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According to an analysis by CNBC that weighed each state’s economic health, annual home price appreciation, new construction per year and foreclosures and insolvency from the first quarter of 2022, Utah has the most stable housing market in the country right now.

The financial news outlet drew data from the recently released CNBC America’s Top States for Business study, the Federal Housing Finance Agency (FHFA), the U.S. Census Bureau and Attom Data Solutions.

1. Utah

Old Paria, Utah | John Fowler / Unsplash

2022 Economy ranking: 6

Home price appreciation: 27.1 percent

Housing starts per 1,000 people: 12.2

Foreclosure rate: 1 in 2,063 housing units

Underwater mortgages: 1.4 percent

Utah, undoubtedly, has a hot housing market right now.

The state boasts the second-highest rate of rising home prices in the country, but also the fastest rate of new construction. In addition, its foreclosure rate is low and the economy is in a strong position.

2. Washington

Seattle skyline

Seattle | Photo by Luca Micheli on Unsplash

2022 Economy ranking: 3

Home price appreciation: 20.1 percent

Housing starts per 1,000 people: 7.3

Foreclosure rate: 1 in 4,965 housing units

Underwater mortgages: 1.2 percent

Although Seattle has often been pinned over the years as a city with a severe housing crunch and affordability issues, the state’s sustained economic growth has helped place it in a strong position on this ranking list. Additionally, foreclosure rates and underwater mortgages are quite low.

3. Florida

St. Augustine | Lance Asper / Unsplash

2022 Economy ranking: 4

Home price appreciation: 25.7 percent

Housing starts per 1,000 people: 9.6

Foreclosure rate: 1 in 1,211 housing units

Underwater mortgages: 1.4 percent

There have been conflicting reports over the course of the pandemic about whether or not everyone is moving to Florida, with its attractive weather year-round and favorable taxes.

Still, rising prices and rates of construction reflect strong demand, at least for now.

4. Texas

Austin, Texas | Carlos Alfonso / Unsplash

2022 Economy ranking: 8

Home price appreciation: 19.3 percent

Housing starts per 1,000 people: 8.9

Foreclosure rate: 1 in 2,326 housing units

Underwater mortgages: 2.5 percent

Texas is another state that’s seen a lot of press in the last few years for its growing population, as buyers in pricier markets like California got fed up with the competition during the peak of the pandemic-fueled housing market.

In response, home construction is up to help meet demand and there are plenty of qualified buyers ready to adopt those new homes.

5. Idaho

Boise, Idaho | Click Sluice / Unsplash

2022 Economy ranking: 5

Home price appreciation: 27 percent

Housing starts per 1,000 people: 10.5

Foreclosure rate: 1 in 6,015 housing units

Underwater mortgages: 1.6 percent

Boise has consistently ranked as one of the nation’s hottest markets, contributing to overall strong housing demand throughout the state.

New construction is helping bolster the state’s inventory, CNBC’s report noted, but foreclosure rates are also on the rise (albeit still, quite low compared to other states), which may be a warning signal if the economy takes a sharp downturn.

6. Tennessee

Nashville, Tennessee | Brandon Jean / Unsplash

2022 Economy ranking: 2

Home price appreciation: 24.1 percent

Housing starts per 1,000 people: 8.2

Foreclosure rate: 1 in 2,797 housing units

Underwater mortgages: 2.9 percent

According to CNBC’s analysis, Tennessee has the second strongest economy in the country behind North Carolina.

The stable housing market and rising prices have largely contributed to this factor. However, the report also warns that foreclosures and underwater mortgages have been on the rise.

7. Vermont

Champlain Valley, Vermont | Kevin Davison / Unsplash

2022 Economy ranking: 33

Home price appreciation: 20 percent

Housing starts per 1,000 people: 3.2

Foreclosure rate: 1 in 13,930 housing units

Underwater mortgages: 1.1 percent

Individuals seeking an escape from larger cities have given Vermont’s housing market a boost, contributing to rising prices and new mortgages. Despite these healthy signs, the state’s economy and new construction have both lagged, bringing down Vermont’s overall ranking.

8. Arizona

Piestewa Peak, Arizona | Kyle Kempt / Unsplash

2022 Economy ranking: 22

Home price appreciation: 27.4 percent

Housing starts per 1,000 people: 9

Foreclosure rate: 1 in 1,861 housing units

Underwater mortgages: 1.4 percent

Arizona has become another Sun Belt hot spot, with spiking home prices and low inventory.

However, the state’s construction surge should provide some needed relief. Increasing foreclosure rates are something to keep an eye on, CNBC’s report noted, but home equity generally is in a strong position.

9. South Carolina

Charleston, South Carolina | Leonel Heisenberg / Unsplash

2022 Economy ranking: 13

Home price appreciation: 21.4 percent

Housing starts per 1,000 people: 9.5

Foreclosure rate: 1 in 1,081 housing units

Underwater mortgages: 3.4 percent

South Carolina is in the midst of a very heated market, with tight inventory and regular bidding wars, helping prices to continue to rise.

However, strong new construction starts should eventually help mitigate that demand in upcoming months.

10. South Dakota

Mount Rushmore, South Dakota | Ronda Darby / Unsplash

2022 Economy ranking: 12

Home price appreciation: 20.1 percent

Housing starts per 1,000 people: 8.8

Foreclosure rate: 1 in 17,724 housing units

Underwater mortgages: 4.8 percent

South Dakota’s economy is in good standing with home price appreciation still going strong and housing starts also at a healthy pace.

The foreclosure rate is extremely low. However, with underwater mortgages increasing, some trouble may be brewing for the housing market, CNBC noted.

Florida residents are outraged by the homeowner insurance costs. We’re seeing rate increases of up to 46 percent PLUS! An 88-year-old stated his increased from $1,640 to $2,473. It just doesn’t seem reasonable to see so much increase all at once! I’ve lived in Florida over 40 years and never experienced anything like this. Did I expect it? of course, however this certainly opens our eyes to reality. It’s important to reevaluate the value for your home, replacement costs and I urge you to review each line item with your insurance carrier. Also keep in mind, insurance carriers do not allow changes if a tropical storm or hurricane is within 500 miles of your location.

Floridians have experienced rate increases and challenges for many years. Insurance fraud for replacement roofs, Flooding, and Hurricanes are huge issues resulting for much of this increase. Many Insurance carriers have fled Florida due to these elements.

Tallahassee – Friday June 24, 2022: The Florida Office of Insurance Regulation (OIR) had established the 2022 personal property and commercial property insurance rates for the Citizens Property Insurance Corporation (Citizens). Citizens Property Insurance Corporation (Citizens) was established in 2002 by the Florida Legislature as a not-for-profit insurer of last resort. It was created to provide both wind-storm coverage and general property insurance for home-owners who could not obtain insurance elsewhere. Headquartered in Tallahassee, Citizens quickly became the largest insurer in the state with Citizens Insurance.

OIR “Office of Insurance Regulations,” held a virtual public rate hearing to receive public comment on March 31 this year. At the hearing, Citizens provided testimony in support of its rate recommendations and received comments from members of the public on the effects of the rate filings. Public comments were accepted for consideration on rate filings until April 14.

Following a review of the complete record, OIR established rates for Citizens’ Coastal Account (CA), Commercial Lines Account (CLA), and Personal Lines Account (PLA). The effective date for new and renewal rates is September 1, 2022.

SB-2D was passed by lawmakers following a special legislative session. According to the statute, “insurers that participate in the Reinsurance to Assist Policyholders or “RAP” program this year “must cut their rates to reflect the cost savings gained by participating in the program.”

Reinsurance is essentially insurance for insurance firms, and the cost, like everything else, has risen, according to insurers.

The legislation’s premise is that if insurers receive reinsurance from the state that they do not have to pay for, they will pass those savings on to customers. According to the statute, insurers were obligated to file the rate decreases “no later than June 30.”

Unless we get some help from the government. It’s unlikely that things will improve with any insurance carrier. It’s my understanding, 69 insurance companies applied for rate reductions with the Office of Insurance Regulation. Many insurance firms and underwriters are suggesting rate reductions ranging from 1% to 6%. With this gap, the average percentage experienced will most likely be 1-2 percent. The Federal Association of Insurance Reform claims. These will not likely affect your latest insurance renewal and see your rates going down.

For example, the Collins’ company has not filed a rate reduction for this year, but their latest increase in premiums was 46%, and his insurer requested a 48% increase from the Office of Insurance Regulation for next year — so reducing 1-2% wouldn’t really move the needle.

“If the goal was to reduce rates for consumers, certainly that’s not materializing,” Per Paul Handerhan, President of the Federal Association for Insurance Reform.

Meantime, if you would like to check to see if your insurer has filed a rate reduction, CLICK and follow these steps:

Republicans, who wrote and supported the legislation, said people should start seeing a decrease in their property insurance premiums in 12-18 months. I’m guessing it takes that long for these measures to take affect and impact the American public, if at all.

  1. Click the “Advanced Search” tab at the top of the page.
  2. Select “Property & Casualty”
  3. In the Keywords box enter “SB 2D: RAP Filing” and hit search.
  4. Companies will appear under the results tab.
  5. Find your company then click the arrow on the far left of the company’s name.
  6. Next click, the documents symbol under “Filing Actions.”
  7. Request the Explanatory Memorandum or the Actuarial memorandum. You will have to enter your email address and prove that you are not a robot by answering a numerical question, then the document will be emailed to you.