Real Estate News

Buckle Up: Home Prices Are Expected To Fall by a Lot—Even If There Isn’t a Recession

How will Hurricane Ian impact home insurance costs in Florida? Insurance rates have already been going up in past years in Florida, even as six companies went insolvent and another 27 are on a state financial watch list. "We anticipate rates will go up significantly next year," Mark Friedlander of the Insurance Information Institute said. "We're not making a prediction at this point, but based on the trend we have seen over the past several years where rates have gone up double-digit, we will see continued double-digit increases if not higher going forward." Florida's insurance industry has been plagued by litigation issues and rising reinsurance costs, which have led to many large carriers limiting policies and leaving many smaller companies financially exposed.

Citizens Insurance, the insurer of last resort, is now the dominant insurer in Florida with more than a million policies and growing. Insurance experts said Hurricane Ian will likely drive up costs — not just by the large claims — but also the rising costs for re-insurance, basically insurance for the insurance companies. residents should expect a 30-40% rate increase next year.

Most economists see the U.S. turning into a buyer’s housing market in 2023. Here’s where you’ll see the biggest declines in value.

High mortgage rates, tight supply and economic uncertainty: Here’s what’s happening with home prices - CoreLogic also released a home price report this week that showed home prices in August still 13.5% higher than August 2021.

The Georgia Department of Community Affairs (DCA) released the 2023 Community HOME Investment Program (CHIP) grant application for approximately $5 million in available grant awards.