Multifamily starts took the hardest hit, falling 26.3%. Single-family starts fell 4.3% month-to-month, though they were up year-to-year by 2.4%.
With a nod to the economy having “mixed signals,” Fannie Mae’s 3Q forecast calls for a “modest contraction” and mortgage rates “settling above 7%.”
No two shutdowns are the same, but the feds would be less responsive. Some RE products – FHA, VA and Rural Housing loans, flood insurance – may see an immediate impact.
NAHB’s monthly index (1-100) based on a survey of builders’ attitudes dropped 5 points to 45 in Sept., largely because of rising 7%-plus mortgage rates.
Daytona Beach, Gainesville and Orlando will each receive $500K, three metros out of only 14 selected by HUD for affordable housing grants.
Fla.’s state-operated “insurer of last resort” lowered its earlier request to an average 11.5% increase, with commercial complexes, including condos, rising 10.2%.
Just as “predictive analysis” can identify homeowners likely to sell soon, AI broker software can identify top candidates who may be willing to make a move.
State-owned Citizens Property Ins. can levy surcharges on all insurance policies if it has heavy losses, but Idalia’s impact won’t force it do to so.
To secure a home, some U.S. buyers still agree to make up the difference when a mortgage appraisal comes in at less than the contract price – an often risky move.
About 22% of U.S. mortgages are assumable from a seller to a buyer – largely federal ones, such as FHA loans – and a broker advertises that option to attract customers.
