With Terry Story, 26-year Veteran Real Estate Agent with Coldwell Banker in Boca Raton, FL
Terry shares her insights… and her befuddlement on some recent US migration data which show that about 8.5 million people migrate each year from one metro area to another within the US. For example, the largest recent migration flow happened in Southern California where about 90,000 people moved from the Los Angeles metropolitan area to the city of Riverside which is only about 55 miles to the east of downtown LA. And 54,000 people moved west from Riverside to LA… so go figure!
Terry also talks about the recent October 3, 2015 changes in mortgage rules to favor consumers. It’s basically a 1,900-page new rule book that aims to increase transparency on costs and other issues related to mortgages. But the new rules will require new hiring and administrative overhead and are expected to hike lending costs from about $4,500 to $7,000 per loan – and buyers and sellers will likely end up footing the bill for these added costs.
And with El Niño raising its head, many regions across the U.S. may need to brace for more storms. The Tampa Bay area is ranked as the most vulnerable with potential for $175 billion in losses, followed by New Orleans at $130 billion and New York City at $100 million.