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Started By
Message
Warning Signals Are Flashing for Homeowners in Texas and Florida
Posted on 6/2/24 at 1:30 am
Posted on 6/2/24 at 1:30 am
quote:
In some Texas and Florida cities, foreclosures are rising, suggesting early signs of distress in the once booming housing market. The likely reasons: rising property taxes and insurance premiums and higher interest rates that make it increasingly difficult for homeowners struggling with mortgage payments to sell their properties or refinance their way out of trouble.
Because of storms and other natural disasters, insurance costs in recent years have been rising faster in those states than in much of the rest of the US. What’s more, the median local property tax bill in Texas for single-family residences had climbed $1,015 by 2023 from 2019, the biggest jump in the US, a CoreLogic data analysis shows.
LINK
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Posted on 6/2/24 at 2:59 am to Street Hawk
As a homeowner in Florida I can speak to the increases in property taxes but the Homeowner's Insurance is what really has gotten me. It doubles this last year. Property taxes might have gone up three or four hundred dollars.
Posted on 6/2/24 at 4:24 am to FLBooGoTigs1
Same for Texas. Homeowners insurance alone has almost doubled in 6 years.
Posted on 6/2/24 at 5:04 am to thelsutigers
And the Tx wind pool is theoretically insolvent, better pray for no canes for 20 yrs.
Posted on 6/2/24 at 5:55 am to Street Hawk
Property Taxes have tripled in the last 10 years and Homeowners went up another 1000 last year.. It's ok though the city said my house is worth more every time they go in dry. 
I'm in Jax and we rarely get hit with a major hurricane but because we live in Fl we are lumped in with South Fl and the panhandle so our insurance gets increased every time they get hit. 
I'm in Jax and we rarely get hit with a major hurricane but because we live in Fl we are lumped in with South Fl and the panhandle so our insurance gets increased every time they get hit. This post was edited on 6/2/24 at 5:56 am
Posted on 6/2/24 at 6:04 am to Street Hawk
......and let's not forget the added chages on Entergy bills for storms that happened 10 years ago.
Posted on 6/2/24 at 6:39 am to Street Hawk
Y insurance went up 27% from last yr. Took some effort and some coverage limit adjustments but found a policy for the same cost at another firm.
But reading an article yesterday that the legislature/governor had to sign la bill and tell HOA that they can't block homeowners from storm hardening improvements.
But reading an article yesterday that the legislature/governor had to sign la bill and tell HOA that they can't block homeowners from storm hardening improvements.
Posted on 6/2/24 at 6:43 am to Street Hawk
My insurance went from around $4k to $12k in like two years 
Posted on 6/2/24 at 6:55 am to Street Hawk
quote:
increasingly difficult for homeowners struggling with mortgage payments to sell their properties or refinance their way out of trouble
There's no way this can be looked at without adding in the inflated housing cost due to people moving in in huge amounts from California and NY during and after Covid. An individual selling some postage stamp lot in Cali for 1.5 mil and overpaying for a house in Texas because they have the additional cash, financially stretches out the middle class family just trying to buy a mid level home.
Posted on 6/2/24 at 6:58 am to FLBooGoTigs1
quote:
As a homeowner in Florida I can speak to the increases in property taxes but the Homeowner's Insurance is what really has gotten me. It doubles this last year. Property taxes might have gone up three or four hundred dollars.
I got flimflammed by both this year and last year.
This post was edited on 6/2/24 at 6:59 am
Posted on 6/2/24 at 7:02 am to Street Hawk
The state governments have more important problems to address.
You know, what’s going on in people’s bedrooms, women’s bodies, and making sure Bible verses are present in all public spaces.
Oh, and the honorable Texas AG and others in the Texas legislature would never take kickbacks from the insurance and other industries. That could never possibly happen.
You know, what’s going on in people’s bedrooms, women’s bodies, and making sure Bible verses are present in all public spaces.
Oh, and the honorable Texas AG and others in the Texas legislature would never take kickbacks from the insurance and other industries. That could never possibly happen.
This post was edited on 6/2/24 at 7:07 am
Posted on 6/2/24 at 7:07 am to Street Hawk
South Louisiana insurance premiums are out of control.
I get it to some extent, but you’re talking about home replacement cost estimates that are 40-60% higher than what the actual resale value of the home would be in many areas along HWY 90.
I get it to some extent, but you’re talking about home replacement cost estimates that are 40-60% higher than what the actual resale value of the home would be in many areas along HWY 90.
Posted on 6/2/24 at 7:07 am to TejasHorn
Don’t forget banning THC products, that is really important.
Posted on 6/2/24 at 7:13 am to Street Hawk
Is the reason insurance and taxes are going up Is because property values are going up?
Idk, just a thought.
Idk, just a thought.
Posted on 6/2/24 at 7:16 am to Street Hawk
quote:
The likely reasons: rising property taxes and insurance premiums and higher interest rates that make it increasingly difficult for homeowners struggling with mortgage payments to sell their properties or refinance their way out of trouble.
And inflation, let's not forget that.
Posted on 6/2/24 at 7:18 am to Street Hawk
quote:
rising property taxes
But But But Texas doesn't have state income tax...
My sister lived in Denton County back in the late 90's, her and her husband were paying over 10K a year in property taxes, hate to see what it is now..
This post was edited on 6/2/24 at 7:22 am
Posted on 6/2/24 at 7:19 am to L1C4
Inflation is really screwing up life, even for those who already own homes.
Yet people will line up to support incumbents who got us here.
Yet people will line up to support incumbents who got us here.
Posted on 6/2/24 at 7:20 am to Teddy Ruxpin
quote:
My insurance went from around $4k to $12k in like two years
I'm assuming you're talking about wind and hail insurance....
ours went from 2.2K to 9.7K after Ida.
Dipshit company we were with stopped writing in La, so we were forced to go with Citizens.
This post was edited on 6/2/24 at 7:23 am
Posted on 6/2/24 at 7:34 am to FLBooGoTigs1
quote:
As a homeowner in Florida I can speak to the increases in property taxes but the Homeowner's Insurance is what really has gotten me. It doubles this last year. Property taxes might have gone up three or four hundred dollars.
Insurance has gotten out of hand here. Mine dropped me last year citing Ian as the reason, even though I had no damage to my house.
Property taxes here in Orange County aren’t great either. It’s a big difference from Seminole county where I grew up.
Posted on 6/2/24 at 7:35 am to Street Hawk
The HOAs in SoFL are insane cause of insurance
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