Economists and analysts know that the country has experienced economic growth for almost a decade. They also know that a recession can’t be too far off. A recent report by Zillow Research shed light on a survey conducted by Pulsenomics in which they asked economists, investment strategists and market analysts how they felt about the current housing market. That report revealed the possible timing of the next recession: “Experts largely expect the next recession to begin in 2020.” That timing … [Read more...]
30-Year Mortgage Rate Rises Again – to 4.16%
The long-term U.S. mortgage rate climbed for the seventh straight week following Donald Trump's election victory, again marking new highs for the year. Mortgage giant Freddie Mac said Thursday the average rate on a 30-year fixed rate loan rose this week to 4.16 percent from 4.13 percent the previous week. The benchmark rate is well above its 3.97 percent level of a year ago. The rate on 15-year home loans, a popular choice for people who are refinancing, ticked up to 3.37 percent from 3.36 … [Read more...]
The Impact Your Interest Rate Has on Your Buying Power
The Difference Your Interest Rate Makes Home purchasing power is greatly affected by interest rates, unless you're paying cash. With historic lows on mortgage rates edging upward, here's some quick info on how that impacts your home buying budget. Some Highlights: Your monthly housing cost is directly tied to the price of the home you purchase and the interest rate you secure for your mortgage. Over the last 30 years, interest rates have fluctuated greatly with rates in the double … [Read more...]
SW Florida Housing Market has Slowed – and That’s Good
NAPLES, Fla. – Feb. 24, 2016 – The SW Florida housing market is showing signs of slowing and local experts say that's OK. Home resales are slowing – and so are land sales for new homes and developments. "We're in the middle of a downshift in the marketplace. And it's a good thing," said Denny Grimes, president of Denny Grimes & Co. in Fort Myers. Grimes was one of three expert speakers at Market Watch 2016, sponsored by the News-Press and held at the Harborside Event Center in downtown … [Read more...]
Florida’s Real Estate Market – Housing Overview
"Florida's real estate market remained quite healthy in December," said Brad O'Connor, chief economist at Florida Realtors. "Closed sales remain strong, and prices continue to rise. "Inventory levels of single-family homes dropped to an annual low for 2015 at the end of December, to just under 100,000 active listings," he added. Statewide, single-family sales totaled 23,056 in December, up 2.9 percent over the year. Condo sales fell 1.2 percent to 9,357, according to the Florida Realtors … [Read more...]
Florida Housing Market Report – October
The Florida housing market reports for October higher median prices, fewer days on market and a constrained inventory of homes for sale in October, according to the latest housing data released by Florida Realtors®. Statewide closed sales of existing single-family homes rose last month with a total of 22,147, an increase of 1.2 percent over October 2014. "October marked the 47th consecutive month that statewide median sales prices increased year-over-year for both single-family homes and … [Read more...]
Home Prices – Steady Growth Third Quarter
Home Prices An encouraging lift-off in existing-home sales amidst ongoing inventory shortages kept home prices rising in most of the country during the third quarter, but overall price appreciation slowed to a healthier pace, according to the latest quarterly report by the National Association of Realtors®(NAR). The median existing single-family home price increased in 87 percent of measured markets, with 154 out of 178 metropolitan statistical areas (MSAs) showing gains based on closings in … [Read more...]
New Laws for Florida Homeowners
New laws go into effect July 1 TALLAHASSEE, Fla. – June 30, 2015 – A number of real estate-related bills passed by the 2015 Florida Legislature and signed by Gov. Rick Scott become effective July 1. They include: Flood insurance SB 1094 expands an effort that began last year to establish a private, primary flood insurance market so property owners have an alternative to the National Flood Insurance Program. It allows insurers to offer "flexible" flood insurance coverage that, among other … [Read more...]
Existing Home Sales Explode
Existing home sales explode as spring home buying season officially arrives Surges to highest level in 18 months Existing-homes sales surged to their highest annual rate in 18 months, showing a promising beginning to the spring home buying season, the latest report from the National Association of Realtors® (NAR) said. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped 6.1% to a seasonally adjusted annual … [Read more...]
Florida Economic Forecast – Sunny Days in the Sunshine State
Florida Economic Forecast – Sunny Days Dr. Hank Fishkind - With over 30 years of experience in the field of economic analysis and forecasting, Dr. Fishkind is a well-regarded economist in the state of Florida. Dr. Fishkind recently discussed broad economic markets and narrowed down to Florida economics, giving his opinion of what Floridians might expect in the upcoming year. Tourism is expected to increase significantly due to the recent declines in oil & gas prices. On average, … [Read more...]