Jacksonville is the third-most diverse job market in the U.S.

5 12 2018

Jacksonville has been named the third-most diverse job market in the U.S., according to LinkUp, a job recruiting website. Jacksonville was listed behind Salt Lake City, Utah, and Buffalo, N.Y., respectively.

LinkUp analyzed data from job markets in relation to real estate values and availability in the third fiscal quarter of this year.

The study found that Jacksonville was less reliant on big employers and that job availability provided a wide range of options for workers.

In the top-five job markets, Jacksonville was followed by Raleigh, N.C., and Austin, Texas.

As far as the top-50 job markets in the United States, the least diversified were Cleveland, Atlanta, New York, Chicago and Detroit.

Source: LinkUp.com and Jacksonville.com

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Housing sales, inventory trending up in Florida

4 12 2018

Florida’s housing market reported more closed sales, rising median prices and more new listings in October compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 22,272 last month, up 8.5 percent compared to October 2017.

October marked 82 consecutive months (more than six and a half years) that statewide median sales prices for both single-family homes and condo-townhouse properties increased year-over-year.

Rising interest rates are having a ripple effect across the housing market as the Federal Reserve increases borrowing costs. Analysts expect the Fed to raise rates again a few times in 2019. Areas with strong job or population growth, like Florida, may be able to weather higher mortgage rates, analysts say.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.83 percent in October 2018, up from the 3.90 percent averaged during the same month a year earlier.





Some Floridians can get up to $10K for septic-tank upgrade

8 10 2018

The Florida Department of Environmental Protection (DEP) announced a Septic Upgrade Incentive Program to improve water quality and protect Florida’s springs. The program encourages homeowners to enhance their conventional septic systems by adding advanced features to reduce nitrogen pollution.

This Septic Upgrade Incentive Program can offset the cost of an upgrade by providing certified installers and licensed plumbers up to $10,000 after the installation of enhanced nitrogen-reducing features to existing septic systems located in targeted areas within eligible counties – generally those with natural springs. The program can reduce a homeowner’s costs for the septic system upgrades.

Homeowners who qualify for septic-tank money live in DEP “Priority Focus Areas.” According to DEP, those include homes in Citrus, Hernando, Leon, Marion, Orange, Pasco, Seminole, Volusia and Wakulla counties. DEP has a Priority Focus Area map posted on its website.

“We encourage homeowners in these Priority Focus Areas to take advantage of this new Septic Upgrade Incentive Program,” says Trina Vielhauer, director of DEP’s Division of Water Restoration Assistance. “Every homeowner who does their part to upgrade a septic system brings us one step closer to our goal of significantly lowering nutrients in Florida’s springs.”

Eligible enhancements include:

  • Retrofitting septic tanks with advanced pre-treatment
  • Recirculating aerobic treatment units
  • Replacing traditional septic tanks with upgraded nutrient-reducing technology

The incentives will be paid directly to septic system installers and licensed plumbers retained by homeowners to update existing systems, and they must be pre-approved before commencing work.





Florida housing market’s positive trends continues

20 09 2018

Florida’s housing market reported more sales, more new listings, and higher median prices in August compared to a year ago, according to the latest housing data released by Florida Realtors®. Sales of single-family homes statewide totaled 26,273 last month, up 4.2 percent compared to August 2017.

“August marked the second month in a row that Florida’s housing market experienced a rise in new listings, which is a good sign for potential homebuyers,” says 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale. “New listings for existing single-family homes rose 6.6 percent compared to a year ago and new listings for condo-townhouse properties increased 4.1 percent from last August.

“At the same time, the median time for a sale to go to contract is getting shorter: For single-family homes, it was 36 days, down 2.7 percent; for condo-townhouse properties, it was 46 days, down 6.1 percent. With such a quick turnaround time to contract, a Realtor with local expertise can help buyers and sellers navigate the market.”

August marked the 80th consecutive month (over six and a half years) that the statewide median sales prices for both single-family homes and condo-townhouse properties rose year-over-year. The statewide median sales price for single-family existing homes was $254,290, up 6.0 percent from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. The statewide median price for condo-townhouse units in August was $185,000, up 8.8 percent over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

Looking at Florida’s condo-townhouse market, statewide closed sales totaled 10,365 last month, up 6.6 percent compared to a year ago. Closed sales data continued to reflect fewer short sales and foreclosures in August: Short sales for condo-townhouse properties dropped 18.8 percent and foreclosures fell 28.9 percent year-to-year; while short sales for single-family homes declined 34.2 percent and foreclosures fell 30.1 percent year-to-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“The dominant story across Florida’s housing markets over the past couple of years has been the shortage of single-family homes for sale, but in the July numbers, instead of the usual year-over-year decline, we saw that inventory was virtually unchanged from the level we reported for July of 2017,” says Florida Realtors Chief Economist Dr. Brad O’Connor. “So the question is, is this the beginning of a trend? According to the newly released August data from Florida Realtors, it very well could be.

The statewide inventory of single-family homes was up 4.5 percent compared to last year.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.55 percent in August 2018, up from the 3.88 percent averaged during the same month a year earlier.

Source: Florida Realtors





U.S. Housing: 10 Years After the Financial Crisis

10 09 2018





IRS Tax Relief for Hurricane Victims

10 10 2017

The Internal Revenue Service (IRS) offered a rundown of key tax relief available to victims of Hurricanes Harvey, Irma and Maria. In general, the IRS relief to individuals and businesses applies anywhere in Florida, Georgia, Puerto Rico and the Virgin Islands, as well as parts of Texas.

Because the relief postpones various tax deadlines, individuals and businesses have until Jan. 31, 2018 to file any returns and pay any taxes due. Those eligible for the extra time include:

  • Individual filers whose tax-filing extension runs out on Oct. 16, 2017. Because tax payments related to these 2016 returns were originally due on April 18, 2017, those payments are not eligible for this relief, it only impacts the filing
  • Business filers, such as calendar-year partnerships, whose extensions ran out on Sept. 15, 2017
  • Quarterly estimated tax payments due on Sept. 15, 2017 and Jan. 16, 2018
  • Quarterly payroll and excise tax returns due on Oct. 31, 2017
  • Calendar-year tax-exempt organizations whose 2016 extensions run out on Nov. 15, 2017

variety of other returns, payments and tax-related actions also qualify for additional time. The IRS also continues to closely monitor the aftermath of these storms, and additional updates for taxpayers and tax professionals will be posted to IRS.gov.

Besides extra time to file and pay, the IRS offers other special assistance to disaster-area taxpayers. This includes the following:

  • Special relief helps employer-sponsored leave-based donation programs aid hurricane victims. Under these programs, employees may forgo their vacation, sick or personal leave in exchange for cash payments the employer makes, before Jan. 1, 2019, to charities providing relief. Donated leave is not included in the employee’s income, and employers may deduct these cash payments to charity as a business expense.
  • 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to hurricane victims and members of their families. Under this broad-based relief, a retirement plan can allow a hurricane victim to take a hardship distribution or borrow up to the specified statutory limits from the victim’s retirement plan. It also means that a person who lives outside the disaster area can take out a retirement plan loan or hardship distribution and use it to assist a son, daughter, parent, grandparent or dependent who lived or worked in the disaster area. Hardship withdrawals must be made by Jan. 31, 2018.
  • The IRS is waiving late-deposit penalties for federal payroll and excise tax deposits normally due during the first 15 days of the disaster period. Check out the disaster relief page for the time periods that apply to each jurisdiction.
  • Individuals and businesses who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2017 return normally filed next year), or the return for the prior year (2016). See Publication 547 for details.
  • The IRS is waiving the usual fees and expediting requests for copies of previously filed tax returns for disaster area taxpayers. This relief can be especially helpful to anyone whose copies of these documents were lost or destroyed by the hurricane.
  • If disaster-area taxpayers are contacted by the IRS on a collection or examination matter, they should be sure to explain how the disaster impacts them so that the IRS can provide appropriate consideration to their case.

Further details on these and other relief provisions can be found on the agency’s disaster relief page, as well as on the special pages for Hurricane Harvey and Hurricanes Irma and Maria. For information on disaster recovery, visit disasterassistance.gov.

Source: Florida Realtors





Congress Considers Post-Hurricane Flood Insurance Programs

9 10 2017

For the first time since 2005, four hurricanes have made a U.S. landfalls in a single hurricane season in over a decade.

The path of destruction in Texas, Florida, Puerto Rico, and Mississippi in the aftermath of Hurricane Harvey, Irma, Maria and Nate is catastrophic and there is an enormous financial jam facing the National Flood Insurance Program.  There has never been a greater need for the program. But that need has also set off a new round of calls to dramatically overhaul a program that hasn’t been able to sustain itself without major subsidies from the U.S. Treasury.

Established in 1968 to help homeowners living in flood-prone areas that private insurers wouldn’t cover, the National Flood Insurance Program (NFIP) has never been on steady financial footing, and continued construction in low-lying areas — as well as more frequent and powerful storms attributed to climate change — have put the NFIP deeply in the red.

As a result, Congress repeatedly finds itself re-authorizing new money to support the program. Even before Hurricanes Harvey and Irma, the program was set to expire on Sept. 30, and no new insurance policies can be written until it’s re-authorized again. 

Few home insurance policies cover flood damage, and nearly all U.S. flood insurance policies are issued through the program. To qualify for national flood insurance, a home must be in a community that has agreed to adopt and enforce various policies to reduce flooding risk.  

It’s hard to find a member of Congress who will call for an outright abolition of the program, which would likely destabilize real estate markets and property tax bases in those areas. So the aim among some legislators is to pass laws that will encourage homeowners to move into the private market.

One option is to raise the premiums for government insurance to help sustain the program, discourage new construction in high-risk areas and hope that as rates rise, more private companies will enter the flood insurance market.

The fear of many lawmakers who represent these homeowners is that a substantial rise in rates will be more than some can afford. 

The issue had the potential to become a crisis as congressional insiders worried that re-authorizing the program could get tangled up in fights over raising the debt ceiling and funding the government. But to the surprise of nearly everyone, President Trump cut a deal with Democratic leaders to re-authorize the program for the short-term and push all of those big decisions into December. 

Now, activists and member of Congress who want to overhaul the flood insurance program have an opportunity to make their case over the next couple of months.

They argue that government-subsidized insurance encourages more people to build in flood-prone areas — which then forces the government to rebuild their homes after every flood at taxpayer expense.

Those advocating an overhaul include taxpayer watchdogs, environmentalists, insurance companies and members of Congress who oppose bailing out areas that allowed building in flood-prone areas. They’re pushing for legislation that requires better flood plain mapping that takes climate change into account, stricter building regulations requiring measures like elevating homes and buildings to reduce flood risk, and setting sustainable insurance rates that won’t shock the market.

A powerful trifecta of interests groups comprised of bankers, real estate agents and home construction companies have fought these efforts. 

Back in 2012, former President Obama signed into law a major Congressional overhaul of the flood insurance program. Among the changes: eliminating subsidies for homes that are repeatedly damaged by flooding. 

But some homeowners and their representatives in Congress protested the steep price increase. In early 2014, Congress and Obama reversed course, passing into law a cap that would limit premium increases and mostly unwound the 2012 efforts. 

Now, many House members are pushing to let the private market take over the job of insuring properties in flood zones.

Supporters of the legislation in the House say they are undeterred, believing it’s the most popular proposal for changing the program and will inevitably pass.

For now, no one on Capitol Hill seems inclined to increase the misery of those affected in Houston by drastically changing the flood insurance program for those who are currently filing claims. And the Florida and Texas delegations have vowed to combine their legislative firepower to protect their constituencies — members from both parties say protecting the program is a key priority.

Source: The Eagle (Bryan-College Station, TX.)

 








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