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Here is Real Estate News For You This Monday.

U.S. Senate Passes Condo Legislation.

The Senate passed the Housing Opportunity Through Modernization Act and is now waiting for the President to sign it. This bill includes changes to FHA restrictions on condo financing. According to NAR’s President “condominiums often represent  an affordable option that’s just right for first-time and low to moderate income buyers. Unfortunately overly burdensome restrictions on condo financing put that option out of reach for many creditworthy buyers.”  In short this bill will make it easier for finance condo’s. For the complete article from The National association of Realtors click here.

Beige Book Release BY Federal Reserve

Reports by the 12 Federal Reserve Districts indicate that economic activity continued to expand at a modest pace across most regions from mid-May to the end of June. Banks reported overall increase in loan demand and real estate activity continued to strengthen. For the complete report about our economy from the Fed click here.

The Most And Least Expensive States For Energy Bills. found that utility bills can take  5% to 22% out of your paycheck on a monthly basis. Wallet Hub ranked the states where residents pay the lowest and highest energy bill, with 1 being the highest cost state and 50 being the lowest cost state. Florida came in at number 38, not bad but FPl’s commercials seem to imply our rates are one of the lowest in the country.

Click here for the list at wallet hub

Miami Housing Markets Is Coming Back Down To earth

Real estate firm Douglas Elliman released it’s quarterly reports and it shows the luxury Miami market hitting a wall and quickly slowing down  The Real deal reports. The report shows a big drop in sales and an increase in inventory. Read the complete report here at The Real Deal

Florida In Top 5 States For Expected Home Price Growth

Core Logic’s monthly report for home sales from April to May show a 1.3 percent increase nationwide. This increase adds to the 52nd month of continued price increase throughout the nation. To look at the complete report visit PNC Mortgage here.

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Milton Weiss
Born in cold country up north, I never was happy being cold. Finished college and left for warmer weather and landed in the Caribbean for many years. Met my wife there, had a happy life there and then moved to Palm Beach County, Florida, where we still have a happy life. Warm weather, the sun, and the ocean flow through my body. I hope to bring some of that energy to you.