South Florida Real Estate

Finding Stability: When Will Fed Slow Rate Hikes?

While inflation numbers guide Fed decisions, two members say 5% will be the bare minimum stopping point, and it will be in effect at least through 2023. WASHINGTON (AP) – Two Federal Reserve officials said Monday that they favor raising the Fed’s key rate to roughly 5% or more and keeping it at its peak … Read more

U.S. Consumers a Bit Less Confident in Nov.

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The Conference Board’s economist says gas prices had an impact on current outlooks, and a low Expectations Index number still suggests a possible recession. BOSTON – The U.S. Conference Board Consumer Confidence Index decreased in November after also losing ground in October. For November, the Index stands at 100.2, down from October’s 102.2. The Present … Read more

Fitch Ratings: Ian Pushes Reinsurance Rates Higher

Consumers don’t pay for reinsurance – but property insurers do as a kind of “insurance for insurers.” Rate increases add another challenge to Fla.’s RE market. MIAMI – As Florida lawmakers try to stabilize the troubled property-insurance system next month, they could face worsening problems with reinsurance, a critical part of the system. Fitch Ratings … Read more

Last Week’s Mortgage Rates Fell to 6.58%

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It’s the second week in a row for a notable drop in rates as non-inflation-rate factors influence demand. A few weeks ago, average 30-year rates were higher than 7%. LOS ANGELES (AP) – The average long-term U.S. mortgage rate edged lower for the second time in as many weeks, though it remains more than double … Read more

HUD Approves Private Flood Ins. for FHA Loans

Homebuyers with FHA loans for flood-zone homes have more options starting Dec. 21, providing private flood insurance “conforms to FHA requirements.” WASHINGTON – Starting Dec. 21, 2022, homeowners with FHA mortgage financing for a property in a flood zone aren’t locked into only one flood insurance provider – the National Flood Insurance Program (NFIP). After … Read more

‘My Safe Florida Home’ Open for Applications

The program, funded by the Fla. Legislature, offers free wind-mitigation home inspections and up to $10,000 in storm mitigation grants for some Fla. homeowners. TALLAHASSEE, Fla. – The Florida Department of Financial Services (DFS) announced the launch of the My Safe Florida Home (MSFH) program. It’s now accepting applications for a free wind-mitigation home inspection … Read more

Gov. Unveils Website for Shelter and Housing Aid

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A new website connects Floridians with help if their homes were harmed or destroyed by Hurricane Ian, or they need temporary or permanent repairs. TALLAHASSEE, Fla. – Governor Ron DeSantis announced a new website, the Unite Florida Recovery Portal, to connect Floridians impacted by Hurricane Ian to important recovery resources, including housing support. Florida’s state-led … Read more

Investor Home Purchases Drop 30% in 3Q

Given home prices and mortgage rates, hordes of RE investors likely won’t be back soon – but fewer first-time buyers also won’t be losing homes to all-cash offers. SEATTLE – U.S. investor home purchases fell 30.2% year-over-year in the third quarter (3Q) – the largest decline since the Great Recession aside from 2Q 2020 when … Read more

HOA Criminal Probe Widens as Records Seized

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A West Kendall HOA’s now-terminated board members allegedly stole millions. A court-appointed receiver was named and attorneys now have access to records. MIAMI – For years, the board of the troubled Hammocks Community Association in West Kendall has blocked state investigators from getting a trove of financial records that may detail the theft of resident … Read more

Oct. New Home Sales Rise Surprising 7.5%

The Wall Street Journal polled economists who predicted a 5.5% drop in Oct. new-home sales – but the Census Bureau and HUD release reported a 7.5% increase. WASHINGTON – October 2022 sales of new single‐family houses were at a seasonally adjusted annual rate of 632,000, according to estimates released jointly by the U.S. Census Bureau … Read more