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Mortgage Rates Hold Steady as Housing Market Stresses Mount

Rates for home loans took a breather after churning to the highest in nearly eight years, mortgage liquidity provider Freddie Mac said Thursday. The 30-year fixed-rate mortgage averaged 4.94% in the Nov.15 week, unchanged during the week. The 15-year fixed-rate mortgage averaged 4.36%, up three basis points. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.14%, also unchanged. Those rates don’t include fees associated with obtaining mortgage loans. Fixed-rate mortgages move in line with the U.S. 10-year Treasury note, although with a slight delay. Investors have snatched up bonds as concerns about the Chinese economy and geopolitics have prompted a stock sell-off. Bond yields fall as prices rise, and vice versa. Meanwhile, a sense of stagnation keeps creeping into the many corners of the housing market. ...

21-story apartment building at CityPlace in downtown West Palm Beach may be built at former Macy’s location

New York-based Related Companies won city approval to build a 21-story apartment building on the site of a five-story building in downtown West Palm Beach that Macy’s formerly occupied. Macy’s vacated the five-story building at Related’s mixed-use CityPlace property in January 2017. The former Macy’s location is now used as a space for art exhibitions. City commissioners approved a resolution allowing a taller structure on the site of the former Macy’s department store in exchange for Related’s agreement to charge below-market rents for 15 percent of the apartments. Related has not submitted a site plan or a construction schedule for the planned apartment building, which is expected to have approximately 300 to 400 apartments. Under its agreement with the city, Related would charge below-market rents ...

Why For Sale by Owner listings are fizzling down

What’s been happening to that good old-fashioned American way to sell your home — doing it yourself, with minimal or no commission costs? If you believe new data from the National Association of Realtors’ Buyer/Seller survey, for-sale-by-owner transactions — popularly known as FSBOs (“Fizzbos”) — appear to be on the same trendline as buggy whips: They’ve just hit their all-time low of 7 percent as a share of total home-sale transactions. They were 8 percent the previous year. Both numbers are down from 15 percent in 1981 and continue a slow but steady decline. So FSBOs are fizzling. But is that the full story? Or is something else happening that’s a bit more complicated? Traditionally, doing a FSBO meant that you, the homeowner, took on ...

One West Palm high-rise condos and hotel project gets go ahead with in West Palm

Deveolpment of the One West Palm highrise condos and hotel are back in play for downtown West Palm Beach. Billionaire Jeff Greene has changed his mind and decided to build One West Palm, a two-tower development with hotel rooms, residential units and office space in downtown West Palm Beach. After he ended his campaign to become governor of Florida, Greene told The Real Deal in September that he decided against building One West Palm, citing nearby hotel developments and the city government’s decision to remove a five-story limit on building height in a downtown area where New York-based Related Companies plans to build a 25-story, 275,000-square-foot office building called One Flagler. Greene also said he had no plans to sell the site of the city-approved ...