The costs for real estate insurance rose to a record set in 2024

Here is that Ice March mortgage monitor report (PDF).

Press release: ICE mortgage monitor: In 2024, the costs for real estate insurance rose to a record set to buy homeowners to buy better interest, to accept higher deductible

• The average annual real estate insurance premium among pledged single -family houses in 2024 rose by a record of +276 USD ( +14%) to $ $ 2.290, which limits an increase in five -year trailers of +872 USD ( +61%).

• Seattle (+22%), Salt Lake City (+22%) and Los Angeles (+20%) recorded the largest percentage in 2024, while the great increase in Dallas (+606 US dollars) and Houston ($ 515) was.

• Real estate insurance premiums in Florida increased less than half of the national average, but interest rates remain the highest in the country.

• A record of 11.4% of the borrower changed the airlines in 2024 and 2 percentage points compared to 2023, probably due to a combination of increasing non -renewed activities and borrowers who buy lower bonuses

• Homeowners decided

  …

  “Although it is not a surprise that the insurance costs rise, we see that emerging trends are reacting to the higher cost environment with regard to the reaction of homeowners,” said Andy Walden, head of mortgage and real estate market research for Intercontinental Exchange. “We see that both the proportion of borrower who change guidelines and borrowers higher deductibles to combat rising premiums.”

  Added emphasis

Here is a diagram from the mortgage monitor. Most of these increases are driven by losses due to natural disasters.

• The average annual real estate insurance premium in pledged single -family houses rose by $ 276 (+14%) to $ 2,290 in 2024

• This is the largest one-year increase of the record from 2013 when ICE began to pursue the metric, and when it was stacked at the rise of $ 245 ($ 14%)

• Real estate insurance costs are still the fastest growing sub-component monthly house payments compared to capital, interest and property taxes

• The average total mortgage payment (PITI) increased by 6% last year, whereby the increase in real estate insurance costs by 14% significantly exceeds an increase in interest payments by 8% and the property tax of the property in all outstanding mortgages increases and increased by 5%.

• While all other sub -components rose, the amount of the order amount, which was paid for the average mortgage of 2023

• In the past 5 years we have recorded an increase in capital, interest and tax payments in the active mortgage population by 21-22%.

Here is a graphic of the national crime rate of ICE. The overall crime, which declined in January, are below the pre-Pandemic level. Source: Ice McDash

• The delinquencies fell by 24 basis points (BP) to 3.47%in January. That is 10 BPS higher than in the previous year, but 33 BPs under the pre -panda values ​​before pandemic

• While hurricane delinquencies are on the way to 58,000 in November to 40,000 to January-in California to be paid in California with an estimated 680 borrowers in January.

• All in, 490,000 previously delinquent borrowers healed in January on the current, the highest of such volume for a year

• The diseases for all phases improved

The sales of enforcement remains far below the pre-Pandemic level. After the end of the VA compulsory execution moratorium, however, the enforcement started.

• The enforcement began by 30%, sales rose by 25%and the number of active enforcement rose by 7%in January after a recent moratorium for VA compensation was fulfilled

• While the increase in foreclosure activities in January has often occurred at the highest level in 5 years, more than 40,000 loans per month are referred to foreclosure

• Last year compared last year, the enforcement between FHA (-2%) and conventional (-4%) loans begins, whereby the annual increase was only driven by the increase in VA transfers

• The resumption of VA compulsory execution – everything else – could lead to an increase of around 15% in the transfer activity of 2025 compared to 2024

• The sales of enforcement in January rose from December after the Moratorios during the holidays

Real estate prices in the previous year are according to the ICE Home Price Index (HPI). The ICE HPI is a repetition sales index. ICE reports the median price change in repetition sales. The index rose by 3.0% compared to the previous year, compared to 3.4% in December.

Source: ICE Home Price Index (HPI)

• As expected, a noticeable withdrawal of the home price fell in January and fell from +3.4% the month earlier to +3.0%, after three consecutive increases to 2024

• The temporary increase at the end of 2024 was powered by a weak fourth quarter of 2023, which rolled out of the backwards (together with a modest bump from the installments that fell almost 6% in the early fourth quarter))

• We will face the opposite in the coming months, and a strong in early 2024 now slowly started the backwards looking backwards

• In the second quarter, the annual winnings in the last 9 months of around +2.0% and the prices that increase by one season in January in 5 months will be reflected more precisely in the last 9 months in the last 9 months, which increases by one seasonal such growth rate in 5 months, the annual profits in the past 9 months an average seasonally adjusted rate (Saar).

• The inventory that has improved in almost every major market in the past 12 months -with the national deficit from -40% a year ago to up to -25% -olds offer more options for potential home buyers when we enter into the spring start -up season and complete a significant decline in the 30 -year rates

There is much more in the Mortgage monitor.