Mortgages

At the same time, market share among a trio of the mortgage insurers shifted, data compiled by Keefe, Bruyette & Woods found.

The Biden Administration's title waiver pilot has started a broader discussion on whether the product is worth the money paid or even needed at all and can be replaced by an alternative.

"Lax regulation and monitoring of property insurers makes Florida mortgage markets far more exposed to climate risk than people might think," said Parinitha Sastry, an author of a working paper by researchers at Harvard University, Columbia University and the Federal Reserve.

Unintended consequences of shifting the burden for title insurance to the lender could end up harming consumers, several observers said.

Cost of property coverage rose more than 55% over the last five years and it'll likely keep rising through 2024, a report from Guaranteed Rate found.

The American Land Title Association, which represents the title insurance industry, argued that the program would not cut costs for those who really needed it.

The volume of active for-sale condo listings in the Sunshine State increased by 40% last month compared to a year earlier, Redfin said.

More borrowers are taking action but lack good information, Fannie Mae finds. Meanwhile, premiums are up yet insurers struggle to profit, a separate KBRA study shows.

This business, tied to the mortgage origination outlook, is becoming ly attractive for 2024, according to BTIG.

The market could find out next year how well foreclosure prevention innovations and home equity protect borrowers from growing strains on affordability.