Fla. ‘Insurer of Last Resort’ Wants to Cut Costs
Citizens Property Ins.’s board met Tues. and urged the firm to cut costs. It has $6.5B in reserves but is growing quickly and has more than 800K policies.
OK for Listings to Have Pets – Not Pet Damage
A Quicken study found that most buyers (79%) will consider buying a home that has pets, and some even see it as a positive sign about the owner.
Mortgage Rates Rise 1/4 Point to 4.42%
The average rate on a 30-year, fixed-rate loan rose a half point in just two weeks, likely due in part to the Fed’s decision to raise the key short-term interest rate.
Equity Is Up – But Fewer Homeowners Tap Into It
In the Great Recession, many homeowners tapped into rapidly rising equity, but they’re more cautious today, with HELOC applications dropping 5.5% in 4Q 2021.
Defrauded HOAs See Bank Accounts – 23 Were Closed
Out of 90 HOA bank accounts involved in alleged property-management fraud, 23 were previously closed, and 67 had balances ranging from $180K to zero.
U.S. Nixes British Steel and Aluminum Tariffs
Supply problems and inflation still push up the cost of raw materials, but an end to steel and aluminum tariffs should help offset construction price increases.
Biden Task Force Releases Appraisal Bias Study
The task force’s action plan summarizes changes already announced and general future goals, such as creating new automated valuations that assess value without bias.
NAR Report: Millennials Make Up 43% of Homebuyers
In last year’s generational report, millennials made up 37% of homebuyers. Gen X, however, bought the most expensive homes at a median price of $320K.
New-Home Sales Drop 2% in Feb.
NAHB says price increases and rising mortgage rates pushed some new-home buyers out of the market. The median sales price hit $400,600, up 10.6% year-to-year.
Residential or Commercial RE: What Works for You?
The two arms of real estate perform the same broad function, but the details differ. Agents often find that one better suits their temperament.