By Kerry Smith According to Zillow’s Jan. market analysis, four Fla. metros saw higher year-to-year price gains than the nation yet also higher month-to-month price decreases. SEATTLE – On the cusp of the 2023 spring home buying season, the market appears somewhat stable, according to Zillow. Home sales are ticking up and price declines leveling off as buyers prepare for the spring sales season. However, sellers have not joined the fray in great numbers, and the inventory of for-sale homes remains low. The typical U.S. home value was nearly flat from December to January, slipping just 0.1% to $329,542, or
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By Hillard Grossman Storm risk is one reason insurance policies get cancelled – but not the only one. Late payments, pets, old roofs, ill-placed trees and other things can do it too. MIAMI – Worried that your property insurance might someday be canceled? Well, don’t blame it on last year’s hurricanes. There are a multitude of reasons why your carrier might reject coverage from generic ones, such as non-payment of premiums, risks of wildfires in your area, lack of home maintenance or filing too many claims. But, there are also some unique reasons, including certain dogs, snakes, electric vehicle hookups,
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By Kerry Smith In Fla., 73 county or local programs will get $78.4 million to help modernize public housing and make it “worthy of the families and individuals who live there.” WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) awarded $3.16 billion in funding to nearly 2,770 public housing authorities (PHAs) in all 50 states, as well as the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands.. In Florida, county and city agencies will share $78,425,278 to make capital investments in their public housing stock. HUD says the funding is for “dedicated housing to
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By Padraic Convery Digital currency hasn’t taken over the real estate industry, at least so far. One analyst suggests it can’t turn “rules on their head” without mastering those rules first. NEW YORK – It’s been more than four years since the world’s first real estate token offering, which saw a stake of almost one-fifth of the St. Regis Aspen resort hotel sold to investors keen to acquire a slice of the prestige Colorado property. The sale of the stake in the 179-room hotel raised U.S. $18 million and was hailed at the time as a revolutionary new means of
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By Erica Plemmons Florida Realtors economist: More people still move into the Sunshine State than leave it, and United Van Lines’ analysis of its customers unveils some of their motives. ORLANDO, Fla – What goes up must come down, but what goes in doesn’t always go out – or at least that’s true for Florida’s shipments, according to the United Van Lines 2022 National Mover Study. Florida is an “inbound state” for residents, classified as having more than 55% of its shipments headed into the state versus leaving it. Other full-service van lines and U-Haul agree with this label. Movers
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By Jim Saunders United Property & Casualty Ins. Co. is insolvent, and the company cites higher-than-expected losses from Hurricane Ian. Fla. is taking steps to place it in receivership. TALLAHASSEE, Fla. – State regulators moved forward Thursday with placing United Property & Casualty Insurance Co. (UPC) into receivership after higher-than-expected losses from Hurricane Ian helped push the insurer into insolvency. Interim Insurance Commissioner Michael Yaworksy sent a letter to state Chief Financial Officer Jimmy Patronis to trigger a process that leads to seeking court approval to place the St. Petersburg-based insurer into receivership, according to documents posted on the Office
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By Eduardo J. Valdes Residents expect HOAs to enforce rules and often empower them to fine and suspend homeowners. But laws and rules keep HOAs from being all-powerful. MIAMI – Community associations’ abilities to fine and suspend unit owners who refuse to comply with their rules and restrictions are essential for the viability of the home/condo-owner association model for private residential enclaves. Without such enforcement and lien rights, individual owners would be able to flout the rules, avoid paying their dues, and even become a nuisance to their neighbors with no regard whatsoever for any potential consequences. However, Florida law
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By Matt Ott Last week the 30-year, fixed-rate mortgage averaged 6.12%. While the Fed says some inflation measures eased, it still expects two 0.25-point rate increases this year. WASHINGTON – The average long-term U.S. mortgage rate jumped this week to its highest level in five weeks, bad news for home shoppers heading into the spring buying season. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate rose to 6.32% from 6.12% last week. The average rate a year ago was 3.92%. The average long-term rate reached a two-decade high of 7.08% in the fall as
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By Jim Turner Yearly tax value increases are capped at 3% on homesteaded properties, but voters may be able to lower it to 2% if the Fla. Legislature passes an amendment proposal. TALLAHASSEE, Fla. – A proposal to change the state’s Save Our Homes property-tax cap cleared its first legislative committee on Wednesday, despite concerns that it might force counties to cut services or shift the tax burden. The Senate Community Affairs Committee voted 8-1 to approve a proposed constitutional amendment (SJR 122) that would provide bigger savings to homeowners. Currently, Save Our Homes places a 3% cap on annual
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By Melissa Dittmann Tracey The U.S. homeownership gap between Blacks and whites widened 1.5 percentage points from 2010 to 2021, according to a study by “Today’s Homeowner.” CHICAGO – The national racial homeownership gap widened from 2010 to 2021, new data shows – but in some areas of the country, the gap has actually closed. Housing equality worsened in the decade since the Great Recession, a new analysis shows, lending greater urgency to the commitment Realtors® make to uphold fair housing laws. The national homeownership gap between Blacks and whites widened 1.5 percentage points from 2010 to 2021, according to
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