Buyers get used to mortgage rates and incorporate them into decisions, but increases/decreases make them wonder if they should move quickly or hope they come back down. NEW YORK – Despite the highest mortgage rates in a generation, new houses continue to sell. The U.S. Commerce Department on Wednesday reported that a seasonally adjusted 714,000 … Read more
If historical lending records have systemic bias, how can artificial intelligence (AI) digest that data yet also avoid past mistakes and “algorithmic discrimination”? NEW YORK – On July 18, 2023, Federal Reserve Vice Chair for Supervision Michael Barr cautioned banks against fair lending violations arising from their use of artificial intelligence (AI). Training on data … Read more
Two companies under the Orion180 name were approved this week in another hopeful sign that legislative changes may be having a positive Fla. market impact. TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (OIR) approved two more private insurance companies as property and casualty insurers in Florida: Orion180 Select Insurance Company and Orion180 Insurance … Read more
The Mortgage Bankers Association says the number of homeowners getting forbearance mortgage help dropped 5 basis points in July and is now only 0.39%. WASHINGTON – The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey found that the total number of loans in forbearance decreased by 5 basis points at the end of July – … Read more
In a seasonally adjusted month-to-month comparison, July sales were 4.4% higher than June sales. Year-to-year sales were up 31.5%. WASHINGTON – New-home sales hit a 17-month high in July as construction continues to hold an outsized percentage of the home-sale market. The industry has been slowly ramping up even as the existing-home market pulls back … Read more
A judge turned down a preliminary injunction request over Fla.’s foreign-buyer law, but the plaintiffs said Monday that they’re going to appeal the decision. TALLAHASSEE, Fla. – A battle about a new Florida law that restricts people from China from owning property in the state is headed to a federal appeals court. Attorneys for four … Read more
MIAMI – At the Hammocks in West Kendall, 6,500 homeowners are anxious for a return to self-rule after seven years under the thumb of a tyrannical, secretive board of directors that is accused of stealing millions in monthly fees from their neighbors. Although the former president is in jail on theft and fraud charges, and … Read more
The state-owned insurer requested a maximum 12% hike for most residential policies and must go lower. But a condo association hike was approved at 9.2%. TALLAHASSEE, Fla. – Regulators have ordered the state-backed Citizens Property Insurance Corp. to revamp – and trim – proposed rate increases. Florida Insurance Commissioner Michael Yaworsky signed an order Friday … Read more
China’s Evergrande says it’s asking a U.S. court to approve a debt plan – not filing for bankruptcy – as it faces possible default on $340B in debt. BEIJING (AP) – A giant Chinese real estate developer struggling to avoid defaulting on $340 billion in debt said Friday it’s asking a U.S. court to approve … Read more
Inventory is low and many current homeowners with low mortgage rates aren’t budging. In marketing, it’s time to cast a wide net. LAS VEGAS – On the first day of the Inman Connect event in Las Vegas, top realty agents revealed their strategies for managing the stubborn problem of low inventory. Nneka Jenkins with Onyx … Read more
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