let's do the numbers
30-year fixed-rate mortgage: 6.34%, up from 6.31% the previous week.
Mortgage experts polled by Bankrate.com last week
don’t see eye to eye on the future of mortgage rates. While 46% predict an increase over the next 30 to 45 days, 23% expect rates to drop and 31% predict no change.
U.S. new home starts:
-2.6% in August to a seasonally adjusted annual rate of 1.331 million units—its slowest level in 12 years. |
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New rule about escrow deposits
At its September meeting, the Florida Real Estate Commission approved a change to rule 61J2-14.008 requiring brokers, not a sales licensee, to obtain written proof from a title company or attorney that an escrow deposit was received. The Joint Administrative Procedures Committee, comprised of Florida legislators who review changes made to administrative rules by state agencies, still must approve the rule. Questions? Contact FAR's Legal Hotline at 407-438-1409.
 Washington report
FHA reform legislation is advancing in Congress. Last Tuesday, the U.S. House of Representatives passed H.R.1852, the "Expanding American Homeownership Act of 2007," by a vote of 348-72. The bill includes provisions to eliminate the 3% down payment requirement, streamline condominium purchases and increase FHA loan limits to 125% of median area home price, with a cap of 175% of the conforming loan limit. H.R. 1852 would also allow the FHA to back refinanced loans for tens of thousands of borrowers who are delinquent on payments because their mortgages are resetting to sharply higher rates from the low initial “teaser” levels. An estimated 2 million to 2.5 million adjustable-rate mortgages are scheduled to “reset” this year and next. On Wednesday, the Senate Banking Committee passed its own version of the bill called the "Building American Homeownership Act." Written by Florida Sen. Mel Martinez and Connecticut Sen. Chris Dodd, the bill would, among other things, increase FHA loan limits to 100% of the area median, capped at 100% of the conforming loan limit, and reduce the down payment requirement to 1.5%.
 Joining forces
Standing shoulder-to-shoulder with Gov. Charlie Crist, FAR President Nancy Riley joined other supporters last week to launch a bi-partisan group, "Yes on 1 -- Save our Homes NOW," urging Floridians to vote for the largest tax cut in the state's history on Jan. 29, 2008.
“Passage of this amendment is critical to the future of Florida,” FAR President Nancy Riley told Tampa-area Realtors, property owners and reporters. “It will provide first-time homebuyers a large tax exemption. It will begin to equalize property taxes among neighbors, and it will allow the people who are the foundation of our neighborhoods — teachers, nurses, police officers and emergency first responders — to afford to live in the communities they serve." The announcement came during a press conference at the home of Veronica Greco, a Tampa resident who wants to sell her home of 15 years and downsize to a condo, but feels trapped due to the "lock-in" effects of the state's Save Our Homes amendment. FAR is continually updating floridarealtors.org with resources about the property tax reform initiative. Click here for more.
 Dialing for dollars?
Be aware that on Oct. 1, the National Do Not Call registry is transitioning between contractors. As a result, you will not be able to subscribe to the registry, pay for area codes, manage/renew subscriptions, manage clients or download telephone numbers from 12 a.m. ET Mon., Oct. 1 to 9 a.m. ET on Thurs., Oct. 4. You may need to adjust your download schedule to ensure that you remain in compliance with the "do not call" provisions of the Telemarketing Sales Rule, which require telemarketers to download numbers from the registry every 31 days. More information about the blackout period is available from the Federal Trade Commission.
More rate hikes?
Citizens Property Insurance wants to raise premiums by more than 300% for wind-only business policies sold in high-risk areas, which the company says haven’t been changed since 1981. The increase, which would still need approval from state regulators, would cover about 35,000 commercial policies and would average about 312% statewide, says Citizens spokesman Rocky Scott.
Save the date
 Florida’s Taxation and Budget Reform Commission will conduct several public hearings throughout Florida during the month of October. Click here for more info.
FAR Smart Growth conference is being held this Wed., Sept. 26, at Ave Maria, a planned community near Naples.
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