article thumbnail

Rising Homeownership Costs Driving Record Financial Strain 

Appraisal Buzz

The findings suggest that rising costs of property taxes, insurance, utilities, and home maintenancerather than just mortgage paymentsare driving increased financial pressure, even for those who secured historically low mortgage rates in recent years. In 2023, the cost-burden rate for this group reached 74.2%, marking an increase of 5.4

article thumbnail

As title insurance volume shrinks, workers take on more tasks

Housing Wire

As the mortgage rate environment became increasingly volatile in August and early September, one in three title insurers reported order volume that was below or far below average. However, 67% of respondents are over the age of 45, with the largest age brackets being 45-54 and 55-64 at 28% each.

Insurance 397
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

HMDA: The top 10 FHA lenders by volume in 2021

Housing Wire

Origination volume for FHA -insured loans increased by 3% in 2021, growing from $324 billion in 2020 to $332.24 Millennials made up 57% of applicants for FHA loans in 2021, with borrowers in the age bracket of 25 to 34 making up 28.1% Applicants in the 55 to 64 age bracket made up a mere 10.1%, HMDAVision shows.

article thumbnail

Nearly Half of All Prospective Buyers Struggle with Basic Home Costs

Appraisal Buzz

adults nationwide show that nearly half of prospective homebuyers are having difficulty paying for basic housing expenses and that the affordability of home insurance is a key consideration in their decision to relocate. The results of a poll conducted among 1,818 U.S. The survey was conducted by Mphasis Digital Risk.

Buyers 370
article thumbnail

Inside the Affordability Challenges of Middle-Income Renters

Appraisal Buzz

The former had about $2,900 in residual monthly income in 2022; even those in the 60%-80% AMI bracket still had $2,500 remaining after housing expenses, while burdened lower-income renters only had $600 a month left over. It is also important to insure that middle-income aid never replaces subsidies for lower-income renters.

article thumbnail

Price Adjustments in South Florida Rise Rapidly in 2025

Lamacchia Realty

Condo sales have especially declined due to the ongoing insurance crisis and rising association fees or special assessments tied to stricter regulations following the Champlain Tower Collapse in Surfside. Now, with mandatory reserves, special assessments, and rising cost of insurance, owning a condo is far more expensive.

article thumbnail

Price Adjustments in Florida Rise Rapidly

Lamacchia Realty

Condo sales in particular have experienced a significant decline in recent weeks which can be attributed to the ongoing insurance crisis in the state and to the increased association fees and/or added special assessments for condos due to the more stringent regulations resulting from the tragic Champlain Tower Collapse in Surfside, Florida.