The Fla.-owned “insurer of last resort” continues to grow quickly, hitting 1,107K policies on Nov. 3. Previously approved rate hikes went into effect on Nov. 1. TALLAHASSEE, Fla. – As another sign of its explosive growth, the state-backed Citizens Property Insurance Corp. has topped 1.1 million policies. Citizens had 1,107,033 policies as of Nov. 3, up from 1,098,762 a week earlier and 1,090,508 two weeks earlier, according to the Citizens website. Citizens, which was created as an insurer of last resort, has seen massive growth during the past two years as private insurers have dropped policies and, in some cases,
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By Kerry Smith CEO Bob Goldberg met with White House officials and other industry reps to discuss the nation’s housing supply and affordability constraints. WASHINGTON – National Association of Realtors® (NAR)Chief Executive Officer Bob Goldberg joined White House officials and industry representatives Wednesday to discuss the Biden administration’s response to housing supply and affordability constraints After the meeting, NAR President Kenny Parcell followed up with a letter to White House officials outlining priorities the trade association believes would help address these ongoing challenges. “When it comes to affordability, the administration has several tools it can use now to reduce costs,
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By Kerry Smith The program, funded by the Fla. Legislature, offers free wind-mitigation home inspections and up to $10,000 in storm mitigation grants for some Fla. homeowners. TALLAHASSEE, Fla. – The Florida Department of Financial Services (DFS) announced the launch of the My Safe Florida Home (MSFH) program. It’s now accepting applications for a free wind-mitigation home inspection and, if approved, up to $10,000 in storm mitigation grants for qualified Florida homeowners. The agency conducted a soft-launch earlier in the month and has already received over 400 applications, according to Florida Chief Financial Officer (CFO) Jimmy Patronis. What is the
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By Kerry Smith Homebuyers with FHA loans for flood-zone homes have more options starting Dec. 21, providing private flood insurance “conforms to FHA requirements.” WASHINGTON – Starting Dec. 21, 2022, homeowners with FHA mortgage financing for a property in a flood zone aren’t locked into only one flood insurance provider – the National Flood Insurance Program (NFIP). After that date, they can choose private flood insurance coverage, providing it conforms to the Federal Housing Administration’s (FHA) requirements for private insurance providers. The U.S. Department of Housing and Urban Development (HUD) announced the change on Monday with a final rule published
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By Kerry Smith A new website connects Floridians with help if their homes were harmed or destroyed by Hurricane Ian, or they need temporary or permanent repairs. TALLAHASSEE, Fla. – Governor Ron DeSantis announced a new website, the Unite Florida Recovery Portal, to connect Floridians impacted by Hurricane Ian to important recovery resources, including housing support. Florida’s state-led sheltering and housing program is available at IanRecovery.fl.gov. It can help with temporary sheltering options – such as travel trailers and recreational vehicles – and temporary or permanent repairs if a household’s needs haven’t been met through insurance or FEMA’s Individual Assistance
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By Jim Saunders Fla. insurers can offer discounts for policies that mandate arbitration rather than a lawsuit. While some contractors hoped to block that, a judge refused to issue an injunction. TALLAHASSEE, Fla. – With Florida property insurers trying to curb lawsuits, a Leon County circuit judge has refused to block a decision by Florida Insurance Commissioner David Altmaier that could steer at least some disputes away from courtrooms. Judge Angela Dempsey last week rejected a request by contractors for a preliminary injunction against Altmaier’s decision early this year to approve policy changes proposed by American Integrity Insurance Company of
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By Amber Bonefont More buyers are hoping sellers will cut prices, and it appears to happen most often right after the weekend. Days with the fewest price cuts tend to be late in the week. FORT LAUDERDALE, Fla. – For buyers looking for possible deals in the housing market, there could be a time of week where they might see homes with more price cuts, a new analysis suggests. According to an analysis from Zillow, Mondays could be the best time to try and get a home with a price cut, as 18% of listings have a price drop on
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By Gina Rautenberg For one, consider diversity outside of race. An NAR speaker says it’s equally important to consider disabilities, cultures, religions, LGBTQ and others. ORLANDO, Fla. – Growing up on the South Side of Chicago, Marki Lemons-Ryhal was considered “Black royalty.” Her family owned the city’s second-oldest Black-owned restaurant, and her grandfather was an inductee into the Barbecue Hall of Fame. Despite Chicago’s well-documented segregation, Lemons-Ryhal, a broker, author and real estate speaker, says her early experience was that her status within the Black community offered her safety. It wasn’t until her study abroad experience in Reykjavik, Iceland, that
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By Marla Martin Florida Realtors: Single-family median price up 12% year-to-year, condo median up 19.2% and inventory on the rise. But inflation, higher interest rates impact sales. ORLANDO, Fla. – Florida’s housing market reported higher median prices and more inventory (active listings) in October compared to a year ago, though inflation and rising interest rates remained a factor for buyers, according to Florida Realtors®’ latest housing data. Closed sales of single-family homes statewide last month totaled 20,837, down 24.6% year-over-year, while existing condo-townhouse sales totaled 8,356, down 26.9% from October 2021, according to data from Florida Realtors Research Department in
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By Kerry Smith In real-world terms, this week’s mortgage rate drop (from 7.0% to 6.61%) saves typical buyers $1,200 per year – or gives them $12K more in purchasing power. SEATTLE – This week’s largest drop in mortgage rates in four decades (from 7.0% to 6.61%) coupled with the slowest annual home-price growth since the start of the pandemic is providing some relief for would-be homebuyers’ budgets. According to a report from Redfin, last week’s better-than-expected inflation report led to the biggest single-day mortgage-rate drop on record and the largest weekly drop since 1981. As a result mortgage-purchase applications shot
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