At 6.14%, Weekly Mortgage Rates Hit Sept. Lows

 It’s down from last week’s 6.33%. Freddie Mac’s chief economist says it provides a “much-needed boost” for the housing market, but inventory is a concern. The average long-term U.S. mortgage rate fell this week to its lowest level since September, a potential boost to the housing market which has been in decline for nearly a year. The big rise in mortgage rates during the past year has throttled the housing market, with sales of existing homes falling for 10 straight months to the lowest level in more than a decade. Though home prices have retreated as demand has declined, they are still nearly 11% higher than a year ago. Higher prices and a doubling of mortgage rates have made homebuying much less affordable for many people, but recent rate declines could give some homebuyers new hope. Though inflation at the consumer level has declined for six straight months, Fed officials have signaled that they may raise the central bank’s main borrowing rate another three-quarters of a point in 2023, which would be in a range of 5% to 5.25%. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to 6.15% from 6.33% last week. A year ago the average rate was 3.56%. The average long-term rate reached a two-decade high of 7.08% in the fall as the Federal Reserve continued to boost its key lending rate in its quest to cool the economy and tame inflation.

What Does the U.S. 2023 Appropriations Bill Do for REAL ESTATE?

 The $1.7T spending bill that funds the federal government through Sept. covers a number of RE priorities, such as buyer assistance, fair housing and flood insurance.

The National Association of Realtors® (NAR) waded through the massive $1.7 trillion spending bill passed late in 2022 by Congress and created a PDF list of the initiatives that focus on real estate, many of which received increased funding.

The omnibus bill funds the federal government through September 30, 2023, and builds upon the FY 2022 budget to ensure federal continuity of services.NAR’s list of funded priorities important to real estate Anti-money laundering: Money to develop the beneficial ownership database, which includes information on real estate ownership to support anti-money laundering efforts.

Broadband: The USDA’s ReConnect Broadband program gets $364 million for loans and grants to fund construction, improvement or acquisition of facilities and equipment that provide broadband service in eligible rural areas.Community Development Block Grants: Nearly $6.4 billion goes to the Community Development Block Grant (CDBG) program and other local economic and community development projects that benefit low- and moderate-income areas and people – a $1.6 billion increase in funding.

Community Development Financial Institutions Fund: $324 million for the Treasury Department’s Community Development Financial Institutions (CDFI) Fund.

United Realty Group. 2691 E. Oakland Park Boulevard suite 102

 If you want to relocate in Fort Lauderdale or invest in residential or commercial properties, we have in our office unlimited possibilities to assit and guide you in your most important endeavour in life.

We have also mortgage and Title services in the house with proficient and dedicated personel in that field with more of twenty years of experience. Thanks.

Angel Calzadilla,Realtor

(954) 632-3593

Florida’s home prices rose an average of nearly 20% during 2022, the biggest percentage jump of any U.S. state, a new study revealed.

 The study, by Santa Monica Realtors, examined data from Zillow across all 50 states to see which ones had the biggest average housing price increases.

Florida’s home pricing increased 19.9% in 2022 to an average of $404,939. The Sunshine State was followed in the rankings by South Carolina (19.2%), Vermont (16.9%), Tennessee (16.3%) and North Carolina (15.7%). Conversely, Idaho’s average home price growth was lowest of all states at just 1.3%. California was next at 4.4% and then Oregon at 5.5%. Twenty-four states had growth of 10% or more.

FROM THE DESK OF MY REAL ESTATE SERVICES TO YOUR INTEREST. Angel Calzadilla, Realtor

 Q&A: Is Paying a Special Assessment Mandatory?

If a condo board approves a waste-of-money pool project and passes a special assessment to pay for it, is there any way a disgruntled owner can get out of paying it? Question: Our condo recently passed a special assessment to make us pay for some improvements to the pool area that are a waste of money. What happens if I refuse to pay since I disagree with how the money will be used? Answer: Community associations, including homeowners, condominium, and cooperative associations, have the power to pass “special assessments” to pay for projects outside of the regular annual budget. These assessments must be voted on according to the law and community rules and, when properly passed, are binding on all of the owners in the neighborhood. Like your regular maintenance dues, there are consequences to not paying the assessment, including fines and even foreclosure. Worse still, the offending homeowner will have to repay the community for its collection costs, including administrative and legal fees and costs. These additional costs add up quickly and often surpass the unpaid assessment. Association law is complex, and each community’s governing documents are different. If enough of your neighbors disagree with the special assessment, or you think the association did not follow the rules in passing it, you should speak with an experienced attorney.