Naples Real Estate News - 06/20/07
FLORIDA MORTGAGE FRAUD - In 2005, Florida ranked No. 1 in mortgage fraud. But the rules will change Oct. 1, 2007, when a new law – signed on June 19th by Gov. Charlie Crist – tightens lending rules. Homebuyers can expect more detailed mortgage disclosures, a good faith estimate they must sign and date, notification of any lender changes no later than three business days before a closing, and details on how much a lender paid a mortgage broker to originate a loan.
HOME BUYERS - Legislators and many others in the Florida real estate industry hope voters will approve the proposed property tax constitutional amendment, and that the reform will jumpstart the state’s slow real estate market by encouraging would-be home buyers to take action.
HOME PRICES - The news isn’t surprising, but it’s not happy either. The PMI U.S. Market Risk index that rates the chance of a home price decline in U.S. cities over the next two years finds a better than 50-50 chance of falling prices in five Florida markets - neither the Naples real estate, Bonita Springs real estate nor Estero real estate markets were specifically sited in the index. The index does not estimate how much prices will fall, only the probability that they’ll go lower.
CITIZENS PROPERTY INSURANCE - A task force examining how Citizens Property Insurance is handling unresolved claims from the 2004 and 2005 storms got an earful from frustrated policyholders with still-open claims and unrepaired homes. Homeowners cited poorly trained adjusters as the biggest problem.
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