What’s in The Shaker today:

• 💥 Women Lead in Homeownership

• 👀 Housing Market Hacks

• 🙏🏻 Mortgage Rate Decline Sparks Hope

• 🔥 Florida's Insurance-Mortgage Crisis

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Women Lead in Homeownership

Single women are now outpacing single men in homeownership in the U.S., reflecting a significant shift in real estate dynamics and female financial empowerment.

• In 2023, single women made up 18% of the mortgage market, owning an average of 13% of homes across states, compared to 10.2% for single men.

• Delaware, Louisiana, and Mississippi have the highest shares of single women homeowners, while Alaska, North Dakota, and South Dakota see more single men owning homes.

• Despite this progress, disparities persist, with single Latina and Black women having the lowest homeownership rates in the U.S.

Housing Market Hacks

Innovative individuals are finding creative ways to navigate the challenging housing market, from buying run-down cabins to living in sheds, all to rake in extra cash and secure financial stability.

• People are purchasing cheaper properties outside their primary residence areas, such as holiday homes or fixer-uppers, to capitalize on the housing sector's returns.

• One individual, Allison Ullo, turned a dilapidated Catskills cabin into a profitable Airbnb rental, overcoming numerous challenges to make it habitable.

• Another example is Julie Fornasero and Tim Logan, who moved into a 544-square-foot shed on their property, renting out their main house for a significant monthly income.

Mortgage Rate Decline Sparks Hope

Mortgage rates are forecasted to fall to around 5% by the end of the year, potentially revitalizing the U.S. housing market and easing the affordability crisis for homebuyers.

• Mortgage rates have dropped from a high of 7.79% in October to 6.60%, with Fannie Mae predicting a further decline to 5.8% by the fourth quarter.

• The decrease in rates could save prospective buyers hundreds of dollars monthly, making homes more affordable and potentially increasing market activity.

• Despite the positive outlook, challenges remain, including high home prices and the need for more inventory to balance the market.

Florida's Insurance-Mortgage Crisis

Florida's ongoing insurance crisis, marked by the exit of major insurers and heightened risk of extreme weather, threatens to destabilize the state's real estate market, potentially leading to a mortgage disaster.

• Homeowners in Florida face the highest insurance premiums in the nation, averaging about $6,000 a year, compared to the national average of $1,700.

• The rising cost of home insurance risks leaving many residents without coverage, thereby making it impossible to secure mortgages for new home purchases.

• Over a dozen private insurers, including Farmers Insurance, have left Florida between 2022 and 2023, leading to a lack of affordable insurance options and forcing many homeowners to consider going without coverage.

How was today's shake?

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