26 Mar, 2025

* **SB 264 (Effective July 1, 2023):** Restricts property ownership by “foreign countries of concern” (China, Russia, Iran, North Korea, Cuba, Venezuela, and Syria) and their agents, particularly targeting agricultural land and property near military installations. Violation may lead to felony charges.

* **SB 1718 (Effective July 1, 2023):** Impacts real estate transactions involving undocumented immigrants. Requires businesses with 25+ employees to use E-Verify, potentially affecting the construction labor market.

* **Florida ranked #1 in U.S. for net domestic migration in 2022:** Increased demand continues to drive property values.

* **2023 Median Sales Price (Single Family Homes):** Fluctuated, showing a cooling trend after significant pandemic-era growth. However, prices remain higher than pre-pandemic levels. Source: Florida Realtors

* **Inventory Levels:** Increased inventory in many markets gives buyers more negotiating power than in previous years.

* **Disclosure Requirements:** Sellers are legally obligated to disclose known material defects affecting property value.

* **FIRPTA (Foreign Investment in Real Property Tax Act):** Foreign sellers are subject to withholding taxes on the sale of U.S. real estate.

* **Property Taxes:** Florida property taxes are assessed annually, and homestead exemptions offer significant tax benefits to primary residents.

26 Mar, 2025

* **Professional Photography Crucial:** Homes with professional photos sell 32% faster and for up to 47% more than homes with poor-quality images.
* **First Impressions Matter:** 89% of homebuyers find photos very useful during their home search. Online listings with only photos and no virtual tour are viewed only 7 seconds.
* **Timing & Lighting Key:** Optimal shooting times are often early morning or late afternoon to avoid harsh midday sunlight. Golden hour photography is especially beneficial.
* **Staging Essential:** Decluttering, depersonalizing, and highlighting key features increases appeal. 83% of staged homes sell faster than non-staged.
* **Key Photo Subjects:** Prioritize showcasing living spaces, kitchens, master bedrooms, and outdoor areas.
* **Equipment Considerations:** Wide-angle lenses (10-22mm for crop sensors, 16-35mm for full-frame) are crucial for capturing room interiors. Tripods ensure sharp images, especially in low light.
* **Photo Count:** Listings with at least 20 high-quality photos are more likely to attract buyer attention.
* **Exterior Appeal:** Showcase curb appeal with well-maintained landscaping and attractive architectural details.
* **Virtual Tours/Drone Footage:** Implementing virtual tours or drone footage can significantly boost buyer engagement, especially for higher-priced properties.
* **Florida-Specific Elements:** Highlight outdoor living spaces (pools, patios, lanais) and waterfront views if applicable to capture the Florida lifestyle.

26 Mar, 2025

Florida homeowners face risks stemming from mortgage-related errors and predatory lending practices. Foreclosure filings in Florida often involve procedural errors by lenders, with estimates suggesting 30-40% of foreclosures have legal defects. Common mishaps include lost paperwork, improper notices, and incorrect accounting. Approximately 10% of Florida mortgages are considered high-cost, making borrowers vulnerable to predatory terms. The state consistently ranks high in foreclosure rates nationally, sometimes exceeding the national average by 20-30%. Title defects, undisclosed liens, and boundary disputes affect an estimated 1-2% of property transactions annually in Florida. Many homeowners are unaware of their rights and available resources to fight improper foreclosures.

26 Mar, 2025

Florida homeowners face risks stemming from mortgage-related errors and predatory lending practices. Foreclosure filings in Florida often involve procedural errors by lenders, with estimates suggesting 30-40% of foreclosures have legal defects. Common mishaps include lost paperwork, improper notices, and incorrect accounting. Approximately 10% of Florida mortgages are considered high-cost, making borrowers vulnerable to predatory terms. The state consistently ranks high in foreclosure rates nationally, sometimes exceeding the national average by 20-30%. Title defects, undisclosed liens, and boundary disputes affect an estimated 1-2% of property transactions annually in Florida. Many homeowners are unaware of their rights and available resources to fight improper foreclosures.

26 Mar, 2025

– Florida’s median home price is around $400,000 (fluctuates by region).
– Average mortgage rate in Florida mirrors national trends, influenced by the Federal Reserve & market conditions. Check current rates daily.
– Credit score of 740+ is generally required for best rates; aim for 760+ for significantly better offers.
– Down payment options range from 3% (conventional) to 0% (USDA, VA – if eligible).
– Florida Housing Finance Corporation offers assistance programs for first-time buyers and specific professions (teachers, healthcare).
– Common loan types: Conventional, FHA, VA, USDA, Jumbo. FHA is often used by first-time homebuyers.
– Debt-to-income ratio (DTI) should ideally be below 43% for optimal loan approval and terms.
– Closing costs typically range from 2-5% of the loan amount.
– Shop around with at least 3-5 lenders to compare rates, fees, and loan terms; consider local credit unions.
– Pre-approval is crucial before house hunting to understand your budget and negotiating power.

25 Mar, 2025

Overnight Weakness Gives Way to Modest Gains

In absolute terms, it was a moderately active day for bonds as 10yr yields moved inside a respectable 7bp range (4.37 to 4.30). In day-over-day terms, we’re left with merely modest gains, but no one’s complaining. Early trading raised concerns about a technical break above the 4.34 ceiling. As we discussed yesterday, such breakouts can just as often serve as cues for buyers to get back in the pool, and that appears to have been the case today. Stocks had one of their calmest sessions in recent memory and bonds didn’t exhibit any of the typical correlation.  U.S. bond traders simply showed up in line to buy some bonds, and that was that.

Econ Data / Events

Consumer Confidence 

92.9 vs 94.0 f’cast, 98.3 prev
lowest reading since July 2022
expectations index 65.2 vs 72.9 prev

Market Movement Recap

09:42 AM Weaker overnight, but stronger after 8:20am CME Open.  10yr down half a bp at 4.337 and MBS up 1 tick (.03)

12:51 PM Bond rally continues.  MBS up an eighth and 10yr down 4.2bps at 4.3

03:49 PM Off the best levels, but still stronger.  MBS up 2 ticks (.06) and 10yr down 3bps at 4.312

20 Mar, 2025

The eternal disclaimer: we should never flat-out expect a particular correlation between stocks and bonds, with limited exceptions. Yesterday’s Fed announcement was an exception, because we often see stocks and bonds improve together when the market perceives a friendlier Fed.  That correlation (stock prices moving higher and bond yields moving lower) is a break from the recent norm where heavy stock losses have spilled over to help bonds. We may be seeing a gentle return of that norm this morning.  Data failed to offer any inspiration, but stocks are surging at the open, with the reversal of overnight losses aligning with a reversal in the overnight bond market rally.

If there’s a happy takeaway above, it’s that the bond bounce hasn’t been remotely commensurate with the stock bounce.  Perhaps there is some small attention being paid to Jobless Claims creeping up to their highest non-seasonally adjusted level of the past 5 non-lockdown-impacted years.

18 Mar, 2025

Florida’s real estate market is currently experiencing a slowdown. Home sales are declining year-over-year, with some areas seeing double-digit percentage drops. Inventory is rising, offering buyers more choices and negotiating power.

* **Price Reductions:** A growing percentage of listings are experiencing price reductions, signaling a shift in market dynamics.
* **Inventory Increase:** Inventory levels are significantly higher compared to the lows of the pandemic era, but still below pre-pandemic levels in many areas.
* **Mortgage Rate Impact:** Rising mortgage rates are a key factor cooling demand, making homeownership less affordable. The 30-year fixed-rate mortgage has more than doubled since early 2022.
* **Regional Variations:** The market slowdown is not uniform across the state. Coastal areas and those previously experiencing hyper-growth are seeing more pronounced corrections. Central and northern Florida maintain relative stability.
* **Luxury Market:** The luxury real estate sector is also showing signs of slowing, although demand remains comparatively higher than other segments.
* **New Construction:** Increased new construction is adding to the existing inventory, potentially further moderating price growth.

18 Mar, 2025

– Florida’s median home price in June 2024 hovered around $408,700 (Zillow), making affordability a key concern.
– Rising property insurance costs in Florida are significantly impacting affordability; some areas see premiums exceeding $6,000 annually.
– Property taxes average 0.84% statewide, but vary by county, adding to the overall housing expense.
– Down payment assistance programs exist for first-time homebuyers, potentially reducing the upfront cost barrier.
– Budgeting tips include pre-approval for a mortgage, creating a realistic budget factoring in all housing-related costs (insurance, taxes, HOA), and exploring less expensive areas or property types.
– Considering the 28/36 rule (housing costs not exceeding 28% of gross monthly income and total debt not exceeding 36%) is crucial for sustainable homeownership.

18 Mar, 2025

Florida’s home buying process involves several key steps, including pre-approval, property search, making an offer, inspection, appraisal, and closing. The average closing time in Florida is 30-45 days. As of October 2024, the median sale price for single-family homes in Florida is approximately $420,000, with fluctuations varying by county and metro area. Inspections typically cost $300-$500, while appraisals range from $500-$700. Common closing costs in Florida range from 2-5% of the purchase price, covering expenses like title insurance, recording fees, and transfer taxes. Florida is a “buyer beware” state, emphasizing the importance of thorough inspections. Title insurance is crucial, protecting against title defects, with the buyer often responsible for selecting the title company. Earnest money deposits usually range from 1-3% of the purchase price.