Tag: real estate news

New Insurance Challenge: Rating Downgrades

TALLAHASSEE, Fla. – Florida regulators scrambled Thursday after they said a financial-ratings agency notified about 17 property-insurance companies of potential ratings downgrades. Insurance Commissioner David Altmaier and state Chief Financial Officer Jimmy Patronis questioned the ratings agency, Demotech, Inc., and warned that such widespread downgrades could affect homeowners across the state. The ratings are important…
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June’s Single-Family Housing Starts Drop 8.1%

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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Central Florida’s post-pandemic office market sees increase in leasing activity, upgrades to attract more employees

Two years after the onset of the COVID-19 pandemic, there are signs of growing confidence in Central Florida’s commercial real estate market as businesses continue to bring employees back to the office and resume more normal operations. While there remains a record amount of available office space on the market, asking rates in Orlando are…
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Fla. Condos Start to See Impact of Surfside Collapse

WEST PALM BEACH, Fla. – The specter of Champlain Towers South came in an email alert this month for residents of a West Palm Beach waterside condominium. Insurance on the 12-story building across from the Lake Worth Lagoon increased 82%, requiring a special meeting to hike the budget and jack up dues. It was a…
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Where Can You Rent in Fla. for $1,500 Per Month?

SARASOTA, Fla. – Low inventory, a flourishing housing market and exponential population growth have caused rental prices in the Sunshine State to explode. Those rent leaps are causing hardship for workers and families across Florida. And they are driving some residents to leave the state even as others flock here. Florida’s median rent hit an…
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National Home Price Gains Exceeded 20% in May

CoreLogic’s Home Price Index for May reported that although U.S. home price growth relaxed slightly in May from April, it remained in double digits year-over-year for the 16th consecutive month. As in past months, all states and Washington, D.C., posted annual appreciation, with 13 states reporting gains of more than 20%. Though U.S. home price…
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Most Popular Home Trends by State

What’s trending and where? Confused.com, a home insurance resource, took its annual look at the latest trends for homes across the U.S. In New Mexico, residents are loving Japanese home-inspired styles (like white walls and “zen” finishes) while Maine, Massachusetts and New Hampshire residents are showing more favor for Tuscan styles (with terracotta, iron finishes,…
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Another Florida homeowners insurance company goes under

TALLAHASSEE — Saddled with financial losses and lacking reinsurance for this year’s hurricane season, another Florida property-insurance company is headed toward receivership. The Florida Department of Financial Services late Monday filed a petition in Leon County circuit court to be appointed as a receiver for Southern Fidelity Insurance Co. The petition described Southern Fidelity, which…
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Top U.S. Relocation Destinations? Miami and Tampa

Homebuyer migration remained at an all-time high in April and May, with 32.3% of Redfin.com users nationwide looking to move to a different metro area, according to a new report. The percentage is unchanged from a record set in the first quarter but up from about 26% before the pandemic began. Homebuyers aren’t just chasing…
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Did the ‘Lumber Bubble’ Burst? Prices Drop 12%

Since the pandemic, lumber prices have skyrocketed to record highs during the pandemic and pushed new-home construction costs higher. But prices are now coming down. Lumber prices fell 12% last week, reaching a new low in 2022. That could be welcome news for new-home buyers and builders. Over the past year alone, the swings in…
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