Today's Headlines In The News

Homebuyer tax credit deadline nears Realtors report a marked upswing in interest as the deadline looms, even as they urge Congress for an extension. Read more.

Rates on 30-year loans drop to 5.04 percent They're down for the third-straight week and close to record lows. Most experts predict little change in the short run. Read more.

Gov't keeps loans cheap - if you can get one Interest rates remain low, but banks demand more collateral, bigger downpayments and detailed financial histories. Read more.

FDIC has foreclosure prevention initiative Toolkit helps borrowers, communities and the banking industry avoid foreclosures and stop "rescue" scams. Read more.

White House may extend homebuyer tax credit Economists are evaluating the $8K tax credit's impact on home sales and will make a recommendation to the president. Read more.

Property insurance increases may be needed Florida Insurance Commissioner Kevin McCarty says 65% of state insurance companies are operating at a loss this year. Read more.

Housing construction up 1.5 percent in Aug. It's the highest level in nine months as a surge in apartment building offset a decline in single-family activity. Read more.

Fed tightens review of commercial risk Rising loan delinquency rates have examiners comparing results across the industry to better assess broader risks. Read more.

Storm surge threat worse than thought A study of Hurricane Ike damage in Texas finds government building codes inadequate to protect against rising seawater. Read more.

FDIC proposes mortgage forbearance It calls for partner banks to temporarily reduce payments for homeowners who have lost jobs or are underemployed. Read more.

Fla. closing costs second highest in nation At an average of $3,368, a Bankrate.com study finds that only Texas charges more in origination, title and closing costs. Read more.

Theft of items becomes risk in foreclosures Cash-strapped former owners, neighbors and even strangers sometimes strip fancy fixtures from foreclosed properties. Read more.

Mortgage modifications hurt some homeowners Lenders reduce interest rates but not principal, and roll in penalties and fees. For 54.5% of at-risk owners, payments rose. Read more.

UF economist: Real estate recovery has begun Speaking to real estate executives on Friday, David Denslow predicts even better times when the baby boomers retire. Read more.

Fla. 3rd in percentage of uninsured An analysis of 2008 Census data looks at the recession's impact on families seeking affordable health care. Read more.

Another loan crisis may hit S. Fla. banks Squeezed by the economy, more commercial property owners are in default, which could hit Fla. banks especially hard. Read more.

Immigrants find obstacles to homeownership Despite the ITIN loan, many foreign nationals looking to buy a home are impacted by the credit crisis and tight job market. Read more.

REITs prepare for commercial deals Some analysts say real estate investment trusts are poised to take advantage of bargains as commercial loans come due. Read more.

Mortgage rates edge down for 2nd week Staying close to record lows reached this spring, 30-year fixed-rate mortgages averaged 5.07% this week, says Freddie Mac. Read more.

Congressman considers cramdown law Lenders' slow progress in helping troubled homeowners could renew push to allow bankruptcy judges to modify mortgages. Read more.

Commercial loan delinquencies surge Analysts caution banks face more issues as loans for office buildings, malls and other commercial properties rapidly sour. Read more.

Demand grows for smaller homes In the first drop in almost 14 years, a new single-family home's median size in the U.S. was 2,215 square feet in 2008. Read more.

FHA considers multifamily applications But only for the next six months; cases also must show no building after foundation and site prep work were completed. Read more.

Fed survey: U.S. recession may be over The Beige Book shows economic activity stabilizing or growing in most regions; analysts warn the recovery remains fragile. Read more.

First-time homebuyers race clock Just 12 weeks remain for eligible buyers to find and close on a home to qualify for the $8K federal tax credit by Nov. 30. Read more.

Mortgage relief program picking up speed After a slow start, nearly one in five eligible homeowners have been offered help under the "Making Home Affordable" plan. Read more.

Foreclosure filings dip from July to Aug. The number of U.S. households threatened with foreclosure held steady; Fla. had the nation's 2nd highest foreclosure rate. Read more.

Hurricane season shapes up slow Forecasters point to El Nino, which is helping to suppress storms and prompted most to downgrade their seasonal outlooks. Read more.

A new normal: Homebuyers have the power Buyers now face realities similar to when the WW II generation bought a first home: Buy what you can afford as a place to live. Read more.

Insurance deregulation still on agenda? Crist vetoed it, but a compromise bill could happen during a possible Nov. special session, says its Senate sponsor. Read more.

State Farm Fla. customers losing discounts The loss means policyholders will see their property insurance premiums increase by a statewide average of 28%. Read more.

Low rates keeping homes affordable Mortgage applications and refinancings are on the rise; a Bankrate study shows closing costs at 2007 levels. Read more.

New-home owners suffer when lenders back out Some people can't find a bank willing to give them a loan to finish building or gain legal possession of their home. Read more.

More mortgage modifications sought Banks are hearing from homeowners, taxpayers and elected officials angry over lenders' response to the foreclosure crisis. Read more.

$8K tax credit buyers should check fine print IRS spokesman Michael Dobzinski says misconceptions abound, and buyers should understand the details before they close. Read more.

Final phase of RESPA reform effective Jan. 1 Red tape could postpone or even cancel closings as it empowers buyers to easily compare mortgage packages. Read more.

Mortgage rates down, still above record lows Rates for 30-year home loans edged down to 5.08% this week, remaining close to record lows reached over the spring. Read more.

Co. to replace defunct property insurers Most First Commercial and First Commercial Transportation and Property policies will go to Ascendant Commercial. Read more.

Fla. expected to face more financial woes Budget deficits are likely over the next three years, but state reserves should cover the current budget year. Read more.

FHA hit by loan losses Rising loan defaults mean the agency reserves could fall below the 2% threshold mandated by Congress. Read more.

Builders face up to drywall liabilities Miami-based Lennar Corp. has set aside $40M to make repairs; other builders report only a small number of affected homes. Read more.

Fla. pension fund might invest in real estate The Fla. Board of Administration told fund managers that the real estate bust could be a boom for the state's pension fund. Read more.

Affordable housing draws first-time buyers Many are surprised they can now afford a home, including an 83-year-old who says owning is cheaper than renting. Read more.

Landlords get creative to fill retail spaces A short-term lease deal with a nonprofit didn't make sense during the boom, but it might now in a market that favors tenants. Read more.

Group proposes replacing Fannie, Freddie MBA offers a plan to restructure U.S. mortgage market with private companies issuing government-backed mortgage bonds. Read more.

Economy could rebound faster than expected Manufacturing grew almost twice as much as economists predicted, suggesting a broad, stronger-than-expected recovery. Read more.

Reconsidering property insurance deregulation A 2009 failed initiative allowing some insurers to charge higher rates will get a second look by the 2010 Fla. Legislature. Read more.

Taylor Bean battles FDIC for control of funds FDIC says the escrow funds earmarked for property insurance and taxes are locked, threatening homeowners with default. Read more.

Financial crisis hits new affordable housing Funding to build low-cost apartments has dropped by more than half in two years, and projects can't get off the ground. Read more.

FHA on track for busiest year FHA's market share, about 3% in 2006, has swollen to more than 23% - 80% to first-time buyers drawn by low downpayments. Read more.

For Fla., 'the end of an era' of growth As tourism and construction jobs sputter, a push is on for high-paying, high-tech companies to reinvent the state. Read more.

Bank failures tripled in a year Most are small, regional banks hurt by local unemployment; however, the FDIC says many large institutions closed too. Read more.

Subprime lenders benefit from fed dollarsAt least 21 of the top 25 are subprime lenders; but the banks, in defense, note that most bad loans today are prime. Read more.

FAR Study: 2009 Fla. international homebuyers Most Fla. Realtors work with international clients - a look at where they buy, what they spend and what kills the deals. Read more.

Real estate auctions: Top bid no guarantee Bidders are finding out it pays to read the fine print and not hire the movers until the deal closes - not just the auction. Read more.

Making the buy vs. rent decision The price-to-rent ratio has fallen to 17.4, and some experts believe lower home prices now favor homeownership. Read more.

Websites aid the search for a mortgage Although mortgage rates hover around 5%, the search for a good deal is still challenging. Read more.

Investors seek signs of economic growth Many believe the economy is emerging from recession but say more momentum toward recovery is needed. Read more.

Mortgage rates up a bit but near record lows Rates for 30-year home loans edged up this week to 5.14%, but remain close to record lows reached in the spring. Read more.

Fed official: Retain mortgage rate program A bank president says rates are low thanks to a bailout program that should continue until the economy improves. Read more.

Condos sic judges on owners for back fees Some condo owners who stopped paying maintenance fees could be in legal trouble as boards seek court enforcement. Read more.

Economy: What's good, bad Real estate is seeing price increases, stronger sales and bidding wars; but unemployment and foreclosures remain scary. Read more.

Commercial insurer liquidates First Commercial and First Commercial Transportation and Property customers must immediately secure new coverage. Read more.

Fla. insurers want a re-do of State Farm bill If lawmakers call a special session over gambling, they might reconsider a bill allowing insurers to charge higher rates. Read more.

Fla. court rejects Save Our Homes challenge Three Ala. residents with second homes here lost another round in their case against Fla. homesteader property tax breaks. Read more.

Fla. consumer confidence jumps 3 points Rising home prices, stock market gains and no bad economic news boosted Floridians' outlook to 70 this month. Read more.

Home prices increase from 1Q to 2Q The S&P price index posted its first quarterly increase in three years, with prices at a level not seen since early 2003. Read more.

July new U.S. home sales up 9.6% The monthly increase was greater than expected and the fourth one in a row. It's the strongest pace since September. Read more.

Bulk buyers want Fla.'s overbuilt condos Miami is considered ground zero for distressed condo buys with more unsold units than anywhere else in the country. Read more.

Fla. to study property insurance options The insurance commissioner and a House panel want to know how much solid coverage will remain after State Farm goes. Read more.

Bill Seeks Expansion of Home Buyer Tax Credit If Congress enacts legislation currently in front of the House Ways and Means Committee, the current popular First Time Home Buyer Tax Credit will be extended beyond its current expiration date and greatly expanded. Read more.

$8K buyer tax credit extension possible Odds are the credit will be extended and even broadened to cover all buyers, but probably not increased to $15,000. Read more.

Consumer confidence bounces back The more upbeat attitude shows: The Conference Board Consumer Confidence Index rose almost 7 points in August to 54.1. Read more.

Housing: Still a long road to full recovery The good news: You're likelier to find a buyer. The bad news: Sellers should still be prepared to slash their asking price. Read more.

Taylor Bean files for Chapter 11 Company said bankruptcy will allow it to "begin the work of recovering, restricting and possibly liquidating its assets." Read more.

Chinese drywall has no radioactive threat A report finds that phosphogypsum levels were no higher than amounts found in the natural environment. Read more.

Fed sees 'cusp of a recovery' A return to growth in the near future appears good, Bernanke says, though lending must improve for a lasting recovery. Read more.

Office prices rise for 1st time in two years U.S. office properties rose 4.3% in the 2nd quarter, the first increase since 2Q 2007, according to rating agency Moody's. Read more.

State: Taylor, Bean must cease foreclosures On Friday, Fla.'s Office of Financial Regulation also ordered the company to halt late charges and adverse credit reports. Read more.

Top state leaders address Florida Realtors Gov. Crist spoke this morning; U.S. Senate and governor candidates meet tonight at the Legislative and Political Forum. Read more..

Reverse mortgages shift gears A program to address the housing crisis allows seniors to buy a home with a reverse mortgage using a large downpayment. Read more.

Mortgage delinquencies hit record high in Q2 In Fla., 12% of homes are in foreclosure, the MBA says; nationwide, 9% of owners have missed at least one payment. Read more.

Taylor Bean customers start to get answers The Ocala-based lender's abrupt closing left customers unsure about mortgage payments and property insurance escrow. Read more.

Hotel package appeals to second home shoppers A new "Future Floridian" hotel package includes a room, "preferred list of Realtors," local guidebook, GPS and foot massage. Read more.

Decline in commercial sectors appears to slow NAR: Commercial will remain weak until second half of 2010, but recent Fed actions should improve capital flow. Read more.

Rules for tenants in foreclosed homes OCC legal interpretation explains tenants' new rights, including a mandatory 90-day notice before they can be evicted. Read more.

Shop around for the best property insurance State Farm customers have little choice, but the market has changed and all owners should compare prices and benefits. Read more.

Home construction up for 5th month in row New construction, up 37% since winter, should help the overall economy for the first time in three and a half years. Read more.

Job losses now causing foreclosures In 1st quarter 2009, foreclosures shifted from subprime loans to prime loans, suggesting joblessness is the top problem today. Read more.

Fla. population drops for 1st time since 1946 State researchers blame the recession for plunging tax revenues and a drop of 58,000 residents over the past year. Read more.

Fla. task force urges foreclosure mediation A judicial court's final report calls for form changes, an Internet clearinghouse and mandatory mediation with lenders. Read more.

Fed: Bank lending tight through mid-2010 However, fewer banks tightened lending standards for residential and commercial mortgages, the only type of loan to fare well. Read more.

Foreclosure help available in Spanish The Florida Department of Financial Services site offers info on modifying a mortgage, tax credits and loans for veterans. Read more.

U.S. home construction falls 1% The slight dip missed economists' expectations and suggests the recovery will be bumpy and gradual rather than quick. Read more.

Foreclosures' tax impact varies by county Miami-Dade ignores foreclosures when calculating taxable value; but other counties, like next-door Broward, think that's unfair. Read more.

HUD posts Q&A covering new RESPA rules Effective Jan. 1, 2010, consumers will be able to compare two Good Faith Estimates and compare costs between lenders. Read more.

Great time to buy but some afraid to jump It's hard to imagine better mortgage rates, prices or incentives; but fear keeps many buyers from entering the market. Read more.

HUD moves away from 'ownership society' The Obama administration plans to pump $4.25B into HUD's low-rise rental apartment program. Read more.

What shape is the recovery in? News reports have shifted focus from "When will the economy recover?" to "How fast will the economy recover?" Read more.

Mortgage rates increase this week Rates on 30-year mortgages rose this week to 5.29%, Freddie Mac said Thursday. Read more.

High default risk seen on Taylor Bean loans In Fla., 1 of every 7 FHA loans issued by Taylor Bean at risk; and some post-closing buyers never received the money. Read more.

High-end homes: Is the tide turning? Sales seem better than analysts thought, and nation's largest luxury builder says it's more than just first-time homebuyers. Read more.

Economists pronounce the recession over Most believe a recovery has begun and that Ben Bernanke should stay as chairman of the Federal Reserve. Read more.

U.S. foreclosures rose 7% in July from June In Fla., foreclosure filings were up 6.78% compared to June, and 23.11% over July 2008. But the state iimproved some. Read more.

Fed: Economy leveling, interest rates steady The Fed delivered an economic vote of confidence and said it would slow expansion of emergency rescue programs. Read more.

NAR lobbies against home energy ratings Climate legislation calls for home energy labels similar to appliances, but that would make older buildings less desirable. Read more.

Recession, debt drag on commercial market A weak economy and rising unemployment have cut demand for rental space, and tighter credit makes financing difficult. Read more.

Existing home, condo sales up in 2Q 2009 Fla.'s 2Q home sales also were 37.2% higher than the 1Q level; condo sales were up 45.3% over the 1Q figure, says FAR. Read more.

UF: 'Cautious optimism' for Fla. real estate Study calls job market key to real estate resurgence and finds positive economic trends, such as higher confidence by investors. Read more.

Fla. revenue estimates down slightly Despite a $147M shortfall, a special budget legislative session isn't needed; commercial real estate is a concern. Read more.

Fed agency pushes FHA rehab home loans The OCC wants more banks to offer FHA 203(k) loans, which combine purchase financing and rehabilitation costs. Read more.

Red flags signaled mortgage lender's demise The quick shutdown of a large Ocala lender shocked some homebuyers, but many industry insiders saw it coming. Read more.

Drywall homes: bargain or bind Fla. homes tainted by defective Chinese drywall are popping up on Realtor.com at bargain-basement prices. Read more.

Investor visa brings immigrants to Fla. As wealthy foreign nationals buy distressed Fla. real estate, some are also seeking an added bonus: a green card. Read more.

Freddie Mac reports profit In another sign of stabilization, Freddie Mac, which received $51 billion in taxpayer aid, reported its first profit in two years. Read more.

Home prices close to correct A UCF professor says homes have appreciated almost normally over time once you ignore the recent bubble and bust. Read more.

Guy on foreclosure cleanouts sees it all Companies that clean REO properties say business is booming, but cleaning up foreclosures comes with multiple risks. Read more.

Foreclosure bargains are disappearing Some houses go under contract less than 90 minutes after they're put on the market, says the founder of Foreclosure.com. Read more.

FAR requests short sale legal interpretation Fla. Office of Financial Regulation confirms licensees' right to conduct short sales if paid by commission only. Read more.

Sellers frustrated as short sales collapse Only 23% of short sales close, and 90% of real estate agents blame the lenders. Read more.

Key interest rate to stay at record low A "guardedly optimistic" Federal Reserve should stand pat this week, as it considers extending some temporary aid programs. Read more.

Many buyers with FHA loans lose funding HUD pulled FHA funding from a large lender, now buyers and homeowners have questions. Read HUD's  list of (PDF format) FAQs.

IRS cracking down on false tax credit claims Not everyone claiming the $8K first-time homebuyer tax credit qualifies, and the IRS is investigating if it suspects fraud. Read more.

Some approved FHA loans suddenly pulled Fla.'s third-largest FHA lender informed borrowers yesterday that it suspended all funding, even for homes close to closing. Read more.

Fed program could speed up short sales Proposal to standardize program would simplify docs, give cash incentives to lenders and $1,500 to borrowers. Read more.

Fla. approves selected State Farm requests Property owners will see an average 28.4% increase in rates as the insurer nixes certain discounts, such as multi-policy. Read more.

Mortgage rates head lower this week Rates on 30-year mortgages dipped this week to 5.22% following better than expected economic reports, says Freddie Mac. Read more.

Countrywide to make settlement payments At least $3,000 will go to each Fla. customer who had trouble making a mortgage payment within four months of closing. Read more.

Government mortgage partners sued for abuses AP investigation: Many mortgage service companies make money off the at-risk homeowners they're supposed to help. Read more.

Commercial real estate woes not over The Real Estate Roundtable's latest quarterly survey finds a financing drought and declining property fundamentals. Read more.

Buyers gain an edge with Internet searches Most spend an average of 16 weeks browsing websites before contacting a real estate professional to get serious. Read more.

U.S. considers remaking mortgage giants Fannie Mae and Freddie Mac could be freed of billions in bad loans if a new structure handles the troubled mortgages. Read more.

Buyers shouldn't wait on falling prices Some clients fear overpaying for property, but waiting could be the bigger mistake. Buyers should understand three things. Read more.

Big lenders drag feet on helping homeowners The Treasury released a report on banks' efforts to help at-risk owners, and BofA, Wells Fargo and others scored poorly. Read more.

Defective drywall could slash property taxes If Broward homeowners prove they have defective Chinese drywall, the county will lower their taxable value until it's fixed. Read more.

Fla.-based mortgage company suspended HUD suspended Taylor, Bean & Whitaker Mortgage Corp. from originating new FHA-insured mortgages. Read more.

Pending home sales: Upward trend continues Up 3.6% since May, the index rose for a fifth consecutive month, the first time in six years for such a streak, according to NAR. Read more.

Feds to shame lenders not helping homeowners By publishing the names of slow-moving companies, officials hope public outrage will get the industry on track. Read more.

Free legal advice for at-risk homeowners The Fla. Bar offers advice to Floridians facing foreclosure and the ability to search for a local pro bono lawyer at www.floridabar.org.

Chinese drywall: One builder guts own home If you leave toxic drywall up, it continues to damage pipes and wiring; take it down and you risk losing a lawsuit for repair costs. Read more.

Welcome to the bottom: market begins rebound By every measure except foreclosures, the housing market has stabilized and is now starting to recover. Read more.

Foreclosures stabilize in key states Foreclosure rates in states hit hardest by the bust - Fla., Calif. and Ariz. - stabilized in June, according to an AP analysis. Read more.

Congress threatens banks to stop foreclosures A senior House Representative says that if banks don’t save more at-risk homeowners, Congress will make them. Read more.

Fed report shows economy mending Economic reports continue to cite improvements, including the Federal Reserve’s “beige book” released yesterday. Read more.

New FHA foreclosure loan assistance Owners with FHA loans should soon be eligible for payment modifications under a new government program. Read more.

Fed releases consumer mortgage brochure “5 Tips for Shopping for a Mortgage,” can help customers avoid pitfalls and make informed decisions when applying. Read more.

HUD: $26.3M to fight housing discrimination Grant money will be used to investigate Fair Housing complaints and educate the public. Read more.

Countrywide loan relief falls short? The defunct subprime mortgage giant promised $1B to struggling Floridians, but critics say it's failing to deliver the goods. Read more.

Index adds to spate of upbeat housing news Fresh signs emerged Tuesday that the market is stabilizing: S&P study shows price increase for the first time since 2006. Read more.

SBA may investigate drywall problems Lawmakers want a Small Business Administration rule to see if Chinese drywall problems could be covered. Read more.

Florida's consumer confidence dips UF: High unemployment probably caused two-point drop in Florida consumer confidence despite upbeat housing news. Read more.

Feds push lenders to modify more loans Twenty-five mortgage executives have pledged to work toward a new goal of about 500,000 loan modifications by Nov. 1. Read more.

Fla. tax base down less than expected Taxable property values dropped 15% last year say county appraisers, though they must ignore sales by lenders. Read more.

Fla. investigating 81 mortgage rescue firms State regulators shut down 4 foreclosure rescue companies as federal regulators also crack down on the industry. Read more.

New push for oil drilling off Fla.'s coast It's back: Two senators have introduced legislation to void a 2006 compromise and OK drilling with 45 miles of Fla.'s coast. Read more.

State of neighborhood affects home sales The look of nearby homes impacts homeowners' ability to sell, and sellers may need to help clean up unsightly properties. Read more.

Consumer confidence retreats in July The Index stands at 46.6, down from 49.3 in June. Views about the present declined 2 points; future expectations fell 1.4. Read more.

Economists: Slow recovery on tap A new poll says the recovery could start soon; and two-thirds of the economists think existing-home sales have hit bottom. Read more.

June new home sales rise 11% New U.S. home sales rose by 11% last month - the largest amount in more than eight years. Read more.

Staging a high-end home for sale Now even the frugal rich are looking to visualize themselves in a home before buying it, giving rise to "hyper-staging." Read more.

Existing home sales show signs of recovery U.S. housing market appears on the mend after worst collapse in 70 years, with increased sales in 40 of 55 major markets. Read more.

Fed plans changes to mortgage rules Proposed consumer-friendly disclosure rules include restricting some bonuses paid by lenders to those who originate loans. Read more.

Toxic drywall may be a tax deduction An IRS attorney said that corroded A/C coils, blackened wiring and sulfuric smells might qualify for a casualty loss deduction. Read more.

Mortgage rates rise after falling for 3 weeks The average rate for a 30-year fixed mortgage this week was 5.2%, says Freddie Mac. Read more.

Do banks hold back REOs to keep prices up? In South Florida, listings of REOs and short sales fell from 44% in May to 39% in June; and distressed sales fell 6%. Read more.

Fla. existing home, condo sales up June's sales surpassed May's. For 2nd month in a row, the existing home median price was higher than previous month's. Read more.

New truth-in-lending rules effective July 30 Lenders must follow new disclosure rules next week. The change impacts Good Faith Estimates and fees. Read more.

Commercial real estate in distress The sector depends on freer credit markets and increased spending by businesses and consumers, which isn't likely soon. Read more.

Foreclosure aid program helps 59 homeowners The Florida Attorneys Saving Homes program pairs volunteer lawyers with homeowners facing foreclosure. Read more.

HUD approves $21.7M for 45 Fla. communities Money will be used by communities to stabilize neighborhoods, boost affordable housing and improve public facilities. Read more.

Obama rent plan may keep people in homes It would allow homeowners to rent their foreclosed home for at least five years, potentially reshaping Fla.'s real estate market. Read more.

Many property tax rates going up Most of Fla.'s 67 school boards are expected to approve property tax increases for two years, an option in the state budget. Read more.

Court OKs denial of State Farm rate increase Decision backs state regulators who denied a 47.1% rate hike request. Issues also remain with State Farm's withdrawal. Read more.

Delayed Florida recovery seen Fla. economists say the state's economic recovery could start later and move more slowly than previously predicted. Read more.

White House: Tighten rules for credit raters The plan seeks to stop conflicts of interest and reduce reliance on an industry criticized for ignoring subprime mortgage risks. Read more.

Bidding wars break out on low-priced homes Investors and first-time buyers are now competing for homes and condos listed at $200,000 or less. Read more.

Realtors worry about low property valuations A Palm Beach Realtor thought he had solid offers for two homes until the appraisals came in low and a lender pulled the plug. Read more.

Lease-to-own an option for buyers More buyers request lease-to-own, and more sellers consider it. At a minimum, the seller receives rental income. Read more.

Slow foreclosures frustrate owners too When a homeowner makes peace with imminent loss, he wants to move on; but a foreclosure now takes 10 months or more. Read more.

NAR testifies in support of green buildings To promote green building, offer incentives and not government mandates, NAR told a House subcommittee Thursday. Read more.

Is there a new confidence in construction? Homebuilders may be feeling better about the future: their confidence index rose in July to the highest point in almost a year. Read more.

WCI's Chap. 11 includes drywall problems A final plan to emerge from bankruptcy still needs approval, but the current version creates a trust for drywall settlements. Read more.

Mortgage rates fall again Rates for 30-year home loans dropped for the third-straight week to 5.14%, inching toward a record low. Read more.

Commercial RE lending program picks up Investors generally ignored newly-issued securities offered under a TALF program, but now seem intrigued with older ones. Read more.

June housing construction rises unexpectedly Construction of new U.S. homes rose in June to the highest level in seven months, a sign builders are regaining confidence. Read more.

Spreading the word about $8K tax credit Florida Realtors are talking about the $8K tax credit and more during "Welcome Home Week." NAR's new TV ad, Housewarming, does the same. Find resources at FAR's Homebuyer Center.

Foreclosures rise 15% in first half of 2009 Foreclosure filings rose 33% in June compared to a year ago; Fla. had the 3rd highest rate for first half of 2009. Read more.

NAR backs federal stimulus package NAR testified on Capitol Hill that a number of provisions are helping the nation recover, such as the $8K buyer tax credit. Read more.

New home appraisal rules stir backlash Realtors, homebuilders, mortgage brokers and the appraisal industry all agree that new federal rules are causing problems. Read more.

Upscale home sales lag, loans hard to get People with higher-price loans are mostly out of luck for housing rescue programs; jumbos account for about 10% in Fla. Read more.

Mortgage rescue fraud on rise in Fla. More than 40 companies and groups are being investigated for mortgage modification or foreclosure rescue fraud. Read more.

NAR pushing for extension of $8K tax credit An NAR lobbyist predicts better than 50-50 odds that Congress will extend the first-time homebuyer tax credit past Dec. 1. Read more.

Lennar: Chinese drywall in 400 homes According to a filing with the SEC, the Miami-based company installed it in some Fla. homes during 2006 and 2007. Read more.

Rental scam alert Investigators say criminals are lifting rental listings, falsely adding their name as a contact, and posting it on Craigslist. Read more.

Condo associations in bankruptcy With unpaid fees mounting, some condo associations turn to bankruptcy, though that could pose more financial risk. Read more.

Group arms lawyers to fend off foreclosures "Don't just give up," a legal aid group tells homeowners as it educates lawyers on ways to help. Read more.

State Farm may not pull property insurance Florida Insurance Commissioner Kevin McCarty said Thursday that the company could stay, but he called it "a gut feeling." Read more.

Mortgages: More rules and longer waits Until recently, a real estate deal could close in 30 days, but increased loan scrutiny has pushed it to 45 or 60 days. Read more.

More toxic loans could haunt banks Lenders' "extend and pretend" strategy postpones commercial foreclosures based on hope for an economic rebound. Read more.

U.S. Treasury says banks moving too slowly The government's foreclosure program has helped 270,000 homeowners so far, falling short of the projected 4 million. Read more.

Commercial real estate woes grow A Congressional committee was told yesterday the commercial sector won't hit bottom for three years without government help. Read more.

Mortgage rates fall for 2nd straight week Average 30-year mortgage rates dropped to 5.2%, Freddie Mac said Thursday. Read more.

Citizens insurance approves rate changes Florida's largest property insurer approved a 10% rate hike for many customers, but a 10% rate decrease for some. Read more.

Appeals court upholds 'Save Our Homes' Alabama residents had filed a suit alleging that it discriminates against property owners who aren't full-time residents. Read more.

Lawsuit filed against growth management bill Local governments asked a circuit court to reject the law, saying it's an unfunded mandate that Florida law bans. Read more.

Your home's worth: Who can tell these days? Should home value calculations consider nearby distressed property? Appraisers, real-estate agents and owners disagree. Read more.

Poll: Would-be homebuyers still cautious More than half say they're not prepared to jump into the market, with a fear of job loss their No. 1 reason. Read more.

$8K downpayment challenges Fla. officials State and local housing officials are struggling to work out the details of Florida's $8K downpayment tax credit loan program. Read more.

FAR announces foreclosure research project To better define the true face of foreclosure in Fla., FAR has launched floridafaceofforeclosure.com, says Pres. Cynthia Shelton. Read more.

Appraisals study: The impact of HVCC Over one-third of Realtors participating in an NAR study say they lost a sale thanks to the new HVCC appraisal rules. Read more.

Cities drop impact fees to help building In the current economy, many local governments in Fla. and the U.S. have suspended impact fees to help bolster development. Read more.

Falling home prices drive up mortgage fraud The FBI reported yesterday that fraud rose 83% in 2008 and higher yet so far in 2009. Florida remains in the top 10. Read more.

Studies find home prices stabilizing The Standard & Poor's/Case-Shiller index recorded an 18.1% drop year-to-year, but that's the best reading since June 2008. Read more.

Mortgage info available There are a number of websites to check for tips and information about qualifying for home loans. Read more.

It's a buyer's market for home sales Low interest rates and abundant inventory are attracting homebuyers, along with a tax credit for first-time buyers. Read more.

Foreclosure prevention: FAR awarded $97K NAR awarded more than $682,000 to 25 local and state Realtor associations through a foreclosure prevention program. Read more.

Banks worry about commercial property Deutsche Bank study: The next big drag on the economy could come from about $1.7 trillion in commercial property loans. Read more.

Builders use incentives to lure buyers Price drops, smaller houses, country club memberships, paid closing costs and other deals draw buyers to new construction. Read more.

Refinancing aid expands to more borrowers Obama expanded the U.S. foreclosure aid program to include owners who owe 125% of their home's market value. Read more.

FAR president promotes disaster insurance Speaking before a U.S. House subcommittee today, Pres. Cynthia Shelton said its importance "cannot be overstated." Read more.

Energy bill passed by House raises concerns NAR says misinformation is rampant about the bill's provisions, and it has a long way to go before becoming a law. Read more.

Fla. is a business-friendly state "Not only is Florida a great place to call home, it's a great place to do business," says 2009 FAR President Cynthia Shelton. Read more.

Pending sales: 4th straight monthly gain While positive, NAR's economist says it could have been even better if new appraisal rules had not delayed some closings. Read more.

Mortgage rates fall slightly Rates for 30-year home loans inched downward to 5.32% but remain above the record lows posted during the spring. Read more.

Fannie And Freddie To Expand Mortgage Rescue Government allows more troubled borrowers to qualify for a refinancing program run by the mortgage financiers. Read more.

Fla.'s $8K program takes effect First-time homebuyers can use their tax credit toward a downpayment, but the state must first collect money to fund the program. Read more.

Consumer finance protection agency sought The group would regulate mortgages, credit cards and bank accounts like other agencies regulate drug, food and toy safety. Read more.

Bill seeks to suspend HVCC appraisals Democratic and Republican lawmakers teamed up to push for an 18-month moratorium on the new process. Read more.

Bad news hurts Fla. consumer confidence The state index fell three points in June compared to May, though housing has stabilized, according to a top UF economist. Read more.

Coastal insurance fix sought Coastal homeowners shocked by high costs face even higher premiums as Fla. insurers seek more rate increases. Read more.

States win right to probe banks The U.S. Supreme Court ruled that state governments, not just federal, may investigate banks for lending discrimination. Read more.

Consumer confidence declines in June The Conference Board's Index, which had improved considerably in May, retreated 5.5 points in June. Read more.

Cities, states get first shot at REOs  BofA is making it easier for states and cities to buy foreclosures before investors as part of a HUD program. Read more.

Appraisers attack new HVCC rules petition drive, online ad, and pressure from NAR have forced a few lawmakers to consider changes to the system. Read more.

State Farm agents plan new lives ov. Crist's veto of an insurance bill seals State Farm's fate; its agents wonder if they should switch companies or careers. Read more.

Mortgage rates tick up, above record lows Freddie Mac says 30-year fixed mortgages averaged 5.42% this week; analysts fear higher rates threaten a housing recovery. Read more.

What's next for Fla. State Farm clients? After Crist's veto of the deregulation bill, the insurer continues to negotiate an exit plan with state insurance officials. Read more.

NBA stars promote free foreclosure help Foreclosure prevention counselors say celebrities like Miami Heat star Dwyane Wade encourage people to seek help. Read more.

SBA issues loan refi rule changes Small businesses will be able to refinance existing loans used to buy real estate and equipment but only for expansion. Read more.

Crist vetoes insurance deregulation bill HB 1171 would have let homeowners buy higher-priced, unregulated property insurance but only from big national companies. Read more.

May new-home sales dip 0.6% The Commerce Dept. said sales were at a seasonally adjusted rate of 342,000; many analysts think January was the bottom. Read more.

Fed says recession is easing Policymakers declined to raise a key interest rate Wednesday, pledging to keep it low for an extended period. Read more.

Get ready for echo boomers Harvard University's Joint Center for Housing Studies predicts children of baby boomers will save the housing market. Read more.

Home sales stabilizing; weak recovery seen New data shows nationwide home sales may have finally hit bottom, but a host of problems are hindering recovery. Read more.

Mortgages left in limbo More homeowners are badly behind on their loans but banks have not yet foreclosed, which can take 9 months to start. Read more.

Push to expand homebuyer tax credit Realtors and others are lobbying to increase the cap on the $8K tax credit to $15K and extend it into mid-2010. Read more.

FAR: Fla. home, condo sales up in May Looking up: existing single-family homes sales, condo sales and for the first time in months, the median sales price. Read more.

Will bill compel State Farm to stay? The company may reconsider leaving Fla. if Gov. Crist signs HB 1171 deregulating rates for big national insurers. Read more.

4 amendments on 2010 ballot Included is one lowering the cap on property tax assessment hikes on businesses, other non-homestead properties to 5%. Read more.

Lost jobs forcing more out of homes Economic pressures are causing a ripple effect, spreading foreclosures to new areas of the U.S. Read more.

Moving mortgage rates cause problems Rates' ups and downs in recent weeks surprised some buyers in the middle of the purchasing process and nixed deals. Read more.

'Vanilla' home loans could benefit borrowers Government officials want to make the process of getting a 30-year mortgage as simple as signing up for a 401(k) plan. Read more.

Bold economic stimulus initiatives unlikely With the recession easing, Fed policymakers are expected to stand pat on economic recovery fixes when they meet this week. Read more.

Chinese drywall fears may slow rebound At a time when home sales are up, buyers' fears about Chinese drywall could hurt a recovery, especially in Florida. Read more.

Housing markets heading up in many areas Declining foreclosures, increasing home sales and higher average sale prices indicate markets may have bottomed out. Read more.

Condo fee deadbeats cause problems More owners aren't paying their fees, prompting many associations to tow the cars of deadbeat owners or close pools. Read more.

Mortgage rates fall from 7-month high Rates for 30-year home loans fell to 5.38% this week after soaring to a seven-month high last week. Read more.

Can buying cheap foreclosures make you rich? Experts say "maybe." Investors must be able to fix them and rent them for a while before selling, however. Read more.

Commercial Realtors oppose amendment While a proposed 2010 constitutional change would slow commercial deals, a second one offers some help. Read more.

NAR: U.S. must support FHA programs FHA loans now make up 25% of all originations, and NAR asked Congress for continued support to help spark home sales. Read more.

'Hometown Democracy' wins court ruling Fla. Supreme Court clears 2010 ballot question: Should voters approve all comprehensive land use changes? Read more.

Federal agency would oversee mortgage terms A new consumer protection agency announced by the Obama administration would overhaul current lending practices. Read more.

New appraisal rules impact closings Intended to safeguard the integrity of home appraisals, some experts say the new rules complicate the deals instead. Read more.

Small insurers want Crist to veto bill Small property insurers are urging Gov. Crist to veto HB 1171, which they say favors State Farm and other large insurers. Read more.

Chinese drywall lawsuits in New Orleans Florida lost the fight for venue, and a federal court in Louisiana will consolidate cases from around the nation. Read more.

Foreclosure program gets $3B more The Treasury gave Countrywide, part of BofA, the biggest boost. More than 32,000 borrowers are now participating in the plan. Read more.

Commercial loans draw no interest
Investors showed no appetite for commercial real estate loans under a new Fed option intended to boost their availability. Read more.

May home starts jump 17.2%, permits 4% Experts see it as an encouraging sign that the housing recession is bottoming out. Read more.

South Florida market looking better Threats still exist, however, says NAR Economist Lawrence Yun, who spoke at Miami's International Real Estate Congress. Read more.

U.S. Supreme Court to hear Fla. beach dispute If a local government renourishes a beach, how does that impact the private property rights of oceanfront homeowners? Read more.

Signs of rebound in commercial sector Bargain prices are pulling small commercial property investors back into the market, according to analysts. Read more.

Help neighbors keep it clean
A "neighbor from hell" can reduce property values by 20%, but there are ways to approach the problem. Read more.

International buyers believe in Fla.  According to Gerson Lehman Group, international buyers believe the Florida housing market is poised for recovery. Read more.

Bad drywall leaves owners frustrated "It's no longer your home, it's your problem," says one owner whose builder is making repairs. Read more.

Young people find now is time to buy homes Today's economy and the $8,000 tax credit are helping young people who couldn't enter the housing market a few years ago. Read more.

Loan renegotiations take work, patience Lenders are still trying to figure out mortgage modification programs, so homeowners need to arm themselves with information. Read more.

Home short sale flips nixed Investors who negotiate an option-deal short sale and then sell the home for more will now find fewer lawyers willing to help. Read more.

Mortgage rates rise again Rates for 30-year home loans jumped to 5.59% this week, the highest level in seven months. Read more.

Buyers need to understand mortgages A few hours spent studying mortgages can save on closing costs. Lenders often offer better terms to savvy borrowers. Read more.

NAR backs move to expand tax credit A group representing 1/3 of American businesses wants the $8K tax credit expanded to $15K and applied to all buyers. Read more.

Foreclosures fall 6% May to April The number fell month to month, and while the rate rose compared to May 2008, it was the smallest jump in three years. Read more.

Small businesses change strategic plans Brokers have switched from survival mode to planning mode as they position themselves for the economic recovery. Read more.

Fla. tests house with Chinese drywall The state Dept. of Health completed air-quality tests costing more than $40,000 at a Parkland home built with the toxic drywall. Read more.

Some analysts foresee recession's end A new economic outlook index predicts that the recession likely will end in September followed by a mild recovery. Read more.

Home insurers deny Chinese drywall claims Policies in Florida typically contain provisions that exclude coverage for damage caused by pollution and construction defects. Read more.

Get the most out of $8K tax credit For some, it's better to wait until 2010 to take the homebuyer tax credit and increase 2009 paychecks. Read more.

Foreclosure crisis bleeds into prime loans In a marked shift, foreclosure actions are impacting more owners with prime loans rather than those with a subprime one. Read more.

HUD: Make homes healthier The federal government wants to coordinate efforts to make housing healthier, with a focus on mold, lead and asbestos. Read more.

Hometown Democracy needs quick court ruling A petition amendment drive to give zone change approval to voters needs a quick ruling from Fla. Supreme Court. Read more.

Commercial real estate might not go bust The talk has been gloomy, but predictions about impending problems in the commercial market might be premature. Read more.

Record number of fair housing complaints HUD reports a record 10,552 housing discrimination complaints in fiscal year 2008, with 44% on disabled access. Read more.

Amid bailouts, localities aid developers Following the federal government's lead, cities and states increasingly hand out financial support to struggling businesses. Read more.

Some businesses taxed out of existence Property tax delinquencies have spiked in Florida, and affected business owners could lose property to the taxman. Read more.

Few answers at Chinese drywall conference

Experts discussed problems created by toxic drywall last week, but so far, there are more questions than answers. Read more. http://www.floridarealtors.org/NewsAndEvents/n1-060809.cfm

Investor optimism increases mortgage rates
Catch-22: A program to lower mortgage rates works, but a recovery brings inflation fears, which boosts mortgage rates. Read more. http://www.floridarealtors.org/NewsAndEvents/n2-060809.cfm

Latest foreclosure program may be working

The new version of the federal Making Homes Affordable program has helped more than 120,000 in just three months. Read more. http://www.floridarealtors.org/NewsAndEvents/n3-060809.cfm

Mortgage rates above 5% for 1st time in 3 mos
Average rates on 30-year fixed-rate mortgages rose to 5.29% this week, according to Freddie Mac's survey. Read more. http://www.floridarealtors.org/NewsAndEvents/N2-060509.cfm

Bernanke: Economy on pace for '09 turnaround

A weak job market and tight credit could hamper consumer spending, however, adds Bernanke. Read more. http://www.floridarealtors.org/NewsAndEvents/N3-060509.cfm

Counties consider higher tax rates
Homesteaded owners not protected from millage increases, but change would help recent homebuyers. Read more. http://www.floridarealtors.org/NewsAndEvents/N4-060509.cfm

SEC charges ex-Countrywide CEO with fraud
Angelo Mozilo accused of civil fraud and insider trading. Feds say he deceived shareholders and made illegal profits. Read more. http://www.floridarealtors.org/NewsAndEvents/N5-060509.cfm

Gov. Crist likely to veto insurance bill

Bill would allow insurers to charge whatever rate they wish if homeowners are willing to pay. Read more. http://www.floridarealtors.org/NewsAndEvents/n1-06-0409.cfm

Foreclosures could be hurricane shelters
FEMA says it might use foreclosed homes as temporary housing for Florida residents displaced by a major hurricane. Read more. http://www.floridarealtors.org/NewsAndEvents/n2-06-0409.cfm

Homebuilders tout housing market thaw

This week, two builders reported smaller quarterly losses, rosier sales and more prospective buyers. Read more. http://www.floridarealtors.org/NewsAndEvents/n3-06-0409.cfm

NAR: Market needs Fannie and Freddie
Association says they need ongoing federal backing to keep mortgages available during economic slowdowns. Read more. http://www.floridarealtors.org/NewsAndEvents/n4-06-0409.cfm

Study: Florida to continue growing
Population migration creates a demand for housing. A study done for FAR looks at Florida's present and future. Read more. http://www.floridarealtors.org/NewsAndEvents/n1-060309.cfm

Citizens: 10% rate increase for 5 years
Some South Florida condo and homeowners could see up to a 74% increase in five years, says Citizens Property Insurance. Read more. http://www.floridarealtors.org/NewsAndEvents/n2-060309.cfm

Renters told: Get out of foreclosed homes
Paying rent on time doesn't help tenants when a landlord loses their home to foreclosure. Read more. http://www.floridarealtors.org/NewsAndEvents/n5-060309.cfm

Gov. signs Fla. growth management bill
Crist hopes SB 360, which FAR supported, will help the construction industry, create jobs and fix previous laws. Read more. http://www.floridarealtors.org/NewsAndEvents/n1-060209.cfm

NAR: Pending home sales up for third month
Some areas improved dramatically as others languished, making this recovery unusual, says NAR's chief economist. Read more. http://www.floridarealtors.org/NewsAndEvents/n2-060209.cfm

Foreclosed homes a problem in hurricanes

Unoccupied homes are a danger to nearby properties, and additional damage will impact their already-low value. Read more. http://www.floridarealtors.org/NewsAndEvents/n3-060209.cfm

Gov. vetoes FAR-backed condo insurance bill
Gov. Crist vetoed a condo insurance bill because of safety issue concerns about a mandatory sprinkler provision. Read more. http://www.floridarealtors.org/NewsAndEvents/n4-060209.cfm

Did mortgage rates already hit bottom?
Some potential homebuyers now wonder if they waited too long as economic optimism drives up mortgage rates. Read more. http://www.floridarealtors.org/NewsAndEvents/n1-060109.cfm

Florida creates Web site insurance library
Hurricane season starts today, and the Dept. of Financial Services has info on agents, deductibles and other types of policies. Read more. http://www.floridarealtors.org/NewsAndEvents/n2-060109.cfm

Florida's economy is 'less worse'

Bad grammar or not, some economists think the state economy may not be headed up, but at least things are "less worse." Read more. http://www.floridarealtors.org/NewsAndEvents/n3-060109.cfm

Hedge funds take aim at Florida real estate
Unregulated by the government, these private mortgage funds plan to buy mortgage notes at a fraction of their original value. Read more. http://www.floridarealtors.org/NewsAndEvents/n4-060109.cfm

Could toxic drywall boost housing market?
Though it may be hard to imagine, defective Chinese drywall may end up being a good thing for the South Florida economy. Read more. http://www.floridarealtors.org/NewsAndEvents/n5-060109.cfm

Details of FHA's $8K downpayment advance
HUD says FHA borrowers need at least 3.5% down, and consumers cannot tap into it until lenders flesh out details. Read more. http://www.floridarealtors.org/NewsAndEvents/n1-052909.cfm

Mortgage rates rise, remain below 5%
Rates on 30-year mortgages rose this week to average 4.9%; most analysts predict more increases. Read more. http://www.floridarealtors.org/NewsAndEvents/n2-052909.cfm

11% of Florida homes in foreclosure process

Florida ranks first nationally for homes in foreclosure and is the only state in double digits. The national rate is 9.12 percent. Read more. http://www.floridarealtors.org/NewsAndEvents/n3-052909.cfm

Hurricanes don't worry 66% of coastal residents
The '09 season starts in three days, but over half don't even know if their property insurance covers damage. Read more. http://www.floridarealtors.org/NewsAndEvents/n4-052909.cfm

Federal panel: Commercial lending losses up
Analysts see signs that commercial credit is frozen and predict losses in the sector are likely to sharply increase in the future. Read more. http://www.floridarealtors.org/NewsAndEvents/n5-052909.cfm

Number of Home Sales Rises, But Prices Keep Plummeting
Washington Post (05/28/09) P. A13; Merle, Renae
Sales of existing homes in April beat analysts' expectations by rising 2.9 percent from March to a seasonally adjusted annual rate of 4.68 million units, according to the National Association of Realtors, but the housing market is still weak because there are so many properties on the market. The number of homes for sale rose nearly 9 percent last month to a 10.2-month supply, and distressed homes now account for 45 percent of the market. Median home prices plunged to $170,200 -- down 15.4 percent from last April -- because of the excess inventory

$1M Mortgage Buybacks Seen
New York Post (05/28/09) Whitehouse, Kaja
Some investors believe the Obama administration soon will allow Fannie Mae and Freddie Mac to purchase mortgages of up to nearly $1 million as a way to help homeowners in high-cost markets to refinance and to assist lenders in moving loans off their books. However, Nicholas Strand of Barclays Capital says such a move would be too politically sensitive and difficult to sell, and he adds that accounting reforms that let banks hold distressed debt instead of pricing it at market rates makes a higher conforming loan limit less necessary. The limit currently is $417,000 in most markets and $729,000 in areas with the highest home prices

Rise in Rates Jolts Markets
Wall Street Journal (05/28/09) P. A1; Rappaport, Liz
The Federal Reserve has been purchasing mortgage-backed securities and Treasuries in an effort to hold down mortgage rates and move the economy out of recession, but mortgage rates and Treasury yields both hit a six-month high on May 27. Investors increasingly are concerned that the central bank's strategy could cause inflation, and they worry that demand will be lacking for the $2 trillion in Treasury bonds it plans to sell this year to pay for stimulus programs. Additionally, higher interest rates will reduce investor demand for existing mortgage-backed securities, as the loans included in new securities will pay more interest.

Governor signs sweeping insurance bill
HB 1495 increases Citizens Property Insurance rates by 10% and reduces the state's exposure through the Cat Fund. Read more. http://www.floridarealtors.org/NewsAndEvents/n1-052809.cfm

Repeat buyers boost home sales
The majority of homebuyers are now repeat buyers, says NAR; first-timers' share declined to 40% in April. Read more. http://www.floridarealtors.org/NewsAndEvents/n2-052809.cfm

April new U.S. home sales rise 0.3%
The Commerce Dept. said today that it suggests a sluggish recovery, even as year-over-year prices dropped 15.9%. Read more. http://www.floridarealtors.org/NewsAndEvents/n3-052809.cfm

Court: No exclusive cable rights in apartments
FCC says cable operators can't enter into exclusive deals in apartment buildings, and existing deals can't be enforced. Read more. http://www.floridarealtors.org/NewsAndEvents/n4-052809.cfm

Condo market fights to recover
While existing home sales appear to be rebounding, condos remain "substantially weaker," says NAR economist. Read more. http://www.floridarealtors.org/NewsAndEvents/n5-052809.cfm

Florida's existing home, condo sales rise
April existing home sales increased 18% over year-ago numbers, and condo sales rose 21%. National sales also climbed. Read more. http://www.floridarealtors.org/NewsAndEvents/n1-052709.cfm

Governor signs $8K homebuyer credit into law
On July 1, first-time Florida buyers who quality for the federal $8,000 tax credit can use it toward a downpayment. Read more. http://www.floridarealtors.org/NewsAndEvents/n2-052709.cfm

According to Mortgage News Daily, HUD has indefinitely suspended the Federal program that allows stimulus funds to be used for down-payments. Read more. http://www.mortgagenewsdaily.com/05182009_first_time_buyer_tax_credit.asp

Survey: Economists see recession end in '09
More than 90 percent of economists predict the recession will end this year, although the recovery is likely to be bumpy. Read more. http://www.floridarealtors.org/NewsAndEvents/n3-052709.cfm

1Q home prices fall to 2002 levels
First quarter home prices are 32.3% lower than the second quarter of 2006, and 19.1% lower than fourth quarter 2008. Read more. http://www.floridarealtors.org/NewsAndEvents/n4-052709.cfm

Florida's consumer confidence down 1 point
Floridians expect the economy to turn around within one year, but attitudes about current financial conditions fell. Read more. http://www.floridarealtors.org/NewsAndEvents/n5-052709.cfm

Federal proposal: Create disaster insurance
The Homeowners Defense Act would create federal insurance backing for the worst disasters - the type of events driving Florida insurers away. Read more. http://www.floridarealtors.org/NewsAndEvents/n1-052609.cfm

U.S. consumer confidence soars in May
Consumer confidence extended its rebound today, soaring 14.1 points in one month - 10 points higher than economists expected. Read more. http://www.floridarealtors.org/NewsAndEvents/n2-052609.cfm

NAR awards grants to local boards
Four Florida Realtor groups received Housing Opportunity Fund grants totaling $14,400 to promote affordable housing. Read more. http://www.floridarealtors.org/NewsAndEvents/n3-052609.cfm

U.S. eyes Saudi investors in real estate
Arabic investors are encouraged to invest in U.S. real estate. A recent seminar emphasized current prices, opportunities and reduced risks. Read more. http://www.floridarealtors.org/NewsAndEvents/n4-052609.cfm

Condos are a great buy, but look before you leap
Median prices in South Florida have tumbled to $100,000, and buyers now evaluate the building as much as the unit. Read more. http://www.floridarealtors.org/NewsAndEvents/n5-052609.cfm

HUD issues sanctions against 120 FHA lenders
Violations include insufficient quality control, failure to meet recertification requirements and falsifying loan docs. It impacts 13 Florida lenders. Read the full story. http://www.floridarealtors.org/NewsAndEvents/n1-052209.cfm

Congress concerned over Chinese drywall
Senators and federal regulators joined hands yesterday to resolve health and structural problems linked to the use of toxic drywall. Read the full story. http://www.floridarealtors.org/NewsAndEvents/n2-052209.cfm

Mortgage rates dip, but above record lows
Average rates on 30-year, fixed-rate mortgages dropped to 4.82% this week, staying below 5 percent for the tenth week in a row. Read the full story. http://www.floridarealtors.org/NewsAndEvents/n3-052209.cfm

Florida's BankUnited fails
The federal seizure of Coral Gables-based thrift BankUnited may cost the FDIC $4.9B. Bought by investors, the bank reopens today as BankUnited. Read the full story. http://www.floridarealtors.org/NewsAndEvents/n4-052209.cfm

Commercial sector hurt by credit crunch
NAR's commercial real estate forecast remains weak for the rest of 2009. Its commercial leading index fell 4.8% to 103.5 in 1Q '09. Read the full story. http://www.floridarealtors.org/NewsAndEvents/n5-052209.cfm

Interest in purchasing foreclosed homes rises
More U.S. adults (55%) say they're likely to consider a foreclosed home, but they expect bargains - almost half expect it discounted up to 50%. Read the full story. http://www.floridarealtors.org/NewsAndEvents/n1-052109.cfm

Housing: Recovering or not?
New home starts fell more than expected, leading to questions about a recovery. But with a large for-sale inventory, a drop is good news. Read the full story. http://www.floridarealtors.org/NewsAndEvents/n2-052109.cfm

Obama signs mortgage, fraud bills
Congress passed the Helping Families Save Their Homes Act and the Fraud Enforcement and Recovery Act earlier this week. Read the full story. http://www.floridarealtors.org/NewsAndEvents/n3-052109.cfm

Fed: Hopeful economic signs; '09 outlook lower
The U.S. economy should begin growing again later this year, says the Fed, noting, "The housing sector might be nearing its bottom." Read the full story. http://www.floridarealtors.org/NewsAndEvents/n4-052109.cfm

Toxic asset program to ease credit 6 weeks away
The government plans to start purchasing banks' risky debts soon, which should loosen credit and spark economic growth. Read the full story. http://www.floridarealtors.org/NewsAndEvents/n5-052109.cfm

Fed widens effort to back commercial loans
Starting in July, the Fed will allow investors participating in TALF to purchase existing securities backed by loans for many types of commercial property. Read the full story. http://www.floridarealtors.org/NewsAndEvents/n1-052009.cfm

Realtors see buyers returning to market
"There has never been a better time to buy," says NAR, thanks to low mortgage rates and increased affordability. Read the full story. http://www.floridarealtors.org/NewsAndEvents/n2-052009.cfm

Uniform short-sales process to help buyers
New HUD incentives should save homeowners money by encouraging the "quick private sale or voluntary transfer of property," according to NAR. Read the full story. http://www.floridarealtors.org/NewsAndEvents/n3-052009.cfm

Congress passes anti-foreclosure bill
A bill approved yesterday would give banks a greater incentive to help at-risk homeowners. Read the full story. http://www.floridarealtors.org/NewsAndEvents/n4-052009.cfm

Bills seek tighter oversight of credit raters
Credit rating agencies spurred the real estate meltdown, so lawmakers now want more disclosure, new SEC oversight and greater enforcement powers. Read the full story. http://www.floridarealtors.org/NewsAndEvents/n5-052009.cfm

Wind coverage in flood insurance opposed
Obama administration fears that adding windstorm coverage would overburden a flood insurance program that is already in debt.

Read the full story.

http://www.floridarealtors.org/NewsAndEvents/n1-051909.cfm

Hope seen for troubled commercial sector
Commercial real estate is in the early stages of a downturn, but the picture could brighten by mid-2010, NAR Chief Economist Lawrence Yun says.

Read the full story.

http://www.floridarealtors.org/NewsAndEvents/n2-051909.cfm

Bank of America eases short sale policy
BofA calls Treasury Dept.'s added incentives and guidance on multiple liens "a boon."

Read the full story.

http://www.floridarealtors.org/NewsAndEvents/n3-051909.cfm

Housing construction, permits hit record lows
A drop in apartment construction hurt home starts even though single-family starts rose 2.8%. A good sign: Builder optimism rose for the second month.

Read the full story.

http://www.floridarealtors.org/NewsAndEvents/n4-051909.cfm

Mortgage fraud bill goes to Obama
The president is expected to sign the bill, which costs about $265M a year, though fines could recoup the investment.

Read the full story.

http://www.floridarealtors.org/NewsAndEvents/n5-051909.cfm

Mortgages at risk if insurance ratings lowered
Some claim recent legislation doesn't go far enough to resolve state's insurance woes.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n3-051809.cfm

Want a true picture of the market? Ignore prices
NAR's chief economist says distressed sales are creating market distortions in otherwise stable neighborhoods.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n4-051809.cfm

Investor flipping makes FHA mortgage difficult
Some first-time homebuyers can't buy investor-purchased homes as lenders, including FHA, reject applications for flipped property.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n5-051809.cfm

MORTGAGE RATES

Rates on 30-year fixed mortgages rose slightly for the second straight week, but at 4.86 percent, they still remained below the 5 percent mark, Freddie Mac said Thursday.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/N1-051509.cfm

COMMERCIAL

Access to credit and refinancing issues have seriously affected the commercial real estate markets, but recent Federal Reserve actions may ease the crisis, according to a commercial real estate forum yesterday at NAR's Midyear Legislative Meetings & Trade Expo.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/N2-051509.cfm

PROPERTY INSURANCE

Representatives from Florida's property insurance industry sent out a warning signal Thursday about the state's inability to pay for damages from a serious future storm.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/N3-051509.cfm

INTERNATIONAL

According to recent research done for NAR, about 7.1 percent of potential overseas buyers surveyed would "definitely" or "possibly" consider a retirement location in the U.S. - which translates to a market of more than one million potential buyers. Experts say that Realtors with international clients should learn more about new visa categories that allow foreign nationals to gain U.S. residency.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/N4-051509.cfm

FORECLOSURES

As expected, the Obama administration expanded its $50 billion mortgage aid program yesterday. New initiatives should streamline the selling process of "underwater" homes, or ease the transfer of ownership back to a lender. Both options will still ding a homeowner's credit score, but less than a foreclosure.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/N5-051509.cfm

HURRICANES

Two climatologists from Colorado State University, both scorned and respected for their hurricane season forecasts, discussed their predictions for 2009: 12 named storms, six hurricanes, and two major hurricanes of Category 3 or worse. Florida and the East Coast have less than a 1-in-3 chance of a hurricane landfall this year.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-051409.cfm

FEDERAL AID

The Obama administration is expected to expand its mortgage aid program today, announcing new measures to help at-risk homeowners avoid a blemished credit record. The new initiatives are expected to promote options such as short sales or a deed-in-lieu of foreclosure - methods that would allow borrowers to avoid foreclosure by either selling their properties or giving them back to lenders.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-051409.cfm

HOMEOWNER SURVEY

About 75 percent of Americans think the real estate market has hit bottom and is now bouncing back, according to a consumer confidence study conducted by Zillow.com. But while home values have dropped for about 80 percent of U.S. homeowners, only 60 percent believe their home has seen a decrease.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-051409.cfm

DOWNPAYMENT ASSISTANCE

First-time homebuyers will soon have another option if they want to use their $8,000 tax credit toward a downpayment. According to HUD Secretary Shaun Donovan, FHA-approved lenders will soon be able to issue a short-term bridge loan equal to the tax credit. Buyers will then pay back the bridge loan after receiving their tax refund. Donovan hopes to have the details available within a few days.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-051309.cfm

FLORIDA REAL ESTATE

A monthly UF survey finds an increase in confidence for the Florida real estate market. "Positive responses ... lead us to believe there is light at the end of the tunnel," says Timothy Becker, director of UF's Bergstrom Center for Real Estate Studies. According to Becker, many respondents believe that government stimulus efforts are working.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-051309.cfm

FORECLOSURES

The number of U.S. households facing foreclosure jumped 32 percent in April compared to the same month last year, according to the latest data from RealtyTrac Inc., though it rose less than 1 percent month-to-month. Florida ranked second among states with the highest rates: one in every 135 households received a filing in April, the report found.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-051309.cfm

COMMERCIAL

U.S. commercial real estate values fell another 6 percent in the first quarter, according to a new report by the MIT Center for Real Estate. It was the fourth consecutive quarter of declining values for properties including offices, warehouses, hotels and shopping centers.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-051309.cfm

The credit crisis is hitting small businesses especially hard. Some fear that credit card lenders will decide to reduce their credit lines, and roughly half of all small businesses rely on credit cards for financing. At least one such lender, Advanta Corp., plans to close all its cardholders' accounts next month, of which 25 percent are in Florida and California.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-051309.cfm

TWO POINTS

The $8,000 first-time homebuyer tax credit has received a lot of attention lately, but it has also overshadowed another big reason to buy a home now: record-low interest rates. In May, 30-year mortgage rates of 5 percent were widely available. That's down from January's already-low 5.8 percent, and two percentage points less than in August 2008. How important is two points? On a $200,000 home, a buyer could save $257 per month ($3,084 per year) by buying now rather than last August. On a $200,000, 30-year fixed rate mortgage, the monthly payment difference is:
• 7 percent: $1,330 monthly (rates in August 2008)
• 6 percent: $1,199 monthly (rates in December 2008)
• 5 percent: $1,073 monthly (rates in May 2009)

© 2009 FLORIDA ASSOCIATION OF REALTORS®

HOME SALES

Sales of existing single-family homes in Florida rose 25 percent in first quarter 2009 compared to the same period a year earlier, according to FAR - the third consecutive quarter for higher existing home sales. Statewide existing condo sales in the first quarter rose 19 percent compared to 1Q 2008. Nationally, NAR says sales of all housing types slipped in the first quarter.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-051209.cfm

RESPA REFORM

HUD Secretary Shaun Donovan yesterday announced his intention to implement the RESPA reforms scheduled to take full effect on Jan. 1, 2010. However, HUD dropped a proposed change to the "required use" provision that created controversy.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-051209.cfm

Florida's local banks continue to lend, but are being more careful about it as the turmoil in the financial sector continues.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-051209.cfm

CHINESE DRYWALL

One builder that discovered Chinese drywall in its homes made the problem a minor inconvenience for affected homeowners rather than a major catastrophe. G.L. Homes' president visited affected homeowners and offered to pay the cost of drywall testing, remediation, furniture moving and temporary housing.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-051209.cfm

HURRICANCES

With hurricane season 20 days away, South Florida condo owners could face a "perfect storm" of economic issues. "God help us if we get hit with another storm," says Bill Raphan, supervisor of South Florida's office for the state's condo ombudsman. "Where's anybody going to get money for anything today?"

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-051209.cfm

A COMFORTABLE MORTGAGE

During the real estate boom, many homebuyers were surprised at the amount of money a bank was willing to lend - and many who took the full amount now face foreclosure. As banks struggle to reinvent lending, Bank of America has debuted www.BankOfAmerica.com/HomeLoans . The Web site not only includes a calculator to determine the maximum amount of money a buyer can borrow, it also includes calculators to help buyers determine how much debt they can comfortably take on. Bank of America says it designed the site to be easily understood and to help consumers face a variety of contingencies, including the maximum payment that an ARM could potentially cost. The new site includes BofA products, such as the Flat Fee Mortgage Plus, which has no application fee and a single closing fee; it doesn't always include some standard costs of homeownership, such as property taxes, homeowners' insurance or prepaid interest.

Source: The New York Times, Bob Tedeschi (05/08/2009)
© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

ECONOMY

The recession may be over early, some forecasters say. From Fed Chairman Ben Bernanke to RDQ Economics and the senior economist for Wachovia, many now see a light at the end of the tunnel.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-051109.cfm

SHORT SALES

As anybody who has dealt with one knows, short sales should be renamed "long sales." But that could be changing. The chair of NAR's Conventional Finance and Lending Committee already has met with 10 mortgage bankers and servicers in Florida to address the problem.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-051109.cfm

ADJUSTABLE RATE MORTGAGES

Potential homebuyers should not dismiss the hybrid ARM based on recent bad press. ARMs' starting rates are under 4 percent, and they can save owners thousands of dollars if the owners plan to sell after five or six years.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-051109.cfm

PROPERTY TAXES

As Florida counties lose revenue, one appraiser bucks the trend by cracking down on property tax abuse. Broward's Lori Parrish has added more than $3 billion in property value to the tax rolls by denying homestead exemptions. To find errant homeowners, she investigates tips, checks returned mail, compares utility bills to tax files, reads death notices and analyzes rental information.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-051109.cfm

PROPERTY INSURANCE

A bill awaiting the governor's signature, which is expected, will raise many property insurance premiums in the state. What will happen and when can you expect it?

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-051109.cfm

COURT DECISION TARGETS CLOSING FEES

A recent ruling by U.S. District Judge Virginia Emerson Hopkins in a lawsuit filed by an Alabama home buyer against RealtySouth for a $149 administrative brokerage commission (ABC) charge determined that the fee was imposed without performing any service other than what was covered by the commission, and it violated a federal real estate law prohibiting "unearned" fees. Other federal courts have ruled differently, however, and the latest decision does not settle the issue. ABC, "admin," "processing" and similar fees often go directly to the broker to cover business costs. According to NAR General Counsel Laurie Janik, brokers should be allowed to charge such fees to ensure they turn a profit; but to avoid legal challenges, she recommends that brokers impose a standard system of a flat fee plus commission and display it prominently to all clients.

Source: 
Los Angeles Times (05/10/09) Harney, Kenneth R.
© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

MORTGAGE RATES

Rates on 30-year mortgages inched up this week to 4.84 percent after matching an all-time record low last week, according to Freddie Mac's weekly nationwide survey. Rates have been below 5 percent for eight consecutive weeks.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-05-0809.cfm

CHINESE DRYWALL

The U.S. House voted yesterday to study the effects of tainted Chinese drywall. The bill, which still needs Senate approval, would require HUD to study the effects of the drywall on foreclosures, and the availability of property insurance for homes that used it.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-05-0809.cfm

MORTGAGES

The U.S. House voted Thursday to outlaw "liar loans," ballooning mortgage payments and other bank practices that prey on consumers. Under the bill, banks would have to verify a person's credit history and income, and make a reasonable effort to determine that a loan can be repaid. However, the Senate does not have similar legislation pending.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-05-0809.cfm

MORTGAGE FRAUD

Federal authorities are in the midst of a surge in mortgage fraud investigations they expect to increase prosecutions tenfold. "The problem is so large that we could do nothing but mortgage fraud for the next year," says U.S. Attorney Brian Albritton. Nationally, Florida ranks second in the rate of mortgage fraud.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-05-0809.cfm

HUD

HUD Secretary Shaun Donovan yesterday unveiled the Department's proposed budget for fiscal year 2010. If approved, Donovan says it would eliminate 27 programs and activities, and invest more in initiatives that increase transparency and accountability.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-05-0809.cfm

HEALTH INSURANCE

Florida Realtors without health insurance now have a guaranteed-issue option for coverage through a new NAR Realtor Benefits partner program called Realtors Core Health Insurance (RCHI), (www.RealtorsCoreHealthInsurance.com). The program offers three limited medical plans.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-050709.cfm

PROPERTY INSURANCE

Gov. Charlie Crist said Tuesday he'll sign a bill (HB 1495) that boosts property insurance on more than 1 million customers of the state-backed Citizens Property Insurance Corp. Without the legislation, which calls for 10 percent increases spread over several years, supporters said Citizens customers would have been looking at rate increases between 40 percent and 55 percent on Jan. 1.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-050709.cfm

FORECLOSURES

Trying to curb home foreclosures, the U.S. Senate voted Wednesday to make it easier for homeowners with risky credit to switch to a lower-cost mortgage backed by the government. The bill also reduces fees that banks must pay for the government to insure deposits. While both steps put taxpayer money on the line, lawmakers say the legislation is needed to shore up the economy.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-050709.cfm

NEW HOMES

Tousa, the parent company of Engle, Newmark and Trophy Homes, announced last month that it was getting out of the home building business entirely as part of a plan to go out of business.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-050709.cfm

ENVIRONMENT

HUD and the U.S. Department of Energy (DOE) agreed to coordinate efforts to help Americans in HUD public and assisted housing weatherize their homes under a program to low-income households.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-050709.cfm

FINDING HELP

Troubled homeowners know they should call their lender if they hit a bad patch and have trouble paying their mortgage. However, a call to a financial counselor willing to look at a family's finances and offer a plan toward stability is just as important - but who do you trust with all the scam foreclosure schemes out there? There are several legit programs, most of them government-backed. HUD's Housing Counseling Program hosts a list of approved counselors online at: www.hud.gov/offices/hsg/sfh/hcc/fc and click on "Florida." Counselors can guide homeowners to appropriate aid programs. Those include: Hope for Homeowners ( www.hud.gov/hopeforhomeowners or 800-225-5342) and Hope Now (www.hopenow.com or 888-995-4673).

© 2009 FLORIDA ASSOCIATION OF REALTORS®

HOME SALES

Multiple bidding for homes has picked up in recent months in Florida and other states hit hard by foreclosures and steep price drops, according to real estate industry experts.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-050609.cfm

COMMERCIAL

The commercial real estate market typically follows the housing sector in downturns, and commercial real estate brokers are gearing up for a flood of foreclosures. "Every commercial broker today has a workout division," says Bill Reichel of Reichel Realty & Investments in West Palm Beach. "But I haven't seen that much real significant commercial foreclosure yet. I say 'yet' because everybody's anticipating it."

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-050609.cfm

ECONOMY

Federal Reserve Chairman Ben Bernanke said yesterday that he expects the recession to end later this year, and suggested that an upcoming government report could increase confidence in the nation's big banks. However, he predicts the recovery will be slow.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-050609.cfm

PROPERTY INSURANCE

One of the state's largest consumer groups is urging Gov. Charlie Crist to veto a bill passed Friday by the Florida Legislature that they call "The State Farm Bailout Bill."

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-050609.cfm

MORTGAGE REFORM

Homebuyers must be protected against lending abuses but still have access to affordable mortgages, NAR said yesterday as it expressed Realtors' support for the Mortgage Reform and Anti-Predatory Lending Act of 2009.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-050609.cfm

MORTGAGE RATES

Rates on 30-year mortgages slid to an average of 4.78 percent this week, tying a record low and spurring refinancing activity as the housing market moves closer to bottom, according to Freddie Mac's weekly nationwide survey.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-050109.cfm

STATE FARM INSURANCE

Florida regulators have granted State Farm's request to appeal the state-approved plan for withdrawal from Florida's property insurance market. The key sticking point: State Farm forces its agents to steer property owners to state-owned Citizens Property Insurance rather than other private insurers.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-050109.cfm

Judges will not be allowed to change mortgage terms during bankruptcy proceedings for at least another year after a defeat in the U.S. Senate yesterday. Lawmakers who voted against it said a "cram-down" of a mortgage's terms would introduce uncertainty for investors and increase interest rates for everyone.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-050109.cfm

HOUSING OUTLOOK

The housing market is looking healthier, but HUD Secretary Shaun Donovan said this week it is too early to tell if the recovery has taken hold. "Since January, what we've seen is both prices and sales volumes moving up and down around a relatively stable number," he says.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-050109.cfm

MY SAFE FLORIDA HOME

Florida's Chief Financial Officer sent a letter urging the Florida Legislature to continue the successful My Safe Florida Home program, saying the state sees "over $2 in risk reduction for every $1 invested."

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-050109.cfm

FULL COURT PRESS

A federal court has ruled that Florida's lawsuit against the former chief executive of Countrywide Financial Corp. should be tried in a Florida court. A federal court in California this week sent the lawsuit against former CEO Angelo R. Mozilo back to Florida's circuit court. Countrywide was the nation's largest mortgage lender before a spike in bad loans ravished its business, and Bank of America Corp. purchased it last year. The state's lawsuit, filed last year, accuses Mozilo of misleading borrowers and investors about the loans. Mozilo had argued the lawsuit was based on federal issues, but the court ruled that Florida's lawsuit cites relevant state law and can proceed in its courts. Mozilo has denied wrongdoing.

Copyright © 2009 The Associated Press.

MORTGAGE RATES

Rates on 30-year mortgages slid to an average of 4.78 percent this week, tying a record low and spurring refinancing activity as the housing market moves closer to bottom, according to Freddie Mac's weekly nationwide survey.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-050109.cfm

STATE FARM INSURANCE

Florida regulators have granted State Farm's request to appeal the state-approved plan for withdrawal from Florida's property insurance market. The key sticking point: State Farm forces its agents to steer property owners to state-owned Citizens Property Insurance rather than other private insurers.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-050109.cfm

BANKRUPTCY

Judges will not be allowed to change mortgage terms during bankruptcy proceedings for at least another year after a defeat in the U.S. Senate yesterday. Lawmakers who voted against it said a "cram-down" of a mortgage's terms would introduce uncertainty for investors and increase interest rates for everyone.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-050109.cfm

HOUSING OUTLOOK

The housing market is looking healthier, but HUD Secretary Shaun Donovan said this week it is too early to tell if the recovery has taken hold. "Since January, what we've seen is both prices and sales volumes moving up and down around a relatively stable number," he says.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-050109.cfm

MY SAFE FLORIDA HOME

Florida's Chief Financial Officer sent a letter urging the Florida Legislature to continue the successful My Safe Florida Home program, saying the state sees "over $2 in risk reduction for every $1 invested."

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-050109.cfm

ECONOMY

Even though the U.S. economy shrank again in the first quarter, consumers spent more on cars, furniture and appliances, raising hopes for an economic rebound later this year. Many analysts predict economic growth by this summer, though the final quarter of 2009 is more likely.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-043009.cfm

FLOOD INSURANCE

The Atlantic hurricane season starts June 1 - 30 days from now. Since flood insurance takes 30 days to become effective after a homeowner applies, today marks Floridians last chance to get flood insurance by the June 1 debut.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-043009.cfm

TECHNOLOGY

A new iPhone application will allow users to stand in front of a house and see a local map that includes homes' details and Zillow.com estimates of each home's estimated value. Using built-in GPS technology, the map will follow the user as he drives or walks.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-043009.cfm

TERMITES

Termites are getting sneakier. It's been about five years since the southeastern U.S. saw a good termite swarm season, but that doesn't mean the termite problem has abated. Many termites now crawl rather than fly, making infestations harder to detect.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-043009.cfm

COMMERCIAL

Many experts warn that the commercial real estate market is likely to be the next crisis. Thousands of commercial mortgages valued at hundreds of billions of dollars are approaching a renewal date. By some estimates, two out of every three loans will no longer meet the original conditions and won't be able to refinance.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-043009.cfm

HOME VACANCY RATE STEADY

The vacancy rate of homeowner housing was virtually unchanged in the first quarter of 2008 compared to the rate in 2007, with vacancies at 2.9 percent and 2.8 percent respectively, according to the U.S. Census Bureau. The vacancy rate in the first quarter of the last two years is about 70 percent higher than it was from 1995 to 2005, when the first quarter homeowner vacancy rate never rose above 1.8 percent and generally stood at 1.7 percent or lower. The rental vacancy rate has also remained steady for the last two years at about 10.1 percent.

Source: The U.S. Census Bureau (04/28/2009)
© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

FLORIDA CONSUMER CONFIDENCE

Consumer confidence among Floridians surged six points in April as housing prices flattened and the economy seemed to stabilize, according to a UF survey. The strength of the rebound surprised UF economist Chris McCarty.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-042909.cfm

HOMETOWN DEMOCRACY

Hundreds of Florida groups, including FAR, have joined together to continue to oppose the proposed Hometown Democracy amendment, which would disallow any land use change unless a majority of citizens voted for it.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-042909.cfm

FLORIDA LEGISLATURE

House and Senate leaders agreed on preliminary Florida budget issues Tuesday, but the deal came too late to finish by Friday's planned end of the 2009 session. Therefore, lawmakers will extend the usual 60-day session one more week, but they intend to wrap up all non-budget issues by Friday.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-042909.cfm

HOME PRICES

It doesn't sound like good news but it is: Prices of single-family homes in 20 U.S. metropolitan areas were down 18.6 percent in February from a year earlier - but a slowing rate of decline month-to-month signals some hope for the housing market.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-042909.cfm

MORTGAGE FRAUD

The U.S. Senate voted Tuesday to hire hundreds more FBI agents and prosecutors to investigate the estimated 5,000 allegations of mortgage fraud reported each month. The Senate bill is estimated to cost more than $265 million a year for the next two years, but fines and penalties could make the program pay for itself.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-042909.cfm

CHINESE DRYWALL FORMS NOW AVAILABLE

Two forms are available from FAR to assist Realtors working with buyers and sellers of property potentially affected by Chinese drywall:

Chinese/Defective Drywall Addendum to Contract (CDA-1)
This is a form to be used if a buyer desires to perform a Chinese/defective drywall inspection. The Addendum allows the buyer to cancel the contract if the inspection reveals the presence of Chinese/defective drywall and the cost to repair/replace the defective drywall or damage resulting from the defective drywall exceeds a predetermined amount. 

Seller's Real Property Disclosure Statement (SRPD-4)
FAR modified paragraph 5 of this form with language addressing Chinese/defective drywall issues. Sellers may use this form to disclose facts relating to the condition of the property and to disclose defects or facts that materially affect the value of the property but that are not readily observable by or known to the buyer. 

Both forms are available in the Forms Basic and TransactionDesk areas of floridarealtors.org. As always, please direct legal questions to FAR's Legal Hotline: 407-438-1409.

CONSUMER CONFIDENCE

Hopeful signs about the economy boosted Americans' moods in April, sending the Consumer Confidence Index, a closely watched barometer of sentiment, to its highest level since November. At 39.2, the index surpassed economists' expectations by almost 10 points.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-042809.cfm

COUNTRYWIDE

Bank of America Corp. has officially dropped the Countrywide Home Loans name, which it acquired last year. Bank of America Home Loans will now issue all mortgages.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-042809.cfm

MARKET WATCH: SOUTH FLORIDA

President's Obama's programs have earmarked funds to jumpstart housing and it has helped South Florida a bit, according to real estate analysts, distressed homeowners and the people trying to help them. But the biggest roadblock to recovery in South Florida may be that banks, for the most part, still aren't lending.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-042809.cfm

HOUSING AID

The Obama administration is expected to announce an expansion of its plan to stem the housing crisis by offering mortgage lenders incentives to lower borrowers' bills on second mortgages.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-042809.cfm

APPRAISALS

On May 1, Fannie Mae and Freddie Mac plan to implement new real estate appraisal rules that, among other things, require lenders to order valuations from third-party appraisal management companies. However, NAR is asking for a one-year moratorium on the regulations.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-042809.cfm

LOWER YOUR PROPERTY TAXES

According to the American Homeowners Association (AHA), recent declines in home values mean that many homeowners are now paying too much in property taxes. Start by checking the accuracy of the home's details used in the tax assessment. A number of mistakes occurred when local governments transferred paper records to the Web. Most property tax assessment records are now online, but they're also available from the local tax assessor's office. Next compare property taxes paid on nearby homes, keeping in mind that entire neighborhoods could be overvalued. Finally, the homeowner should check available property tax exemptions in case one applies. Should an error be found, the homeowner should first call the property tax assessor to see if an informal solution can be found. Should that fail, the next step is to begin a formal property tax appeal process.

Source: American Homeowners Association
© 2009 FLORIDA ASSOCIATION OF REALTORS®

FLORIDA LEGISLATURE

It's the last week for the Florida Legislature - unless it's not. House and Senate leaders failed to break a deadlock Friday over key issues before formal budget negotiations can begin, and the session could be extended. Stay tuned to FAR's Legislative Web site to see which bills get passed at the last minute and which bills fail to make the cut.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-042709.cfm

AUCTIONS

More buyers are looking for bargains these days: A recent auction at the Tampa Convention Center featured 105 homes all across Florida's Gulf Coast from Weeki Wachee to Sarasota. About 1,150 people participated in the auction and 75 properties sold, bringing in $7.1 million.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-042709.cfm

BANKRUPTCIES

It looks like the U.S. Senate will defeat President Obama's goal to change bankruptcy laws and allow a judge to reduce a person's mortgage payment. Opponents of the proposal - including banks and credit unions - reacted positively, however, saying it would have resulted in more loan defaults and higher costs.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-042709.cfm

HOME VALUE INSURANCE

With the fear of declining residential values keeping many would-be homeowners from entering the market, Move Inc. Chairman Joe Hanauer believes he has come up with a solution to get buyers off the fence: insurance that pays if the value of a home goes down.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-042709.cfm

RELOCATION

The U.S. Census Bureau announced last week that the national mover rate declined from 13.2 percent in 2007 to 11.9 percent in 2008 - its lowest rate since the bureau began tracking these data in 1948.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-042709.cfm

NO ONE REALLY KNOWS

Housing has hit bottom, says economist one. Housing will hit bottom this summer, says economist two. Housing won't hit bottom until 2010, says economist three. Some liken housing data to the weather: If you don't like today's statistics, wait until tomorrow. The "facts" will change. Here are some mixed signals:
• The Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, reported that home prices rose 0.7 percent from January to February 2009.
• The February 2009 RPX Monthly Housing Market Report said home sales increased month-over-month in 22 of 25 key metropolitan statistical areas and 13 of these areas posted the largest gain in February 2009 since 2006.
• The National of Association of Realtors® reported that existing home sales dropped in March 2009, and median prices fell 12 percent from a year earlier.
• First American CoreLogic announced that national housing prices declined 12.2 percent in February from a year earlier and have been in decline for 24 straight months. It predicted that home prices would continue to decline through 2010.
 
Source: The Wall Street Journal, Dawn Wotapka (04/23/2009)
© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

MBA Chairman Testifies
David G. Kittle, CMB, Chairman of the Mortgage Bankers Association (MBA) testified yesterday in front of the House Financial Services Committee at a hearing on H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act of 2009. He expressed reservations about some aspects, including the patchwork of state and local mortgage lending laws and the requirement that lenders retain at least five percent of the credit risk of non-qualified mortgages. According to Kittle, the risk retention provision would make it impossible for many lenders to compete, lessening credit availability and increasing costs to borrowers. He also asserted that the definition of "qualified mortgage" was too restrictive, including in its present definition some jumbo loans, fixed 25 - 40 year mortgages, FHA, VA, and even some Fannie and Freddie mortgages. [Information provided by Chris McLaughlin, Real Estate Attorney and Investment Consultant]

Freddie Mac Grows Portfolio and Delinquencies
Freddie Mac, announced that its mortgage investment portfolio grew by an annualized 65.8% rate in March, while delinquencies on loans it guarantees accelerated. Its portfolio increased to $867.1 billion, for an annualized 31.0% increase year to date, up from $712.5 billion in March 2008. The delinquencies that increased stress on the company's capital jumped to 2.29% of its book of business in March from 2.13% in February and 0.77% in March 2008. Freddie Mac said the temporary suspension of foreclosures, which expired on March 6, contributed to the increase in single-family delinquency rates. [Information provided by Chris McLaughlin, Real Estate Attorney and Investment Consultant]

HOMEBUYER TAX CREDIT

If first-time homebuyers wait until November to sign a sales contract, it's probably too late to get the $8,000 tax credit. To qualify, buyers must close before Dec. 1 - a signed contract is not enough. New construction should be started by mid-summer to qualify.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-042409.cfm

MORTGAGE RATES

Rates on 30-year mortgages fell slightly to 4.8 percent this week and remained just ahead of record lows posted this month, according to Freddie Mac. "The housing market is showing further signs of possible improvement," says Frank Nothaft, Freddie Mac's chief economist.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-042409.cfm

CHINESE DRYWALL

In every crisis, a handful of unsavory characters will take advantage of worried homeowners. Yesterday, Florida Attorney General Bill McCollum issued a consumer advisory against "experts" that say they can easily test for Chinese drywall or easily fix related problems.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-042409.cfm

NEW HOME SALES

According to the Commerce Department, the number of new-home sales dipped slightly last month, but sales beat expectations as builders start to see long-awaited encouraging signs about the housing market, including a dip in the inventory of new homes for sale.

http://www.floridarealtors.org/NewsAndEvents/n4-042409.cfm

MORTGAGE REFORM

NAR President Charles McMillan testified before Congress yesterday that the mortgage lending system needs reform to restore consumer confidence and the housing market. He said that the recently introduced "Mortgage Reform and Anti-Predatory Lending Act of 2009" contains many reforms that NAR wants, but he also cautioned against overregulation.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-042409.cfm

HOME SALES

Florida's existing home sales rose 30 percent in March, making it the seventh month in a row that sales activity was higher than year-ago levels, according to FAR's latest housing data. Statewide existing condo sales increased 25 percent over the same period; and last month's home and condo sales were higher than February's levels. NAR reported that national existing home sales - all housing types - fell 3 percent compared to February's activity.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-042309.cfm

PREDATORY LENDING

If passed by Congress, the Mortgage Reform and Anti-Predatory Lending Act of 2009 would end bonuses for brokers who steer borrowers into higher-priced loans, and require brokers to confirm borrowers' income. Proponents say it's a simple goal: Make sure homeowners can actually afford their loans.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-042309.cfm

BANKRUPTCY

U.S. lawmakers' push to allow judges to reduce bankrupt homeowners' mortgage payments hit a snag yesterday when the National Association of Federal Credit Unions said it would not endorse the proposal. Lawmakers called the announcement disappointing, but said it doesn't "slow us down."

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-042309.cfm

PROPERTY TAXES

They say you can't fight County Hall, but thousands of South Florida property owners are trying to lower their property taxes by lowering their property values. The Miami-Dade Value Adjustment Board has been swamped with a record 70,000 appeals for 2008 property assessments.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-042309.cfm

MORTGAGES

The death of Freddie Mac's acting chief financial officer yesterday heightens the turmoil at Freddie and Fannie Mae at a critical time. Stability is important because they control over half all U.S. mortgages in the U.S., and federal conservatorships has led to less control, lower salaries and public criticism.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-042309.cfm

FORECLOSURE HELP

The following groups are available to help at-risk homeowners:
• HUD at (800) 569-4287, (877) 483-1515, or www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm
• HOPE NOW, a cooperative effort of HUD mortgage counselors and lenders to assist homeowners: (888) 995-HOPE or www.hopenow.com
• NeighborWorks America: www.nw.org/network/home.asp
• Federal mortgage modification and refinancing programs: www.makinghomeaffordable.gov
• The Controller of the Currency's consumer information site for banking-related questions: www.helpwithmybank.gov
• OCC Customer Assistance Group: www.occ.gov/customer.htm
• Federal Trade Commission: www.ftc.gov/bcp/edu/pubs/consumer/homes/rea04.shtm
• Federal Reserve Board: www.federalreserve.gov/pubs/foreclosurescamtips/default.htm 

Source: Controller of the Currency (04/21/2009)
© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

COMMERCIAL

Senior real estate executives believe commercial market conditions are getting better even though they eroded a bit in the second quarter, according to the latest Real Estate Roundtable Sentiment Survey.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-042209.cfm

DOWNPAYMENTS

The Realtors Care Foundation, established in 2007 as a nonprofit arm of the Greater Tampa Association of Realtors, recently launched a downpayment assistance program to help prospective first-time homebuyers.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-042209.cfm

FORECLOSURES

The 26 U.S. cities with the worst foreclosure problems are concentrated in Florida, California, Arizona and Nevada, according to RealtyTrac. Two state cities made the top 10: The Cape Coral-Fort Myers area ranked second while Port St. Lucie came in at No. 10.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-042209.cfm

What does the housing slowdown have in common with a hurricane? They both create an official state of emergency, according to St. Lucie County. The declaration of economic emergency yesterday allows the county commission to release emergency funds.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-042209.cfm

INTERNATIONAL

Panama City Realtor Hope Abbott's first trip to China gave her a new business niche working with the world's fastest-growing economy. Some Chinese investors wanted second homes, Abbott says, while others want property they can visit or for children who are attending an American university.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-042209.cfm

CHINESE DRYWALL FAQ

Builders used Chinese drywall in some Florida homes built between 2004 and 2007, and now some of those homes - though not all - have a problem with sulfur gasses and other ingredients seeping into homes and causing problems. At this point, sellers and Realtors have many questions. But as often happens with a developing problem, not all questions have answers yet. In a response to Realtor concerns, FAR developed a white paper that outlines the issue. It explains what the experts currently understand, what they must find out, and offers a link to additional resources. The white paper is available in PDF format in the Legal Center on floridarealtors.org at:
http://floridarealtors.org/LegalCenter/HotTopics/index.cfm

FORECLOSURES

Florida CFO Alex Sink brought state lenders and lawyers with the Florida Attorneys Saving Homes program together yesterday for a roundtable discussion on foreclosure prevention and a brainstorming session on ways to keep more Floridians in their homes.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-042109.cfm

CHINESE DRYWALL

Homebuilder Lennar Corp. has been named in a class-action lawsuit brought on behalf of homeowners who bought houses built with Chinese-made drywall, which they claim emits gasses that make people sick. Lennar admits its subcontractors used the drywall in homes, primarily in 2005 and 2006.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-042109.cfm

ECONOMY

Steadier consumer spending, more home sales and favorable earnings results from some banks may indicate a U.S. economic rebound and gradual recovery later this year, says Federal Reserve Vice Chairman Donald L. Kohn.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-042109.cfm

MARKETING

When selling foreclosed properties, one Realtor believes that truth in advertising, even if brutal when pointing out flaws, is a success strategy. "The unvarnished truth is what sells," says Jim Klinge. "They want to just see it the way it is, and if you just give them that, that alone is a draw."

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-042109.cfm

FORECLOSURES

Some cities hit hard by foreclosures are helping artists set up shop and buy residences in blighted areas to stimulate revitalization projects. For example, artists buy homes for as little as $100 in Detroit, and vacant shopping mall space in St. Louis is being transformed into studios with monthly rents as low as $100.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-042109.cfm

RECOVERY ON THE WAY?

Housing Predictor - which monitors over 250 residential property markets nationwide - says Florida appears to be emerging from the realty slump before any other state, including California. The Sunshine State is seeing population growth, and single-family home and condominium sales have been on the rise for more than six months. Foreclosures and short sales presently account for approximately 67 percent of all sales and often are not included in real estate agents' tallies. Additionally, banks in many Florida housing markets are cranking out more home loans, and sellers finance almost 20 percent of all sales.

Source: First
EmailWire.com (04/21/09)
© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

CHINESE DRYWALL
Florida officials will soon begin air quality tests in homes to determine whether fumes emitted from Chinese drywall can make people sick. State Health Department spokesman Doc Kokol says it's a "new science," and the complex testing has never been done before. The Department has 265 complaints so far.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-042009.cfm

DEVELOPMENT
Despite a slow housing market, Florida has an unprecedented number of requests to build new homes and develop commercial property. The requests come from developers anticipating a future real estate bubble and fearful of the Hometown Democracy Amendment, which would give local residents the right to make land use decisions. The amendment is not yet certified to appear on the 2010 ballot, however.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-042009.cfm

COMMERCIAL
In its drive to become the second-largest owner of shopping malls in the nation, General Growth Properties Inc. racked up $27 billion in debt. But late last week, the retail giant buckled under the weight and entered Chapter 11 bankruptcy.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-042009.cfm

REFINANCING
The new federal program to let people refinance or modify their mortgages is expected to help millions of Americans - but are strings attached? Does it impact credit reports or federal taxes?
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-042009.cfm

FLORIDA ANALYZES CHINESE DRYWALL
How can you tell if a listing has Chinese drywall? It's a simple question without a simple answer. The Florida Department of Health has a Web site section devoted to the problem, however, and it updates information as it comes in. Since it helps to understand what kind of damage tainted Chinese drywall can cause, one section, "Case Definition with Pictures," includes photos of mirrors, pictures, pipes and other household items impacted by the drywall. The Web site also explains how the state plans to deal with the problem and includes details on how to file a complaint. For more info, visit the site at: http://www.doh.state.fl.us/Environment/community/indoor-air/drywall.html

MORTGAGE RATES

Rates on 30-year mortgages dipped this week to 4.82 percent after rising a week earlier, and are again close to record lows. "The housing industry is starting to exhibit some positive signs," Freddie Mac's chief economist said in a statement.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-041709.cfm

MARKET WATCH: CENTRAL FLORIDA

It's too soon to break out champagne to celebrate the return of the Central Florida housing market, but many observers say it's advisable to put a bottle on ice. After more than a year of free-falling sales and prices, first-time home buyers and investors are taking advantage of record foreclosures and distress sales.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-041709.cfm

SHORT SALES

Too many times, short sales can turn to no-sales. It can take 60 days or more for the mortgage holder to make its decision, says Jeff Marks, a real estate lawyer with Ryan and Marks Attorneys in Jacksonville. "(Buyers) have to have a stomach for it," he said. "But if they can wait it out, they will get a wonderful deal financially."

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-041709.cfm

TECHNOLOGY

It seems like a no-lose concept with high demand: Allow Web users to sign in one time to a program that then automatically logs them into every Web site they regularly visit. Past efforts to create such a tool have failed, however - but a new Facebook program seems to be catching on.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-041709.cfm

VACATION HOMES

Spring has arrived, but the sale of vacation properties is stuck in hibernation as the recession takes a toll on demand for optional luxuries such as second homes. And buyers ready to invest find it's more difficult to get a loan.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-041709.cfm

FLORIDA LEGISLATURE

Florida lawmakers heard the Realtor voice, and Gov. Charlie Crist backed up the message. Crist made a surprise appearance yesterday before a Senate committee to throw his support behind a new first-time homebuyer property tax exemption. FAR's Office of Public Policy was instrumental in obtaining sponsors for the measure.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-041609.cfm

MORTGAGE FRAUD

Florida's attorney general unveiled a new Web site, http://myfloridalegal.com/mortgagefraud, to help residents avoid mortgage fraud scams. The Web site provides info about current investigations, consumer complaint forms and tips to identify foreclosure rescue fraud.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-041609.cfm

FORECLOSURES

The Obama administration named the first six companies that will participate in the $75 billion program to help struggling homeowners avoid foreclosure. They'll receive a maximum of $9.9 billion designed to encourage the companies to lower borrowers' monthly bills.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-041609.cfm

FORECLOSURES

The number of American households threatened with foreclosure grew 24 percent in the first quarter of this year but federal efforts to turn that number around have not yet kicked in. President Barack Obama plans to help up to 9 million borrowers avoid foreclosure through refinanced mortgages or modified loans. In Florida, one in every 73 homes is in some stage of foreclosure.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-041609.cfm

HOUSING STARTS

While housing construction dropped to the second lowest level on record in March, most home builders seem to think the worst has passed. Confidence among U.S. home builders jumped in April with the largest monthly increase since May 2003.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-041609.cfm

LANDLORDS WOO FORECLOSED TENANTS

Prior to the current wave of foreclosures, losing a home because of a loan default made renting difficult. But today, owners of apartment communities woo potential tenants who went through a foreclosure. Companies like Camden Property Trust, which leases 181 properties with 62,903 units, buys lists of owners about to lose their homes and market directly to them. Associated Estate Realty Corp., which owns more than 13,000 units in nine states, doesn't even require post-foreclosure tenants to put up a security deposit if their record of paying other bills is good. Landlords feel comfortable with this group because many of the people facing foreclosure rented from them before lured away by the no-money-down, creative financing deals that fueled the current crisis.

Source: The Wall Street Journal, Dawn Wotapka (04/14/2009)
© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

PROPERTY INSURANCE

In a bit of good news, Gov. Crist learned Tuesday the state would be able to bond an additional $5 billion if needed for Florida's Hurricane Catastrophe Fund. That would help the state withstand the financial impact of a severe storm like Hurricane Andrew in 1992, which would cost about $22 billion today.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-041509.cfm

HOME SALES

John Hunt, president of First Avenue National Bank in Ocala, sees a "trickle" increase in the number of people asking for home mortgages. Hunt thinks it's "first-time home buyers seeing bargains and low mortgage rates" and less fear about layoffs. "They're pulling the trigger... and buying," says Hunt.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-041509.cfm

TAXES

April 15. Tax day. Midnight tonight. Here's 12 items to check before filing, according to Bob D. Scharin, senior tax analyst, of the tax and accounting business of Thomson Reuters.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-041509.cfm

RENTERS

Home affordability is currently the best it's been in decades, but for millions of renters, coast-to-coast affordability is still getting worse, according to a study released Tuesday by the National Low Income Housing Coalition. A renter earning the nation's minimum wage of $6.55 cannot afford a one-bedroom apartment in any county in the nation.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-041509.cfm

MORE STATES TARGET DOWNPAYMENTS

The $8,000 first-time home buyer mortgage tax credit - part of the Recovery and Reinvestment Act of 2009 - doesn't help people who don't have money for a downpayment and closing costs. But some states, including Florida, want to offer the $8,000 loan to home buyers before they close on the condition that they repay the loan once they receive their federal tax credit. The idea has been adopted in Missouri, which advances the money to those who take out first mortgages offered through the state's housing finance authority. The New York State Builders Association is lobbying for a similar strategy. "A lot of states are trying to get through the technical aspects of this," says Gregory Brown, an assistant vice president for government affairs at the National Association of Home Builders. "I feel very confident they'll find a way to make it work."

Source: The New York Times, Bob Tedeschi; HousingWire.com, Paul Jackson
© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

MORTGAGES

It's too soon to say the financial industry has turned a corner and that tough loan restrictions will ease - but it sure looks that way at the moment. Goldman Sachs announced a surprising $1.66 billion profit in the first quarter of 2009, and it hopes to repay its federal loan sooner rather than later. Wells Fargo also announced a surprise profit surge a few days ago.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-041409.cfm

HOME SALES

A sales report with "median home price" can be misleading if there are a lot of foreclosures. To combat that, the Orlando Regional Realtor Association broke median sales and selling price into three categories - bank-owned, short sales and "normal" - for its latest sales report, with 49 percent falling into the first two categories.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-041409.cfm

REFINANCING

Declaring "good news" in the midst of an economic meltdown, President Barack Obama on Thursday urged families to take advantage of record low mortgage rates by refinancing their homes.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-041409.cfm

OPEN HOUSES

Despite a changing market, many real estate professionals say open houses still effectively showcase a home. "Anything you can do helps," says Trudy Severa, a sales associate in Reston, Va. "It's a numbers game, and there is no way to know the residual effects [that an open house can have]."

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-041409.cfm

FORECLOSURES

As bargain hunters focus on foreclosures, many discover that the toughest challenge is dealing with the banks that repossessed the homes. While lenders accept bids quickly and write a contract, buyers encounter bureaucratic bungling and frustration as they approach the closing date.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-041409.cfm

VACANT HOMES

One in nine homes across the U.S. is empty, according to the Census Bureau. Experts predict that the current overstock will change the real estate landscape for years, though some areas may see real estate values stabilize by the end of this year as buyers seeking bargains begin to reduce the backlog of homes.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-041309.cfm

LAND PRICES

Florida rural land values took a tumble in 2008. According to UF, some areas lost more than half of their 2007 worth. One exception: land close to urban cores yet at least five miles away increased by 5 percent.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-041309.cfm

SIGN DISPLAYS

Should communities with strict sign laws help the real estate market recover by easing up a bit? In Coral Springs, one real estate agent pushed for looser limits on signs, but the city commission, which includes a Realtor, remains unconvinced that the change would play a significant role in any housing market rebound.

Read the full story
http://www.floridarealtors.org/NewsAndEvents/n3-041309.cfm

CHINESE DRYWALL

Some Louisiana homeowners who rebuilt after Hurricane Katrina are discovering that they share a problem with some Florida homeowners - Chinese drywall. The sulfur-emitting wallboard burns out electrical wires, eats away at metal and possibly sickens families. The U.S. Product Consumer Safety Commission and a number of states, including Florida, are investigating.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-041309.cfm

FHA

The FHA plays a key role in helping bring stability to the housing market, NAR told the Senate Appropriations Subcommittee Friday. NAR also pushed for FHA program improvements, including more staff and technology investment, increased oversight and the ability to use the $8,000 first-time homebuyer tax credit toward a downpayment.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-041309.cfm

CHECK OUT THE MULTIFAMILY NICHE

Most real estate agents spend the bulk of their time handling single-family home transactions; but at a time when multifamily property sales are on the rise, other agents should consider expanding into this niche market. Property professionals should first determine the local market area with the most multifamily dwellings, then use tax records to identify and contact absentee owners. After getting a listing, develop a profit and loss statement to help investors gauge the property's profitability, and make it available to investors and their agents via the MLS. Finally, to broaden knowledge of the sector and bolster production, consider becoming a certified Multi-Family Specialist.

Source: Realty Times (03/24/09) Minervini, Michael
© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

MORTGAGE RATES

Rates on 30-year mortgages inched higher this week to 4.87 percent after two straight weeks of record lows, but still remained at attractive levels for borrowers looking to refinance their home loans.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-040909.cfm

FORECLOSURES

Florida Chief Financial Officer Alex Sink has scheduled a meeting of lawyers working pro bono on foreclosure cases and the 12 largest Florida lending firms. "The purpose of our meeting is to find out how we can be more efficient and effective so our volunteer attorneys don't get frustrated and say, 'I don't have time for this,'" Sink says.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-040909.cfm

PROPERTY INSURANCE

To keep property insurance rates low, Florida officials must minimize the state's financial risk from a major hurricane strike. One effort to minimize that risk, however, failed yesterday when U.S. Treasury officials refused to issue a line of credit to the Florida Catastrophe Fund.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-040909.cfm

MORTGAGES

While many small banks are in decent financial shape, there are exceptions, making it difficult for homebuyers seeking a trustworthy lender. One factor to consider: Banks that expanded quickly during the boom could be on shakier financial footing. In Florida, for example, the FDIC seized Riverside Bank's nine branches in February.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-040909.cfm

HOME AFFORDABILITY

If the real estate market is cloudy, the silver lining is home affordability. According to NAHB, a median-priced home is now affordable to more than half of all American households.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-040809.cfm

HOME BUILDERS

Pulte Homes Inc. agreed to acquire Centex Corp. Wednesday in a stock-for-stock deal valued at $1.3 billion that will create the nation's largest homebuilding company. The companies called the deal a merger, but Pulte stockholders will own about 68 percent of the combined business and keep the Pulte name.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n2-040809.cfm

ECONOMY

Economic recovery is about making people feel more confident, says Mark Zandi, chief economist of Moody's Economy.com. He points to increasing home sales and gains in the stock market as promising signs that the worst is over.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-040809.cfm

INTERNET

Under a landmark change approved last summer, familiar Web addresses such as .com, .net, .org and 18 other suffixes could be joined next year by a stream of new ones ending in anything from .a to .z. "It could translate into one of the largest marketing and branding opportunities in history," says Paul Levins with the Internet Corp. for Assigned Names and Numbers (ICANN).

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-040809.cfm

BUYER SERVICES

A "secret shoppers" test of 100 IDX-powered broker Web sites found that 33 percent of agents do not respond at all to inquiries about other brokers' listings. For those who did answer queries, the average response time was over 10 hours.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n5-040809.cfm

EASIER TO FIND JUMBOS

For nearly a year, it's been almost impossible for buyers of homes selling for more than $417,000 (up to $729,750 in pricier areas) to find jumbo mortgages to pay for them. Now that appears to be changing. Bank of America recently began offering a 30-year, fixed-rate jumbo at less than 6 percent. "We decided it was time to really go after that market," says Vijay Lala, a product management executive for the bank. Other banks, including Wells Fargo, J.P. Morgan Chase, GMAC, ING Direct and Citibank are following suit, says Guy Cecala, publisher of Inside Mortgage Finance. Borrowers for jumbos should be prepared for a complex process and shop aggressively for the best rate, Cecala says.

Source: The Wall Street Journal, Amy Hoak (04/04/2009)
© Copyright 2009 INFORMATION, INC. Bethesda, MD (301) 215-4688

HOMEBUYER TAX CREDIT

A coalition of powerful groups that includes FAR is lobbying the state to find a way to advance first-time homebuyers the new $8,000 federal tax credit. "I was in Tallahassee last week and I met with some senators," says FAR President Cynthia Shelton. "We're pressing like mad to get this through." A new study finds that the advance would create the equivalent of 33,206 jobs and generate $514 million in tax revenue.

Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n1-040709.cfm

ECONOMY

The chief economist of Mesirow Financial, a $31.4 billion asset financial services firm in Chicago founded in 1937, announced that the housing market probably bottomed out in February and is now on the road to recovery.

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SALES TAXES

A sales tax on services, possibly including Realtors' commissions, appears to be a dead issue this legislative session, according to FAR lobbyists. "We felt that it would be best (to) focus on what we may be able to achieve ... and not wasting time on something we knew wouldn't happen," says state Sen. Thad Altman (R-Viera).

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BUSINESS MODELS

The big question in 2000: "Will online real estate brokerages replace traditional bricks-and-mortar companies?" But in 2009, it's become clear that traditional real estate brokerage models are not going away. Online real estate companies continue to thrive, but most look a bit more like their bricks-and-mortar competition.

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MORTGAGE FRAUD

Federal and state officials are cracking down on mortgage modification scams, accusing "criminal actors" of preying on desperate borrowers caught up in the nation's housing crisis. Signs of a mortgage scam, according to the FTC, include: requiring upfront fees; promises to stop foreclosure or modify a loan; guarantees that your home will be saved and claims of a "97 percent success rate"; and use of official-sounding names.

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PROPERTY INSURANCE

Florida lawmakers have begun work on two major property insurance bills that aim to fix problems in Florida's insurance market. Property insurance rates will rise under both proposals, especially for owners who rely on Citizens Property Insurance. The question now: How much and how fast?

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CREDIT SCORES

Across the country, mortgages are slipping through the fingers of potential borrowers because lending rules are getting stricter. Even people with above-average credit may have trouble getting loans, and some borrowers could lose a home under contract if their score slips a point or two between pre-approval and closing.

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CHINESE DRYWALL

Gov. Charlie Crist has called in the feds to help with problems related to the use of Chinese drywall that could affect up to 30,000 Florida homes. On Friday, Crist sent a request for help in developing testing strategies to the Environmental Protection Agency and the Centers for Disease Control.

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RENTERS

Renters who have never missed a payment sometimes find themselves on the street because a landlord lost their house to foreclosure. But for $25 per year, a new program, RealtyTrac Renter Alerts, will monitor the home and inform renters about any foreclosure activity.

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COMMERCIAL

U.S. office rents declined at the steepest rate in seven years during the first quarter of 2009, according to research firm Reis Inc. Nationwide, rents - minus discounts to tenants - have fallen 3.2 percent compared to first quarter 2008, while the vacancy rate rose 15.2 percent in the first quarter.

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SHORT-SALE FORGIVENESS

In the not-so-distant past, a short sale meant the lender forgave part of the home seller's debt, but the home seller - many times to his or her surprise - had to pay federal taxes on the forgiven amount because the IRS treated it like income. Under new tax rules, however, the lender sends a 1099-C, Cancellation of Debt, to the home seller in most cases. The forgiven debt does not have to be included in taxable income, and it gets reported instead on Form 982. To be eligible for debt cancellation, the mortgage must have been a primary one on a principal residence; the cancellation occurred between 2007 and 2012; and the mortgage's principal balance must be less than $2 million ($1 million if filing separately). As with any tax matter, home sellers should keep all paperwork to back up their claim in case it's questioned. It's also a good idea to consult a tax attorney on any tax issue. For more information, go to www.irs.gov.

© 2009 FLORIDA ASSOCIATION OF REALTORS

MORTGAGE RATES

Rates on 30-year mortgages fell to their lowest level on record, an average of 4.78 percent, for the second consecutive week after the Federal Reserve launched a new effort to assist the U.S. housing market. A majority of mortgage experts don't expect rates to go much lower over the next month.

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SHORT SALES

An experimental program streamlines the short sale process by getting all necessary approvals and property research done beforehand. The Mid-Florida MLS, which is participating in the program, hopes it will be continued.

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HOMEBUYERS

What's the latest incentive homebuilders and even real estate companies are offering to encourage homebuyers? How about a kind of mortgage unemployment insurance - a promise to pay your mortgage if you lose your job? A few weeks ago, Keller Williams Realty Inc. began offering job loss protection as a test program in South Florida, with an eye to an eventual national rollout.

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HOMEBUYER TAX CREDIT

Finding a way to turn a new $8,000 federal tax credit for first-time homebuyers into money that they can use right away for a downpayment would spark the recovery of Florida's housing market and boost the state's economy, according to 2009 FAR President Cynthia Shelton. FAR supports the proposal and issued a media release today calling for state action.

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The FHA guarantees mortgages from private institutions and pays for that guarantee by charging each homeowner mortgage insurance. If too many FHA loans default, however, the government will be on the hook for the money if the mortgage fees don't cover the losses, though it could also charge FHA borrowers more for the insurance. In a separate move, the Obama administration cancelled the failed "FHASecure" refinancing program.

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A DRYWALL EMERGENCY

A South Florida congressman is asking Gov. Charlie Crist to declare a state of emergency over problems attributed to tainted Chinese drywall. Boca Raton Democrat Robert Wexler wrote Crist a letter Thursday. The congressman says the health and safety risks associated with the drywall are similar to the impact of a hurricane or other natural disaster, and declaring a state of emergency would enable Florida residents to apply for federal funding to replace the drywall. Crist spokeswoman Erin Isaacs told the South Florida Sun Sentinel that Crist was reviewing Wexler's letter. An estimated 30,000 Florida homes could contain sulfur-emitting Chinese drywall that reeks of rotten eggs, destroys residential wiring and appliances and could cause health problems.

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

ECONOMY

Here's the best thing about first quarter 2009: It's over. And there are hopeful signs, according to three market strategists, who note that the overall picture for key economic measures, while still weak, isn't as bad as before. "We're still in the basement, but we may be on the steps out of the basement," says Liz Ann Sonders, Charles Schwab & Co. chief investment strategist.

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CHINESE DRYWALL

Drywall imported from China continues to make headlines nationwide, and a growing number of lawsuits have been filed in Florida. More than 60,000 homes in 13 states could be affected.

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BUYER SERVICES

These days, it's easier to make a low-ball offer than it used to be, but it's still important to be smart. Use comps carefully, examine details critically and establish timeframes realistically.

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HOME PRICES

The National Community Reinvestment Coalition and real estate appraisal associations testified before the U.S. House Subcommittee on Financial Institutions and Consumer Credit recently, saying that broker price opinions hurt property values.

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FAIR HOUSING

April is Fair Housing Month, a time when Realtors' ongoing commitment to eliminate housing discrimination and advance fair housing laws takes on additional meaning. This year marks the 41st anniversary of the Fair Housing Act, which established a policy for all Americans.

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Consumer confidence among Floridians rose three points to 65 in March amid some good economic news. "Housing price declines in some areas of Florida seem to have slowed," says Chris McCarty, director of UF's Survey Research Center. "New federal tax rebates for first-time buyers along with low interest rates may make for a much better homebuying season given pent-up demand."

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PENDING HOME SALES

Pending home sales have edged up, hinting at a possible pickup of sales activity in coming months, according to NAR.

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MARKETING

Scores of U.S. newspaper Web sites will become gateways for visitors to find homes for sale through Zillow.com as part of a new initiative between the real estate Web site and a group of 11 major newspaper publishers.

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ECONOMY

Economists never agree, but four recently offered Newsweek their opinions about the U.S. economy. A cause for cautious optimism: Mortgage rates at near-record-low levels; and retail sales, consumer sentiment, housing data and other economic activity showing signs of stabilization.

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HEALTH INSURANCE

Less than 1,500 people have enrolled in the Cover Florida Health Care insurance program, which launched three months ago and offers low-cost, unsubsidized health insurance. While disappointed in the enrollment so far, Gov. Crist says that many Floridians simply aren't aware of the program, and lawmakers didn't set aside money to advertise it.

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