MIAMI – Home prices in Miami-Dade County fell for the third month in a row in September, giving breathing room to aspiring buyers on tight budgets who have waited months on the sidelines. Median sales prices dropped last month to $600,000 for single-family houses and $415,000 for condominiums, from $620,000 and $416,000, respectively, in August, … Read more
Mortgage Bankers’ 3Q report finds office mortgage-delinquency rates passing retail and hotel – but multifamily and industrial delinquencies remain below 1%. WASHINGTON, D.C. – The commercial real estate industry is facing some unique challenges. In addition to rising loan rates, there’s a lot of uncertainty over future demand, such as whether the office market will … Read more
GTOs require title companies to verify actual buyers of property. FinCEN extended its order to April 2024 and added 8 Fla. Gulf Coast counties to the list. WASHINGTON – The Financial Crimes Enforcement Network (FinCEN) announced the renewal and expansion of its Geographic Targeting Orders (GTOs). GTOs require title insurance companies to identify the real-life … Read more
Years of soaring prices and a limited inventory of for-sale homes has stressed buyers for years, but today’s market remains a profit goldmine for most sellers. LOS ANGELES (AP) – Despite a housing slump going back more than a year, soaring home prices in recent years and a stubborn shortage of properties on the market … Read more
On wedding website The Knot, 20% of couples ask for home down payment money – an amount that has risen 55% over the past five years. WASHINGTON – Nearly 1 in 5 couples are turning to their wedding registries for help with funds to buy their first home, according to a new survey. An analysis … Read more
Fed Chair Powell says the economy needs to cool as inflation remains stubbornly high – but another interest rate hike may not be needed. It might just take time. WASHINGTON (AP) – Federal Reserve Chair Jerome Powell said Thursday that inflation remains too high and that bringing it down to the Fed’s target level will … Read more
Census Bureau: Fla. and Arizona welcomed more relocating Californians last year as Texas numbers dropped. In 2021, 37K moved to Fla.; in 2022, it grew to 50K. ORLANDO, Fla. (AP) – The number of former Californians who became Texans dropped slightly last year, but some of that slack was picked up by Arizona and Florida, … Read more
The Mortgage Bankers Assoc. predicts a decline from 2021’s $816B to $442B this year as interest rates keep rising and supply/demand’s future remains murky. WASHINGTON, D.C. – Total commercial and multifamily mortgage borrowing and lending is expected to fall to $442 billion this year – a 46% decline from 2022’s total of $816 billion, according … Read more
Ameris Bank will settle with the Justice Dept. for $9M because it allegedly didn’t underwrite many mortgages in largely Black and Latino Jacksonville communities. WASHINGTON (AP) – The Justice Department has secured a $9 million settlement with Ameris Bank over allegations that it avoided underwriting mortgages in predominately Black and Latino communities in Jacksonville, Florida, … Read more
Median home prices rose 2.8% year-to-year under NAR’s seasonally adjusted formula, and the inventory of unsold existing homes climbed 2.7% month-to-month. WASHINGTON – Existing-home sales faded in September, according to the National Association of Realtors® (NAR). The Northeast region saw a small increase, but the Midwest, South and West all registered year-over-year sales declines. Total … Read more
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