The U.S. housing market is in an uneasy state of equilibrium. Demand has plummeted as mortgage rates hit a two-decade high, but prices haven’t declined much in part because supply remains correspondingly low. If borrowing costs don’t start to normalize by early next year though, the scales may finally tip. The start of the year,…
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Despite pounding parts of the East Coast, Hurricane Nicole will not hit Florida’s insurance market as hard as Hurricane Ian. CoreLogic, a property-information and analytics firm, released an early estimate Friday that said Nicole’s privately insured losses will be less than $750 million. The modeled estimate represented “gross” losses, which typically means insurance carriers would…
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The Federal Housing Administration (FHA) proposed a rule in the Federal Register that will increase and index loan limits under its Title I Manufactured Home Loan Program. The program insures loans used to finance manufactured homes that are titled as personal property. FHA proposes a “data-driven methodology to calculate loan limits for the program on…
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TALLAHASSEE, Fla. – The Federal Emergency Management Agency (FEMA) authorized the National Flood Insurance Program (NFIP) to approve a waiver that will allow flood-insurance policyholders to access a portion of their claims without going through the full claims process. The change is based on a request submitted by Gov. Ron DeSantis and Florida Chief Financial…
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TALLAHASSEE, Fla. – Insurance Commissioner David Altmaier on Wednesday issued an emergency order that temporarily prevents property insurers from dropping customers in the aftermath of Hurricane Ian. The order will suspend cancellations or non-renewals of policies for two months. “Between Sept. 28, 2022, and Nov. 28, 2022, no insurer or other entity regulated under the…
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Average long-term U.S. mortgage rates rose to their highest level in two months this week, providing no relief for a slumping housing market. Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 5.66% from 5.55% last week. One year ago, the rate stood at 2.87%. The average rate on 15-year, fixed-rate mortgages,…
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A mediados de la década de los ochenta, la novelista norteamericana Joan Didion dijo que Miami no era exactamente una ciudad estadounidense, sino una capital tropical. “Larga en rumores, escasa de memoria y sobrecargada con la quimera del dinero desbocado”, según The Economist. Más de cuatro décadas después, la ciudad que describió la ya fallecida…
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Needing places to either work from temporarily or vacation as they escaped pandemic restrictions, COVID fleers made South Florida one of their top destinations. And with them came an increased need for short-term housing, or vacation rentals. “It appears mostly in the Sunbelt states, particularly in Florida, in South Carolina, where we have beachfronts and…
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he Northeast Florida Association of Realtors (NEFAR) says single-family home sales in June showed the first signs of stabilizing following constant monthly increases for more than a year. Reasons for the slowing sales? Inflation and rising mortgage rates. Putnam, Clay and Baker counties saw median home prices increase, while they declined by $28,050 in St.…
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Overall housing starts fell 2.0% to a seasonally adjusted annual rate of 1.56 million units in June from an upwardly revised reading the previous month, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. A June reading of 1.56 million housing starts represents the number that…
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