FORECLOSURES
1. Foreclosures grew by 70% in third quarter of 2008 compared to same period in 2007 – September foreclosures down 12 percent from August.                  
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-102308.cfm

2. 48 local and county Florida governments are expected to receive HUD funding designated for foreclosure relief. It may be applied to a variety of uses including to buy foreclosed homes, demolish or rehabilitate abandoned property, and even offer down payment and closing-cost assistance to certain homebuyers.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n3-102308.cfm

3. Currently approximately 4,000 IndyMac borrowers are saving an average of $430 each month under modified mortgages:
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n5-102208.cfm

4. Florida renters are becoming victims of the mortgage crisis by being forced out of their homes because the property owner has been caught in foreclosure. A few states have passed laws protecting renters in this situation.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n5-102108.cfm

5. In an effort to survive the Florida housing market, a Jacksonville CDD is attempting to foreclose on its own developer.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n4-102008.cfm

6. Negotiating changes in their mortgages is a far better option than bankruptcy for most borrowers.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n4-101508.cfm

FORECLOSURE AUCTIONS Florida's Duval County is scheduled to be the first county in the nation to conduct an internet foreclosure auction.          Read the full story: http://www.floridarealtors.org/NewsAndEvents/n2-100708.cfm

PENDING HOME SALES Pending home sales rose 7.4 percent which is 8.8% over last year’s figure with improved affordability cited.          Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-100808.cfm

HOUSING STARTS New home construction declined 6.3% in September. Builders cut production. Read the full story: http://www.floridarealtors.org/NewsAndEvents/n5-101708.cfm As a result of a drop in sales, many builders made the move to smaller homes which helped for the short term, but now are building even smaller homes.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n5-101308.cfm

HOUSING INVENTORY The U.S. home supply dropped 1.6% in September, but is only half of the norm for this time of year. Read the full story: http://www.floridarealtors.org/NewsAndEvents/n3-101308.cfm

HOUSING VALUES With housing values sinking, approximately 12 million households, or 16%, now owe more than their homes are worth according to Moody’s Economy.com.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n5-100908.cfm

CONDOMINIUMS A number of South Florida condo owners have to pay increased maintenance fees because many owners being foreclosed on are not. Also, a state law appears to make it advantageous for banks not to complete the foreclosure process and become responsible for the payments. Read the full story: http://www.floridarealtors.org/NewsAndEvents/n5-102008.cfm

MORTGAGE FRAUD 1. Florida Attorney General Bill McCollum warned Floridians about mortgage fraud-related identity theft. For the full story: http://www.floridarealtors.org/NewsAndEvents/n3-102208.cfm 2. The Justice Department indicates that 151 new cases of potential mortgage fraud at financial institutions have been initiated since October 2007 and almost half of the cases are based in South Florida.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n2-102008.cfm

MORTGAGE INFO Associated Press documents indicate Freddie Mac paid $2 million in an attempt to kill legislation that would have regulated both itself and Fannie Mae three years before the government took control to prevent their demise.
See the full story: http://www.floridarealtors.org/NewsAndEvents/n3-102108.cfm

FANNIE MAE AND FREDDIE MAC Are they private or public? Learn more… http://www.floridarealtors.org/NewsAndEvents/n5-100608.cfm

ZILLOW - "MISUNDERESTIMATES" The Web site Zillow.com is eliminating more than 25% of its employees to cut expenses as income still does not cover expenses.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n3-102008.cfm

UNIVERSITY OF FLORIDA SURVEY Survey shows… Real estate experts not shaken over current economy, but have dim view of their own business prospects which has declined steadily for the last 11 quarters…
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-102108.cfm

FHA Approved Appraiser
Cooper Appraisal Corporation
Phone: (239) 850-3977
     Fax: (866) 535-9321
Email: mailto:jeff@cooperappraisalcorp.com
Web: http://www.cooperappraisalcorp.com

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