FLORIDA NO. 2 FOR NEW RESIDENTS

About 40 million Americans move each year, and Florida is the No. 2 spot for relocation, second only to California, according to a survey conducted by Relocation.com. The survey finds that 19 percent of those relocating went from owning their own homes to renting, with only 15 percent shifting the other way. Only 14 percent of the 1,237 respondents owned their previous residence and moved to a newly purchased home, and the majority (52 percent) went from one rental situation to another. The survey shows that most people relocate for a new job, a transfer within their current job or to seek a new lifestyle, including retirement. About half the moves were from one state to another. Two-thirds moved more than 100 miles and 54 percent moved more than 500 miles away. California is the number one destination state with 6 percent of the total sample moving there from another state, while 5 percent of all relocations move to Florida, followed by Texas (4 percent), New York (3 percent) and Georgia (2 percent).

Source: Relocation.com

FLOOD INSURANCE

The recent Midwest flooding caught many property owners unprotected, and it could happen in Florida. People generally pass on federally-backed flood coverage because they don’t realize it falls outside standard home insurance or they underestimate the risk. Yet a house has a 26 percent chance of flood damage during a 30-year mortgage, according to the National Flood Insurance Program. It is highly recommended by this REALTOR® for those that own a home or first floor condominium in Naples, Bonita Springs, or Estero they seriously consider purchasing flood insurance, due to the sub-tropical environment where we are located.

HOMEBUYERS

The cost of gas is redefining the definition of "location, location, location." After potential buyers weigh commuting expenses, demand goes up for homes near jobs, bus terminals or train stations. If gas prices continue to rise, some neighborhoods could experience price gains at the expense of other neighborhoods that see a drop in demand.

OFFSHORE DRILLING

President Bush has jumped into the election-year debate over high gas prices, outlining a plan for more domestic production that could include lifting the ban on offshore oil drilling near Florida’s Gulf Coast. Opponents denounce the proposals, saying they’re nothing more than a favor to oil companies.

CONDOS

Property managers for some of the toniest addresses in South Florida’s luxury condo market are dealing with a slew of new troubles resulting from vacant foreclosures: Impostor landlords leasing units they do not own, a rash of vandalism and squatters taking up residence.
 

NEW LEGISLATION

Governor Charlie Crist signed a bill authorizing “electronic” foreclosure sales. Previously, foreclosure sales had to be conducted in person; now they may be done online.

LENDING REFORM

Six trade groups on Tuesday told federal lawmakers that a comprehensive housing bill would impose too-strict standards on lenders. They say the bill, if passed, would expose lenders to potential lawsuits and force them "to reduce the number and type of products to consumers."

GULF OIL DRILLING

Governor Charlie Crist dropped his long-standing support for the federal government’s moratorium on offshore oil drilling, endorsing presidential candidate John McCain’s proposal to let states decide. "I mean, let’s face it, the price of gas has gone through the roof, and Florida families are suffering," Crist said yesterday.

FORECLOSURES

As the federal government discusses ways to help struggling homeowners, a growing number of cities are taking matters into their own hands. "We can’t wait on the federal government," says Douglas Palmer, president of the U.S. Conference of Mayors. "We’re taking action."
 

HOUSING AID

Major mortgage lenders have agreed to streamline and speed up the process for assisting distressed homeowners following criticism that they’re too slow and sometimes unresponsive. Under new guidelines, homeowners seeking help can expect an answer within 45 days.

GULF OIL DRILLING

With high gas prices squeezing many consumers, there’s more pressure to lift the ban on oil and gas drilling in the waters off Florida’s Gulf Coast – a move that could threaten the state’s pristine beaches and $65-billion-a-year tourism industry. But according to United States Senator Bill Nelson, Democrat from Florida, drilling proponents are using high gas prices "to scare the public into thinking coastal drilling offers a real solution to our dependency on oil." Probably would be much better if we reduced the consumption of petroleum related products and spent more on the development of alternative fuels.

HOUSING STARTS

The Census Bureau reported this morning that May housing starts fell by 3.3 percent compared to April numbers.

FORECLOSURES

A few buyers with good credit have discovered the "buy and bail" strategy: Buy a second home at a good price, tell the new lender that you plan to rent out the first home, and then walk away from the original home, leaving the first lender holding the bag. This strategy is not recommended – you will be negatively impacting your credit score, exposing yourself to a possibly deficiency judgment (depends upon the state laws and mortgage), as well as, the possibility of signing an unsecured promissory note for any deficiency.