|
**********************************************************
HOME SALES
Florida's housing sector continued to show signs of market adjustments
in July as mortgage rates edged up and the inventory of homes available
for sale remained at higher levels. A total of 14,451 existing single-
family homes sold statewide last month, a decrease of 33 percent from
the previous July, according to FAR. The statewide existing-home
median price rose 1 percent to $250,800.
__________________________
BUILDING CODE
Florida's building commission decided Tuesday that new Panhandle
homes must be protected from wind-borne hurricane debris in areas
most likely to experience at least 130 mph winds. But Gov. Bush and
insurance officials say it doesn't cover enough homeowners.
__________________________
PROPERTY INSURANCE
Gov. Jeb Bush said yesterday that he plans to call a special session
of the Florida Legislature, possibly as early as October, to confront
the state's insurance crisis.
__________________________
INTEREST RATES
The U.S. economy is feeling "some effects" of a two-year policy of
raising short-term interest rates, according to Federal Reserve Bank
of Chicago President Michael Moskow, who noted that higher rates
are part of the reason for a housing sector slowdown.
__________________________
HOUSING AUTHORITIES
When the Florida Association of Housing and Redevelopment Officials'
convention and trade show opens today in Tampa, attendees will be
talking about rapidly rising property insurance rates and HUD's new
rule requiring housing authorities to convert to an asset management-
based oversight.
**********************************************************
AN OFFER YOU CAN'T REFUSE
A good home in good condition in a good neighborhood offered at a
fair price will still sell in a reasonable amount of time, experts say.
But in today's market, some owners want to offer a little extra incentive
to help their home sell as quickly as possible. Here are some
suggestions:
. Pay homeowners' association fees for up to two years.
. Pay the buyer's home insurance for up to a year.
. Offer a bonus to the buyer's agent.
. Buy down the mortgage rate by a percentage point or two to
lower the buyer's monthly payment.
. Pay closing costs.
. Replace all the appliances with new ones
|
