By Lawrence Mower About 300K Fla. homeowners with Citizens – Fla.’s “insurer of last resort” – will receive a letter that automatically transfers them to a private insurer if they don’t respond. MIAMI – A warning to Floridians with Citizens Property Insurance coverage: Check your mailbox. About 300,000 customers of the state-run insurer of last resort are receiving letters in the mail this month with an offer to switch to a private insurance company. If customers don’t respond by Oct. 5, the letters state, customers will be forced to go with the private company – at a potentially far higher
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By Kerry Smith No two shutdowns are the same, but the feds would be less responsive. Some RE products – FHA, VA and Rural Housing loans, flood insurance – may see an immediate impact. ORLANDO, Fla. – The federal government’s fiscal year ends Sept. 30, and Congress has not yet approved an extension, with several lawmakers threatening to hold out. While a shutdown starting Oct. 1 isn’t imminent, it’s appearing more likely. Very generally, one of three things could happen: Congress could pass a new budget at the last minute, the president signs it and nothing will change. Congress could
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By Kerry Smith Multifamily starts took the hardest hit, falling 26.3%. Single-family starts fell 4.3% month-to-month, though they were up year-to-year by 2.4%. WASHINGTON – Led by a sharp decline in multifamily production, overall housing starts fell 11.3% in August to a seasonally adjusted annual rate of 1.28 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The reading is the number of housing units builders would begin if development kept the same pace for the next 12 months. The single-family portion of housing starts decreased 4.3% to a
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By Kerry Smith The My Safe Florida Home program could run out of funds, and homeowners are encouraged to apply soon for up to $10K grants – $2 for every $1 of matching funds. TALLAHASSEE, Fla. – Florida Chief Financial Officer (CFO) Jimmy Patronis released an update on the My Safe Florida Home program, which Floridians harden their homes against storms while reducing their insurance premiums. Under the program, all Florida homeowners can receive a free home inspection and, after applying, possibly qualify for up to $10,000 in funds to help improve any recommendations suggested by that inspection. The funds
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By Ron Hurtibise State-owned Citizens Property Ins. can levy surcharges on all insurance policies if it has heavy losses, but Idalia’s impact won’t force it do to so. FORT LAUDERDALE, Fla. – Claims from policyholders of state-owned Citizens Property Insurance Corp. from Hurricane Idalia will fall short of the $420 million that would trigger assessments for all Citizens customers, the company said this week. But there’s still a lot of hurricane season left. Citizens has received about 2,000 claims from victims of Idalia, which hit the Big Bend region on Aug. 30, Craig Sakraida, the company’s vice president of non-litigated
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By Jim Saunders Fla.’s state-operated “insurer of last resort” lowered its earlier request to an average 11.5% increase, with commercial complexes, including condos, rising 10.2%. TALLAHASSEE, Fla. – The state’s Citizens Property Insurance Corp. has revised proposed rate increases, with many homeowners likely to see double-digit hikes starting late this year. Citizens last week sent a proposal to the state Office of Insurance Regulation that would lead to an average 11.5% increase for homeowners with the most-common type of policies, known as “multi-peril” policies, according to information slated to be presented to the Citizens Board of Governors on Sept. 27.
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By Kerry Smith NAHB’s monthly index (1-100) based on a survey of builders’ attitudes dropped 5 points to 45 in Sept., largely because of rising 7%-plus mortgage rates. WASHINGTON – Builder confidence in the market for newly built single-family homes in September fell five points to 45, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) released Monday. The drop comes on the heels of a six-point August decline. “The two-month decline in builder sentiment coincides with mortgage rates jumping above 7% and significantly eroded buyer purchasing power,” says NAHB Chairman Alicia Huey. “And on
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By Kerry Smith NAR: Buyer demand is stronger than it appears as 15%-27% of buyers (by ethnic group) wait for lower home prices and 18%-25% wait for lower mortgage rates. WASHINGTON – The current real estate market’s high home prices and mortgage rates, as well as limited inventory, are the top reasons that Realtors® and prospective homebuyers across races and ethnicities cite as barriers to purchasing a home, according to two new reports from the National Association of Realtors® (NAR). In partnership with Morning Consult, NAR’s 2023 Experiences & Barriers of Prospective Home Buyers Across Races/Ethnicities report surveyed white, Hispanic/Latino(a),
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By Michael Bates Residential and commercial property owners have some post-hurricane property tax options, says Citrus County Property Appraiser Cregg Dalton. CITRUS COUNTY, Fla. – If your residential or commercial property was damaged from Hurricane Idalia, there is a property tax law benefit you may be entitled to for relief. Property Appraiser Cregg Dalton said his office is ready to help folks through the assessment process for the upcoming year to take advantage of any protections due them when making repairs or replacing their homesteaded property. “We are in communication with and will obtain damage assessment/permit records from Citrus County
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To secure a home, some U.S. buyers still agree to make up the difference when a mortgage appraisal comes in at less than the contract price – an often risky move. NEW YORK – Some buyers looking for a luxury home in a competitive market waive the so-called appraisal gap to entice a seller to accept their offer. Appraisal gaps happened in about 11% of residential transactions in June 2023, according to CoreLogic. They occur when homes appraise for less than the contract price, and often arise in tight markets where buyers have to bid above the asking price to
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