The recent total devastation of the Bahamas by hurricane Dorian reinforced the need for hurricane-proof homes in areas that are subject to this risk. Building codes have not kept up with the increasing severity of the weather. Wind Damage As an example, Florida communities, such as the Miami-Dade County area, have building codes that are designated by risk zones. The risk zones in Miami-Dade County are: Risk Category I - Buildings must be able to withstand 165 mph winds. Risk Category II - … [Read more...]
Fed Policymakers Cut Key Rate Range by .25 Percent
The Federal Reserve's Federal Open Market Committee reduced its key short-term interest rate range one-quarter percent to 1.75 to 2.00 percent during it's September meeting. While FOMC members had mixed opinions on reducing the benchmark rate range for short term loans, the post-meeting statement suggested that reducing the federal funds rate was a hedge against inflation. The federal funds rate impacts short-term consumer loan rates for autos and adjustable rate mortgages, but does not impact … [Read more...]
NAHB: Home Builders Remain Confident
The National Association of Home Builders Housing Market Index shows steady builder confidence in housing market conditions. September's index reading of 68 was one point higher than August's reading. Any reading over 50 indicates that most home builders surveyed view housing market conditions as favorable. August's original index reading was adjusted upward by one point. Component readings for the Housing Market Index were mixed. Builder confidence in current market conditions rose two points … [Read more...]
Is Now a Good Time to Cash Out Your Home Equity?
For many Americans, their home is their primary investment. The equity stored in your residence can be a source of available cash for home repairs, upgrades, or for financing the purchase of investment properties. However, few homeowners really understand the process that results in home equity. What Is Home Equity? Your monthly mortgage payment goes towards two different amounts. The first is the interest that you pay for the loan. The other is your principal payment or the amount that … [Read more...]
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