Bubble? Nowhere in sight for U.S. housing market

Oct. 24, 2017 – U.S. housing markets are expected to remain healthy through at least the end of 2018, with no housing bubble in sight and no projection of home prices falling, according to the Fall 2017 edition of The Housing and Mortgage Market Review (HaMMR), released by Arch Mortgage Insurance Company.
“People waiting for home prices to fall before buying may want to change their strategy, as the overall housing market is expected to stay strong for the foreseeable future,”
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October 2017 – Newsletter Housing Trends eNewsletter – Florida

 October 2017 Newsletter Housing Trends eNewsletter

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.
The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.
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Please click here to view the October 2017 Newsletter Housing Trends eNewsletter.
If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report.

White House: No Flood Insurance For New Homes in High-Risk Zones

WASHINGTON – Oct. 6, 2017 – The Trump administration proposed and end to federal flood insurance for new homes built in high-risk flood areas – a change that could curtail new construction in parts of Florida.

Home builders warned that the plan could stifle the economy and strongly opposed the idea. On the opposite side of the debate, climate activists praised it, suggesting it would put less people in harm’s way…
This could impact the construction of new developments in the near future.
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Bonita Springs & Estero Real Estate Markets Active After Hurricane

BONITA SPRINGS — According to the Bonita Springs-Estero Association of REALTORS® (BEAR) Media Committee, post-storm inventory has not shown a large decrease specifically due to homes affected by Hurricane Irma.

“Comparing inventory on Aug. 31 with inventory as of Sept. 22, we’re seeing just a 10 percent decrease,” stated Jerry Murphy, managing broker, Downing-Frye, Bonita Springs. “This decrease only represents homes indicated with a ‘withdrawn’ status, meaning these homes were withdrawn from an active status most likely due to a temporary situation.”

An example of a temporary situation might be foliage and tree debris from the storm inside communities, which may prevent buyers from entering the community until cleanup is completed, or a minor repair such as pool cage screening.

Overall, Bonita Springs and Estero homes did not see major structural damage from Hurricane Irma. This is likely due to homes that were built in the last 15 years with improved construction standards that were updated post Hurricane Andrew.
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National flood insurance extended for three months

WASHINGTON – Sept. 13, 2017 – On Thursday, Sept. 7, the Senate voted to pass a three-month extension of the National Flood Insurance Program (NFIP) that was scheduled to expire on Sept. 30, 2017; and on Friday, Sept. 8, the House of Representatives passed the legislation and President Trump signed the bill into law later on that same day.
For real estate practitioners, the pressure to close all deals that required flood insurance before Sept. 30 is off and transactions can proceed under their normal time schedules.
For Realtors, it means the National Association of Realtors® (NAR)’ Call for Action has also ended, concluding on Friday, Sept. 8, 2017, at 5:00 p.m. Eastern Time.
However, the three-month extension was not NAR’s initial goal. The association had first pushed for a longer extension and necessary changes to keep NFIP viable. NAR says it will continue those legislative advocacy efforts for the 21st Century Flood Reform Act until the long-term reauthorization and reform bill is enacted.
“Extending the National Flood Insurance Program was a must-do item, and Congress delivered,” says NAR President William E. Brown. “That’s good news for consumers, as well as an opportunity for proponents of meaningful reform. With a short extension on their side, leaders in the House and Senate should continue work on the 21st Century Flood Reform Act to strengthen the NFIP and ensure the long-term certainty that current and future homeowners demand.”
© 2017 Florida Realtors

Florida Real Estate Market: Sales, Median Price up in July

Just like the weather, Florida’s housing market was hot in July with more closed sales, higher median prices, increased pending sales and more new listings, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 24,546 last month, up 2 percent compared to July 2016.
The statewide median sales price for single-family existing homes last month was $240,000, up 7.1 percent from the previous year.
Inventory remained tight in July with a 3.9-months’ supply for single-family homes and a 5.6-months’ supply for townhouse-condo properties, according to Florida Realtors.
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