New building codes and regulatory changes are in the future as Southwest Florida continues to recover from Hurricane Ian’s wrath. FORT MYERS BEACH – When it comes to once-in-a-generation hurricanes and Florida’s real estate market, one thing is clear: change is afoot. Consider Hurricane Andrew. More than three decades ago, that deadly 1992 storm … Read more
MARATHON, Fla. – The state is considering easing strict long-standing limits on development in the Florida Keys, a move that could fuel the biggest building boom in the ecologically fragile island chain in nearly a half-century. It could – at least potentially – open the door to as many as 8,000 new homes and businesses … Read more
Newly allocated Hurricane Housing Recovery Program funds can be used to pay for repairs, insurance deductibles and down payments, among others. TALLAHASSEE, Fla. – Home and property owners in 18 Florida counties impacted by Hurricane Idalia may be eligible for state-backed funds for repairs and housing assistance. The Hurricane Housing Recovery Program provided $25 million … Read more
To measure housing-cost inflation, the Consumer Price Index uses “the current cost to rent the house you own,” even though many mortgage payments won’t change. NEW YORK – The U.S. Bureau of Labor Statistics, which compiles the Consumer Price Index (CPI), doesn’t measure the cost of homeownership within home prices. Instead, it estimates what a … Read more
At an NAR panel last week, industry experts said that when multiple generations live together, it can help address affordability concerns and homeownership gaps. ANAHEIM, Calif. – A panel of housing industry experts discussed how multigenerational housing could help combat housing supply shortages and growing homeownership gaps last week during the National Association of Realtors® … Read more
Freddie Mac Chief Economist: “New data indicate inflationary pressures are receding” – which, along with lower mortgage rates, may lure more homebuyers into the market. JONESBORO, Ga. – Mortgage rates have fallen for three straight weeks, with the 30-year fixed rate averaging 7.44% Thursday, down from 7.5% a week earlier, according to Freddie Mac. But the … Read more
WASHINGTON (AP) – Long past its painful peak, inflation in the United States may be heading steadily back toward its pre-pandemic levels, without the need for further interest rate hikes by the Federal Reserve. Such a scenario became more likely, if hardly guaranteed, after Tuesday’s surprisingly tame report on consumer prices for October. The Labor … Read more
FORT LAUDERDALE, Fla. – After Rich Engels’ mother died earlier this year, Engels decided to sell her condo unit in Sunrise Lakes Phase 4. He lined up a buyer, but he said the deal fell apart after the lender learned that the condo building had no wind insurance. Lenders won’t approve mortgage loans on buildings … Read more
Gas, cars and airfare cost less last month. Prices rose 3.2% year-to-year in Oct. – still higher than the Fed’s 2% goal – for the smallest increase since June. WASHINGTON (AP) – Inflation in the United States slowed last month in a sign that the Federal Reserve’s interest rate hikes are continuing to cool the … Read more
More people are adding property investments to their retirement portfolios. If added cautiously, it can be a viable hedge against the volatility of stocks and bonds. NEW YORK – In light of the uncertain and volatile nature of investment markets, many individuals are seeking to enhance their retirement savings beyond employee pension funds or retirement … Read more
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