We all know that the markets react far too violently to the BLS jobs report and never look at the revisions. I have shared my opinions about the lack of value in these numbers because they are constantly being revised, and likely those revisions tell a story that doesn’t flatter the political ruling class. We had further proof yesterday as the BLS, Basically Lying Statistics data (really Bureau of Labor Statistics) has revised its annual jobs numbers, and they were revised LOWER by 818,000 jobs! That is close to 70K jobs a month!

This has gotten to a point where we must really look at this and either just shut the whole thing down and admit as an agency, we don’t know how to figure this out and rely on the ADP numbers; OR just fire everyone and bring in a clean slate of people to start from scratch and find a new method of calculating this information. The system isn’t broken, to be considered broken it must have worked at some point. The process and the people using it can’t produce reasonable results so either kill it or cure it. The status quo has to go!

The movers and shakers in the world of money are in Jackson Hole Wyoming for their annual meeting and it will be interesting to see what Jerome Powell has to say on Friday and how the markets react to it going into next week. So initial and continuing claims today and Powell on Friday could be interesting to see market reactions to this and the end of the Democrat Convention in Chicago. These are potential market movers so pay attention!

First full week under the new NAR agreement and seeing mixed bag of responses from the street. I am very interested in your feedback about what you are seeing in your markets and what, if any, noticeable changes you are seeing in contract structure and negotiations on your new deals. As always, you can share any questions or comments with me at: This email address is being protected from spambots. You need JavaScript enabled to view it.

This week's results of its Primary Mortgage Market Survey® (PMMS®) showed that the 30-year fixed-rate mortgage (FRM) averaged 6.46 percent.

“Although mortgage rates have stayed relatively flat over the past couple of weeks, softer incoming economic data suggest rates will gently slope downward through the end of the year,” said Sam Khater, Freddie Mac’s Chief Economist. “Earlier this month, rates plunged and are now lingering just under 6.5 percent, which has not been enough to motivate potential homebuyers. We expect rates likely will need to decline another percentage point to generate buyer demand.”

News Facts

• The 30-year FRM averaged 6.46 percent as of August 22, 2024, down from last week when it averaged 6.49 percent. A year ago at this time, the 30-year FRM averaged 7.23 percent.
• The 15-year FRM averaged 5.62 percent, down from last week when it averaged 5.66 percent. A year ago at this time, the 15-year FRM averaged 6.55 percent.

The PMMS^® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website

HOA dues are up more than 15% from a year ago in Tampa, Orlando and Fort Lauderdale, compared with a median gain of 6% across the 43 metros Redfin analyzed

In Tampa, FL, the median monthly homeowners association (HOA) fee jumped 17.2% year over year during the three months ending July 31, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s the steepest increase among the 43 U.S. metropolitan areas Redfin analyzed, and compares with a median increase of 5.7% across those metros. Next came two other Florida metros: Orlando (16.7%) and Fort Lauderdale (16.2%). HOA fees also rose in West Palm Beach (12.8%), Jacksonville (7.6%) and Miami (5.7%).

Redfin analyzed condo/co-op HOA dues and sale prices on MLS listings in 43 of the most populous metropolitan areas. HOA dues are maintenance fees required by shared housing developments that go toward building repairs, operation costs, staff, amenities like pools and fitness centers, landscaping and more.

It’s common for HOA fees to increase over time as property prices increase, but that’s not what’s happening in Florida. Condo prices are actually falling in many parts of the Sunshine State, in part because HOA fees have surged so much. There are two primary reasons HOA dues are on the rise:

1. The Surfside condo collapse: On June 24, 2021, a 12-story condo building in Surfside, FL (part of the Miami metro area) partially collapsed, killing nearly 100 people. As a result, Florida on May 26, 2022 signed into law Senate Bill 4-D, which requires structural inspections for condos and additional money to be set aside for repairs. Many homeowners associations are hiking fees in order to comply with the new safety regulations, and also doling out hefty special assessments.
2. Skyrocketing insurance costs: Florida is the epicenter of the housing insurance crisis. Premiums have soared as natural disasters have intensified and insurers have stopped doing business in the state. Some homeowners associations are raising dues to help cover the increase in insurance costs. Nearly three-quarters of Florida homeowners say they’ve seen a rise in insurance costs or changes in coverage, according to a recent Redfin-commissioned survey.

Inflation, which has been growing quickly in Florida, is another reason HOA dues are climbing, as it means the cost of maintenance and repairs is rising.

“Many buildings—even those without amenities—now have HOA dues north of $1,000 a month,” said Rafael Corrales, a Redfin Premier agent in Miami. “And with special assessments getting tacked on, a lot of condo owners who are retired and/or on a fixed income are being forced to sell and relocate because they can’t keep up with the payments.”

Florida condo market summary

HOA fees in Miami likely posted the smallest increase among major Florida metros because they’re already so expensive. At $835, the median monthly HOA due in Miami is higher than any other metro Redfin analyzed. That’s in part because Miami HOA dues surged during the pandemic, rising as much as 66% during the three months ending May 31, 2021—just before the Surfside condo collapse.

Condo prices are falling across Florida

In Jacksonville, condo sale prices fell 6.6% year over year in July—the biggest decline among the metros Redfin analyzed. It was followed by Tampa, which saw a 4.9% drop. There were also declines in Fort Lauderdale (-4.2%), Miami (-2.2%) and Orlando (-0.5%). By comparison, condo prices posted a median gain of 1.9% across the 43 metros Redfin analyzed.

“Condos are really taking a hit. Prices are hurting,” said Eric Auciello, a Redfin sales manager in Tampa. “Condo fees are skyrocketing due to increased insurance costs. These additional fees have adversely affected the value of many units.”

Tampa has one of the lowest median condo sale prices among the metros Redfin analyzed ($237,750), but some of the highest median monthly HOA dues ($614).

The condo crisis isn’t just impacting Florida. Redfin agents from Seattle to Denver have reported jumps in HOA costs. Some said condo owners are having trouble selling as fees continue to rise.

“When a buyer falls in love with a condo, I make sure they do their homework by researching whether their lender will approve of the HOA,” said Julie Zubiate, a Redfin Premier agent in the Bay Area. “Lenders look to see whether a condo’s HOA is on the Fannie Mae approved list, and also look into whether the HOA is sufficiently insured and has any special litigation.”

To view the full report, including charts and additional metro-level data, please visit: https://www.redfin.com/news/hoa-fees-surge-florida-2024