ORIGINATOR NEWS BITES

The researchers examined hurricane data from NOAA and housing information on Zillow and Florida tax returns from 2000 to 2016. “Using mortgage application data, we find that incoming homeowners have higher incomes during this period, leading to an overall shift toward more affluent groups,” the authors wrote in their abstract. This is a sign of a climate gentrification if wealthier people move into areas after extreme weather event disturbances. Gentrification can also occur when wealthier people move into low-income communities seeking relief from long-term climate problems such as floods.

The researchers estimated that the shortterm rise in prices could be due to the drop in housing supply caused by storm damage. They also found that home prices return to pre-hurricane levels but never go below. During these three years when the real estate prices are higher, the wealthier buyers are those who can afford to buy homes.

Almost 24% Of Mortgage Holders In Miami 65 Or Older

More than 23% of all mortgage holders in the Miami area were 65 or older in 2022, the second highest percentage in the U.S., according to Lending Tree and reported by the Islander News.

Miami (23.52%) trailed only San Diego (24.18%) and was just ahead of Las Vegas (23.51%). The average of the 50 metro areas studied was 18.96%.

Lending Tree, an online loan marketplace for mortgages, analyzed the latest U.S. Census Bureau in its research, which showed more than 10 million seniors across America are still paying mortgages. What the report also showed specific to Miami: Median value of homes owned and occupied by those 65-plus was $334,300; median value of all owner-occupied hous- ing units was $362,500; median monthly housing costs for mortgaged homes by those 65-plus was $1,682; median monthly housing costs for all owner-mortgaged units was $2,005.

CPF Mortgage Becomes Preferred Lender For Homan Group

The Homan Group Exp Realty in Hernando County has chosen CPF Mortgage as its preferred lender.

The Homan Group has 30 team members and focuses on Hernando County and surrounding markets. Thomas Homan Jr. handles day-to-day operations and believes “CPF can help us get to the next level of growth by providing their 5-star experience, technology, and consistent process to our agents and clients.”

Justin Kelly, president and CEO of CPF Mortgage, said, “The Homan Group has a lot to offer clients in their market, and we believe our team, process, and the fact that we are an independent mortgage lender and broker can help them grow and scale in 2023 and beyond.”

Florida Fastest-growing State: 1st Time Since 1957

After decades of rapid population increase, Florida now is the nation’s fastest-growing state for the first time since 1957, Forbes reported. That’s according to a new report from the Census Bureau’s Vintage 2022 population estimates. Florida’s population increased 1.9% to 22,244,823

+1.9% between 2021 and 2022, surpassing Idaho, the previous year’s fastest-growing state.

> Florida’s population growth to 22,244,823 between 2021 and 2022 to make it the nation’s fastest-growing state for the first time since 1957.

For the third most-populous state to also be the fastest growing is notable because it requires significant population gains. In the post-World War II era after 1946, Florida’s percentage increase in population each year has fluctuated but has always been positive.

In the 1950s, as air conditioning became more prevalent in warmer parts of the country, Florida’s annual population growth averaged 6.1%. It hit 8% in both 1956 and 1957, near the peak of the baby boom, marking the last time Florida was the fastest-growing state — until now, Forbes noted in its report.

During that decade, Florida’s growth far outpaced the national rate, which was between 1.5% and 2% each year that decade. An annual population growth of 8% is exceptionally rapid and translates to a population doubling roughly every nine years.

Florida Homebuyers Most Impacted By Rising Rates

Researchers at Construction Coverage have determined that Florida homebuyers have been the most impacted by rising interest rates. Mortgage payments for a median-priced home in Florida have increased by over 80% from 2021, according to a report on KSJB-AM.

Construction Coverage analyzed the latest data from Zillow and Freddie Mac in compiling its rankings.

Among large metros where homebuyers were most affected by rising interest rates, the Miami-Fort Lauderdale-Pompano Beach area was ranked No. 1 with a 83.9% increase in mortgage payments year-over-year for a median-priced home and a total increase in mortgage payments of $1,101. Tampa-St. Petersburg-Clearwater was ranked second (79.9% and $876 increases); Orlando-Kissimmee-Sanford was third (79.4% and $894); and, Jacksonville fourth (78.0% and $832).

Seven Florida metros were among the top 15 midsize areas most impacted: 1, Naples-Marcos Island (94.4%); No. 2

+80%

> Increase in mortgage payments for a median-priced home in Florida from 2021, making Florida homebuyers the most impacted by rising interest rates.

Ocala (91.0%); No. 3 Cape Coral-Fort Myers (84.7%); No. 4 North Port-Sarasota-Bradenton (83.6%); No. 6 Port St. Lucie (80.9%); No. 11 Deltona-Daytona Beach-Ormond Beach (77.8%) and No. 13 Lakeland-Winter Haven (77.2%)

The Villages (93.4%) was the most impacted among the small metros. No. 4 Sebastian-Vero Beach (84.2%), No. 5 Punta Gorda (83.2%) and No. 9 Homosassa Springs (81.5%) also were in the top 15 most impacted.

Realtor Promotes ‘OutsideThe-Box’ Suggestions With Rising Rates

Ivory Cooks, a board member of the Master Brokers Forum, a network of the top real estate professionals in South Florida, and a Realtor-associate with Coldwell Banker Real Estate, said agents and prospective buyers need to consider “outside-the-box” solutions in this time of uncertain South Florida inventory and rising interest rates.

Writing in South Florida Agent magazine,

35%

Cooks offers four suggestions: 1. Rent now/ buy later; 2. Buy small/get bigger; 3. Buy now/refi later; 4. Fix it up now/profit later. Cooks writes that many national experts believe housing prices go down when rates go up, but he doesn’t believe that will apply dramatically in South Florida, where cash is king and interest rates have a muted impact. Based upon October 2022 home sales data from Florida Realtors, 28% of single-family homes and 49% of condos/ townhomes were purchased with cash, and, according to Attom Data Solutions, in the last quarter 35% of all single-family home and condo sales were all-cash.

But, he writes, escalating interest rates do impact most local buyers, even those in the luxury sector in which he specializes.

Miami Ranked As Fairest For Native American Buyers

Miami was ranked as the fairest city for Native American homebuyers, according to a comprehensive study by FairPlay.

National Mortgage Professional published the results of the study, which evaluated publicly available data to identify the fairest cities and fairest lenders in the United States. The data analyzes loan records from 2021 for four protected groups: Black, Native American, Hispanic, and female borrowers. Overall, Native American homebuyers were approved for mortgages at 81.9% the rate of white homebuyers.

Tampa was ranked fifth and Miami seventh in the fairest cities for black homebuyers. Black homebuyers were approved for mortgage at 84.4% the rate of white homebuyers - the highest rate ever.

Miami was ranked the ninth fairest cities for female homebuyers. In 2021, female homebuyers were approved for mortgages at 99.2% the rate of male homebuyers — the highest rate ever. No Florida city was ranked in top 10 fairest for Hispanic homebuyers. In 2021, Hispanic homebuyers were approved for mortgages at 88.7% the rate of white homebuyers. b

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