Florida Association of Realtors® - EarlyBird News

EarlyBird News

An information service for members of the Florida Association of Realtors® http://www.floridar ealtors.org

For legislative news visit http://farlegislati ve.org.

1031 EXCHANGES

The bankruptcy of a national 1031 exchange firm has jeopardized some real estate deals. It’s also highlighted a problem in the like-kind exchange system – a lack of oversight on this legal way to shield capital gains from the IRS.

Read the full story:

http://www.floridar ealtors.org/ NewsAndEvents/ n1-051807. cfm

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PROPERTY MANAGEMENT

Three consumer and community groups want Gov. Charlie Crist to veto a bill that allows property managers to include a lease clause requiring tenants to pay fees equal to two months’ rent if they move out early.

Read the full story:

http://www.floridar ealtors.org/ NewsAndEvents/ n2-051807. cfm

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MORTGAGE RATES

Rates on 30-year mortgages jumped to an average of 6.21 percent – the highest level in five weeks – as investors expressed disappointment that the Federal Reserve continues to worry about inflation threats, according to Freddie Mac’s weekly nationwide survey.

Read the full story:

http://www.floridar ealtors.org/ NewsAndEvents/ n3-051807. cfm

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SUBPRIME MORTGAGES

The growing number of mortgage defaults, according to Federal Reserve Chairman Ben Bernanke, won’t seriously hurt the nation’s economy. Bernanke also says that the Fed will do everything possible to crack down on mortgage fraud and abusive lending practices.

Read the full story:

http://www.floridar ealtors.org/ NewsAndEvents/ n4-051807. cfm

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MARKET TRENDS

While recent housing data indicates a soft landing in the national real estate market, some areas are showing strong growth or the first stages of recovery, according to experts speaking at a real estate business trends forum during NAR’s Midyear Meetings yesterday in Washington.

Read the full story:

http://www.floridar ealtors.org/ NewsAndEvents/ n5-051807. cfm

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HOMEOWNERS IN NEED

You can help. The Center for Responsible Lending (CRL) estimates that 2.2 million American households have lost or will lose their homes as monthly payments rise on high-risk mortgages in the next few years. Nontraditional mortgages that opened doors to homeownership or refinancing just a few years ago might soon be showing some borrowers the door, as interest rates reset, payments adjust, and monthly payments become unaffordable for families at greatest risk. NAR, in a partnership with CRL and NeighborWorks America, introduced a new brochure, “Learn How to Avoid Foreclosure and Keep Your Home” – the fifth mortgage-related brochure in NAR’s consumer education series. The brochure is being distributed during NAR’s 2007 Midyear Legislative Meetings & Trade Expo this week in Washington, D.C., and will soon be available through the REALTOR® Store, http://www.realtor. org/prodser. nsf/StoreHome/ REALTORstore? OpenDocument



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