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Posted by  Yoli/CA on 3/22/24 10:55am
Out here in my neck o' the woods -- operative word being woods -- I'm hearing a lot of complaints about insurance companies cancelling homeowners insurance. Many insurance companies are no longer insuring properties because of the humungous claims filed after all the fires we've had in the past decade. Especially affected are those properties in wooded areas, which is a lot of Northern California. So, not only are the present homeowners affected but now prospective buyers can't get insurance. No insurance, no loan. About the only option is the California FAIR Plan, which is available for an extremely high price.
Sellers are eager for cash sales. Then, they don't have to wait for buyers to finally relent to the few highly priced insurance plans. Cash buyers may not even get insurance. That's a whole 'nother topic.
IMHO, it's a shame that insurance feels it's beautiful to collect all those premiums for all those years and decades of no claims and then WHAM! a claim finally comes in (granted, there were several thousand claims not just one) and they cry poor and run away. Again, jmho.
I see business slowly picking up. HELOCs are on the rise. Sales/purchases are trickling in. I see very few refis.
I agree with Bear900/CA. Interest rates will decline a few times this year. http://www.msn.com/en-us/money/markets/federal-reserve-holds-interest-rates-steady-maintains-forecast-for-3-rate-cuts-in-2024/ar-BB1keFke
There's still business to be had. We just have to be selective. 
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