Friday, November 11, 2022 / by Dave Magua
It has been three weeks since Hurricane Ian struck Florida on Sept. 28, 2022. The storm took at least 119 lives and caused estimated insured losses ranging from $31 billion to $74 billion, with most estimates in the $60 billion neighborhood. These damages exceed those caused by any other U.S. natural catastrophe, with the exception of Hurricane Katrina.
Above and beyond the tragic ongoing personal and economic hardship wrought, Ian will leave a troubling legacy in Florida’s insurance and real estate markets. Prior to Ian, homeowners insurance premium for Floridians was already three times the national average. The state’s property insurance market was already faltering and under extreme stress, with half a dozen insurance carriers in the state declaring insolvency in 2022 alone
And this is just the beginning. The storm’s aftermath will cause insurance rates to increase, rendering insurance coverage so out of reach that Florin ...
Wednesday, November 2, 2022 / by Dave Magua
Home prices continued to fall in September as buyer demand cooled, according to data released Tuesday, compiled by the real estate analytics provider CoreLogic.
The data shows that home prices posted a 0.5 percent decline between August and September and were up 11.4 percent from September 2021 — a relaxed rate of annual growth compared to previous months.
The once out-of-control housing market has largely been brought to heel by the steep increase in mortgage rates, which surpassed 7 percent in October,bringing the share of income required to make a typical monthly mortgage payment up to 30 percent.
Price growth is uneven across the country as some markets that saw unprecedented growth during the COVID-19 pandemic have begun price correction while others are still seeing a sustained rate of migration.
“The rapid increase in prices during the COVID-19 pandemic caused many U.S. housing markets to reach completely unaffordable levels for potentia. ...
Tuesday, November 1, 2022 / by Dave Magua
Homebuilders who have watched seesawing lumber prices plunge back to pre-pandemic levels were hit with a reminder in recent weeks that the market for this essential construction material can still be extremely volatile.
Lumber futures were trading at $454 per thousand board feet Monday after ascending to $539 per thousand board feet the week before, according to numbers tracked at Nasdaq.com. That’s a 16 percent drop following a similar-sized climb over a short span in late October.
The jagged up-and-down movement in prices comes after markets appeared to be settling back to pre-pandemic levels in the low- to mid-$400s in late September and early October. Prices stayed there for weeks before the recent runup and fall.
Lumber futures, last six months
The volatility in lumber prices remains a thorn in the side of homebuilders, who have had to sift through strained supply chains and bear wildly fluctuating prices just t ...
Monday, October 17, 2022 / by Dave Magua
lways a bridesmaid and rarely a bride, first-time homebuyers are making a huge comeback after years of struggling through competitive markets amid COVID, according to a new analysis of data from Zillow released Thursday.
First-time homebuyers now make up 45 percent of all transactions, up from 37 percent of all buyers in 2021, returning to pre-pandemic levels for the first time since early 2020, Zillow’s 2022 Consumer Housing Trends Report found.
First-time buyers still face affordability challenges in today’s market with home prices elevated and mortgage rates climbing, but if they can surmount those challenges, they now have less competition and more options to choose from, the report suggested.
First-time buyers dwindled during the pandemic as they lost out on homes to older, repeat homebuyers who could tap into their home equity and cash stores in order to submit better offers, according to Zillow’s research. Younger buye ...
Thursday, September 29, 2022 / by Dave Magua
The U.S. Department of Housing and Urban Development (HUD) has begun federal disaster assistance, including a new package of waivers offering regulatory and administrative relief to areas of Puerto Rico impacted by Hurricane Fiona, beginning on September 17, 2022, and continuing.
As Puerto Rico endures another disastrous hurricane, the Biden Administration is reaffirming its pledge to support communities hit as they struggle to recover from compounding disasters and the effects of climate change. On September 21, President Biden issued a major disaster declaration for municipalities in Puerto Rico.
Effective immediately, HUD is:
Issuing waivers that offer flexibility and relief to Commonwealth and local partners: HUD has issued a new package of 29 regulatory and administrative waivers aimed at helping Puerto Rico communities accelerate their recovery from Hurricane Fiona. This represents one of the largest collections of regulatory and administrative waivers e ...