Metas
Naples Florida Real Estate News - 11/12/07
HOMEOWNERS INSURANCE - Florida’s persistent battle with insurers over rates and coverage is spreading to other states and could have an effect on insurance customers nationwide. Previously, it was noted that Louisiana is reviewing if an elaborate price-fixing scheme involving several large homeowner insurance companies.
CONSTRUCTION - On Friday, Florida homebuilder Levitt and Sons announced that the company and 37 of its subsidiaries filed Chapter 11 bankruptcy, impacting homebuyers who have put down deposits and new homeowners with liens. Construction has stopped, and it’s not yet clear “if or when previously postponed closings on completed homes will occur,” according to the company’s Web site.
MORTGAGES - E-Trade Financial Corp. said Friday the value of its holdings of securities backed by home mortgages has fallen significantly, and it expects to take “significant write-downs” in the fourth quarter. E-Trade also disclosed that the Securities and Exchange Commission has opened an “informal inquiry” into issues related to the company’s loan and securities portfolios.
MORTGAGE INDUSTRY As more homeowners default on their mortgages, some private mortgage insurers worry about their survival in the face of billions of dollars in claims. In the short term, however, regulators and analysts say they aren’t concerned about the biggest insurers staying in business.
INTERNATIONAL - The weakening dollar may be fueling increased interest from foreign investors in the U.S. housing market. Real estate industry analysts say that foreign investors increasingly support markets like Miami and San Francisco, which are feeling pressure from the slowdown.
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