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Climate risk is rising. It calls for a rethinking of home insurance coverage

Housing Wire

It’s resulting in calls to reimagine the costs of homeowners insurance (Image generated by AI in Midjourney) As the planet warms and extreme weather intensifies, the rising cost of homeowners insurance is stopping real estate deals in their tracks. Some insurers say catastrophe risk is part of the business, part of the job.

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ALTA: Protecting property rights with title insurance

Housing Wire

For most real estate industry professionals, title insurance needs no introduction. A trusted product , title insurance has been used to protect real estate transactions and property rights for over a century. Title insurance is different than most other insurance products. Diane Tomb, ALTA CEO Contributor.

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Property Taxes: Increases, Payments, and Where They’re Surging Most

Appraisal Buzz

“The cost of owning a home has gone from affordable to unaffordable for a lot of local Florida residents and out-of-towners. Home prices that are much higher than in pre-pandemic times and the disaster-driven surge in HOA and insurance costs are now pricing homebuyers out of the market.” Atlanta $2,811 106.8% $239 65.8%

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Total Value of U.S. Homes Bordered $3T in 2024 

Appraisal Buzz

There are more homes for sale right now than in recent years and that has led to buyers markets in many areas of the country. Thats good news, but it doesnt mean homes are getting cheaperprices continue to tick up each month, said Chen Zhao, Redfin Economics Research Lead. While the Silent Generations home prices decreased 3.7%

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Insurance carrier exodus rattles California and Florida housing markets

Housing Wire

In late June, Susan Gregory received an estimate for a new homeowner’s insurance policy on her 120-year-old St. Augustine, Florida property, after her previous insurer, United Property and Casualty, went insolvent earlier in the year. “It can’t be my forever home if I can’t afford it.”

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Buyer Competition Expected to Ramp Up This Fall 

Appraisal Buzz

According to Zillow’s most recent market report , reduced mortgage rates and more inventory are providing house buyers with a window of opportunity at an uncommon time of year. Buyers have more options to choose from for two reasons. Beyond that, more inventory is becoming available enough to improve buyer negotiating power.

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Housing Market Predictions for 2025

Appraisal Buzz

Your monthly house payment on a 15-year fixed-rate mortgage will be 25% or less of your monthly take-home pay. A 20% down payment is ideal because youll avoid paying private mortgage insurance (PMI). But 510% is okay, too, if youre a first-time home buyer. Simply putlow inventory leads to higher home prices.