A one-two punch – value declines due to higher interest rates, and lower office and retail demand – has created the biggest commercial challenge since the 1970s. NEW YORK – The sudden surge in interest rates caused property values to fall, while the rise of remote work and e-commerce reduced demand for office and retail … Read more
The planning process starts with questions. HUD notes that things like technology have changed, and it will update regulations after a public comment period. WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) says federal fair-housing regulations about access for those with disabilities should be updated – but it’s not doing so until … Read more
Under Risk Rating 2.0, how does FEMA determine an individual property’s insurance cost? FEMA says it can’t share data, so a Louisiana parish sued to find out. NEW ORLEANS – St. Charles Parish filed suit against FEMA on Tuesday over its controversial new system for setting flood insurance rates, alleging the federal agency has failed … Read more
Sales surpassed economists’ expectations. Builders say decreasing mortgage rates and the existing-home market’s lack of inventory probably pushed sales higher. WASHINGTON, April 25 – Lower mortgage rates and limited existing inventory helped push March sales of newly built, single-family homes up 9.6% to a 683,000 seasonally adjusted annual rate, according to data by the U.S. … Read more
Of the 20 cities included in the indices, 8 had price declines – but Fla. led the U.S. in price increases with No. 1 Miami (up 10.8% year-to-year) and No. 2 Tampa (7.7%). NEW YORK – S&P Dow Jones Indices (S&P DJI) February results on U.S. housing prices reported a 2.0% annual gain, down from … Read more
The area has a housing affordability problem in part because a limited amount of land for development continues to sell for higher amounts of money. FORT LAUDERDALE, Fla. – South Florida is seeing a stark drop in the number of new housing projects expected to be developed, as the region deals with an affordability crisis … Read more
Homeland Security says that Risk Rating 2.0 – a flood insurance system that prices policies by house rather than flood zone – needs more tweaking than expected. WASHINGTON – Department of Homeland Security Secretary Alejandro Mayorkas revealed at a congressional hearing last week that a new federal system for setting flood insurance premiums needs more … Read more
SEATTLE – Roughly one of every seven (13.5%) U.S. homes sold by an investor in March sold for less than the investor bought it for, according to a new report from Redfin. That’s comparable with February’s 14.5% rate – the highest since 2016. It’s also nearly triple the share of a year earlier and compares … Read more
Many homeowners still think standard property insurance covers flooding – it doesn’t – but some companies do offer credits or money for flood mitigation efforts. STATEPOINT, Wash. – Many people look forward to spring when the weather warms up and flowers start to bloom, but it also marks the start of the peak time of … Read more
Florida Realtors: Single-family sales fell 15% year-to-year, median price up 2.1% to $405K, inventory at a 2.7-months’ supply. 1Q 2023 housing data saw similar trend. ORLANDO, Fla. – Florida’s housing market in March and the first quarter (1Q) of 2023 had more for-sale inventory (active listings) and higher median sales prices compared to a year … Read more
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