New FEMA Flood Zone Maps Now In Effect In Collier County
The Federal Emergency Management Agency (FEMA) has released the final version of Collier County’s flood zone map and many homeowners are now shopping for flood insurance. Many residences that had never appeared in an area designated as a special flood hazard may now be located in one of the color zones that identify areas at [...]
Ft. Myers And Naples Metro Areas Among U.S. Leaders In Foreclosures, Delinquent Mortgages
The greater Miami area led the nation in the percentage of homeowners who are in foreclosure or have fallen more than 90 days behind on their mortgage payment, a national review of 366 metropolitan areas indicates. Cape Coral-Fort Myers (11th) and Naples-Marco (16th) also were in the top 20. Prompted by tumbling property values and [...]
Florida Realtors Economist: Distressed Property Shadow Inventory Will Not Harm Housing Rebound
The term “shadow inventory” hangs over the real estate market, suggesting a thinly veiled catastrophe seen through the mist, just as the passengers of the Titanic watched an iceberg draw closer. However, a white paper written by Florida Realtors Chief Economist Dr. John Tuccillo finds the fear of a shadow inventory overrated. “The fear … [...]
Homeowners Insured By Citizens Have New Alternatives To Determine Replacement Value
A bill signed into law last week by Gov. Rick Scott, H.B. 1101, creates rules that allow homeowners to submit home replacement cost valuations to the state-run insurer of last resort, Citizens Property Insurance. HB 1101 creates new rules for other types of insurance, too, but the key issue for Florida’s real estate industry relates [...]
Fannie Mae, Freddie Mac, Bank Of America Aim To Drastically Speed Up The Short Sale Process
Some changes are coming according to Fannie Mae and Freddie Mac. Beginning on June 15, loans backed by Fannie or Freddie should expect to have a decision on a short sale offer within 30 to 60 days. If 30 days or more are needed, servicers must provide the borrower with weekly updates and must come [...]