“Are we in a bubble?” Home sales and price growth to slow in 2022, experts say
The country’s housing market is expected to cool in 2022, as mortgage rates tick up and inventory grows, a panel of experts said at the National Association of Real Estate Editors conference on Thursday. The states that are expected to see the highest price increases next year are Florida at 10.7 percent, South Carolina at 8.9 percent, and Maine at 8.6 percent, according to CoreLogic data. Louisiana, at 2.9 percent, and New York and Wyoming at 3.6 percent, each, could see the smallest growth in home prices. [Source: The Real Deal]
Amid Florida’s affordable housing crisis, DeSantis proposes highest spending in a decade
The panel of academics and housing professionals assembled before the Florida Senate committee last week delivered a unified message: Florida is in the throes of an affordable housing crisis, and more money is needed to keep the economy humming. In a budget fueled by taxes on soaring real estate values, Gov. Ron DeSantis on Thursday found $144 million more than he had last year in the state account and proposed $355 million in affordable housing initiatives as part of his $99.7 billion budget proposal. [Source: Tampa Bay Times]
Your home insurance coverage costs so much because big-money forces are at war
By now, you don’t need to be told that Florida’s home insurance rates are skyrocketing. Increased frequency and intensity of hurricanes and other storms are one reason. They make us a bigger risk. But Florida hasn’t experienced a major hurricane since 2017′s Irma, which affected most of the state, and Michael, which caused a wide path of destruction in the Panhandle in 2018. The biggest reason insurance rates continue to rise, experts say, is the staggering number of lawsuits filed here, compared to other states, over hurricane, roofing and water damage claims. [Source: South Florida Sun-Sentinel]
Buy or rent a home in South Florida? Real estate experts have the answer
Contemplating whether to buy or rent a home in South Florida? Three real estate experts say you should rent since they anticipate eventual price decreases on houses for sale. Residents of Miami-Dade, Broward and Palm Beach counties would be better off renting now and saving to buy later after steep housing prices, already softening in certain cities, further decline. That’s according to the latest Florida Atlantic University and Florida International University’s quarterly report released Wednesday comparing the costs of buying and renting. [Source: Miami Herald]
Florida’s second largest community bank is expanding its presence in wholesale mortgage lending through its joint venture, Amerant Mortgage LLC, which has hired 28 new employees dedicated to providing products and services to mortgage brokers and their clients. [Source: Inman]
› More people are moving to Tampa Bay from South Florida. Why? [Tampa Bay Times]
It’s no secret that the population in Florida, and Tampa Bay, is growing. But it’s not only northerners fleeing the cold who are flocking to Tampa Bay. A new feeder market is emerging from within the state — residents from South Florida are moving to Tampa Bay at a fast clip. South Florida — from Palm Beach to Miami — has had the three most populous counties in the state for decades. But the most recent surge of people into Tampa Bay may push Hillsborough into one of the top counties in the coming years, according to researchers from the University of Florida.
› Florida history: The role of the ‘Binder Boys’ in the land boom of the 1920s [Palm Beach Post]
In 1920, Miami had about 30,000 residents. Today, they could nearly fit into the upper deck (26,442) of Hard Rock Stadium, home of the Dolphins. But things were happening. Henry Flagler was building hotels up and down Florida’s east coast, placing southern Florida in the public eye. And the Everglades was being drained, opening up land for agriculture and, more lucratively, real estate.
› Community members push Sarasota County to prioritize affordable housing with federal funds [Sarasota Herald-Tribune]
Bakery owner Kelly Erdmann told Sarasota County commissioners last Tuesday that three of her employees can’t find affordable housing. One team member at her Nothing Bundt Cakes store had to move back in with her family after her landlord raised her rent. Another employee is temporarily residing with one of the store's managers. And a third is living in a van with her spouse and two pets. They recently bought a trailer that they plan to convert into a living space
› Yes, Orlando home buyers pay over asking price, but it’s way worse in San Jose [Orlando Sentinel]
It’s been a familiar refrain this year for many Orlando home buyers. Find a great house, lose it to all-cash offers from investors coming in with much higher budgets. So it might come as a surprise that Orlando actually had the fourth-fewest homes sell for more than the asking price of the largest metros in the U.S., according to a new study by home services platform Porch.