Appeals court is urged to block Florida's Chinese property law

Appeals court is urged to block Florida's Chinese property law

Attorneys for a group of plaintiffs this week urged a federal appeals court to block a new Florida law that restricts people from China from owning property in the state, saying the measure “mandates egregious national-origin discrimination.” A 57-page brief filed at the 11th U.S. Circuit Court of Appeals said the law, approved this spring by Gov. Ron DeSantis and the Republican-led Legislature, is unconstitutional and violates the federal Fair Housing Act. [Source: News Service of Florida]

New York and Florida remain most exposed to mortgage fraud risks

The implementation of more careful loan screening procedures has contributed to lower levels of risk for mortgage fraud. Mortgage application fraud declined 3.1% year-over-year in Q2 of 2023 compared to the second quarter of 2022, according to CoreLogic Mortgage Fraud Report. However, they increased slightly(+1.6%), from Q1 to Q2 2023. Overall, in the second quarter of 2023, 0.75% of all mortgage applications were estimated to contain fraud, it equates to about 1 in 134 applications. [Source: Housing Wire]

Commentary: Amid increased gentrification, Floridians need low-income housing

As the Sunshine State grapples with the growing effects of climate change, another crisis is quietly unfolding in its midst: Climate gentrification. This lesser-known consequence of rising sea levels, extreme weather events, and increasing temperatures threatens to displace vulnerable communities across Florida, exacerbating the already critical need for low-income housing in the state. [Source: Orlando Sentinel]

6 new insurance companies approved in Florida as state looks to reduce Citizens Insurance policies

A new set of insurance companies have been given approval to step in and make offers to take over Citizens Insurance policies in Florida. The six orders signed by Insurance Commissioner Michael Yaworsky in the last several days open up 153,000 Citizens' policies for the assumption offers. In the last several months, as many as 300,000 Citizens' policyholders have received letters with offers to switch to designated private insurers. [Source: WPTV]

Financial office leasing in South Florida tapers over past three years

Over the past three years, South Florida earned a reputation as a mecca for financial firms fleeing New York, Chicago and San Francisco. The likes of Thoma Bravo, Apollo Capital Management, Founders Fund and, of course, Citadel, leased offices across the tri-county region. Developers and brokers were abuzz over the activity, leading to a collective chorus boasting about the market’s good fortune and resilience to woes plaguing office buildings in the rest of the U.S. [Source: The Real Deal]

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ALSO TRENDING:

› Tampa Bay home values are starting to level [Tampa Bay Times]
After skyrocketing to unprecedented levels in recent years, home values are leveling out in Tampa Bay — but it may take time for buyers to reap any benefit. The average home value for the region has dropped 1.79% since last year, a Tampa Bay Times analysis of Zillow data found. This change is significantly lower than during the pandemic — when the prices appreciated 28% in a year — or any time in the last decade.

› Sotheby's International Realty expands in Florida [Florida Trend]
Sotheby's International Realty today announced that its independently owned and operated affiliate, Premier Sotheby's International Realty, continues to expand in Florida. The expansion marks the Sotheby's International Realty brand's 80th affiliated office in the state.

› Orlando buys more land for affordable housing development [Orlando Business Journal]
The city of Orlando wants to buy a vacant property so a developer can build affordable housing. Orlando City Council on Oct. 9 will consider the purchase of the 1.41 acres at 5750 Roberto Clemente Road owned by Trident Real Estate Investments LLC. The property is under contract for sale for $825,000, according to city documents.

› Fort Myers Housing Authority receives $1.6M HUD grant to mitigate hurricane damage [WGCU]
A $1,672,000 U.S. Department of Housing and Urban Development Housing-Related Hazards Fund Program grant was recently awarded to the Housing Authority of Fort Myers to mitigate interior hurricane damage in the city's public housing units. The Fort Myers authority was one of only two such housing agencies in Florida to receive this grant.

Tags: Real Estate eNews

Previous Real Estate Updates:

• Now might be the time to move to Florida as inventory levels surge and sellers slash prices
• Florida home values have more than doubled in the past decade
• Florida insurance market full of ‘low quality' companies, study finds
• Real estate pros say Florida's future looks bright
• What are squatters' rights? New Florida law targets occupancy fight
• Is trouble brewing in Florida's housing market? Here's what the data says
• Florida is growing. Can affordable housing keep up?
• Florida condo sales plummet despite falling prices and rise in 'motivated' sellers