Reported 13 days ago
The housing market is witnessing a troubling trend where homes are deemed uninsurable due to their locations in severe weather zones or their age, making it difficult for buyers to secure mortgages. This has led to a rise in cash sales at steep discounts, with a staggering $1.6 trillion in property value at risk, leaving 6.1 million homeowners uninsured. The situation is particularly rampant in states like California and Florida, where insurers are limiting policies or exiting the market entirely, creating a crisis for homeowners and prospective buyers alike.
Source: YAHOO