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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Some discouraged buyers should stop looking for their “forever home” and start looking for their “get my foot in the door to start building equity” home. NEW YORK – The average rate on the standard 30-year fixed mortgage rose to 7.09%, according to Freddie Mac’s latest weekly survey. Some experts say that’s close to an expected high and predict that they’ll drop at least a bit by the end of the year. But some expect rates to remain high for a longer time. Financial advisers say homebuyers shouldn’t bet on future rates and try to time the market because no
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By Jim Saunders Plaintiffs asked for an injunction on the law until a court could fully consider the case, but the judge turned down their request. TALLAHASSEE, Fla. – A federal judge Thursday refused to block a new Florida law that restricts people from China from owning property in the state, saying plaintiffs are unlikely to be able to show the measure was motivated by discrimination or lacks a “rational basis.” U.S. District Judge Allen Winsor issued a 51-page decision denying a request by four Chinese people and a real-estate brokerage that serves Chinese clients for a preliminary injunction against
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By Kerry Smith Of all homes buyers could consider in the second quarter, 31.4% were new construction – the highest 2Q percentage on record. Pre-pandemic it was 17%. SEATTLE – Newly built homes made up nearly one-third (31.4%) of all single-family home listings on the market nationwide in the second quarter, according to a report from Redfin, the highest share of any second quarter on record though down from the first quarter of 2023. The portion of new homes of all inventory is up from 30.3% a year earlier – a 1.1 percentage point increase – and nearly double the
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By Matt Ott A 30-year, fixed-rate loan averaged 7.09% this week, its highest level since it was 7.13% in April 2002. It also exceeds a high of 7.08% hit last fall. WASHINGTON – The average long-term U.S. mortgage rate jumped this week to its highest level in 20 years, grim news for would-be homebuyers already facing high home prices caused by a lack of supply. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan jumped to 7.09% from 6.96% last week. That’s the highest since April of 2002, when the average rate clocked
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By Sam Williams The money will go to public housing agencies that assist homeless vets. HUD estimates that the money will help move 7,500 more former service members off the streets. WASHINGTON – The U.S. Department of Housing and Urban Development announced the Fiscal Year 2023 HUD-Veterans Affairs Supportive Housing Summer Registration of Interest, which makes available approximately $73 million for Public Housing Agencies (PHAs) to assist homeless veterans. HUD estimates the funding will support up to 7,500 new HUD-VASH vouchers. The funding includes $33 million in carryover funds available to award non-competitively and $40 million recently appropriated through the
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By Gary M. Singer A resident told to take down a political candidate sign suspects it’s due to the candidate more than the sign. Do political signs have any constitutional protection? FORT LAUDERDALE, Fla. – Question: Our homeowners association told us we must remove the lawn sign supporting our favored politician, or we will be fined. This does not feel right to us, and we think it is due to a board member not liking our candidate. Is this even constitutional? – Katherine Answer: I get this question every few years as the election cycle heats up, and people want
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By Kerry Smith “Livability” is subjective, but an exhaustive study attempted to rank states based on how happy they’ll make residents. Fla. was No. 6 – but No. 1 in some categories. ORLANDO, Fla. – Around 8.6% of Americans moved last year, a slight uptick from the year before. Some movers wonder if they should stay put or move to another state. Others know they want to move to another state, but which one? To help answer that question, a personal-finance website, WalletHub, released a comprehensive report on 2023’s Best States to Live In. WalletHub compared the 50 U.S. states
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