Rising homeowners insurance rates in the U.S. are attributed to increasing costs for insurers due to natural disasters linked to climate change. South Florida faces widespread flooding after heavy rain, while the governor vetoed stormwater and sewage funds. Affordability concerns constrain home price growth, with costs passed down to consumers. Reinsurance companies raised prices by 40% due to global natural disasters in 2023, leading to higher premiums for Floridians. The housing market sees challenges with soaring home prices, leaving markets out of balance and causing an affordability crisis. High insurance costs impact condos, raising homeownership prices and hindering sales.
(1/5) There have been just two months in the past decade with fewer home sales. High home prices, elevated mortgage rates, and an ongoing housing shortage caused sales to tumble last month. #housingmarket https://t.co/vkbzY6qsI5
People of all generations purchased far fewer homes in 2023 than the year before as continually rising home prices and mortgage rates cut into buyers’ budgets; 2023 was the least affordable year on record. Historically low inventory also limited sales, per Redfin.
Insurance costs are exploding for condo associations, raising the price of homeownership and making it harder for some owners to sell their units https://t.co/XqvMFUZqvS https://t.co/XqvMFUZqvS
Wall Street Journal: "Big jump in insurance costs strikes condos" "Higher premiums are raising the price of homeownership and making it harder to sell some [condo] units" via @NicoleFriedman https://t.co/RF91j3IGF6
.@LawnStarter ranks 4 Florida counties among the top 10 in the U.S. most vulnerable to flooding Reporting by @DrewDixon30 https://t.co/1W8ptSqLbY #FlaPol
In a striking shift in the housing market, a staggering 19.2% of homes for sale in May experienced price cuts. This marks a significant rise from 13.2% a year earlier, inching perilously close to the all-time high of 21.7% seen in October 2022, according to @Redfin https://t.co/dvlBY2dyZg
This is the most unaffordable US housing market Home prices, adjusted for inflation, are much higher than even the peak of the pre-Financial Crisis period To put this into perspective: Median home prices had reached $350,000 in 2006 Today, it is just shy of $400,000 https://t.co/9EqDrYGSmF
In a small Miami suburb, plans to help street flooding are gutted by a DeSantis veto https://t.co/1zRDA9M2fd by @doug_hanks https://t.co/rzHlNe22r1
THROUGH THE ROOF: Dipping mortgage rates aren't giving potential homebuyers any real relief as home prices soar across America. https://t.co/RFU3d5SuRL https://t.co/HZ13gAb3zu
US home prices just smashed another record high as affordability crisis deepens https://t.co/5np0P4Ayqr
Soaring home prices are causing a number of challenges — and it's leaving many markets out of balance https://t.co/cXZrh8Zqjj
Despite being credited as such by many observers, fixed-rate mortgages are not the only explanation behind America’s resilient housing market and recent price growth https://t.co/cdDtgSyrGt 👇
US housing affordability is a crisis: Homeownership costs are up 26% since 2020 as taxes, insurance, maintenance, and energy expenses surged. The average annual payment for a single-family home expenses EXCLUDING mortgage payments reached $18,118 in March, according to… https://t.co/g4VtrhAn03
Tens of thousands of #Florida homeowners will be required to buy flood insurance. Recent floods show why. https://t.co/rOPgb4wfdU via @ronhurtibise
The minor drop in mortgage rates this week is likely not enough for many budget-conscious homebuyers. And any substantial decline is probably at least a year away as the Fed signaled it will cut benchmark rates only one time this year. https://t.co/vtybjPMvFU
"The effects of ‘rate lock,’ owners holding on to their existing homes and low-rate mortgages, appear to be lessening over time, even as most outstanding mortgages have a rate well below what’s currently being quoted on the market" - Zillow chief economist @skylarolsen9
In a small South #Florida suburb, plans to help street flooding are gutted by a @GovRonDeSantis veto https://t.co/gtHenVnKVI via @doug_hanks
Relevant for Floridians: In 2023, 398 global natural disasters caused $380 billion in losses, highest on record. Reinsurance companies raised prices by 40% in last two years. Costs are passed down by primary insurers, raising premiums & reducing coverage. https://t.co/ivhTOk6nzO
The Pandemic Housing Boom & rate shock have stretched affordability relative to incomes Moody's thinks unhealthy affordability will constrain near term home price growth Goldman Sachs believes that the lack of supply will outweigh affordability concerns https://t.co/isWeuBLpq7
A surprising number of homes in the Bay Area remain unsold for 30 days or more, a new report shows. Read more: https://t.co/CPSMUJpzf3
South Florida experienced widespread flooding after receiving 20+ inches of rain while the governor vetoes $205 million in stormwater and sewage funds and signed a bill blocking language to promote renewable energy and curb greenhouse gas emissions. https://t.co/eFsGMW515J
Millions of Americans face rising homeowners insurance rates as natural disasters linked to climate change increase costs for insurers. https://t.co/nwX0nZykNe