It’s the second no-interest-rate-change decision over the past three meetings. Inflation is still above 2%, however, and the Fed says a future increase is still likely. WASHINGTON (AP) – The Federal Reserve left its key interest rate unchanged Wednesday for the second time in its past three meetings, a sign that it’s moderating its fight … Read more
Multifamily starts took the hardest hit, falling 26.3%. Single-family starts fell 4.3% month-to-month, though they were up year-to-year by 2.4%. WASHINGTON – Led by a sharp decline in multifamily production, overall housing starts fell 11.3% in August to a seasonally adjusted annual rate of 1.28 million units, according to a report from the U.S. Department … Read more
No two shutdowns are the same, but the feds would be less responsive. Some RE products – FHA, VA and Rural Housing loans, flood insurance – may see an immediate impact. ORLANDO, Fla. – The federal government’s fiscal year ends Sept. 30, and Congress has not yet approved an extension, with several lawmakers threatening to … Read more
NAHB’s monthly index (1-100) based on a survey of builders’ attitudes dropped 5 points to 45 in Sept., largely because of rising 7%-plus mortgage rates. WASHINGTON – Builder confidence in the market for newly built single-family homes in September fell five points to 45, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing … Read more
Daytona Beach, Gainesville and Orlando will each receive $500K, three metros out of only 14 selected by HUD for affordable housing grants. WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced $7 million in Choice Neighborhoods Planning Grants to 14 communities across America – and three of those 14 are in Florida: … Read more
A condo-wide A/C unit went down, and it gave residents a window unit while awaiting repairs. Should residents also get reimbursed for the cost of electricity? FORT LAUDERDALE, Fla. – Question: Air conditioning is included in our condo’s monthly maintenance fees. The chiller that cools the entire building stopped working on July 20, and we … Read more
About 22% of U.S. mortgages are assumable from a seller to a buyer – largely federal ones, such as FHA loans – and a broker advertises that option to attract customers. NEW YORK – Roam, a real-estate company that launched Wednesday, says it can popularize an obscure workaround to help today’s homebuyers get their hands … Read more
To secure a home, some U.S. buyers still agree to make up the difference when a mortgage appraisal comes in at less than the contract price – an often risky move. NEW YORK – Some buyers looking for a luxury home in a competitive market waive the so-called appraisal gap to entice a seller to … Read more
Some cities expect commercial buildings to reduce emissions or pay a tax, but both options create extra stress on pandemic-harmed structures, such as office buildings. NEW YORK – Cities are toughening their climate standards and beginning to tax buildings that don’t meet the new requirements. That forces landlords to make a difficult choice: Pay for … Read more
NAR: Buyer demand is stronger than it appears as 15%-27% of buyers (by ethnic group) wait for lower home prices and 18%-25% wait for lower mortgage rates. WASHINGTON – The current real estate market’s high home prices and mortgage rates, as well as limited inventory, are the top reasons that Realtors® and prospective homebuyers across … Read more
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