At an NAR panel last week, industry experts said that when multiple generations live together, it can help address affordability concerns and homeownership gaps. ANAHEIM, Calif. – A panel of housing industry experts discussed how multigenerational housing could help combat housing supply shortages and growing homeownership gaps last week during the National Association of Realtors® … Read more
OIR: That’s up from $287.8M in late Oct. As of this week, a total of 25,047 claims have been filed for Idalia damage. The hurricane made landfall Aug. 30. TALLAHASSEE, Fla. – Estimated insured losses from Hurricane Idalia have reached $309.5 million, while claims have topped 25,000, according to data released Thursday by the Florida … Read more
As artificial intelligence and technology evolve, AI can transform some tasks real estate pros do, like automating marketing or making home showings more efficient. ANAHEIM, Calif. – Experts gathered to discuss the intersection of real estate and the latest technological advancements during the NAR NXT, The Realtor® Experience. The event featured two standout sessions that … Read more
Overall housing starts rose 1.9% to a seasonally adjusted rate of 1.37M units. NAHB chair: A lack of for-sale existing homes supported new construction demand. WASHINGTON – Single-family construction held steady in October as high mortgage rates depressed demand, but more buyers turned to new homes because of a lack of existing inventory. Overall housing … Read more
Freddie Mac Chief Economist: “New data indicate inflationary pressures are receding” – which, along with lower mortgage rates, may lure more homebuyers into the market. JONESBORO, Ga. – Mortgage rates have fallen for three straight weeks, with the 30-year fixed rate averaging 7.44% Thursday, down from 7.5% a week earlier, according to Freddie Mac. But the … Read more
WASHINGTON (AP) – Long past its painful peak, inflation in the United States may be heading steadily back toward its pre-pandemic levels, without the need for further interest rate hikes by the Federal Reserve. Such a scenario became more likely, if hardly guaranteed, after Tuesday’s surprisingly tame report on consumer prices for October. The Labor … Read more
NAR Chief Economist Yun: Except for office space, commercial property rates are expected to stabilize, though higher interest rates are impacting commercial loans. ANAHEIM, Calif. – Commercial property rates are expected to stabilize – aside from office space – and commercial real estate will revitalize, according to NAR Chief Economist Lawrence Yun. Yun presented yesterday … Read more
NAR attorneys: Real estate professionals should maintain clear communication with clients about the services they provide and how they get paid. Anaheim, Calif. – The Sitzer/Burnett verdict does not prohibit the practice of making offers of cooperating compensation, NAR attorneys said this week at NAR NXT, The Realtor® Experience. Listing brokers decide how much compensation … Read more
Economist Lawrence Yun predicts that home sales will rise by 15% next year, and by spring, mortgage rates will hover in the 6% to 7% range. ANAHEIM, Calif. – National Association of Realtors® (NAR) Chief Economist Lawrence Yun looked the current state of the U.S. residential real estate market and shared his 2024 outlook yesterday … Read more
FORT LAUDERDALE, Fla. – After Rich Engels’ mother died earlier this year, Engels decided to sell her condo unit in Sunrise Lakes Phase 4. He lined up a buyer, but he said the deal fell apart after the lender learned that the condo building had no wind insurance. Lenders won’t approve mortgage loans on buildings … Read more
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