Florida Realtors’ data: Sales, new listings and median prices are up (24.3% for single-family homes, 20.8% for condos) from a year ago. Chief Economist O’Connor: Mortgage rates, while low, are no longer falling, which will gradually reduce competition until price growth falls back to a more normal pace.
Year-to-year, the median sale price of an existing U.S. home rose 22.9% in the second quarter – to $357,900. Prices were up in 99% of markets and up double-digits in 94%.
A 30-year, fixed-rate mortgage averaged 2.87% this week, up from 2.77%. Pandemic fears that pushed rates down were boosted by positive employment numbers this week.
Gulfstream Property & Casualty Insurance went into liquidation on July 28, saddling the state with an estimated $60-$65 million in unpaid claims and premium refunds.
Some frustrated and discouraged buyers dropped out of the market, but many may jump back in as inventory grows, properties linger on the market and bidding wars ease.
FEMA’s three “funding opportunities” give money to state and local governments that apply. The “pre-disaster funding” generally goes to disaster mitigation efforts.
The 14.4M Americans suffering from identity theft usually discover it happened when they apply for credit, including first-time buyers trying to secure a mortgage.
At the Fla. Real Estate Commission’s July 22 meeting, commissioners discussed some possible changes to 61J-10.025 and plan to follow-up at a meeting on Sept. 22.
Renters with thin credit histories may still qualify for a home loan under a Fannie Mae program that allows lenders to consider consistent, on-time rental payments when making lending decisions. Neither buyers nor lenders pay extra to use the new tool.
Inflation in airline fares, car production and lumber prices should flatten soon. Inflation’s highest long-term risk comes from escalating home prices and rental rates.