Naples Real Estate News 06/20/08
MORTGAGE RATES
Rates on 30-year mortgages kept surging this week, rising to 6.42 percent - the highest level in nearly nine months, reflecting more concerns about what the Federal Reserve will do to combat a growing inflation threat.
HOUSING AID
A bipartisan coalition in Congress that supports a massive foreclosure rescue proposal beat back GOP efforts to gut it Thursday, defying a White House veto threat. Under the plan, the FHA would provide $300 billion in new, cheaper mortgages for distressed homeowners.
HOMEOWNERS INSURANCE
The Board of Governors’ chairman for the state-created homeowners insurance company, Citizens Property Insurance, is stepping down, effective July 31, 2008, when all board members are either reappointed or replaced.
FLOOD FACTS
With two mouse clicks, a homeowner - or homebuyer thinking about making an offer - can find a property’s potential risk from flooding. FEMA keeps a record of every address in America at http://www.floodsmart.gov. For a floodplain map, go to http://msc.fema.gov . To apply for flood assistance or get more information, visit FEMA’s Web site at: http://www.fema.gov
MORTGAGE FRAUD
At least 22 people in Miami-Dade have been arrested on federal mortgage fraud charges in recent weeks, pushing the total to 102 people charged since September. In 2007, there were 47,000 "suspicious activity reports" in Florida, which leads the nation in the number of reports. In 2003, there were only 7,000 - an increase of more than 570 percent.
ECONOMY
The economy, hobbled by higher fuel and food prices, tighter credit and a depressed housing market, is limping along at a snail’s pace. "But latest data suggest the economy has not fallen into a contraction and may not undergo one in the second half of the year," says Ken Goldstein, a New York-based Conference Board economist.
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