Real Estate and foreclosure thread

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Boomers Own Half of U.S. Wealth. So Why Are We Seeing More Homeless Boomers? | WSJ​

May 13, 2024 #Boomers #RealEstate #WSJ

Baby boomers have the highest median net worth by generation, holding about half of U.S. wealth—with much of it tied in real estate. And while many of these older boomers aren’t moving out of their homes, younger boomers reaching retirement are increasingly facing homelessness.

WSJ breaks down this trend and explains its impact on the housing market and the U.S. economy.


6:51

Chapters:
0:00 The baby boomer trend
0:32 Boomers aging in place
2:14 Boomers facing homelessness
4:34 Why there are these two extremes
 

2 sisters sued their insurer after it offered $5,000 to fix their wrecked home after a storm. They won $18 million.​

  • A jury awarded sisters $18 million in damages from an insurance company after their home was flooded.
  • The sisters sued American Reliable after being offered just $5,000 for repairs.
  • According to their attorney, the house was unliveable, with the heating system destroyed.
The home of two California sisters was badly flooded during a February 2019 rainstorm but when they filed a claim with their insurance company, American Reliable, they were offered just $5,000 for repairs.

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4 Takeaways From Our Homeowners Insurance Investigation​

As climate change gets worse, the immediate effects are becoming painfully obvious: More frequent and severe storms, wildfires, hurricanes and other types of extreme weather are wreaking havoc and pushing millions of Americans out of their homes each year.

Less obvious, but arguably even more important, are the consequences of those disasters, which are threatening the foundations of modern American life even for people who aren’t affected directly by extreme weather. One of the best and most recent examples is the insurance market. Insurers are spending more to fix damaged homes as disasters intensify. In response, they’re raising rates, squeezing homeowners already struggling with rising mortgage costs, and even abandoning some markets altogether. (Read our full story here.)

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Beverly Hills 90210 Mansions Lose Fire Coverage as Insurers Flee​

Peter Mac was closing the sale of a home in the Hollywood Hills, a four-bedroom, five-bath estate with an infinity pool perched above the lights of Los Angeles. The new house had been on the market for two years, with the price tumbling to $25.6 million from an original listing of $48 million.

But before the final sign-off in February, Mac presented the buyer with a fire insurance quote: $200,000 a year.

“She almost fell off her chair,” said Mac, a broker with The Agency. “She wanted to renegotiate.”

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