LOS ANGELES – We’re witnessing a massive revolution in artificial intelligence (AI). Tools like ChatGPT, Midjourney, Stable Diffusion, Dall-E and Copilot allow users to generate text, imagery, computer code and other content based solely on natural language prompts. The creativity, detail and human-like quality of the AI outputs are astonishing, leading to widespread excitement, fear, … Read more
Year-end earnings reports from Redfin and Zillow showed substantial losses after mortgage rates almost doubled – the “scenario we feared would happen.” SEATTLE – Seattle’s real estate tech companies are feeling the effects of the cooling housing market on their bottom lines. Despite cutbacks and layoffs in 2022, year-end earnings reports from Zillow and Redfin … Read more
United Property & Casualty Ins. Co. is insolvent, and the company cites higher-than-expected losses from Hurricane Ian. Fla. is taking steps to place it in receivership. TALLAHASSEE, Fla. – State regulators moved forward Thursday with placing United Property & Casualty Insurance Co. (UPC) into receivership after higher-than-expected losses from Hurricane Ian helped push the insurer … Read more
Residents expect HOAs to enforce rules and often empower them to fine and suspend homeowners. But laws and rules keep HOAs from being all-powerful. MIAMI – Community associations’ abilities to fine and suspend unit owners who refuse to comply with their rules and restrictions are essential for the viability of the home/condo-owner association model for … Read more
Builders are more optimistic about the 2023 market, but that optimism isn’t reflected in the number of Jan. housing starts. Building permits increased a bit, though. WASHINGTON – Although rising builder sentiment indicates a turning point for housing later this year, January’s lackluster single-family production suggests that the new-home market still faces some challenges. Overall … Read more
The U.S. homeownership gap between Blacks and whites widened 1.5 percentage points from 2010 to 2021, according to a study by “Today’s Homeowner.” CHICAGO – The national racial homeownership gap widened from 2010 to 2021, new data shows – but in some areas of the country, the gap has actually closed. Housing equality worsened in … Read more
Committed to public service? Want to grow your charity work? Five Realtors will receive a $1,000 grant and a year of mentoring to help expand their efforts. CHICAGO – The National Association of Realtors® (NAR) is now accepting applications for its Volunteering Works grant and mentoring program. The program, funded by Wells Fargo Home Lending, … Read more
31% of U.S. Dec. sales were for cash, though Fla. percentages ran as high as 52% in West Palm Beach. VA and FHA loans also rose in most Fla. metro areas studied. SEATTLE – Roughly one-third (31.2%) of U.S. home purchases were cash sales in December, according to a report from Redfin. That’s up from … Read more
NAR’s Realtors Relief Foundation helps people after a disaster threatens their homes, including Floridians after Hurricane Ian hit Fla. last year. WASHINGTON – The Realtors® Relief Foundation (RRF) announced its 2023 fundraising campaign. The annual initiative aims to raise $5 million this year to provide housing relief to victims of hurricanes, floods, wildfires and other … Read more
WASHINGTON (AP) – The second consecutive quarter of economic growth that the government reported in late January underscored that the nation isn’t in a recession despite high inflation and the Federal Reserve’s fastest pace of interest rate hikes in four decades. Yet the U.S. economy is hardly in the clear. The solid growth in the … Read more
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