Friday, June 30, 2006
EPOCA DE HURACANES AFECTA MERCADO DE BIENES RAICES
MARRERO REAL ESTATE BROKERAGE LLC
JOSE RAUL MARRERO
REAL ESTATE BROKER LIC
UN GRANDIOSO DIA PARA TODOS
LA TEMPORADA DE HURACANES COMENZO Y EL COSTO DE LA COBERTURA DE LOS SEGUROS AUMENTO DRAMATICAMENTE. LAS COMPANIAS DE SEGURO FUERON FORZADAS POR LEGISLACION A AUMENTAR DRASTICAMENTE LAS PRIMAS DE SEGURO E INUNDACION O BAJAR SU COBERTURA. ESTO HA TENIDO IMPLICACIONES A DUENOS , VENDEDORES Y POTENCIALES COMPRADORES.
HISTORICAMENTE EL ESTADO DE L FLORIDA ES UNA DE LAS REGIONES QUE RECIBE EL MAYOR IMPACTO DE PERDIDAS POR HURACANES DE L NACION, EL 38% POR CIENTO DE LAS PERDIDAS DEL TOTAL DE LOS ESTADOS UNIDOS PERTENECEN A ESTA REGION.
EXISTEN VARIOS ESTUDIOS COMO EL LLAMADO (IMPACTO DE LOS HURACANES EN LA ACTIVIDAD ECONOMICA Y DE BIENES RAICES) QUE ESTUDIO EL IMPACTO DE LOS HURACANES CATEGORIA TRES EN LA FLORIDA.
ESTOS DESASTRES NATURALES DESTRUYEN COMUNIDADES , Y NO SOLO POR LA FUERZA DE LA NTURALEZA, SI NO POR ALTERAR EL PATRON ECONOMICO POSTERIOR AL EVENTO. POR EJEMPLO CUANDO LAS PERSONAS EN ZONAS DE ALTO RIESGO TRATAN DE OBTENER SUS NUEVOS SEGUROS O NO PUEDEN RETENER SUS SEGUROS POR SU ALTO COSTO A VECES SE VEN FORZADOS HASTA REFINANCIAR SUS PROPIEDADES CON EL OBJETIVO DE RETENER SU SEGURO DE PROPIEDAD. ESTO AFECTA SU CAPACIDAD DE INVERTIR POR EJEMPLO EN UNA SEGUNDA RESIDENCIA U OTRO TIPO DE INVERSION EN BIENES RAICES.
A CONTINUACION INFORMACION ADICIONAL DE LO QUE ENCONTRO ESTE ESTUDIO
The number of Category 3 hurricanes that made landfall was, surprisingly, quite rare in the latter half of the 20th century. Six hurricanes of such intensity hit the Florida coast in the 50-year time span -- roughly only one per decade.
However, an unprecedented number of strong hurricanes, including the most powerful hurricane ever measured, Hurricane Wilma, caused unprecedented devastation in 2004 and 2005. Eight hurricanes rating Category 3 or higher blew past Florida in just two years.
Local economies of the affected regions, at least in Florida, generally rebounded quickly after the storms. The job markets strengthened following the hurricanes, due to reconstruction efforts in the region. Both federal assistance and private insurance payouts contributed to the quick rebound.
Housing activity declined significantly in the months immediately following the hurricanes. But, as with the job market, housing activity returned to pre-storm conditions generally within three or four months after the hurricanes.
Florida has been the top state in terms of net migration for quite some time. The number of people moving into the Sunshine State far exceeded the number of people moving out. Only one-third of current Florida residents were born in the state. Recent migration patterns of people moving into and out of the hurricane affected regions and all of Florida suggest no lasting longer-term migration impact. The impacted regions continued to draw a high number of new residents, essentially the same as before the hurricanes.
However, the insurance industry, both private and the Florida state-run program, has come under great financial strain due to record claims from the 2004 and 2005 hurricanes. Insurance companies have been forced to significantly raise premiums and in some cases have denied coverage in high-risk regions. The state’s insurer of last resort, Citizens Property Insurance Corp., has also come under great financial distress and have been forced to raise its insurance premiums significantly.
The current high cost and limited coverage of property insurance appear to be impacting the housing market. Unlike past hurricanes, home sales in the hurricane-struck regions and other areas have been lowered significantly with no evident signs of pick-up, even five months after the 2005 hurricanes hit. Though part of the current shift in the market may be attributed to higher mortgage rates and the dramatic rise in Florida home prices of the past five years, the current sales in Florida appear far lower than can be justified purely by these economic factors.
Slowing housing activity often precedes an economic slowdown. With Florida as the largest and most consistent generator of jobs in the country, a downfall in Florida will inevitably have national repercussions.
The highly unusual number of hurricanes in 2004 and 2005 was both catastrophic and “unpredictable.” Hurricanes of such strength and frequency could not have been anticipated through normal historical actuarial analysis and, hence, cannot be considered as normal insurable losses. A nationwide federal catastrophic insurance coverage will permit insurance companies to better manage risk and widen insurance availability at reasonable costs. Just as with federal terrorism insurance, coverage on unknowable events allows the private insurance market to continue its presence.
A federal catastrophic insurance program will not only benefit Floridians, but also residents living near the Mississippi River (flooding), people in Kansas and Oklahoma (tornadoes), West Coast residents from San Diego to Alaska (earthquakes), Texans and Coloradoans (wildfires), and numerous other people in cases of unforeseen and “unpredictable” natural disasters - far more frequent and/or much more destructive than would be expected based on normal historical patterns.
GRACIAS POR VISITAR MIY BLOG
WWW.JOSERAULMARRERO.COM
JOSE RAUL MARRERO
MARRERO REAL ESTATE BROKERAGE LLC.
407-436-5140
RECUERDA TODOS SOMOS GUERREROS D LUZ
JOSE RAUL MARRERO
REAL ESTATE BROKER LIC
UN GRANDIOSO DIA PARA TODOS
LA TEMPORADA DE HURACANES COMENZO Y EL COSTO DE LA COBERTURA DE LOS SEGUROS AUMENTO DRAMATICAMENTE. LAS COMPANIAS DE SEGURO FUERON FORZADAS POR LEGISLACION A AUMENTAR DRASTICAMENTE LAS PRIMAS DE SEGURO E INUNDACION O BAJAR SU COBERTURA. ESTO HA TENIDO IMPLICACIONES A DUENOS , VENDEDORES Y POTENCIALES COMPRADORES.
HISTORICAMENTE EL ESTADO DE L FLORIDA ES UNA DE LAS REGIONES QUE RECIBE EL MAYOR IMPACTO DE PERDIDAS POR HURACANES DE L NACION, EL 38% POR CIENTO DE LAS PERDIDAS DEL TOTAL DE LOS ESTADOS UNIDOS PERTENECEN A ESTA REGION.
EXISTEN VARIOS ESTUDIOS COMO EL LLAMADO (IMPACTO DE LOS HURACANES EN LA ACTIVIDAD ECONOMICA Y DE BIENES RAICES) QUE ESTUDIO EL IMPACTO DE LOS HURACANES CATEGORIA TRES EN LA FLORIDA.
ESTOS DESASTRES NATURALES DESTRUYEN COMUNIDADES , Y NO SOLO POR LA FUERZA DE LA NTURALEZA, SI NO POR ALTERAR EL PATRON ECONOMICO POSTERIOR AL EVENTO. POR EJEMPLO CUANDO LAS PERSONAS EN ZONAS DE ALTO RIESGO TRATAN DE OBTENER SUS NUEVOS SEGUROS O NO PUEDEN RETENER SUS SEGUROS POR SU ALTO COSTO A VECES SE VEN FORZADOS HASTA REFINANCIAR SUS PROPIEDADES CON EL OBJETIVO DE RETENER SU SEGURO DE PROPIEDAD. ESTO AFECTA SU CAPACIDAD DE INVERTIR POR EJEMPLO EN UNA SEGUNDA RESIDENCIA U OTRO TIPO DE INVERSION EN BIENES RAICES.
A CONTINUACION INFORMACION ADICIONAL DE LO QUE ENCONTRO ESTE ESTUDIO
The number of Category 3 hurricanes that made landfall was, surprisingly, quite rare in the latter half of the 20th century. Six hurricanes of such intensity hit the Florida coast in the 50-year time span -- roughly only one per decade.
However, an unprecedented number of strong hurricanes, including the most powerful hurricane ever measured, Hurricane Wilma, caused unprecedented devastation in 2004 and 2005. Eight hurricanes rating Category 3 or higher blew past Florida in just two years.
Local economies of the affected regions, at least in Florida, generally rebounded quickly after the storms. The job markets strengthened following the hurricanes, due to reconstruction efforts in the region. Both federal assistance and private insurance payouts contributed to the quick rebound.
Housing activity declined significantly in the months immediately following the hurricanes. But, as with the job market, housing activity returned to pre-storm conditions generally within three or four months after the hurricanes.
Florida has been the top state in terms of net migration for quite some time. The number of people moving into the Sunshine State far exceeded the number of people moving out. Only one-third of current Florida residents were born in the state. Recent migration patterns of people moving into and out of the hurricane affected regions and all of Florida suggest no lasting longer-term migration impact. The impacted regions continued to draw a high number of new residents, essentially the same as before the hurricanes.
However, the insurance industry, both private and the Florida state-run program, has come under great financial strain due to record claims from the 2004 and 2005 hurricanes. Insurance companies have been forced to significantly raise premiums and in some cases have denied coverage in high-risk regions. The state’s insurer of last resort, Citizens Property Insurance Corp., has also come under great financial distress and have been forced to raise its insurance premiums significantly.
The current high cost and limited coverage of property insurance appear to be impacting the housing market. Unlike past hurricanes, home sales in the hurricane-struck regions and other areas have been lowered significantly with no evident signs of pick-up, even five months after the 2005 hurricanes hit. Though part of the current shift in the market may be attributed to higher mortgage rates and the dramatic rise in Florida home prices of the past five years, the current sales in Florida appear far lower than can be justified purely by these economic factors.
Slowing housing activity often precedes an economic slowdown. With Florida as the largest and most consistent generator of jobs in the country, a downfall in Florida will inevitably have national repercussions.
The highly unusual number of hurricanes in 2004 and 2005 was both catastrophic and “unpredictable.” Hurricanes of such strength and frequency could not have been anticipated through normal historical actuarial analysis and, hence, cannot be considered as normal insurable losses. A nationwide federal catastrophic insurance coverage will permit insurance companies to better manage risk and widen insurance availability at reasonable costs. Just as with federal terrorism insurance, coverage on unknowable events allows the private insurance market to continue its presence.
A federal catastrophic insurance program will not only benefit Floridians, but also residents living near the Mississippi River (flooding), people in Kansas and Oklahoma (tornadoes), West Coast residents from San Diego to Alaska (earthquakes), Texans and Coloradoans (wildfires), and numerous other people in cases of unforeseen and “unpredictable” natural disasters - far more frequent and/or much more destructive than would be expected based on normal historical patterns.
GRACIAS POR VISITAR MIY BLOG
WWW.JOSERAULMARRERO.COM
JOSE RAUL MARRERO
MARRERO REAL ESTATE BROKERAGE LLC.
407-436-5140
RECUERDA TODOS SOMOS GUERREROS D LUZ
