An apartment building was converted to condos decades ago, and a recently discovered problem arose: Some electrical connections serve two different owners. What now? FORT LAUDERDALE, Fla. – Question: I live in an apartment building that was converted to condominiums decades ago. Given the age of the building, many unit owners are doing extensive upgrades. … Read more
Single-family median price up 2% ($415K) YOY, condo median price up 6.2% ($324K). Chief Economist O’Connor: Mortgage interest rates continue to be “dominant factor.” ORLANDO, Fla. – Florida’s housing market in August reflected similar trends as the past few months – statewide median sales prices rose year-over-year while sales slowed, according to Florida Realtors®’ latest … Read more
About 300K Fla. homeowners with Citizens – Fla.’s “insurer of last resort” – will receive a letter that automatically transfers them to a private insurer if they don’t respond. MIAMI – A warning to Floridians with Citizens Property Insurance coverage: Check your mailbox. About 300,000 customers of the state-run insurer of last resort are receiving … Read more
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
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