MBA: Home loan applications fell 2.1% last week to the lowest level in 28 years, as low housing inventory and higher mortgage rates sidelined would-be buyers. LOS ANGELES (AP) – U.S. home loan applications are the lowest in decades as evidence mount that rising mortgage rates and home prices are shutting out many aspiring homeowners. … Read more
CONYERS, Ga. – They’re young, they’ve got money, and they’re on the move. A recent analysis by SmartAsset, which examined IRS data from 2021, found that New York and California lost the most residents aged 26 to 35 with annual incomes of at least $200,000. There are likely many reasons these folks are relocating, not the least of which is cheaper living. … Read more
After Idalia, Fitch Ratings warns about long-term effects of property-insurance problems in Fla. and California, citing rising costs and reduced availability. TALLAHASSEE, Fla. – As Florida recovers from Hurricane Idalia, Fitch Ratings this week warned about long-term effects of property-insurance problems in Florida and California. “Rising premiums and reduced availability of homeowners’ property insurance could … Read more
However, the 30-year fixed-rate mortgage remains near the 22-year high it hit three weeks ago. Last week, it was 7.18%. LOS ANGELES (AP) – The average long-term U.S. mortgage rate fell again this week but remains near the 22-year high it hit three weeks ago, offering little relief for house hunters facing persistently high prices … Read more
It’s too early to know. Nine out of 10 people will file a claim within the first 30 days, experts say, which is reported to the Fla. Office of Insurance Regulation. TAMPA, Fla. – Florida’s already troubled property insurance market faces another challenge: Hurricane Idalia. Now that the floodwaters have receded, the question is could Idalia impact … Read more
Fla. is one of the states that filed a lawsuit against NFIP’s “Risk Rating 2.0,” but legal arguments now contest the states’ legal standing to challenge the changes. TALLAHASSEE, Fla. – Florida and other states are trying to fend off an attempt by the Biden administration to end a lawsuit challenging changes to the National … Read more
Idalia caused flooding in communities along Fla.’s west coast before making landfill in rural Taylor County, but some say the insurance industry “dodged a bullet.” FORT MYERS, Fla. – Hurricane Idalia raked the west coast of Florida last week, flooding communities before making landfall Wednesday as a Category 3 in the Keaton Beach area of rural Taylor County, causing widespread … Read more
ATTOM: In second quarter 2023, 49% of U.S. mortgaged residential properties were considered equity-rich – the highest point in at least four years. CHARLOTTE, N.C. – ATTOM has released its second-quarter 2023 U.S. Home Equity and Underwater Report, which shows that 49% of mortgaged residential properties in the United States were considered equity-rich in the … Read more
The fed disaster declaration now covers Columbia, Gilchrist, Hernando, Jefferson, Madison, Pasco, Citrus, Dixie, Hamilton, Lafayette, Levy, Suwannee and Taylor counties. TALLAHASSEE, Fla. – Six counties were added to a federal disaster declaration as President Joe Biden on Saturday visited the state and pledged support for rural North Florida communities hammered by Hurricane Idalia. “We’re … Read more
New laws impacting insurance lawsuits may be helping. State-run Citizens says it received 200 fewer monthly lawsuits Jan. to June than it did last year. TALLAHASSEE, Fla. – State-operated Citizens Property Insurance Corp. was served with 4,711 lawsuits during the first sixth months of 2023, a decrease of about 200 lawsuits per month compared to … Read more
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