Pat Digiacomo's Blog Posts

Mortgage Rates Hit 6%, First Time Since 2008

Mortgage Rates Hit 6%, First Time Since 2008By Matt OttFreddie Mac: 30-year rate rose to 6.02% from 5.89% last week – it's more than doubled since a year ago. Rising interest rates continue to

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Property Values Are Up. So What About Taxes?

Property Values Are Up. So What About Taxes?By Roger WilliamsCounty governments in Fla. should see record jumps in the taxes they’ll collect after the hot–market months of 2021 –

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As Housing Market Cools, Homebuyers Regain Leverage

As Housing Market Cools, Homebuyers Regain LeverageBy Alex VeigaRedfin analysis: On average, U.S. homes bought in Aug. sold for less than what sellers were asking –that hasn’t happened

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More Fla. Inventory? Depends on Price Tier

More Fla. Inventory? Depends on Price TierBy Jennifer WarnerFlorida Realtors economist: Active inventory is up 68% year-to-year, but largely at higher price points as listings in the $150-$300K

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FHFA: U.S. 2Q Prices Up 17.7% – But Over 26% in Fla.

FHFA: U.S. 2Q Prices Up 17.7% – But Over 26% in Fla.By Kerry SmithOf 100 metros tracked by government-backed mortgages, 8 Fla. cities hold top-11 spots, with Sarasota-Bradenton (up 36.5%) and

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July Housing Starts Fall 9.6%

July Housing Starts Fall 9.6%By Kerry SmithSingle-family starts decreased 10.1% to the lowest reading since June 2020. Multifamily also fell (8.6%), but ongoing construction is up 24.8% year-to-year

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NAHB: Affordability at Lowest Point Since Recession

NAHB: Affordability at Lowest Point Since RecessionBy Kerry SmithOnly 42.8% of Americans with a median income could afford a median-priced home in the second quarter of 2022 – a sharp drop

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Growing Share of Listings on Market 30+ Days

Growing Share of Listings on Market 30+ DaysBy Kerry SmithThe six Fla. metros included in the July report had days-on-the-market averages greater than 30 days, ranging from an average 52.7% of Tampa

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Foreclosures Still Low – but Will Probably Grow

Foreclosures Still Low – but Will Probably GrowBy Lew SichelmanWhile experts don’t expect a recession-style foreclosure surge, the numbers should keep rising as the U.S. housing economy

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Market Shift: More Buyers Canceling Contracts

Market Shift: More Buyers Canceling ContractsBy Amber RandallAn uptick in buyer cancellations reflects a changing market, though the specific reasons range from interest rates and recession fears to

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Builder Confidence Drops 12 Points in July

Builder Confidence Drops 12 Points in JulyBy Kerry SmithThe 12% drop is the largest NAHB has recorded in its monthly survey of builder attitudes, except for 42 points in April 2020 – the first

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Fed: Rising Prices Are More Demand than Supply

Fed: Rising Prices Are More Demand than SupplyWhy are housing prices rising quickly? A Federal Reserve study found supply-side challenges less influential than ongoing and strong buyer demand.NEW

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Code Doesn’t Say What You Think It Says

Code Doesn’t Say What You Think It SaysBy Shannon AllenDear Shannon: A Realtor who won’t work with potential buyers already working with another Realtor says, “Never have.

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National Home Price Gains Exceeded 20% in May

National Home Price Gains Exceeded 20% in MayCoreLogic: Tampa had the highest year-over-year home price gain, 33.4%, for the 20 biggest metros. Fla. was the state with the highest home price

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U.S. House Focuses on Institutional Investors

U.S. House Focuses on Institutional InvestorsA committee looked at the impact on first-time buyers and minorities – and the real estate industry – if a high percentage of

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Moody’s: Housing Correction Coming – but No Crash

Moody’s: Housing Correction Coming – but No CrashThe Fed’s interest rate hikes will cause the “pendulum to swing back down” some places, but no crash if vacancies stay

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Proposed Citizens Rate Hikes Trimmed

Proposed Citizens Rate Hikes TrimmedFla.’s “insurer of last resort” sought a 10.7% rate increase for homeowners with “multi-peril” policies, its most common; but the

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May New Home Sales Post Solid Gain: Up 10.7%

May New Home Sales Post Solid Gain: Up 10.7%By Kerry SmithNew-home sales made up lost ground after four consecutive monthly declines, perhaps because some buyers rushed to lock in a mortgage before

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1Q Home Flipping: Numbers Up, Profits Down

1Q Home Flipping: Numbers Up, Profits DownBy Kerry SmithHome flips vary by metro, but they’ve grown as a percentage of sales (9.6%) for five straight quarters – but profit margins dipped

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Fla.’s May Home Sales: Listings and Prices Up

Fla.’s May Home Sales: Listings and Prices UpBy Marla MartinFlorida Realtors: Florida’s single-family median price is up 21.8% to $420K. Condo median price up 28.8% to $322K. Rising

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Rate Increases Pressure Younger Adults to Buy Now

Rate Increases Pressure Younger Adults to Buy NowBuyers who can still afford a home feel they must act quickly in the face of rising mortgage rates: 36% of millennial owners said it happened earlier

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Rising Rates Pressing Apartment Owners Too

Rising Rates Pressing Apartment Owners TooNew investors pay higher rates for acquisitions and higher mortgage rates too. As a result, some new investors feel pressured to keep increasing rents.NEW

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Fla. April Home Median Prices Up, Limited Supply

Fla. April Home Median Prices Up, Limited SupplyBy Marla MartinFlorida Realtors: Florida's single-family median price is 21.8% to $410K. Condo median price up 24% to $310K. Higher interest rates and

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Mortgage Payment Nearly 50% Above a Year Ago

Mortgage Payment Nearly 50% Above a Year AgoRealtor.com: The combo of higher rates and home prices has quickly climbed monthly payments. That impact is adding an extra $580 to buyers’ monthly

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65% of Buyers Would Make Offer Within 3 Days

65% of Buyers Would Make Offer Within 3 DaysReport: 20% of those surveyed said they’d make an offer immediately. Some buyers (56%) are willing to consider a 2nd job to earn more money for a

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First-Time Homebuyers Find it Takes More Than Money

First-Time Homebuyers Find it Takes More Than MoneyBy Terry CollinsMany homebuyers may find the first 48 hours are crucial to either make or break a deal – and often contingencies like taking

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Sellers’ Market Peak? More Drop Their Asking Price

Sellers’ Market Peak? More Drop Their Asking PriceIn April, 12% of sellers dropped their price compared to 9% one year earlier. It’s too soon to call it a trend, but it suggests prices

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Why so Few Homeowners Selling? It’s Complicated

Why are so Few Homeowners Selling? It's ComplicatedBy Lew SichelmanMany want to sell and move, but they feel stuck. Some don't have the income to qualify for a bigger mortgage; others worry about

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Pending Home Sales Dwindle 4.1% in February

Pending Home Sales Dwindle 4.1% in FebruaryTight inventory took a toll: Feb. is the 4th consecutive month of decreases for NAR’s pending sales index, which is down 5.4% year-over-year

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Top Tactic of Buyers to Win Bidding Wars? Its All About The Cash

MARCH 14, 2022Share this article: FacebookTwitterLinkedInPrintShareTop Tactic of Buyers to Win Bidding Wars? CashBy Kerry SmithA Redfin survey of agents found all-cash offers 334% more

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Will The War In Ukraine Impact Fla. Real Estate?

MARCH 15, 2022Share this article: FacebookTwitterLinkedInPrintShareWill Ukraine War Impact Fla. Real Estate?By Derek GilliamOn the one hand, Fla. is the No. 1 state for Russian RE investing

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Economic Standoff? Low Rates vs. Home Prices

MARCH 8, 2022Share this article: FacebookTwitterLinkedInPrintShareEconomic Standoff? Low Rates vs. Home PricesBy Jennifer WarnerFlorida Realtors economist: Low interest rates made monthly

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Great Recession Buyers Have Tons of Equity

MARCH 7, 2022Share this article: FacebookTwitterLinkedInPrintShareGreat Recession Buyers Have Tons of EquityBy Amber RandallBuyers who took a chance on a foreclosure or short sale around 2012

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3 People Sought in Real Estate Fraud Scheme

MARCH 4, 2022Share this article: FacebookTwitterLinkedInPrintShare3 People Sought in Real Estate Fraud SchemeThe Miami-Dade trio pretended one was a Realtor. They lured victims to vacant homes,

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Judge’s Decision Disappoints Fla. Condo Owners

Judge’s Decision Disappoints Fla. Condo OwnersBy Michael BraunCondo owners frustrated by alleged embezzlement of funds by their management company weren’t happy with a ruling that

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Nov. U.S. Home Prices Up 18.8% Year-to-Year

FEBRUARY 22, 2022Share this article: FacebookTwitterLinkedInPrintShareNov. U.S. Home Prices Up 18.8% Year-to-YearBy Kerry SmithThe increase in the top 10 and top 20 cities in S&P CoreLogic

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Researchers: Home Market ‘Close to Peak’

Researchers: Home Market ‘Close to Peak’By Steve PattersonHome prices, inflation and rising interest rates will soon create a balance in the housing market, say FAU researchers, though

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NAR: Jan. Existing Home Sales Surge 6.7%

FEBRUARY 18, 2022Share this article: FacebookTwitterLinkedInPrintShareNAR: Jan. Existing Home Sales Surge 6.7%By Kerry SmithPressured by a fear of rising interest rates, investors and families

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Cancellations: Some Contracted Buyers Losing New Homes

FEBRUARY 11, 2022Share this article: FacebookTwitterLinkedInPrintShareCancellations: Some Contracted Buyers Losing New HomesBy Shannon BehnkenSome Fla. buyers signing a contract for a newly

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2021 Fla. Housing Market: Strong Gains Despite COVID

JANUARY 20, 2022Share this article: FacebookTwitterLinkedInPrintShare2021 Fla. Housing Market: Strong Gains Despite COVIDBy Marla MartinFlorida Realtors’ Dec., 4Q and 2021 data: Year-end

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Fla. Flood of COVID-19 Foreclosures Didn’t Happen

Fla. Flood of COVID-19 Foreclosures Didn’t HappenBy Trevor FraserIn 2021, there was a year-to-year 29% drop in home foreclosures. In Central Fla.’s four counties, 2021 foreclosures

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Loans for Condos? New Rules Start to Have an Effect

Loans for Condos? New Rules Start to Have an EffectBy Jeff LazersonFannie’s tighter loan requirements post-Surfside collapse started Jan. 1; Freddie’s start Feb. 28. In the meantime, the

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RE Trends: What’s Driving Fla. Buyer Demand?

RE Trends: What's Driving Fla. Buyer Demand?By Marla Martin2022 Real Estate Trends: Millennials are prime homebuyers for years to come, and interest rates will rise. This year's wild cards?

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Buyers Rushing to Lock in Mortgages Fla.

Buyers Rushing to Lock in Mortgages Fla.Mortgage rates remain in the near-all-time-low territory, but recent upticks have panicked some buyers who now hope to land a home sooner rather than later

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3 Fla. Markets ‘Hottest’ for 2022 – Tampa No. 1

3 Fla. Markets ‘Hottest’ for 2022 – Tampa No. 1By Kerry SmithAn analysis of “competitive” markets in 2021 projects that Tampa will be the hottest in the U.S. this year,

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High Prices for Lumber? It’s Back

High Prices for Lumber? It’s BackAfter a summer dip, lumber prices almost tripled over the past four months. Builders say the increase adds more than $18.6K to the price of a new home.CHICAGO

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Floridians More Optimistic About the Future

Floridians More Optimistic About the FutureBy Kerry SmithUF’s monthly sentiment index ticked up 2.6 points in Dec. Current attitudes were mixed, but people showed increased optimism about the

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UCF: Housing Will Drive Economic Growth in 2022

UCF: Housing Will Drive Economic Growth in 2022Fla. job growth will outpace the nation, says UCF, and the housing industry – an “albatross” in the Great Recession – will

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Buyers Who Waited for Lower Prices? Many Regret It

Buyers Who Waited for Lower Prices? Many Regret ItBy Amber RandallSome buyers postponed searches, assuming prices would drop as they did in the last recession. But now, homes they once considered

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Fed Meets: Expect 3 Interest Rate Hikes in 2022

DECEMBER 15, 2021Share this article: FacebookTwitterLinkedInPrintShareFed Meets: Expect 3 Interest Rate Hikes in 2022By Christopher RugaberIn an abrupt policy shift, the Fed will stop economy

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How Quickly Will Mortgage Rates Rise in 2022?

How Quickly Will Mortgage Rates Rise in 2022?Even experts have trouble accurately predicting mortgage rates, but given Fed moves. One suggests only a slight increase – about 3.5% overall in

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Gov. DeSantis’ Budget Includes Housing, Environment

DECEMBER 9, 2021Share this article: FacebookTwitterLinkedInPrintShareGov. DeSantis’ Budget Includes Housing, EnvironmentBy Kerry Smith, Tom ButlerThe budget – a proposal to the

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Are At-Risk Homeowners Better Off Selling

Are At-Risk Homeowners Better Off Selling?In some cases, owners exiting forbearance can’t afford their homes. But with rising values, many can still sell, turn a small profit and not harm a

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How Many Homes Go to Investors? About 18%

DECEMBER 2, 2021Share this article: FacebookTwitterLinkedInPrintShareHow Many Homes Go to Investors? About 18%According to the analysis, only Fort Lauderdale (18.6%) comes close to that number.

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FHFA: Fla. Metro Price Increases Top National Average

FHFA: Fla. Metro Price Increases Top National AverageBy Kerry SmithU.S. home prices rose 18.5% year-to-year in 3Q, but the increases in eight Fla. metros ranged from 20.5% in Central Florida to 34%

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Single-Family Rental Demand ‘Through the Roof’

Single-Family Rental Demand ‘Through the Roof’By Swapna Venugopal RamaswamyThe listing shortage forced some families to rent, but many recent sellers are opting to pocket profits and

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Fla. Market: Median Prices Up, Amid Low Oct. Inventory

Fla. Market: Median Prices Up, Amid Low Oct. InventoryBy Marla MartinFlorida Realtors' data: Demand, low inventory impact prices. Single-family home median sale price up 17.7% to $358,950, condo

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New Bidding Wars Expected as International Buyers Return

New Bidding Wars Expected as International Buyers ReturnInventory remains tight, but it could get faster if more buyers arrive. Some S. Fla. agents say they’re already getting calls from

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First Time Ever Inflation Soars as Mortgage Rates Plunge

First Time Ever: Inflation Soars as Mortgage Rates PlungeBy Jeff LazersonThe last time inflation rose as mortgage rates fell? Never. But the world is awash with cash, which holds down mortgage,

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NAR Economist Yun: Housing Market May Normalize in 2022

NAR Economist Yun: Housing Market May Normalize in 2022By Kerry SmithForecasts always include caveats that may upend predictions, but NAR’s Lawrence Yun says the market is hot right now ;

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Residents Win $35M in HOA Lawsuit Against Developer

By Trevor FraserIt took four years, but a 55-plus Poinciana community of 5K residents won a class-action lawsuit against the developer over amenity ownership and use issues.POINCIANA, Fla. –

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Average Mortgage Rates Dip Below 3% Again This Week

Average Mortgage Rates Dip Below 3% Again This WeekThe fear of rapidly rising mortgage rates appears exaggerated, as this week’s 30-year, fixed-rate mortgage averaged 2.98% compared to last

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Buying a Home? When to Check Credit Score

Buying a Home? When to Check Credit ScoreORLANDO, Fla. – Certain credit-based applications need more preparation than others. According to FICO, the credit-score company, for many purchases

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States with the Fewest Outgoing Residents? Fla. No. 3

States with the Fewest Outgoing Residents? Fla. No. 3The LendingTree study also identified Fla. as a top destination for out-of-state movers: More than a third (36%) of state-to-state movers

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Millennial Demand Should Keep Housing Strong for Years

Millennial Demand Should Keep Housing Strong for YearsAlmost 1 in 4 Americans (22%) is a millennial. But, according to Barron's, as homebuyers, they made up more than 1 in 3 (37%) customers over the

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Buyers May Face Hidden Costs for Homes with Solar Power

Buyers May Face Hidden Costs for Homes with Solar PowerBy Kerry Smith“Solar-powered home” sounds like a great money-saving deal, but buyers should study possible costs before committing.

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