HOMEOWNERS INSURANCE – ALLSTATE – State regulators yesterday outlined why they want to bar Allstate Insurance Co. and its affiliates from selling policies in Florida. Allstate’s recent actions, according to the complaint, demonstrate “a continuing attempt to improperly subvert, manipulate and undermine the regulatory process.”
REAL ESTATE MARKET – Slow home sales in traditional “feeder markets” like Ohio, New York, Michigan and Massachusetts are impacting Florida’s population growth, according to some economists. People in Rust Belt states who want to move to Florida can’t sell their houses, they say.
What this means is the demand might be lower than normal. The by-product of this is pent up demand and how will it affect prices in the Naples, Bonita Springs and Estero markets when home sales in the north pick up.
HOUSING AID – The United States Congress is eyeing more incentives to address problems in the housing market, including a move to allow bankruptcy judges to change mortgage terms, and a tax break that allows companies to apply current losses to earlier years’ tax returns.
HOUSING STARTS – Among other economic news, the U.S. Commerce Department reported today that construction of new homes and apartments rose by 0.8 percent to a seasonally adjusted annual rate of 1.012 million units in January – the first increase since October.
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