By Kerry Smith The federal oversight group said Risk Rating 2.0 is an improvement, but it suggested a number of changes, including greater transparency on how rates are calculated. WASHINGTON – The U.S. Government Accountability Office (GAO), sometimes called the “congressional watchdog,” completed a study of the National Flood Insurance Program’s (NFIP) recent update, Risk Rating 2.0. In the report, the GAO said the Federal Emergency Management Agency (FEMA), which oversees NFIP, has two conflicting goals that are often at odds with each other – providing flood insurance to Americans at a reasonable cost while making sure owners’ premiums cover
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By Rebecca San Juan Census Bureau: Miami-Dade and Broward lost residents 2020-2022, even as the state grew 3%. Some residents moved to less populated Fla. metros; some left the country. MIAMI – Miriam Merino’s life might cause anyone to think she enjoyed the best of Miami-Dade County. On her $400,000 real estate salary, she said she could afford weekly dinners at The River Oyster Bar and the latest $6,500 Santa Cruz Tallboy Mountain bike to ride on her next adventure in Costa Rica’s Vuelta al Lago Arenal or Oleta River State Park in Miami. She traveled around the globe and
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By Michael Iakovou and Olivia Piluso Florida charges a transfer fee – a documentary stamp tax – on most real estate transactions, but there are exceptions. What is it, when is it applied and how much is charged? Read on. ORLANDO, Fla. – What is transfer tax? Transfer tax is a tax imposed on the seller during a conveyance of property. In Florida, transfer tax is referred to as a documentary stamp tax. So, what do you need to be aware of when it comes to Florida’s real estate transfer tax, primarily as it relates to transfers between private parties?
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By Vicki Munson An appeals court agreed with a lower court’s decision: Zillow’s use of VHT photos was copyright infringement. Agents often hire VHT to take property photos, but the allowable use of those photos is generally spelled out in a contract. SEATTLE – An appeals court upheld VHT’s rights to control use of its copyrighted photos and in a lawsuit – VHT Inc. V. Zillow Group Inc. – ordered Zillow to pay $2 million in damages. The owner of any photo that appears online enjoys copyright protection of that image. Anyone that copies a photo and uses it, even
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By Shannon Allen A Realtor completed a professional apartment-building property appraisal on behalf of the seller, and the valuation was used to negotiate a final price with the buyer. But the seller later filed an ethics complaint because the Realtor managed the buyer’s properties. Is it an ethics violation? ORLANDO, Fla. – Dear Shannon: I’m a long-time Realtor and property manager in a challenging situation – a complaint has been filed against me. I was hired by a seller to appraise an apartment building they wanted to sell. To determine a fair price, the buyer and seller agreed to get
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By Alex Veiga Some economists predict a slight drop in rents, but only in some metros – and even there it won’t have a big impact after years of rising rental costs. LOS ANGELES – When viewed through a wide lens, renters across the U.S. finally appear to be getting some relief, thanks in part to the biggest apartment construction boom in decades. Median rent rose just 0.5% in June, year over year, after falling in May for the first time since the pandemic hit the U.S. Some economists project U.S. rents will be down modestly this year after soaring
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By Flavia Furlan Nunes Regulators want to boost capital requirements, but, as proposed, they’re targeting banks that offer mortgages with higher loan-to-value ratios. That could raise rates. WASHINGTON – The Federal Reserve, Federal Depository Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) released on Thursday the proposed changes for the Basel III rule (called the Basel endgame), which significantly increases capital requirements for banks. If implemented, the changes will affect the mortgage industry, and trade groups are already coming out in opposition to the new regulation. As expected, the rules target financial institutions with $100
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Why would a Fla. resident refuse to evacuate? Why don’t some at-risk Fla. owners buy flood insurance? A survey by AAA asked. TAMPA, Fla. – Severe weather like hurricanes can wreak havoc on your home, damage your vehicle, and sidetrack your summer vacation. That’s why AAA is sharing its top insurance policies for hurricane season to help Floridians protect their property and travel plans. But first, The Auto Club Group is releasing new findings from its annual hurricane season survey. According to the survey, about 1-in-5 Florida residents (19%) do NOT make advanced preparations for hurricane season or severe weather.
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By Michael Casey $85M in funding for HUD will reduce barriers, such as zoning restrictions, that have “become a hurdle to increasing the supply and density of affordable housing.” WASHINGTON – The White House is taking steps aimed at increasing the supply of affordable housing while also bolstering protections for renters. The housing measures announced Thursday include providing communities with $85 million in funding from the Department of Housing and Urban Development (HUD) to reduce barriers to affordable housing, such as zoning restrictions that in some places have become a hurdle to increasing the supply and density of affordable housing.
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By Kerry Smith While properties under HUD may be directly affected, five federal agencies “strongly encourage” some changes, such as a public posting of renters’ rights. WASHINGTON – In January, President Biden released the Blueprint for a Renters Bill of Rights, which outlines principles and best practices at the federal, state and local level to strengthen tenant protections and increase fairness in the rental market. On Thursday, it expanded on some of the protections in a push to: Ensure all renters have an opportunity to address incorrect tenant screening reports Provide new funding to support tenant organizing efforts Ensure renters are
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