Naples Fl Real Estate News - 09/07/07
The U.S. House has initiative for a national disaster insurance program - read why it failed, foreclosures up or down for the second quarter, and interest rates for mortgage move up slightly for the week.
DISASTER INSURANCE - A U.S. House initiative to create a national disaster insurance program suffered a setback yesterday when the Bush administration announced its opposition, saying it encourages “overdevelopment in hurricane- and earthquake-prone areas” and interferes “with well-functioning private insurance markets.”
DUH! Could a compromise been offered whereby the diaster insurance program cover only those structures in existence as of a particular date? Thereby, not overly encouraging overdevelopment as well as possibly preserving "well-functioning private insurance markets." Not to be political here, but is it possible for Congress talk less, think more and try to come to compromises?
FORECLOSURES - The number of homeowners receiving foreclosure notices hit a record high in the second quarter, driven up by problems with subprime mortgages. The delinquency rate, which tracks the number of homeowners with late mortgage payments, was also up sharply.
MORTGAGE RATES - After falling for two weeks, rates on 30-year mortgages edged up slightly this week, rising to 6.46 percent. Experts predict little change, or possibly a drop, over the next 30 to 45 days.
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