It’s the highest average for the 30-year, fixed-rate loan since Nov. when it peaked at 7.08%. Last week it averaged 6.32%; one year ago it averaged 3.89%. WASHINGTON – The average long-term U.S. mortgage rate jumped this week to its highest level since November. Mortgage buyer Freddie Mac reported Thursday that the average on the … Read more
The Biden Admin. wants tighter regulation over private equity investors that have more than a 5% ownership block in facilities enrolled in Medicare of Medicaid. NEW YORK – A 5% ownership block in a commercial real estate sector would rarely cause a blip on the government radar. But that’s not the case with America’s nursing homes … Read more
The U.S. has now seen home sales drop 12 months in a row, even as median sales prices continue to rise along with the number of for-sale homes on the market. WASHINGTON – It’s officially one full year – 12 months in row – for home prices declines in the U.S., according to the National … Read more
Developer Stephen Ross says New Yorkers are moving to Fla. for jobs, not just retirement, due to tax issues, security concerns and Fla.’s “ease of living.” NEW YORK – Billionaire Stephen Ross, founder of the firm that developed Manhattan’s Hudson Yards, is pushing deeper into South Florida in a bet that wealth will continue migrating … Read more
Is limited marketing time for social media best spent domineering one site, such as Facebook, or developing a lighter presence on many social media sites? NEW YORK – Real estate professionals may have good results focusing on a particular digital marketing channel, but Angela Boyer-Stump, senior global real estate advisor and licensed salesperson at Sotheby’s … Read more
Florida Realtors economist: More people still move into the Sunshine State than leave it, and United Van Lines’ analysis of its customers unveils some of their motives. ORLANDO, Fla – What goes up must come down, but what goes in doesn’t always go out – or at least that’s true for Florida’s shipments, according to … Read more
LOS ANGELES – We’re witnessing a massive revolution in artificial intelligence (AI). Tools like ChatGPT, Midjourney, Stable Diffusion, Dall-E and Copilot allow users to generate text, imagery, computer code and other content based solely on natural language prompts. The creativity, detail and human-like quality of the AI outputs are astonishing, leading to widespread excitement, fear, … Read more
Year-end earnings reports from Redfin and Zillow showed substantial losses after mortgage rates almost doubled – the “scenario we feared would happen.” SEATTLE – Seattle’s real estate tech companies are feeling the effects of the cooling housing market on their bottom lines. Despite cutbacks and layoffs in 2022, year-end earnings reports from Zillow and Redfin … Read more
United Property & Casualty Ins. Co. is insolvent, and the company cites higher-than-expected losses from Hurricane Ian. Fla. is taking steps to place it in receivership. TALLAHASSEE, Fla. – State regulators moved forward Thursday with placing United Property & Casualty Insurance Co. (UPC) into receivership after higher-than-expected losses from Hurricane Ian helped push the insurer … Read more
Residents expect HOAs to enforce rules and often empower them to fine and suspend homeowners. But laws and rules keep HOAs from being all-powerful. MIAMI – Community associations’ abilities to fine and suspend unit owners who refuse to comply with their rules and restrictions are essential for the viability of the home/condo-owner association model for … Read more
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