Florida Real Estate News
March 2018
Stewart Title acquired by Jacksonville title companyJACKSONVILLE, Fla. – March 21, 2018
Maco Stewart, along with legislator William H. Stewart and other family members, purchased the Gulf City Abstract Co. in 1893. The firm, which was located in Galveston, Texas, was the beginning of Stewart Title Co., now operating from Houston and claiming the No. 3 spot among title companies.
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Fla. building codes thwarted hurricane damageORLANDO, Fla. – March 21, 2018
The nation's biggest hurricane target unseated the previous top state, which had been Virginia, for the top ranking, according to the building-code survey by the Insurance Institute for Business and Home Safety. The only thing coming between Florida and a perfect score this year was the state's lack of continuing education requirements for building officials.
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Fla.’s housing market continues positive track in Feb. 2018ORLANDO, Fla. – March 21, 2018
"Florida's economy continues to grow, with more jobs being created – the state's unemployment rate was 3.9% in January," said 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. "A strong economy is good for Florida's housing market. Statewide sales increased in both the existing single-family homes and the townhouse-condo sectors in February, yet many local markets are still facing a tight supply of available homes at a time when buyer demand is rising. Those factors are putting pressure on home prices and affordability.
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Feb. housing starts fell 7% after Jan. surgeWASHINGTON (AP) – March 16, 2018
U.S. homebuilders broke ground on fewer apartment complexes in February, causing overall housing starts to fall 7 percent.
The Commerce Department said Friday that housing starts last month were at a seasonally adjusted annual pace of 1.24 million, a decline that was anticipated after construction surged in January to 1.33 million. |
Big question for Fed: 3 or 4 interest rate hikes this year?WASHINGTON – March 19, 2018
Three or four? Markets will be transfixed on that question this week as Federal Reserve policymakers either maintain their forecast for three interest rate hikes this year or bump it to four.
Economists are divided on which way Fed officials will go. |
Mortgage rates fall for the first time this yearWASHINGTON (AP) – March 15, 2018
Long-term U.S. mortgage rates fell this week for the first time this year as the spring home buying season begins. The decline comes after nine straight weeks of increases that pushed borrowing costs higher.
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Few homeowners are moving – why?WASHINGTON – March 15, 2018
The National Association of Home Builders recently surveyed homeowners who'd been living in their homes for a decade or longer to find out why they're choosing to stay put. The majority (70 percent) of respondents said they weren't moving because they like their home and are comfortable in it.
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Community banks shrink after Great RecessionNAPLES, Fla. – March 14, 2018
For a while, it seemed federal regulators closed a bank every Friday. So many banks fell and for essentially the same reason: bad loans. Regular closings became a ritual of the Great Recession – in Florida and across the country.
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11-month high for mortgage delinquencyNEW YORK – March 14, 2018
Mortgage delinquency ascended to the highest level in 11 months as loan performance continues to be impacted by last year's hurricanes. Foreclosures held steady, though.
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NAR study: Millennials buying the most homesWASHINGTON – March 14, 2018
Home purchases by millennials ticked up over the past year, but inventory constraints and higher housing costs kept their overall activity subdued and prevented some from leaving the more affordable confines of their Gen X and baby boomer parents' homes. The insights come from the National Association of Realtors® (NAR) 2018 Home Buyer and Seller Generational Trends Report, which evaluates the generational differences of recent home buyers and sellers.
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FAU report suggests real estate cycle is hitting its peakBOCA RATON, Fla. – March 13, 2018
Current signs indicate that most U.S. housing markets are approaching a peak in the real estate cycle, but there's little evidence to suggest prices will plummet as they have in the past, according to the latest national index produced by Florida Atlantic University (FAU) and Florida International University (FIU) faculty.
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Some buyers will lose out if they don't act nowCHICAGO – March 13, 2018
Rising mortgage rates could have a big impact on the direction buyers go when shopping for real estate, economists warn.
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Would more manufactured homes ease housing shortages?WASHINGTON – March 12, 2018
The federal government may be eyeing manufactured housing as one potential solution to ease a shortage of affordable homes across the country.
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Fannie inks photo deal to make foreclosures more appealingWASHINGTON – March 12, 2018
Fannie Mae has teamed up with national real estate photography firm VHT Studios to give listings of foreclosed properties a makeover with professional photos and, in some cases, virtual staging. Homes nationwide that have been renovated and are being sold through Fannie Mae's HomePath program will be photographed by VHT Studios as soon as they're ready to hit the market.
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NAR: Fair housing should remain a primary HUD missionWASHINGTON – March 12, 2018
The Department of Housing and Urban Development (HUD) might change its mission statement to remove what it calls anti discrimination language. HUD Secretary Ben Carson has led the charge and wants to add in "self-sufficiency," a major focus of his since taking the helm of HUD.
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What will happen with home prices this year?WASHINGTON – March 9, 2018
New Jersey is the poster child for the high-cost, high-tax states where housing markets – and homeowners – are supposed to suffer under the new tax law. Patrice and Kalvin Sosoo, of Teaneck, N.J., have a toddler, Kingsley, and a baby on the way, so they're in the market for a larger place. But the Sosoos aren't deterred by the new rules, even though housing costs for their next home are likely to be higher.
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A good credit score opens doors for renters tooNEW YORK – March 9, 2018
When first-time renter Angelica Fattu-Logan, 20, started applying for apartments, she braced for rejection. But those rejections never came – in part because she had good credit.
"I applied to about three or four different apartments, and they all accepted me right away," says Fattu-Logan, a drugstore manager and college student from Peoria, Arizona, who recently moved into an apartment with her fiancée. "It was a pretty quick process, like two days. It was just a matter of picking which one I liked better." She maintains her credit by paying for groceries with her credit card and paying off the balance right away. |
Spring home sales could be weakest in yearsWASHINGTON – March 8, 2018
Real-estate agents warn this could be one of the weakest spring selling seasons in recent years. They cite factors such as rising mortgage rates, a new tax law that reduces the incentives for homeownership, and a growing weariness among first-time buyers being priced out of the market due to an extremely tight inventory of for-sale homes in many U.S. markets.
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ATTOM: Home flipping hit an 11-year high in 2017IRVINE, Calif. – March 8, 2018
ATTOM Data Solutions' Q4 and Year-End 2017 U.S. Home Flipping Report found that home flipping was up 1 percent year-to-year in 2017 and hit an 11-year high.
The 207,088 homes flipped in 2017 represented 5.9 percent of all single-family home and condo sales during the year, an increase from 5.7 percent of all sales in 2016. |
Mortgage rates climb to 4.46% - a 4-year highWASHINGTON (AP) – March 8, 2018
Long-term U.S. mortgage rates climbed this week to their highest average in more than four years, ratcheting up affordability pressures at the start of the traditional spring home buying season.
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More millennials going conventional, fewer FHAPLEASANTON, Calif. – March 7, 2018
According to the latest Ellie Mae Millennial Tracker, 67 percent of all closed loans by millennials were conventional – the highest percentage in two years. Conventional loans continued to be the most popular loan product, although women were slightly more likely to take advantage of FHA loans.
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New steel, lumber tariffs may raise cost of new homesWASHINGTON – March 5, 2018
The new tariffs announced on March 1 by President Donald Trump would add 25 percent to the cost of steel, used in home foundations, floors and high-rise construction, and 10 percent for aluminum from foreign suppliers.
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Why homeowners want a smaller housePALO ALTO, Calif. – March 2, 2018
Some home buyers are drawn to the smallest home on the block. A survey by Houzz, a home remodeling and design website, sought to find out why these homeowners prefer residences that are often 1,000 square feet or less.
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U.S mortgage rates up for 8th week; 30-year at 4.43%WASHINGTON (AP) – March 2, 2018
Long-term U.S. mortgage rates crept higher this week, marking the eighth straight week that it cost more to borrow to buy a home.
Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year fixed-rate mortgages rose to 4.43 percent this week from 4.40 percent last week. The new average for the benchmark rate is the highest since January 2014. The 30-year rate stood at 4.10 percent a year ago. |
Factors behind property tax surgesWILMINGTON, Mass. – March 1, 2018
Homeowners may question why their property taxes keep going up, and some owners may be shocked by just how much. Property taxes are crucial funds for schools, libraries, police and fire departments, roads and parks, and more within a community. There are several factors that could cause property taxes to go up; home renovations and revaluations are the two most common reasons, according to an article at realtor.com®.
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Evaluating housing market since the Great RecessionIRVINE, Calif. – March 1, 2018
A new CoreLogic® report, "Evaluating the Housing Market Since the Great Recession," reviews the 11-year economic cycle surrounding the last U.S. housing market downturn. It takes a look at the boom and bust years between 2006 and 2011 and the ensuing recovery, with data through December 2017.
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More homeowners living with a roommateWASHINGTON – March 1, 2018
A new CoreLogic® report, "Evaluating the Housing Market Since the Great Recession," reviews the 11-year economic cycle surrounding the last U.S. housing market downturn. It takes a look at the boom and bust years between 2006 and 2011 and the ensuing recovery, with data through December 2017.
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