Tag Archives: housing

30-year mortgage rate back over 5%

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Average long-term U.S. mortgage rates soared this week in acontinued volatile market as the key 30-year loan rate jumped back over 5%.

Mortgage buyer Freddie Mac reports that the 30-year rate rose to 5.22% from 4.99% last week. By contrast, the rate stood at 2.87% a year ago.

The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, increased to 4.59% from 4.26%.

Last week the 30-year rate fell below 5% for the first time in four months, days after the Federal Reserve raised its benchmark interest rate by three-quarters of a point in its most aggressive drive in over three decades to tame record-high inflation.

Florida’s median home price soars to $410,000

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The median home price in Florida hit $410,000 in April, according to a report from the Florida Realtors trade group, further eroding the options for working-class residents to find housing.

All of Florida’s 22 metropolitan statistical areas experienced an increase in home prices over the past year, most in double digits, with prices continuing to rise. The statewide year-over-year increase was 21.8% percent, the report found.

Only the Tallahassee metro, with a median home price of $299,000, saw a decrease from its price in February, which was $306,950.

The Orlando-Kissimmee-Sanford MSA had the sixth-highest home prices, with a median of $425,000, a 23.9% raise. This is higher than April’s report from the Orlando Regional Realtor Association, which includes a broader coverage area than the MSA.

The report put Orlando above the Tampa region, with a median of $404,900, but below the Sarasota area’s $500,000.

Growing crisis of housing affordability

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When the government released March inflation data, it showed that prices increased by 8.5% from a year ago,the fastest pace since December 1981. Gas (+48.8%),food (+8.8%) and used cars (+35.3%) showed eye-popping advances, but another line item is also worrisome: shelter, which increased by 5% annually.

That may not seem so bad when compared to those other categories, but shelter accounted for nearly two-thirds of the monthly increase in the Core CPI, which removes the volatile food and energy figures.

The U.S. has a burgeoning housing affordability crisis, and it’s likely to persist longer than high prices in grocery stores and at gas pumps.

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$1-million milestone: Orange County, CA median home price hits seven figures

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The median home price in Orange County reached $1 million last month, becoming the first Southern California county to ever hit that pricey mark and underscoring just how expensive the region has become.

The threshold was crossed when the Orange County median sales price for new and existing houses, condos and townhomes rose from $985,000 in February to $1,020,000 in March, according to data released this week by researcher DQNews. It constitutes a 22% jump in median price from a year prior.

Million-dollar homes spread rapidly throughout Southern California during the pandemic, becoming commonplace in communities once thought to be relatively affordable like Highland Park and West Adams in Los Angeles County. The median price in Los Angeles County rose to $840,000 in March, up 12% from a year earlier.

The Orange County milestone marks a momentous rise in wealth, at least on paper, for local homeowners. But it comes as a regionwide lack of affordable housing has pushed people into homelessness and caused others to leave the state in search of shelter they can afford.

According to a recent survey from the Public Policy Institute of California, 64% of California adults view housing affordability as a big problem, with more than half of adults saying they are concerned they won’t have enough money to pay their rent or mortgage.

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Security deposit alternatives offered for Florida renters

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As rents skyrocket, startup companies are touting what they consider to be a helpful solution to hefty security deposits pricing Floridians out of apartments.

Instead of forking over an upfront security deposit, tenants can agree to pay a monthly fee — typically about $25.

But there’s a catch: The money isn’t refundable at the end of the lease like a traditional security deposit, and renters are still on the hook for damage beyond ordinary wear and tear.

State lawmakers are considering legislation that would create regulations for such
agreements that offer security deposit insurance instead of a traditional lump-sum
deposit.

But advocates for Florida tenants have concerns. They say the proposed regulations lack important safeguards to protect renters from predatory practices.

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