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Trust This.
By Joseph E. Seagle, Esq. ● Nov 04, 2022
Smart Brevity® count: 4 mins...994 words
👋 Hello! Today is National #ChickenLadyDay 🍗 in honor of Dr. Marthenia Dupree who taught and certified hundreds of professional speakers and authors, elevating her community through education. In 2001, this national day was created to recognize Dr. Dupree and anyone else who freely volunteers their time and energy to elevate their communities through education and leading by example. If you have a “Chicken Person” who elevated you, reach out and celebrate them with a bucket of chicken today.
✌️Don’t forget: Early and mail-in voting ends soon. Election Day is this coming Tuesday.
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1. BFD: Rent control … no, maybe
Judge Ashton has ordered the Orange County Supervisor of Elections to not certify the results of the vote on the pending rent stabilization ordinance.
Why it matters: This remedy will prevent the ordinance from becoming law, assuming it receives enough votes to pass.
Yes, but: The county’s attorneys are requesting a rehearing of the appeal where three judges on the Fifth District Court of Appeals held that Judge Ashton was wrong to let the question onto the ballot in the first place.
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If the court grants a rehearing, it would be heard by all of the appellate court judges sitting together. The larger panel could go the other way, instead allowing the question to be on the ballot and for the vote to be certified.
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Alternatively, if the court denies the motion for rehearing, the Florida Supreme Court could decide to take up the case and hear the appeal there instead with the same potential outcomes.
The big picture: If the ordinance doesn’t receive enough support from voters at the ballot box, the whole issue will be moot (not matter anyway). If voters reject it, then it doesn’t matter that it was on the ballot or that it is certified. Voting on the issue is still important either way.
State of play: The Orange County Board of Commissioners voted to put the question on the ballot in a split decision. If passed and certified, it would require those who own 100 or more units to constrain rent increases, notify tenants of coming increases at renewals, and comply with other new rules. A new office would be created in the county to review leases to ensure they comply.
Go deeper: Orlando Sentinel (subscription) and Orlando Business Journal (subscription)
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2. More rate hikes coming
Housing is suffering the brunt of the Fed’s actions of raising its lending rate. Other industries are not as sensitive to rising interest rates, so the Fed’s rate-raising isn’t having the intended effect of lowering inflation broadly across the economy.
Why it matters: The real estate industry was experiencing a post-pandemic supply shortage, inflating prices before the Fed started raising rates.
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Wednesday, the Fed raised the rates again by 0.75 bps. In the written report on the economy, they sounded like they may be ready to slow their roll on such large and fast increases.
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But during the subsequent press conference, Jerome Powell sounded like there is no end in sight for any reduced hikes like they’ve done in Canada.
Yes, but: Because there was a post-pandemic housing shortage, raising rates isn’t having the expected effect of lowering home prices or rents.
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While the median home price was down in September by 0.5% from August, it is still 11.4% higher than last September.
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About 60,000 purchase contracts canceled in September, about 17% of all contracts — the highest rate ever recorded except March, 2020 (the start of the pandemic.
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CoreLogic estimates that home prices will continue increasing through 2023 by up to 3.9% which is slower than it has been increasing, but still increasing nonetheless.
In Jacksonville, 745 home-purchase agreements fell through, equal to 30.3 percent of homes that went under contract that month — the highest percentage among the metros Redfin analyzed. It was followed by San Antonio (25.3 percent), Atlanta (25 percent), Orlando, Fla. (24.6 percent), and Tampa (24.5 percent). - Redifin via The Title Report
What’s next: In addition to higher interest rates, and higher prices, housing affordability will also be walloped with higher insurance rates in the coming months. Plus, .
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Looking to downsize or upsize, here’s a list of the cities with the largest and smallest homes on the market. One Central Florida town is #8 on the list of the largest homes on the market. Realtor
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Looking for the best place to retire? Florida has four of the top 10 spots on the list, but none are #1. Realtor
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Metro Orlando’s average rent fell by 1.5% in September, the second month in a row of such declines. Nationally, the average decrease was 2.5%. Despite the declines, Orlando’s rents are still the 13th highest rents of all US metro areas, and rent increases are still outpacing wages. Orlando Sentinel (subscription)
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A Central Florida couple lost their life savings and their dream home when a scammer, posing as their title agent, sent them “new” wire instructions for their closing. Don’t fall for it too. ClickOrlando
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Title theft is rare and easily (freely) preventable. WTSP
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OpenDoor lays off 550 employees, 18% of its workforce. Tech Crunch
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Atticus Dominate Your Market Annual Summit
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Be on the lookout for our next issue! 👋
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