Some banks lower appraisals, killing sales

Florida Realtors® News Daily Briefing: Tuesday, July 13, 2010 TODAY’S TOP STORIES Some banks lower appraisals, killing sales Fearing retribution by Fannie Mae, lenders sometimes knock value off an appraiser’s report; but that will change on Sept. 1. Read more. Bernanke: Lend more to small businesses But the problem is thorny. A decline in commercial values means companies cannot use their buildings as collateral. Read more. Americans’ credit scores sink to new lows One in four Americans has a credit score below 599, FICO reports, making 25% of the population a poor risk in lenders’ eyes. Read more. HUD homes offered locally at 10% discount Communities in the Neighborhood Stabilization Program get an exclusive option to buy HUD’s foreclosed homes. Read more. Senate looking to expand special session A special session of the Fla. Legislature starts next week, but with little agreement on how to handle oil spill problems. Read more.

Homeowners hit with high insurance premiums

Florida Realtors® News

Lawmakers consider home tax credit extension

Florida Realtors®

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Daily Briefing: Friday, June 11, 2010

TODAY’S TOP STORIES Lawmakers consider home tax credit extension Attention buyers under contract: A June 30 closing deadline could be extended to Sept. 30 to offset short-sale delays. Read more. Oil spill fears stir business for lawyers In many coastal communities, businesses are banding together to consider options and demand compensation from BP. Read more. Mortgage rates hit another low for year Rates on 30-year fixed mortgages fell this week to 4.72%, the lowest level of the year and barely shy of an all-time low. Read more. House OKs plan for higher FHA mortgage fees Approved bill could raise fees $42 per month on a $170K mortgage; however, the U.S. Senate has not voted on it yet. Read more. Multifamily builders less pessimistic It’s a stretch to call it outright optimism, but NAHB’s latest survey finds the commercial niche moving closer to stability. Read more.

May foreclosures steady as banks hold back

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Daily Briefing: Thursday, June 10, 2010

TODAY’S TOP STORIES May foreclosures steady as banks hold back The crisis appears to be leveling off; number of people facing foreclosure is nearly flat compared to one year ago. Read more. Senate president: Help possible for biz Pres. Atwater opened the door to a special session of Fla. Legislature to consider relief for oil-impacted small businesses. Read more. Homeowners get help with troubled mortgages 12th Judicial Circuit for Sarasota and Manatee counties is Fla.’s 10th court to implement a foreclosure mediation program. Read more. Economic outlook: Seismic uncertainty Fed’s latest economic report notes modest improvements, yet stocks dipped. Slowdown in inventory buildup may be why. Read more. More factory jobs ease economic pain AP analysis: Economic stress levels down in Fla. in April; lower foreclosure rates in state cited as part of improvement. Read more.

Suit over Chinese drywall gets under way

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Daily Briefing: Wednesday, June 9, 2010

TODAY’S TOP STORIES Proposal: Property tax breaks for Gulf owners Governor still wants a special session of the Fla. Legislature, and he’d like to add property tax issues to the agenda. Read more. Faxing now free with Form Simplicity Unlimited faxing is now available to Florida Realtors members; additional online training webinars planned. Read more. 8 ways to compete in real estate Successful people have specific traits and use similar tactics, including a positive attitude and realistic expectations. Read more. 2010 Florida Realtors member profile You’re a normal Fla. Realtor if you have 9 years experience, a personal website and conducted 8 transactions in 2009. Read more. Suit over Chinese drywall gets under way Miami trial: Chinese supplier tells Fla. distributor not to use it; but builder installs it four days later. Read more.

Bank of America to pay borrowers $108M :-)

Florida Realtors®

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Daily Briefing: Tuesday, June 8, 2010

TODAY’S TOP STORIES Crist activates business bridge loan program Counties impacted by the oil crisis have access to $25K loans through a state program that offers post-disaster assistance. Read more. HUD adds protected category to grant program For 1st time, HUD says it will not allow some grant applicants to discriminate based on a beneficiary’s sexual preference. Read more. Bank of America to pay borrowers $108M It settles charges that Countrywide, acquired by BofA 2 years ago, collected outsized fees from people facing foreclosure. Read more. Landlord-tenant forms on Florida Bar website The Fla. Supreme Court’s newly approved forms, including ones not on floridarealtors.org, are now on Florida Bar’s website. Read more. Oil spill to cost Florida billions and jobs Economist: The Deepwater Horizon oil rig disaster could lop $2.2B off Fla.’s still-fragile economy and cost 39,000 jobs. Read more.

Should you buy or rent?

Florida Realtors®

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Daily Briefing: Monday, June 7, 2010

TODAY’S TOP STORIES BP pays real estate brokers for lost income To date, BP has disbursed $40M for lost income; Fla. brokers got over $75K for lost rentals and $5K for lost sales. Read more. Should you buy or rent? Many renters now think it’s time to buy even as some owners dream of renting because it carries less risk. Read more. Industry hushed up Chinese drywall problems A Chinese firm exchanged U.S. drywall for its product after the supplier agreed not to talk about smells or health risks. Read more. Fannie, Freddie on Geithner’s to-do list Once the federal financial overhaul is complete, the Treasury says it will focus on the government-run mortgage companies. Read more. Timeshare owners the target of scams A tight economy has made timeshare ownership tough for many, so scammers with “anxious buyers” are out in full force. Read more.

HUD reconsiders RESPA rule on incentives

Florida Realtors®

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Daily Briefing: Friday, June 4, 2010

TODAY’S TOP STORIES Florida resources for Gulf oil spill Preparation is key now for home, business and environment. These Fla. and BP resources offer guidance or direct help. Read more. Policy didn’t cover Chinese drywall damage A Va. federal judge’s ruling that an insurer doesn’t have to pay could affect the outcome of other Chinese drywall lawsuits. Read more. HUD reconsiders RESPA rule on incentives Should RESPA ban incentives, such as free builder upgrades, that steer a buyer to a specific lender, title co., etc.? Read more. Mortgage rates up from yearly lows Rates on 30-year fixed mortgages ticked up to 4.79% this week from the lowest level of the year, says Freddie Mac. Read more. Free tips build trust with buyers Find info to help explain the homebuying process at NAR’s Realtor Content Resource on the HouseLogic consumer website. Read more.

Foreclosure risk: lawsuits from lenders

Florida Realtors®

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Daily Briefing: Thursday, June 3, 2010

TODAY’S TOP STORIES Foreclosure risk: lawsuits from lenders Reasons not to walk away: Fla. lenders who lost money have 5 years to file a lawsuit and the IRS could tax forgiven losses. Read more. Five ways to build personal brand The art of packaging and presenting oneself is a critical business tool; however, some Realtors mistakenly overdo it. Read more. Condo law could help struggling associations Lenders must pay 6 more months of assessments and it eases sprinkler mandates, but could it hurt mortgage approvals? Read more. Open houses that work Realtors debate the value of open houses since most buyers search online, but some insist they’re still useful. Read more. How to save on home repairs Several websites offer useful home improvement tips on everything from remodeling bathrooms to hiring contractors. Read more.

Some buyers use tax credit to harden home

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Daily Briefing: Wednesday, June 2, 2010

TODAY’S TOP STORIES Governor vetoes 2 real estate bills, signs 2 Crist unexpectedly vetoes bill repealing a disclosure for coastal owners; opens door to windstorm inspection fraud. Read more. National flood insurance expires again NAR wants Congress to approve a long-term extension and issues a Call for Action as third lapse this year impacts closings. Read more. Pending home sales surge continues The index rose for the 3rd month in a row; 6% April jump reflects market strength and impact of the homebuyer tax credit. Read more. Companies expand relocation policies Many tightened real estate rules. In some, employees must use a specific Realtor and follow rules on home listing prices. Read more. Some buyers use tax credit to harden home Owners who have experienced a hurricane consider the mitigation cost a price they’re willing to pay for peace of mind. Read more.