Real Estate News 05/14/08
MY SAFE FLORIDA HOME
Home improvement grants: Going, going (almost) gone. The My Safe Florida Home program will achieve its goal of 35,000 grants to homeowners by the end of this month, and the first-come, first-served program will stop accepting grant applications. The free home inspections, however, will continue.
FLOOD INSURANCE
The Senate agreed Tuesday to write off more than $17 billion in National Flood Insurance Program debt and extend the program for another five years while increasing premiums and reducing subsidies. The bill now must be reconciled with a House bill before receiving final approval.
MORTGAGE FRAUD
Reports of suspected mortgage fraud rose 31 percent in fiscal 2007, according to a new FBI report, and the U.S. is on track for even more in fiscal 2008. The Mortgage Asset Research Institute said earlier this year that Florida led the nation in mortgage fraud in 2007 for the second straight year, followed by Nevada, Michigan and California.
FORECLOSURES
Nationwide, 243,353 homes received at least one foreclosure-related filing in April, up 65 percent from 147,708 in the same month last year and up 4 percent since March, RealtyTrac Inc. announced.
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