It’s the highest average rate for a 30-year, fixed-rate loan in two decades – up from last week’s 7.49% as more buyers now turn to adjustable-rate loans. LOS ANGELES (AP) – Home loan borrowing costs rose for the fifth straight week, keeping the average long-term U.S. mortgage rate at its highest level in more than … Read more
A verdict in the Kansas City trial is expected Nov. 10. “NAR fundamentally disagrees with how (they’re) characterizing our rules,” says NAR’s top legal officer. KANSAS CITY, Missouri – The National Association of Realtors® (NAR), along with HomeServices of America and Keller Williams Realty, begin trial Monday in Kansas City, Mo., in the case Burnett … Read more
Developer Country Garden can’t meet debt payment deadlines. Unlike the U.S., the Chinese economy overbuilt and has too much housing supply for buyer demand. HONG KONG (AP) – Chinese property developer Country Garden warned Tuesday that it cannot repay on time a 470 million Hong Kong dollar ($60 million) loan in the latest sign of … Read more
Lawmakers are looking back on insurance changes enacted during recent sessions of the Florida Legislature and taking a “give it time to work” stance. TALLAHASSEE, Fla. – A key senator said Tuesday he does not expect lawmakers to make major property-insurance changes during the 2024 legislative session, as they continue to watch the results of … Read more
FORT LAUDERDALE, Fla. – Home insurance costs in Florida are unlikely to fall even as reforms enacted by the state Legislature last year drive down litigation rates, a national insurance analyst predicted in a newly released report. The report by Karen Clark & Company, titled “Managing Expectations: Why Florida Homeowners Insurance Premiums Are Not Likely … Read more
Climate Alpha uses AI to identify those Fla. cities with the least risk from flooding. For overall storm risk, Ocala is No.3 behind Lake City and Tallahassee. NEW YORK – The National Oceanic and Atmospheric Administration reports that 40% of U.S. hurricane landfalls occur in Florida – significantly more than any other state. But some … Read more
SANTA FE, New Mexico – Artificial Intelligence (AI) is a game changer for the real estate industry. The more prominent AI becomes, the greater its potential to transform all aspects of the work lives of real estate professionals, the real estate industry and overall property investment. Here are just some of the ways AI has … Read more
Some hackers gain access to computer systems because an operator made a security mistake – but only regular focused efforts can stop the more sophisticated hackers. CHICAGO – Keep your guard up. As more people work from home, they could be exposing themselves to viruses and other online dangers that might not threaten their physical … Read more
Apartment construction is facing rising interest rates, declining rents and overbuilding in some areas. As a result, 2023 has seen 41% fewer new-project starts. NEW YORK – The number of new apartments starting development has dropped dramatically this year, a consequence of higher interest rates and declining rents, as well as some possible overbuilding in … Read more
WASHINGTON (AP) – The nation’s employers added 336,000 jobs in September, an unexpectedly robust gain and the largest monthly rise since January, evidence that many companies remain confident enough to keep hiring despite high interest rates and a hazy outlook for the economy. Last month’s job growth jumped from a 227,000 increase in August, which … Read more
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