The state’s insurer of last resort had nearly 818K policies as of March 31, up from 792.6K at the end of Feb., as private insurers drop policies. TALLAHASSEE, Fla. – The state-backed Citizens Property Insurance Corp. added more than 25,000 policies in March, as private insurers continued to shed policies and raise rates. Citizens had 817,926 policies as of March 31, up from 792,616 at the end of February, according to data posted on the Citizens website. Citizens, which was created as an insurer of last resort, has seen massive growth during the past two years amid financial problems in
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By Paul Davidson The U.S. has recouped 20.4M or 93% of jobs lost in the pandemic, but the Northeast and Midwest are lagging. Fla. recovered all its jobs lost by Oct. 2021. McLEAN, Va. – The U.S. economy is tantalizingly close to reaching the most significant milestone yet in its long, bumpy comeback from COVID-19: the recovery of all 22 million jobs wiped out in the pandemic. After a remarkable string of at least 400,000 payroll gains for 11 straight months, the nation has recouped 20.4 million, or 93%, of the lost jobs. That puts the U.S. just 1.6 million short of
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Latest NAR report finds other obstacles vary by race and ethnicity but include saving for a down payment and competing with multiple offers. WASHINGTON – The lack of affordable homes is the top obstacle holding back potential home buyers of all races, but other obstacles to homeownership varied by race/ethnicity according to a new report by the National Association of Realtors®. NAR partnered with Morning Consult for its latest study, 2022 Obstacles to Home Buying, which explores current obstacles to home buying broken down by race/ethnicity. The report compares the experiences of both potential and successful home buyers across races
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Realtor.com: 64% of possible sellers intend to list their home by Oct.; a majority of these sellers (49%) are ready to swap starter homes for larger ones. SANTA CLARA, Calif – Home prices continue to escalate as the inventory shortage worsens. Realtor.com’s latest housing report reveals that 64% of prospective home sellers intend to list their home by October, of whom 9% have already listed their home. The study found that the two primary motivations for selling are new familial needs (31%) and the desire for updated features (15%), which is not surprising because the majority of sellers planning to
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In April, 12% of sellers dropped their price compared to 9% one year earlier. It’s too soon to call it a trend, but it suggests prices might soon hit their peak. NEW YORK – Moving into the spring buying season, the number of new listings is picking up – 8% higher year-to-year, according to realtor.com data. But even with the climb, housing shortages abound, and active inventory is down 13% year-to-year. With home prices and mortgage rates climbing, more aspiring homebuyers become priced out, and sellers may be taking notice. About 12% of homes for sale had a price drop
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In an attempt to counteract Canada’s rising home prices, Prime Minister Justin Trudeau has proposed a two-year ban on purchases by foreign investors. OTTAWA, Canada – Canadian Prime Minister Justin Trudeau proposed a two-year ban on most foreign buyers purchasing homes in the country to try to tame an overheated housing market. Canadian home prices have climbed more than 50% over the past two years. The average home in Canada was valued at about $693,000 in U.S. dollars in February, more than nine times the average household income. To prevent real estate prices from escalating further, Trudeau’s administration proposed a
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By Sarah Moreno Strong demand from international buyers – many who find prices and interest rates cheaper here – should largely offset any drop in demand from domestic buyers. MIAMI – Many expected the interest rate hike to be a ray of hope for those looking to buy in Miami’s competitive real estate market. Under normal circumstances, rising interest rates should cool down the market, but housing demand remains so strong and there is so little land to build on in South Florida, that the market looks strong, experts say. “Everyone wants a piece of Miami,” says Edgardo Defortuna, a
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A design firm sued a Missouri brokerage, claiming it violated U.S. copyright law because its listings included floor plans – and last week an appeals court agreed. CHICAGO – The National Association of Realtors® (NAR) is leading a coalition of stakeholders in the real estate industry – property owners, real estate professionals, appraisers, portals, valuation, public records companies and others – and urging the Supreme Court to review and overturn a federal appeals court threatening copyright liability for the use of floor plans in the sale of a home. Realtor.com operator Move Inc. and the Council of Multiple Listing Services
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A study of Census Data found that 15% of Americans are Black, but their homeownership rate is only 10%. Fla. cities included in the study ranked about average. NEW YORK – The COVID-19 pandemic may have exacerbated racial income and wealth inequality in the U.S., according to a new study from LendingTree based on an analysis of U.S. Census data. Black Americans comprise 15% of the population across the nation’s 50 largest metros. But they own only 10% of owner-occupied homes, researchers say. In certain metros, the mismatch is more pronounced. The study broke down the largest 50 U.S. metro
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According to T3 Sixty, Realogy Holdings ranked No. 1 for sales volume in 2021 with $737.6B, while eXp World Holdings’ sales grew the most – 116%. NEW YORK – The nation’s largest real estate firms accounted for 61.2% of 2021 total sales, the largest year-over-year jump on record, according to the newly released 2022 Real Estate Almanac by T3 Sixty, a real estate consulting firm. “The residential real estate industry has been consolidating at an accelerated clip over the past several years, and this data shows just how significant it is,” says Paul Bishop, T3 Sixty’s economist and vice president
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