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Article Archive INDUSTRY BUZZ MORTGAGES: Real estate agents scrambling for a new way to move buyers into homes could tap an obscure home-loan program offered by the U.S. Department of Agriculture. It requires no money down, and builders are using it to offer deals like "$500 moves you in." However, the program may run out of funding soon unless Congress acts.
Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-121608.cfmFORECLOSURES: Fannie Mae said Monday it's finalizing a plan to help renters stay in their homes even if their landlord enters foreclosure. The mortgage giant says renters who can make their monthly payments could be offered a new lease or given cash to help move to a new home.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n2-121608.cfm
FLORIDA LEGISLATURE: Florida lawmakers plan to meet in special session Jan. 5-16 to deal with an expected $2.3 billion budget deficit, but the Republican-controlled Legislature's leaders say they'll focus on spending cuts and trust fund transfers - an option that puts the Sadowski affordable housing trust funds at risk. Meanwhile, Democrats have been pushing to also expand the state's revenue, such as increasing one of the nation's lowest cigarette taxes.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n3-121608.cfm HOUSING STARTS: New home starts fell 18.9 percent in October - far below what Wall Street economists expected. It's the biggest slowdown since 1984. Applications for building permits, considered a good sign of future activity, fell by 15.6 percent.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n4-121608.cfm
FINANCIAL BAILOUT: House Speaker Nancy Pelosi said yesterday that the Bush administration must do more to help struggling borrowers stay in their homes before Congress will release more money to the Treasury Department's financial system bailout. So far, the Treasury has spent $335 billion, leaving its first installment with only $15 billion.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n5-121608.cfm MORTGAGE RATES: Rates on 30-year-fixed mortgages dropped this week to their lowest levels in more than four years, an average of 5.47 percent, following a startling November unemployment report and a government plan to buoy the housing market.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-121208.cfm
CITIZENS: By the end of the year, over 386,000 policies will be removed from Citizens Property Insurance Corp., Florida's insurer of last resort, lowering risk to taxpayers. Citizens, however, still holds the state's riskiest policies.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n2-121208.cfmHOME VALUES: Some experts say that it will be decades before homes reach the values seen two-and-a-half years ago. But it's not because the current market is bad - it's because the 2006 peak was so unrealistically high.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n3-121208.cfm MORTGAGE MODIFICATIONS: As lawmakers and housing advocates push the federal government to help cut the foreclosure rate, some data indicates that more than half of loans modified in the first quarter of 2008 still fell delinquent within six months. Experts say one possibility is that the modifications might not have lowered monthly payments enough to be truly affordable.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n4-121208.cfmFINANCIAL BAILOUT: Members of the House Financial Services Committee challenged the U.S. Treasury Department this week, complaining that the government's $700 billion financial sector rescue plan has not held banks accountable, has failed to devote money to reducing foreclosures and has used an erratic strategy.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n5-121208.cfm FORECLOSURES: Florida received nearly $11.5 million to continue providing statewide foreclosure prevention counseling and legal assistance to homeowners in foreclosure, according to Gov. Charlie Crist. The money will enable 77 counseling agencies and organizations across the state to provide foreclosure counseling.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-120908.cfm
PENDING HOME SALES: October's pending home sales eased 0.7 percent against a deteriorating economic backdrop but remained stable, according to NAR. In the South, however, pending home sales jumped 7.8 percent. Going forward, NAR Chief Economist Lawrence Yun expects lower mortgage rates to tempt pent-up demand from homebuyers.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n2-120908.cfmMORTGAGE FRAUD: Orson Benn, an executive at the nation's largest subprime lender, spent three years during the housing boom tutoring Florida mortgage brokers in the art of fraud, according to a Miami Herald report. While Benn and several associates have been convicted of racketeering, their network had operated statewide, and at least one broker is still in business.
SHORT SALE Q&A
The increase in the number of short sales throughout the state prompted two
legal questions from Mike Richardson, Association Executive of the Naples
Area Board of Realtors. FAR's General Counsel Randy Schwartz responds. Read
the entire Q&A at: http://www.floridarealtors.org/LegalCenter/HotTopics/index.cfm FLORIDA LEGISLATURE
Brace yourself: Newly elected Florida legislators face one of the toughest
budget challenges in the state's history amid national economic turmoil and
steadily declining revenues, House Speaker Ray Sansom told fellow
Republicans Wednesday. Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-112008.cfm
MARKET WATCH: SOUTH FLORIDA
Homebuyers are again shopping in South Florida - mainly first-time buyers
overjoyed to find a place they can afford, retirees paying cash, and
investors looking for long-term equity rather than a quick flip. Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-112008.cfm HUD FORECLOSURE PROGRAMS
HUD is revamping two programs intended to help at-risk homeowners avoid
foreclosure. Rules changed yesterday for the HOPE for Homeowners program,
which only attracted 111 applications since its Oct. 1 debut. Changes to
FHASecure will follow, HUD officials say. That program has helped only
4,000 homeowners in 15 months. Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-112008.cfm INTERNET
Some people go to real estate Web sites because they want to buy a home,
but 62 percent of visitors are just checking out local home values,
according to a study conduct by Move Inc. Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-112008.cfm HOME SALES
Following higher sales activity in September, Florida's existing
single-family homes rose 5 percent in the third quarter compared to the
same period last year, according to FAR's latest housing statistics. Says
FAR President Chuck Bonfiglio, "Despite lending restrictions and the
difficulties of finding affordable credit, we're seeing buyers take
advantage of homeownership opportunities in the current market - buyers who
want to make a long-term investment in their future."
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-111808.cfm FORECLOSURES
Saying he wants to break "the wall of silence" between lenders and
homeowners, 12th Circuit Chief Judge Lee Haworth soon will require them to
discuss possible ways of avoiding foreclosure before it actually happens.
Haworth says the new Homestead Foreclosure Conciliation Program likely is
the first of its kind in Florida.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-111808.cfm
MORTGAGE RATES
Mortgage rates dropped for a second straight week, reflecting the impact
the weakening economy is having on financial markets. Thirty-year,
fixed-rate mortgages averaged 6.14 percent, according to Freddie Mac's
weekly nationwide survey.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-111408.cfm
ECONOMIC BAILOUT
Hundreds of lenders told federal housing officials Thursday that a $300
billion mortgage aid program, Hope for Homeowners, requires too many losses
for consumers and lenders to realistically help 400,000 Americans avoid
foreclosure.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-111408.cfm
FLOOD INSURANCE
New high-tech maps are forcing many U.S. homeowners to buy flood insurance
for the first time, while others who have had coverage are being cleared to
drop their policies. The changes are part of FEMA's multiyear plan to
digitize its Flood Insurance Rate Maps to make them more accurate and
easier to update.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n3-111208.cfm
FANNIE MAE AND FREDDIE MAC
NAR has taken a stand on the future of mortgage giants Fannie Mae and
Freddie Mac: Rather than privatize the companies again, NAR believes the
federal government must retain some control to insure a continued flow of
capital into the mortgage markets.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n4-111208.cfm
HURRICANES
Contradicting predictions of more storms, the past two years have seen a
"remarkable" downturn in hurricanes - the least tropical activity in the
Northern Hemisphere in 30 years, according to researchers at Florida State
University.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n5-111208.cfm
FHA LOANS
Starting Jan. 1, 2009, FHA will insure single-family home mortgages up to
$271,050 in low-cost areas, and up to $625,500 in high-cost areas. While
the February stimulus package temporarily raised the FHA maximum higher,
$625,500 still represents a significant increase over the original $362,790
limit.
Read the full story: httpp://www.floridarealtors.org/NewsAndEvents/n2-111208.cfm FORECLOSURES
The federal government took the biggest step forward so far in its fight to
curtail a rush of mortgage foreclosures. It plans to speed up the
renegotiation of delinquent loans held by Fannie Mae and Freddie Mac.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-111208.cfm
PROPERTY TAXES
The Florida Supreme Court is reviewing a new proposed constitutional
amendment. The citizen initiative would offer property owners tax relief by
capping the amount local governments can collect each year.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-110508.cfm
PROPERTY TAXES
The Florida Supreme Court is reviewing a new proposed constitutional
amendment. The citizen initiative would offer property owners tax relief by
capping the amount local governments can collect each year.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-110508.cfm
ELECTION
All Florida Senate candidates backed by the Florida Association of
Realtors' Political Action Committee (RPAC) won their respective seats, and
all constitutional amendments backed by FAR passed. In the Florida House,
94 percent of RPAC-supported candidates won.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-110508.cfm
FEDERAL BAILOUT
How is the federal bailout money being doled out? Each local government
must devise a plan based on established rules. Miami-Dade, for example,
decided to use the money primarily to buy, rehab and resell bank-owned
properties for low-income residents.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-110508.cfm
FORECLOSURES
The number of "underwater" homeowners - those who owe more on their
mortgages than their home is now worth - has been growing sharply since
2006 as real estate prices have fallen, with maybe one in eight homeowners
in that position. But, while it's unpleasant, many experts say it doesn't
lead huge numbers of homeowners to default on their mortgages and end up in
foreclosure.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-110508.cfm
MORTGAGES
U.S. regulators' program to help troubled IndyMac mortgage holders got an
uneven response, officials said. "What you hear is that a lot of people
kind of hunker down when they're getting into trouble with their mortgages,
and maybe just stop opening the mail," said FDIC special adviser Mike
Krimminger.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-110508.cfm
Think most burglaries happen at night? Think again...
 Statistically, most home thefts happen during the day, when people are away at work or school. Thefts increase during hard financial times, when it is more difficult to find work. Thieves use force to enter your home 70% of the time but are caught only 13% of the time. There are more than 1 million burglaries a year, and the number is rising. The following tips will help protect you, your family and your personal belongings.
Eliminate Easy Entry - Sli ding doors and windows are easy fixes. Close the door or window and measure the length of the exposed sliding track. Cut a piece of wood (e.g., 1” x ½” or a dowell) a half inch shorter than
the sliding track. When you close up, lock the door or window, then place the wood in the slide track—it prevents opening. Small, inexpensive track locks accomplish the same thing. Security screen doors can prevent thieves from having access to your entry doors and can be painted to blend with your home. Close Windows of Opportunity - Open windows are used by burglars because often they are visible from the street or alley and no forced entry is required. Windows can be locked partially open for ventilation with a track lock
or length of wood 2" shorter than exposed sliding track (when the window is totally closed). This allows the window to remain 2" open, but no more. Take this precaution with all windows Light porches, walkways anddark areas around your home Keep bushes and shrubberytrimmed low Check all windows for working locks and deadboltall doors U se heavy drapes, shuttersand blinds in rooms with desirable contents Get a dog (many benefits) Organize a neighborhoodwatch group Turn a radio on when youleave home Secure all entry gates,garages and sheds Don’t leave objects in youryard that could assist an intruder
Remember, it’s easier to steal contents than a car. Don’t leave packages and valuables in the open—remove or conceal them.
 5 QUICK & EASY CRIME DETERRENTS SECURITY
Home Neighborhood Watch Meetings: These meetings can be a valuable method for sharing information and spreading the word of recurring incidents. Members are also likely to be much more aware of warning signs that can help prevent crimes. It’s also a good way to meet your neighbors. Home monitoring devices can help alert authorities of break-ins and allow response teams to be dispatched quickly. If you cannot afford a security system, placing a security company’s sign in your yard is an effective and economical approach.
Canines remain one of the most effective ways to prevent crime. Even smaller dogs can be great ways to scare off criminals by barking and alerting you of trouble. If you don’t have a dog, simply posting a warning sign or leaving a dog bowl at your doorstep can work. Bright lighting outside the entrances will prevent most criminals from attempting to enter your home. Motion sensors along your side yards will startle any trespassers and will also alert you by grabbing your attention. If your car has a car alarm, keep your keys handy. Triggering your car’s panic button is a great way to frighten off someone who is lurking on your property or attempting a break-in.
NOT HOME? SHORT TERM: Leave a radio or TV on Leave lights on for the evening
Make sure the stove, range top and irons are off
LONG TERM: Have a neighbor park in your driveway Give a key to a trusted neighbor or relative and refrain from leaving it under the mat Have neighbors pick up your mail and newspaper Use timers on lights, TVs and stereos at random times Hire house-sitters to watch your home Ask neighbors to remove flyers and packages Turn your phone’s ringer to low so a burglar will not be alerted of your absence Stop incoming mail and newspaper
ONLINE RESOURCES:
As the official homepage for the Neighborhood Watch Program, the NCPS provides training and guides to establishing your own Neighborhood Watch chapter. Another online resource that includes information on Neighborhood Watch and offers popular crime deterring signs for homes and communities.
REAL NEWS FOR: October 8, 2008 COUNTRYWIDE FINANCIAL CORP
Countrywide Financial, now owned by Bank of America, will provide financial
relief to 52,000 Florida homeowners, who could see their mortgage principal
or interest rate reduced. The deal will cost up to $1 billion under a
settlement reached with the state's attorney general.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-100708.cfm
FORECLOSURE AUCTIONS
Florida's Duval County is set to become the first county in the nation to
hold an Internet foreclosure auction next month, forgoing the traditional
courthouse sale in the hope of attracting buyers from other areas. But some
real estate professionals think it's a bad idea, since Internet searches
may not tell a buyer everything about a property's title.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n2-100708.cfm
CITIZENS PROPERTY INSURANCE
The state's insurer of last resort still has almost 2,000 unresolved
homeowner-damage claims from the 2004 and 2005 storm seasons, and several
Volusia County beachfront condominiums are now taking Citizens to court.
According to public adjusters, attorneys and former Citizens employees, the
insurer often delays paying claims and lowballs storm damage.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n2-100808.cfm TAXES
Several popular tax breaks were renewed or extended under the just-passed
federal bailout package, including a three-year extension for the home
seller protection law that forbids the IRS from taxing a mortgage debt
forgiven by a lender as part of a short sale.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n3-100808.cfm
FORECLOSURES
During yesterday's presidential debate, Republican candidate John McCain
proposed a $300 billion federal program to buy up bad home mortgages and
allow homeowners to keep their houses.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n5-100808.cfm Oct. 3, 2008 MORTGAGES A planned increase in a fee that Fannie Mae introduced last year has been cancelled, saving new homebuyers about $500 on the cost of a $200,000 home.
The fee will stay at 0.25 percent, instead of rising to 0.5 percent on Nov. 1. READ MORE HOMEBUYERS
Trying to take the offensive in an economic crisis, Gov. Charlie Crist
signed an executive order Thursday freeing $571 million in state-backed
financing that real estate developers and reluctant buyers can tap to build
and buy new homes. READ MORE Citizens Property Insurance Corp is doubling its hurricane mitigation discounts for condo buildings with a replacement cost of $10 million or less as policies renew on Sept. 1. But the action means that Citizens is taking on additional risk, as the state-run insurer already covers more than a third of the state's condo building. Read More Here: http://www.floridarealtors.org/NewsAndEvents/n3-090308.cfm HURRICANES With most closings shut down by property insurers when a storm is "in the box," some sales may have to be scheduled between bouts of bad weather. Hurricane Gustav is departing only to see new threats from Hanna, a strengthening Ike and newcomer Josephine
Read More Here: http://www.floridarealtors.org/NewsAndEvents/n4-090308.cfm
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