The Fed cut rates for the second time this year and said it would keep doing what it deems necessary to sustain the U.S. economic expansion. Interest rate cuts have a direct impact on adjustable-rate mortgages and an indirect effect on fixed-rate loans.
Economists expected a more modest gain as permits, a signal of future building, also rose 7.7%. Single-family starts rose 4.4% as multifamily surged 30.9%.
Fla. Insurance Commissioner Altmaier says Dorian has generated $10M in claims so far, most covered by deductibles. But year-old claims still remain for Michael.
More homebuyers qualify for low mortgage rates after the average FICO score rose to 706. In post-recession 2009 it was 686; in pre-recession 2006 it was 690.
Buyers may not admit it, but more are sleeping in separate bedrooms and may prefer listings that make it happen. It’s a sleep thing, not a relationship thing.
Under Fla. law, condo transfer fees can’t exceed $100, a limit that’s often ignored. However, that may change. A Miami condo board that charged $350 for screening and move in/move out fees has agreed to pay up to $300K to settle a class action lawsuit.
In many U.S. cities, the last vestiges of affordable housing are mobile home parks: Residents own the home and rent the land beneath it. But investors prize the land because they can buy it and raise rents, and it’s often a prime spot for developers who want to build housing.
A short-term flood insurance extension is likely before it expires Sept. 30, but it’s less likely that Congress will consider any meaningful reforms before then.
It’s unlikely the Fed will drop interest rates to zero as Pres. Trump requested – but if they did, it would have an upside and a downside for homebuyers.
The index gauging builders’ attitudes hit 68 this month. Readings above 50 are considered positive territory, and they’ve been in the mid- to upper 60s since May.
Rental owners in Ga. and Idaho were charged in separate allegations. Both allowed families with children to rent homes, but they limited the total number of children they’d accept. The Idaho landlord will pay $15,000 and attend fair housing workshops.
