In a seasonally adjusted month-to-month comparison, July sales were 4.4% higher than June sales. Year-to-year sales were up 31.5%. WASHINGTON – New-home sales hit a 17-month high in July as construction continues to hold an outsized percentage of the home-sale market. The industry has been slowly ramping up even as the existing-home market pulls back … Read more
A judge turned down a preliminary injunction request over Fla.’s foreign-buyer law, but the plaintiffs said Monday that they’re going to appeal the decision. TALLAHASSEE, Fla. – A battle about a new Florida law that restricts people from China from owning property in the state is headed to a federal appeals court. Attorneys for four … Read more
MIAMI – At the Hammocks in West Kendall, 6,500 homeowners are anxious for a return to self-rule after seven years under the thumb of a tyrannical, secretive board of directors that is accused of stealing millions in monthly fees from their neighbors. Although the former president is in jail on theft and fraud charges, and … Read more
The state-owned insurer requested a maximum 12% hike for most residential policies and must go lower. But a condo association hike was approved at 9.2%. TALLAHASSEE, Fla. – Regulators have ordered the state-backed Citizens Property Insurance Corp. to revamp – and trim – proposed rate increases. Florida Insurance Commissioner Michael Yaworsky signed an order Friday … Read more
Inventory is low and many current homeowners with low mortgage rates aren’t budging. In marketing, it’s time to cast a wide net. LAS VEGAS – On the first day of the Inman Connect event in Las Vegas, top realty agents revealed their strategies for managing the stubborn problem of low inventory. Nneka Jenkins with Onyx … Read more
Of all homes buyers could consider in the second quarter, 31.4% were new construction – the highest 2Q percentage on record. Pre-pandemic it was 17%. SEATTLE – Newly built homes made up nearly one-third (31.4%) of all single-family home listings on the market nationwide in the second quarter, according to a report from Redfin, the … Read more
Mosquito-borne illnesses have spiked in Florida – dengue, malaria, chikungunya and West Nile Virus – due largely to an international visitor increase. MIAMI – This year’s spike in international travel has brought more than 200 cases of mosquito-borne illnesses to Florida, including dengue, malaria, chikunguny and West Nile Virus. When it comes to dengue fever, … Read more
Some discouraged buyers should stop looking for their “forever home” and start looking for their “get my foot in the door to start building equity” home. NEW YORK – The average rate on the standard 30-year fixed mortgage rose to 7.09%, according to Freddie Mac’s latest weekly survey. Some experts say that’s close to an … Read more
A 30-year, fixed-rate loan averaged 7.09% this week, its highest level since it was 7.13% in April 2002. It also exceeds a high of 7.08% hit last fall. WASHINGTON – The average long-term U.S. mortgage rate jumped this week to its highest level in 20 years, grim news for would-be homebuyers already facing high home … Read more
Buffet’s company spent $700M to buy DR Horton stock and lesser amounts for two other builders, suggesting the investment guru sees profits via the new-home industry. OMAHA, Neb. (AP) – Warren Buffett’s company appears to be betting on the housing market picking up because Berkshire Hathaway bought more than $700 million worth of homebuilder DR … Read more
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