FLORIDA PROPERTY INSURANCE
Lawmakers haven’t written much property insurance legislation for the upcoming regular session, but they will. They first must analyze insurers’ reaction to existing legislation from the special session before taking the next step, but ideas are already being discussed.
Let’s hope the insurers’ reaction to the existing legislation from the special session is favorably received. Maybe the insurers’ will look favorably on the legislation as a result of the recent court settlements in other Gulf states from Hurricane Katrina.
Just last month I finally got the last payment for Hurricane Wilma’s damage to my home. The insurance company was not the issue, it was my issue because I did not file a supplemental claim in a timely fashion.
FLORIDA CONSUMER CONFIDENCE
Relatively cheap gas prices, a record high stock market and low unemployment all contributed to a rise in Floridians’ consumer confidence by two points to 91 in February – four points higher than at the same time a year ago, according to UF economists.
Recently I noticed a slight increase in gasoline prices - wonder how the slight increases will affect the consumer confidence level in the month of March.
SUBPRIME MORTGAGES
It keeps getting tougher to qualify for a loan. Freddie Mac, the nation’s second-biggest financer of home mortgages, said yesterday that it will stop buying subprime ARMs, will make more applicants show proof of income, and require borrowers to qualify for a mortgage’s maximum rate – not just the initial “teaser†rate.
A suggestion for those looking to borrow money for purchasing their new home or condo should obtain a copy their credit report from the big 3 credit reporting bureaus with their credit scores. In an earlier post - I mentioned that the minimum credit score moved from 580 to 600. Many errors on your credit report can be easily corrected if you contact the appropriate credit bureau. You may want to review the Fair Credit Reporting Act and the Fair Debt Collection Practices Act. The acts address how to dispute errors on your credit report as well as items that a debt collector is reporting.
Maybe one day, I will post how to avoid using "credit repair" companies and save yourself money and aggrevation all at the same time.
NATIONAL ECONOMY
Do you feel lucky? While Alan Greenspan’s economic outlook sent the stock market down on the 27th, many economists put the chances of a U.S. recession at only one in five, with the biggest risk coming from the housing market.
If there is a silver lining to a gray cloud, it has been interest rates for mortgages have fallen for the third time in the past 4 weeks as per Bankrate’s mortgage analysis.