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DataDigest: What happens when insurance carriers abandon America’s biggest housing markets

Housing Wire

We immediately reach out to an insurance agent to see the insurability of the house because it is becoming more and more of a problem,” Armstrong, a Compass agent in San Diego, told HousingWire’s Brooklee Han in a feature we published Tuesday. Insurance policies for homeowners are skyrocketing. The result?

Insurance 344
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FHA drafts guidance to expand financing on homes with ADUs

Housing Wire

The Federal Housing Administration (FHA) published a new draft version of a Mortgagee Letter (ML) on Thursday that would update the mortgage insurance requirements on single-family homes with accessory dwelling units (ADU). On the West Coast , Seattle saw a 250% ADU construction increase from 2019 to 2022.

Finance 363
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DataDigest: Where renters can actually afford to buy

Housing Wire

In the fourth quarter of 2019, the median renter could afford 69% of the homes for sale in Salt Lake City. According to data from Altos Research , the median home price listed in Salt Lake City last week climbed to $785,000, up from about $540,000 in the fourth quarter of 2019. Now, the median renter can only afford 4% of homes.”

Insurance 314
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Foreclosures are rising, but it’s not yet alarming

Housing Wire

The impact of tax and insurance liabilities There are some growing concerns stemming from inflation and the rising costs of property taxes and insurance premiums, which may be problematic for some households, particularly older Americans with fixed incomes. creating chaos in property insurance markets.

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Rhode Island legislature approves more ADUs

Housing Wire

Residents in the state of Rhode Island could soon have an easier time constructing accessory dwelling units (ADUs) on their properties, as a bill prioritized by the state’s House Speaker Rep. Jay Inslee (D) signed a series of bills this month which included an easing of ADU permitting and construction.

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Knox Financial announces $10 million in Series A funding

Housing Wire

Knox automates and oversees a property’s finances and taxes, insurance, leasing and legal, tenant and property care, banking, and bill pay. The company has brought on more than $80 million in investment properties since its launch in 2019.

Landlords 371
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US employment back at pre-pandemic level

Housing Wire

And even though initial claims for unemployment insurance have increased modestly in recent weeks, these data show that the pace of hiring, spurred by more than 10 million job openings, continues to exceed any increase in layoffs.”. Employment in the construction sector is now 82,000 jobs higher than in February 2020.