Insurers that remain are raising prices after the tragic Surfside collapse. Condo associations able to get policy renewals may face 30% to 50% premium increases. MIAMI – Condo insurers are exiting Florida or hiking prices in the wake of the Surfside collapse, while state lawmakers have yet to address the issue. However, Gov. Ron DeSantis plans to call a May special legislative session to address problems in the property insurance system. Condo associations are facing severe difficulty in getting their pre-Surfside policies renewed and must sort through estimates for less protective plans that cost twice as much, if not higher.
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Report: 80% of buyers say they now compromise on key features; the most common centers around costs, with 48% paying more than they first expected. SCOTSDALE, Ariz. – Over the past year, home buyers have faced steep competition, which has included fierce bidding wars. Inventory shortages and high demand have forced them to rethink their priorities when shopping for a home. Eighty percent of buyers say they’ve had to compromise on key home features, according to the Buyer and Seller Insights Report for 2022, produced by HomeLight, a real estate referral company. The most common compromise centered on costs: Forty-eight
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By Amber Randall Housing markets continue to run hot, despite rising interest rates and home prices. Some researchers worry a fear of missing out may be fueling the current trend. FORT LAUDERDALE, Fla. – Rising interest rates and higher home prices would normally cool a hot housing market, yet the national and local real estate scenes continue to run red hot. Researchers at the Federal Reserve Bank of Dallas are concerned that a fear of missing out, colloquially known as FOMO, is creating a buying snowball effect that may lead to a housing bubble if left unchecked. The current market,
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By Christopher Rugaber The chair sees the job market’s strength as a key driver of rising prices – but it may let employers curtail costs by reducing job openings instead of layoffs. WASHINGTON (AP) – Chair Jerome Powell isn’t as pleased with the robust U.S. job market as you might think he’d be, and he and the Federal Reserve plan to do something about it: Take it down a notch. On Thursday, Powell described the job market as “extremely, historically” tight and “unsustainably hot.” Available jobs are near record highs. Wages are rising at their fastest pace in decades. The
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Supply-chain delays and labor shortages slowed new-home builds. In the South, a recent study found a 52% increase in delays before construction starts. CHARLOTTE, N.C. – Supply-chain delays and labor shortages slowed new-home builds. In the South, a study found a 52% increase in delays before construction starts. New-home buyers are having a long wait for their homes to be done. Labor shortages and global supply chain bottlenecks are delaying the completion of many new-home construction projects. The number of housing units that were authorized but didn’t start construction yet rose by 47% nationwide from 2019 to 2021, according to
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New 2023 forecast: Expect a modest economic contraction in 2023’s second half, but the housing market should help cushion that even if its pace slows a bit. WASHINGTON – The housing market may save the economy from the severity of another Great Recession, according to a new report from Fannie Mae economists. But a recession is still likely on the horizon. With inflation running at a 40-year high and uncertainties growing in the economy, economists are revising their outlooks for 2022 and 2023. Mortgage financing giant Fannie Mae says that expectations of aggressive monetary policy tightening through 2023 by the
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Filings up 39% in 1Q 2022 over 1Q 2021. Fla. is one of 5 states with highest foreclosure starts in 1Q. But activity still remains below historical levels. IRVINE, Calif. – Foreclosure starts and bank repossessions are at their highest numbers in the last two years. Most pandemic-initiated moratoriums have lifted by now and lenders are starting to resume foreclosures. Still, foreclosure activity remains well below historical levels. The number of properties with a foreclosure filing during the first quarter of 2022 climbed 39% compared to the previous quarter. Foreclosure filings are up much higher –132% – compared to a
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Study: Over 25% of houses bought by professional rental investors in 4Q 2021 were new-construction properties. In 3Q 2019, they bought 3% of newly built homes. NEW YORK – A study by John Burns Real Estate Consulting and the National Rental Home Council found over 25% of houses purchased by professional rental investors in the fourth quarter of 2021 were for new-construction properties. By contrast, such parties bought only 3% of brand-new homes in the third quarter of 2019. Home builders often sell in bulk to investors in order to turn a profit on new homes more quickly, since investors
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This “lock-in effect” may impact listings moving forward. Higher rates have added about $400 to the average monthly payment on a median-priced home. SEATTLE – About half of homeowners with a mortgage have a rate under 4% – significantly below today’s rates of 5%. Such enticing rates could incentivize homeowners to stay put in their homes longer. They may not want to give up an ultra-low rate – many of whom snatched up a rate below 3% over recent years A recent analysis by Redfin calls out this “lock-in effect” as one factor that may contribute to a decline in
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Florida Realtors technical support service added 4 Realtor groups with nearly 12K new users. In 2021, the Helpline provided tech support for over 113K cases. ORLANDO, Fla. – Florida Realtors®’ Tech Helpline continues its expansion with the recent addition of four Realtor organizations and 11,900-plus members in just 98 days. The No. 1 tech support service for the real estate industry, the 725,000 members across the U.S. and Canada now access the Tech Helpline. The additions include the CCIM Institute (7,923 members), Northeast Tennessee Association of Realtors (1,654), Heartland Realtor Organization (1,371 members) and Three Rivers Association of Realtors (962
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