When the pandemic hit, vacation sales soared until mortgage rates rose and fewer owners listed their homes. The result: Second-home mortgage-rate locks are down 52%. SEATTLE – Due in part to higher mortgage rates, it’s a difficult time to buy a second home. In March, rate locks for second homes were down 52% compared to … Read more
Southern state homeowners generally pay less, though. N.J. homeowners, for example, pay double the average amount Fla. homeowners pay ($4,100). NEW YORK – Property taxes increased twice as fast last year than in 2021 in the U.S., with many areas in the South and West increasing by more than the national average. Even after the … Read more
How strict should U.S. water rules be? The issue has spanned three administrations, and the latest resolution to ease water rules failed with Biden’s second veto. WASHINGTON (AP) – Defending his administration’s actions on clean water, President Joe Biden on Thursday vetoed a congressional resolution that would have overturned protections for the nation’s waterways that … Read more
Rejecting lower-court decisions, the Fla. Supreme Court ruled that homeowners who rent out rooms within their property may lose part of their homestead exemption. TALLAHASSEE, Fla. – Rejecting lower-court decisions, the Florida Supreme Court on Thursday said a Sarasota man should not have received a homestead property-tax exemption for part of his house that he … Read more
A COVID-pushed trend, “functional décor,” has driven many people to put a sofa bed in their living room and convert little-used guest rooms for other functions. NEW YORK – A growing number of consumers prioritize “functional décor” as they spend more time at home. “Functional decor is about making your space work for you, your … Read more
RE usually sees cycles between buyer’s and seller’s markets, but this time it’s a bit different. Supply vs. demand hasn’t changed because both sides pulled back. SEATTLE – New listings fell 21.8% year-to-year during the four weeks ending April 2, one of the biggest drops since the start of the pandemic, according to a Redfin … Read more
Local zoning generally cedes more space to single-family homes than multifamily, HUD says, and it’s releasing new data that backs up recommendations for change. WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) released a new publication that summarizes the effects of zoning policies on housing supply, location and affordability. HUD says it’s … Read more
The stock for many major U.S. builders is up 20% so far as investors bank on it probably “crossing the valley from recession to potential recovery” in fall 2023. LOS ANGELES (AP) – Homebuilder stocks are on a tear as investors bet that a dearth of previously occupied homes on the market and moderating mortgage … Read more
Rather than just react to fair housing complaints, HUD plans to be more assertive via a program announced in Jan. This week, it extended the comment period to April 24. WASHINGTON – In January, the U.S. Department of Housing and Urban Development (HUD) proposed a new program called “Affirmatively Furthering Fair Housing” that would be … Read more
Commercial real estate remains strong in many areas of the country, and even in metros seeing a slowdown, it’s often considered “an opportunity” rather than “a catastrophe.” NEW YORK – American humorist Mark Twain is quoted as saying, “The reports of my death are greatly exaggerated.” The actual statement was that “the report of my … Read more
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