U.S. Home Construction Up a Tepid 3.6% in May
Builders added more homes last month, but the increase isn’t enough to keep up with demand. And in the face of rising lumber prices, new building permits were down 3%.
Bidding Wars: More Likely than Not in All but One Fla. Metro
May survey: In Cape Coral, 75% of sellers had a bidding war, as did over 50% of sellers in other big Fla. metros. Only Jacksonville, at 34%, had more non-bidding sales.
NAR: Vacation Home Sales Rose 16.4% in 2020
Lee County tops NAR’s list of U.S. counties for the highest increase in vacation home sales, with Collier County also making the top 10 list. In 2020, vacation home sales were 5.5% of total existing-home sales; in 2019, they were 5%. Vacation home median prices were up 14.2%.
Builder Confidence Hits Lowest Point in 10 Months
NAHB chairman says supply-chain problems, like lumber, created production problems that forced some buyers out of the market when they could no longer afford a new home.
Shades of Sci-Fi: Holograms May be Next Webinar Option
Several companies say meeting participants can be 3-D holograms of remote workers, a close replication of in-person meetings – but no one-on-ones by the water cooler.
Real Estate Economy: It’s Not a Bubble Unless it Pops
A bubble, by definition, pops and prices plummet. Look at buyer demand. Look at homeowner equity. Prices could stop going up for a bit – but it’s not a bubble.
Proposed Amendment Would Protect Affordable Housing in Fla.
Doc stamp money in Fla.’s affordable housing trust funds should be used for affordable housing, but the Florida Legislature often “sweeps” it into general revenue. A constitutional amendment proposed by Florida Realtors would change that and secure ongoing support for housing in Fla.
Delicate Task for Fed: When to Pull Back on Low-Rate Support?
When will interest rates go up? The Federal Reserve might weigh in, but it still says that inflation is a temporary problem caused by supply-chain bottlenecks.
One Cause of Rising S. Fla. Rents? Lots of Unsuccessful Buyers
In addition to a wave of new Fla. residents, many buyers find themselves “forced to rent,” many month-to-month, because they haven’t successfully found a home to buy.
HUD: $1.1B Released for Emergency Housing Vouchers
626 public housing authorities across the U.S. will soon receive 70,000 emergency housing vouchers to help Americans dealing with homelessness.