July New-Home Sales Up 1% as Prices Skyrocket
After a string of declines, new-home sales reversed direction in July, albeit only a little bit. Median new-home prices rose to $390K – 18.4% higher year-to-year.
Condo Law Changes Likely After Surfside – but It’s Complicated
A Broward task force will likely ask the state to boost inspections and change funding of reserves. But any new rules will face regulatory and political hurdles.
On-Time Rent and Mortgage Approvals: Here’s How It Works
Thanks to new technology, Fannie Mae lenders can check prospective borrowers’ bank statements (with permission) to verify rent-payment history starting Sept. 18. Freddie Mac plans to follow suit soon. Advocates say rent history is a better gauge of reliability than FICO scores.
Fla.’s Housing Market: Median Price, New Listings Rise in July
Florida Realtors’ data: Median prices for single-family existing homes rose 20.3% year-over-year to $355,000; up 20.5% to $253,000 for condos/townhomes. Chief Economist O’Connor says July data shows signs Fla.’s housing market is heading on a steady path toward normalcy.
Moving Scams Are Back with S. Fla. a Hotbed of Activity
Moving “brokers” may entice relocators with low-ball estimates and promise to “handle all the details,” then subcontract the actual move to dicey third-party vendors.
NAR: U.S. Home Sales Climb 2% Higher in July
Prices rose 17.8%, and in a positive sign, the for-sale inventory rose 7.3%. Economist Yun says there’s a chance prices “will level off as inventory continues to improve.”
Big Life Changes Spark Big Moves – Including Lost Loves
A “fresh start” pushes many singles to upend their life and seek a new one. Still, almost half of relocating love-losers pick a destination for its job opportunities.
Mortgage Giant Will Soon Accept Bitcoin Payments
United Wholesale Mortgage plans to accept cryptocurrency before the end of this year, saying it wants to be the first lender in the U.S. to do so.
Appeals Court Overturns Beach Access Ruling
The decision overturns an earlier ruling that backed waterfront property owners. The issue focused on dry-sand parts of the beach, “customary use” rules and a 2018 law.
Land Sales: Going, Going and Going Up
In parts of Southwest Fla., vacant residential lots are commanding record-high prices. With a shortage of homes for sale, more buyers are choosing to purchase land so they can build what they want, resulting in some eye-popping listing and sales prices.