MORTGAGE RATESMortgage rates fell sharply this week with 30-year mortgages dropping to an average of 6.10 percent – the lowest level in more than two years, according to Freddie Mac’s weekly nationwide survey.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n3-113007.cfm

ECONOMYEverything will be okay: Rising foreclosures will lead to billions of dollars in lost economic activity next year in major U.S. cities, but homeowners and financial institutions have the ability to contain the effects, according to a report released today.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-112707.cfm

PROPERTY TAXESContinuing to bash a property-tax plan he reluctantly voted for, House Speaker Marco Rubio is now urging supporters to back a citizens’ petition to cap the total amount of taxes paid by every property owner to 1.35 percent of the property’s value.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-112607.cfm

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Allstate Insurance customers are safe from rate increases – at least for now. State officials say proposed increases by four Allstate insurance companies, ranging from just under 30 percent to more than 43 percent, don’t comply with a new state law.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-111907.cfm

The market may be down but a survey finds that most consumers appreciate the value of using a Realtor when buying or selling a home. A new NAR survey finds that 79 percent of homebuyers and sellers use a real estate professional. The survey also looks at buyers’ incomes, shopping techniques and other information that can be used in marketing campaigns.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n3-111507.cfm

Now it’s the voters’ turn: Gov. Charlie Crist on Tuesday signed into law a bill that would implement property tax cuts, providing voters approve the proposed constitutional amendment in January.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n1-111407.cfm

MARKETINGAs newspapers struggle to adapt in a world in which a growing number of people go online for real estate information, a consortium of 11 media companies, representing 282 newspapers, has signed a real estate listing agreement with Zillow.com.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-111307.cfm

AN I-SIGN OF THE I-TIMESRealtor.com has launched a special URL for users of Apple’s iPhone that allows them to easily access home listings and sales associate contact information. Joe De Tuno, senior vice president of product management for Realtor.com, states, “Our new search capabilities for the iPhone are relevant enhancements that give consumers the full power of mobility and immediate access to Realtor.com in a manner that fits naturally into their everyday lifestyle.” The site is capitalizing on the iPhone’s popularity, with an estimated 45 million of the devices expected to be in use by 2009. Cell phones and PDAs equipped with Windows Mobile 5.0 can also search Realtor.com.Source: CNNMoney (11/07/07)© Copyright 2007 INFORMATION, INC. Bethesda, MD (301) 215-4688

WASHINGTON – Nov. 9, 2007 – Rates on 30-year mortgages fell for the third straight week, dropping to the lowest level in five months.

Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages dipped to 6.24 percent this week, down from 6.26 percent last week.It was the third straight weekly decline after rates hit 6.40 percent. Analysts attributed the decreases to mounting evidence that the economy is starting to slow.

Info from FAR.
www.floridarealtors.org

HOME SALESNew-home sales rose 2.8 percent in July, after falling 4 percent in June, the Commerce Department reported Friday. The increase in July lifted sales to a seasonally adjusted annual rate of 870,000 units.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n2-082407.cfm

HOMESELLINGWant to help your sellers catch the eye of potential buyers? Have them consider an investment in their yard, maybe by adding flowers, trees or shrubbery. A nicely landscaped property can boost the selling price by about 7 percent, according to researchers. Read the full story:http://www.floridarealtors.org/NewsAndEvents/n3-082007.cfm

CONSUMER CONFIDENCEHave U.S. consumers turned a corner? Consumer confidence for July surged 7.3 points over June numbers to reach its highest level in six years, suggesting that economic activity may gather momentum in the coming months.Read the full story:http://www.floridarealtors.org/NewsAndEvents/n4-073107.cfm

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www.REALTOR.COM new Realtor.com consumer feature enables buyers and Realtors to immediately get listing information using their PDA or cell phone. The service, available 24/7, has a one-click button that delivers listing info about a nearby home, and another one-click feature to contact the listing agent or broker.Read the full story:http://click.email.floridarealtors.org/?ju=fe5f11767764007b751d&ls=fe0215707d64077877177371&m=feff1070756103&l=fec21d7177640c74&s=fe671c707464007d771d&jb=ffcf14&t=

RED-HOT TV REAL ESTATETelevision is one area where the real estate market hasn’t slowed. Among the hot programs are: “Bought & Sold” on HGTV, “Real Estate Pros” on TLC, “Flip This House” on A&E, and “Property Ladder” on TLC. Viewers might wonder if the situations featured in the episodes are made for TV. “My show is never scripted and never will be,” says South Carolina real estate developer Richard Davis, whose adventures are chronicled on “Real Estate Pros.” It’s just the way the business is, says Michael Morrison, executive produce of “Flip This House.” “The real estate world is a magnet for personalities. There’s no shortage of bold, in-your-face individuals who are at times likable and at other times not likable.”Source: McClatchy Newspapers, Robert Trussell (07/07/2007)

PROPERTY INSURANCEHow do property insurance rates compare in your county? Homeowners and buyers can now find comparison info on a state-run Web site, which creates a fictional house and then shows how much it would cost to insure, by company and county, based on rate filings submitted to the Florida Office of Insurance Regulation.

http://www.flgov.com/shop4insurance/HOCompareRates.htm

SOME GOOD GRASS

A St. Augustine lawn boosts curb appeal, but a new type of grass developed by the University of Florida could make traditional St. Augustine an also-ran. Not only is this new turf far more resistant to sap-sucking, lawn-killing chinch bugs than current varieties, it’s also more attractive with a finer leaf blade and dark green hue. Need another hook? It also requires less mowing; perhaps 50 percent less than current common Florida grasses. Although IFAS officials recently approved the public release of the new grass, what’s now known as NUF-76 won’t be on the market until next year. Growers are quickly expanding acreage of NUF-76 to ensure there’s enough sod to create a buzz for the as-yet unnamed brand they hope will compete with Floratam, a turfgrass released by UF in the early 1970s that now covers some 750,000 acres around the state. Beyond homeowners, the grass could also help the environment. “If we can eliminate just one mowing per year, that could lead to substantial savings in fuel,” says Dr. Russell T. Nagata, associate professor horticultural sciences department. “And it’s possible the darker green color will prevent some people from applying as much fertilizer.”© 2007 FLORIDA ASSOCIATION OF REALTORS®