Tag: real estate news

Oct. New Home Sales Rise Surprising 7.5%

The Wall Street Journal polled economists who predicted a 5.5% drop in Oct. new-home sales – but the Census Bureau and HUD release reported a 7.5% increase. WASHINGTON – October 2022 sales of new single‐family houses were at a seasonally adjusted annual rate of 632,000, according to estimates released jointly by the U.S. Census Bureau…
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Fla. Insurance Pressures Continue After Nicole

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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Strong Buyer Demand Meets Rapid-Rising Rates

The housing market continued to cool in September, though rebalancing from monumental appreciation is producing vastly different conditions depending on region and metro, according to Zillow’s latest market report. Affordability issues are driving the pullback in activity; steep prices mixed with high and volatile mortgage rates have stunted sales and frozen current owners in their…
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New-Home Sales Drop 10.9% in Sept.

Rising mortgage rates approaching 7% along with declining builder sentiment stemming from stubbornly high construction costs and weakening consumer demand pushed new-home sales down at a double-digit rate in September. Following a brief uptick in August, sales of newly built, single-family homes in September fell 10.9% to a 603,000 seasonally adjusted annual rate, according to…
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Mortgage Rates Move Up, Hit 6.92% This Week

Average long-term U.S. mortgage rates reached their highest level in more than two decades this week and are likely to climb further as the Federal Reserve has all but promised more rate increases in its battle to tamp down persistent inflation. Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate…
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FEMA Approves $150M+ For Fla. Households

Within 10 days following a major disaster declaration for Hurricane Ian, the Federal Emergency Management Agency (FEMA) says it approved $150 million in grant money, which has since risen to $168 million in recovery grants for over 101,705 households. In addition, 20 counties are now eligible for individual assistance after FEMA approved the addition of…
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Home Prices After Ian? Probably Going Up

FORT MYERS, Fla. – A price spike is expected for Florida real estate spared the wrath of Hurricane Ian. Multiple studies show property values in storm-ravaged regions have historically risen past the national average following a disaster. Veros Real Estate Solutions estimated that property prices topped the national average by 7% in five metropolitan areas…
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Waiver Can Speed Flood Relief to Homeowners

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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Fla. Insurers Can’t Drop Policies Until Nov. 28

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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Real Estate ‘Reset’ Confuses Buyers and Sellers

The Federal Reserve’s interest rate hikes may be intended to give the housing industry a “reset,” as chair Jerome Powell wanted, but it also may have further confused homebuyers and sellers on what to do next. Average 30-year fixed mortgage interest rates have spiked from 3.2% to 6.38% over the past six months, tightening supply…
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