Real Estate News - 02/23/07
A GNAWING PROBLEM FOR YOUR FLORIDA HOME
Termite swarming season has begun. Swarming season occurs when termites begin to leave their colonies, or swarm, to search for new nesting sites. Many homeowners first discover that they have a termite problem when these winged, black insects about 1/4-inch long are in their homes. According to Florida Agriculture and Consumer Services Commissioner Charles Bronson, termites cause millions of dollars in damage to houses in Florida every year. “Most pest control operations in Florida have the proper training and have good business practices, but there are unlicensed companies out there,†Bronson warns consumers. More info is available at the Department’s Web site, http://www.FloridaTermiteHelp.org, or by calling 1-800-HELPFLA (1-800-435-7352).
It does pay to have an annual termite and wood destroying organism inspection for your property. An ounce of prevention is worth a pound of cure.
MORTGAGE FRAUD - CAN IMPACT YOUR HOME’S VALUE
Mortgage fraud flourishes in down markets, and the current real estate market provides an excellent backdrop. It can creep into any neighborhood and hurt buyers, sellers, lenders and even neighbors. Why? When mortgage fraud takes place, sometimes the borrower may not be able to continue making payments. The effect is that the property is either sold at a discounted value either in the pre-foreclosure phase, at foreclosure auctions or after foreclosure. If lenders take a loss on a loan the cost of the loss is passed onto the consumer in higher rates through other products and services offered by a lender.
MORTGAGE RATES
Speaking about mortgage fraud - let’s look at how mortgage rates are doing this past week -rates on 30-year mortgages fell this week to the lowest level in six weeks – 6.22 percent. Combine this with the strong buyers’ market in many locations - buyers are in an excellent position to get an excellent buy.
FLORIDA REAL ESTATE PROPERTY TAXES
The National Federation of Independent Business told a Florida House committee yesterday that it opposed its tax plan to exchange lower property taxes for higher sales taxes. The group fears that, over time, commercial enterprises will be forced to take on more of the state’s tax burden. I agree with stance as the employers will have to pay more in salaries and wages for the lower paying positions to retain employees. Overall, I think it might disastrous position for businesses in the State of Florida.
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