Reena Agrawal, Author at RiskWire, powered by Veros

Surging insurance premiums and HOA fees slow down Florida’s Housing Market

Average yearly home insurance premiums in Florida surged to over $4,231 in 2022 from $2,165 in 2020, according to data from the Insurance Information Institute (Triple-I). Furthermore, they climbed by an additional 42% in 2023, solidifying Florida’s position as the state with the highest homeowner insurance premiums. Forecasts suggest double-digit increases for 2024.

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Inflation, Mortgage Rates, and the Lock-in Effect

Economy

After the December 2023 meeting, many investors and analysts had predicted six rate cuts and rapidly declining mortgage rates that would not only ease supply but bring back many homebuyers to the market and that housing affordability would improve. Many had anticipated a rate cut as early as March 2024. After the Fed’s January 2024 meeting, the odds of a March rate cut have declined significantly due to data showing continuing strength in the U.S. economy.

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Predictions on Rates, Home Prices, and the Prospective Homebuyer’s Dilemma

Local Markets

Predictions on Rates, Home Prices, and the Prospective Homebuyer’s Dilemma Read More »

Investors Turn Attention to Low-Priced Housing Opportunities

Housing Market

In a landscape characterized by constrained housing supply and diminished affordability, prospective first-time homebuyers find themselves navigating heightened competition with investors for the limited pool of affordable or low priced homes available on the market.

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2024 Veros’ Study Update on “Does Historical Redlining Influence Today’s AVM Estimates”

Housing Market

The February 2024 updated study by Veros Real Estate Solutions (Veros) examines the influence of historical redlining on modern automated valuation models (AVMs) in the housing market. In their update, researchers expand their analysis to five additional metropolitan areas in the United States.

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Baby Boomers’ Housing Boom

Housing Market

Media channels are currently abuzz with discussions surrounding baby boomers and homeownership, citing them as a key factor contributing to the constrained housing supply. In 2022, a third of all owner-occupied homes are owned by those 65 years or older.

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January 2024 Unemployment Remains at 3.7% Despite Several Layoff Announcements

Economy

In January 2024, the U.S. unemployment rate remained at 3.7%, maintaining its level from the previous month, despite the backdrop of additional layoff announcements.

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