This was where the math all changed.
When there's too many lenders in the space, it's a race to the bottom.
Redfin: “The median U.S. asking rent fell 0.8% year over year in December to $1,964.”
America is running out of home-owners insurance Premiums for US homeowners’ insurance jumped by an average of 21% from May 2022 to May 2023, according to a study by online insurance marketplace Policygenius…US property insurers are hurting following three straight years of underwriting losses—including $6.7 billion in 2022 alone, according to insurance credit rating agency AM Best. One 200-unit waterfront condominium in Long Island saw its insurance premium more than double to $461,000 for this year…Those costs, which get passed on to residents through their homeowners’ association (HOA) fees, could easily translate into a doubling or tripling of monthly outlays for each apartment owner. There’s added consequence if condo owners can’t afford to pay up – or simply don’t. If more than 15% of a building’s owners are delinquent in their HOA payments, no unit at the property can qualify for a mortgage…“Now all of a sudden, you’re seeing numbers of 12, 14, 20% of unit owners delinquent on their maintenance by more than 60 days,” Tomaselli said.
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