U.S. Small Business Administration (SBA) and Consumer Financial Protection Bureau (CFPB) each issued new rules earlier this year that aim to expand funding access for small-business owners, especially those in underserved communities. As of Aug. 1, 2023, updates to the SBA’s rules will allow for new, nonbank lenders to offer SBA 7(a) loans, as well as update restrictive lending criteria. And starting in 2024, the CFPB will begin requiring
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