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What’s Up With Housing This Week?

 

Millennials May End Up Competing with Baby Boomers in Housing Market.
These two groups make up different segments of the home buyer market but they are searching for similar things.
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Kitchen Remodeling TrendsThinking About Remodeling Your Kitchen?
Homeowners generally wanted new flooring, countertops, cabinets, sinks, and faucets when they had their kitchens remodeled, says a new report.

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Flood InsuranceShould Congress raise the cost of flood insurance? How much?
The National Flood Insurance Program expires Sept. 30 and is $25 billion in debt. NAR has made flood insurance renewal a top priority, and lawmakers are now considering some dramatic program changes to keep it solvent and operational.

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Low Mortgage Rates30-year mortgage rate falls below 4%.
Long-term U.S. mortgage rates fell this week to their lowest levels of the year: 3.95%.
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Housing’s Clean Bill of Health…
All things considered, the state of the housing industry right now is pretty good.

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http://www.TitleSecurityFL.com

 


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What’s Up With Housing This Week?

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Flood InsuranceNeed Flood Insurance? It Expires in 6 Months.
On Sept. 30, the national flood insurance program officially ends, which could create a dilemma for homeowners and buyers. The National Association of REALTORS® is working with federal regulators to extend and improve the program, but challenges lie ahead.

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Labor ShortageTampa Bay contractors expect uptick in projects but scarce labor…
81% of contractors in Hillsborough and Pinellas counties anticipate an uptick in sales over the next six months, but just under 23 percent are confident they can find labor to complete projects.
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Florida Consumer ConfidenceConsumer Confidence Among Floridians Rises to 15-year High.
Florida Consumers last month were the most confident that they have been since 2002, long before the onset of the Great Recession triggered a prolonged slump.
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Mortgage Rates FallThe Average 30-year Mortgage Rate Falls to 4.10%.
Long-term U.S. mortgage rates fell for a 3rd straight week and are approaching low points for the year. Most experts predict rates will remain steady.

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Homebuyers and SustainabilityBuyer Interest in Sustainability is Rising.
More than half of Realtors find that consumers have interest in real estate sustainability issues and practices. As this interest grows, Realtors understand the necessity of promoting sustainability in their real estate practice, such as marketing energy efficiency in property listings to home buyers.

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http://www.TitleSecurityFL.com


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What’s Up With Housing?

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Cyber FraudDon’t Miss Tuesday’s Coffee Corner at 9:30am.
“What is Cyber-Fraud? Learn How to Protect Yourself and Your Client in Today’s World”

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Closing CostsHave You Ever Asked Yourself, How Much Are Closing Costs?
Learn about the fees you’ll pay when you close on the purchase of a home.

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U.S. Capitol BuildingRealtors are urged to stay engaged over the next year while Congress considers a full-scale reform to the United States tax code.
Mortgage Interest Deduction… 1031 Exchange… Fannie & Freddie… Flood Insurance
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Rising Home PricesThe Great News About Rising Prices for Homeowners
Recently there has been a lot of talk about home prices and if they are accelerating too quickly.
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Downtown St PetersburgSt. Petersburg/Tampa/Clearwater is 8th Fastest Metro in the U.S.
Florida dominate Forbes’ annual list of places on the economic upswing.
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Home Buying Etiquette7 Unwritten Etiquette Rules Every Home Buyer Should Know.
Here are some unwritten rules of etiquette that home buyers should follow in order to get the home they want without rubbing anyone the wrong way.
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Interest Rate HikeA March Rate Hike Now Looks More Likely.
If this trend continues, the Fed may be faced with a hard decision on interest rates when it meets in March.
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http://www.TitleSecurityFL.com


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Interesting Housing News

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Flood InsuranceAre you knee deep in ‪Flood Insurance‬ questions?
Please join us at this Tuesday’s Coffee Corner when Amy Metz from American Strategic Insurance presents the latest updates and answers all your questions.

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Negative EquityNegative Equity Highest Among Bottom-Tier Homes…
Owners of the least-expensive homes were roughly 3x more likely to be underwater on their mortgage than owners of the most-expensive homes.
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Credit ScoreMore Home Insurance Companies Look at Credit Scores.
Credit scores don’t just impact mortgage rates. More and more property insurers now quote cheaper property insurance rates to owners with high credit scores.
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Millennial HousingBoomers Are Moving In on Millennial Housing Stock.
As boomers retire and millennials start families, they’re buying the same houses for very different reasons. Boomers are in the process of downsizing and getting rid of junk, and millennials don’t have junk.

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Housing ForecastHousing Forecast: What To Expect In The Second Half Of 2016.
We’ve heard about how there’s been too much demand and not nearly enough supply to keep pace. The forecast focuses on such topics as the low inventory as well as new construction. And don’t forget Brexit.
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http://www.TitleSecurityFL.com

 


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A Flood Of Information At Yesterday’s Coffee Corner

TitleCapture AppTitle Security’s September Coffee Corner shared 2 very interesting topics. The first was the new Title Security app, TitleCapture. Attendees were shown how to easily download and use this convenient app which allows Realtors to give quotes, prepare net sheets and even a preliminary settlement statement while out in the field. Quite advantageous… Instant results.

The 2nd discussion focused on a flood insurance update presented by Katherine Broadwater from Strategic Insurance Services.

Here are my 5 flood insurance take-aways to help keep you from treading water.

  1. To visualize what flood insurance covers, Flood Insuranceimagine your house flipped upside down. What falls out is not covered.
  2. Homeowner’s Insurance does not cover flood damage
  3. Take pictures of your walls, furniture, closets, contents of drawers etc and keep them in a safe place. When you make changes, replace those images with current photos.
  4. Even if you live in a low risk flood zone, it is a good idea to have flood insurance. You might even qualify for a Preferred Risk Policy, which is a lower cost flood policy.
  5. Contents coverage must be purchased separately. Your lender does not care about this coverage, but you should.

Title Security is here to educate and update you with the latest technology and information regarding our industry. Our next Coffee Corner is October 2nd. The topic of discussion is TRID/TILA RESPA Integrated Disclosure. Everything you need to know for the changes on October 3rd. Please feel free to contact me for more information.

http://www.TitleSecurityFL.com


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Recent Housing News

8 Ways to Sabotage Your Home Sale.

8 Ways to Sabotage Your Home Sale.  Just because the market seems prime, don’t become overconfident or careless with your own home.

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Financial IndependenceA Budgeting Trick That Could Give Kids Financial Independence From Their Parents. If you’re ready to live on your own, try saving up rent money early.

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FARThis September may be best month in years for homebuyers.  Buyers willing to close in off-months already have an edge, but this year’s rising supply of homes and still-low mortgage rates make this September ideal.

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Benefits of Adjustable-Rate Mortgages

Should ARMs Be More Popular?
Adjustable-rate mortgages may be a better execution in today’s market than a 30-year fixed mortgage.
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Coffee Corner September 15, 2015Reminder… we have a Coffee Corner this Tuesday at 9:30AM

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http://www.TitleSecurityFL.com


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Flood Bill Passes House AND Senate, Obama Signs

Last week, fellow Pinellas Realtor Organization Business Affiliate Tracy Baer with North Shore Insurance was our Coffee Corner guest speaker, updating us on the latest Flood Insurance news.

Homeowner Flood Insurance Affordability Act Of 2014In addition to the article below, Tracy handed out an informative PDF presentation regarding the Homeowner Flood Insurance Affordability Act Of 2014.  Please contact me in the comment section if you would like a copy.

 

 President Obama has signed The Homeowner Flood Insurance Affordability Act.

This marks a long, arduous journey to fix some of the most damaging aspects of Biggert-Waters.  A big thank you goes out to the Public Policy team at NAR and Florida Realtors.

The US Senate passed The Homeowner Flood Insurance Affordability Act by a vote of 72-22. This is the bill that the US House passed last week. This is incredible news for REALTORS® and property owners. The bill will now to sent directly to President Obama for his signature. Both US Senators Nelson and Rubio voted in favor of the bill. Here is a synopsis of what the bill accomplishes:

* Reinstates Grandfathering – This bill permanently repeals Section 207 of the Biggert-Waters Act, meaning that grandfathering is reinstated. All post-FIRM properties built to code at the time of construction will have protection from rate spikes due to new mapping – for example, if you built to +2 Base Flood Elevation, you stay at +2, regardless of new maps. Also importantly, the grandfathering stays with the property, not the policy.

* Caps Annual Rate Increases at 15% – This bill decreases FEMA’s authority to raise premiums. The bill prevents FEMA from increasing premiums within a single property class beyond a 15 percent average a year, with an individual cap of eighteen percent a year. Pre Biggert-Waters, the class average cap was 10%. Currently (Post Biggert- Waters), the class average cap is 20%. The bill also requires a 5% minimum annual increase on pre-FIRM primary residence policies that are not at full risk. The updated legislation also states that FEMA shall strive to minimize the number of policies with premium increases that exceed one percent of the total coverage of the policy (e.g., 1% of $250,000 = $2,500).

* Refunds policyholders who purchased pre-FIRM homes after Biggert-Waters (7/6/12) and were subsequently charged higher rates

* Permanently Removes the Sales Trigger – This bill removes the policy sales trigger, which allows a purchaser to take advantage of a phase in. The new purchaser is treated the same as the current property owner.

* Allows for Annual Surcharges – This legislation applies an annual surcharge of $25 for primary residences and $250 for second homes and businesses, until subsidized policies reach full risk rates. All revenue from these assessments would be placed in the NFIP reserve fund, which was established to ensure funds are available for meeting the expected future obligations of the NFIP.

* Funds the Affordability Study and Mandates Completion – This legislation funds the affordability study required by Biggert-Waters and mandates its completion in two years.

* Includes the Home Improvement Threshold – This bill returns the “substantial improvement threshold” (i.e. renovations and remodeling) to the historic 50% of a structure’s fair market value level. Under Biggert-Waters, premium increases are triggered when the renovation investments meet 30% of the home’s value.

* Additional provisions – This legislation includes several other provisions including preserving the basement exception, allowing for payments to be made in monthly installments, and reimbursing policy holders for successful map appeals