New fortified homes aim to withstand nature's assaults

New ‘fortified’ homes aim to withstand nature’s assaults: "FORT MYERS, Fla. -- Nov. 23, 2005 -- A number of developers are building so-called fortified homes that can withstand hurricanes, blizzards, earthquakes, wildfires and tornadoes. Residences that surpass local building codes could obtain a seal of approval from the insurance industry?s Institute for Business and Home Safety, which calls for dwellings in flood plains to be built two feet above the minimum levels on federal flood maps, among other requirements."

Congress OKs flood insurance borrowing

Congress OKs flood insurance borrowing: "WASHINGTON -- Nov. 21, 2005 -- The federal flood insurance agency, currently broke because of hurricane-related claims, will be able to resume payments to flood victims following a vote by Congress to increase its borrowing powers.
The Senate and the House on Friday both approved by voice vote legislation that raises to $18.5 billion the amount the National Flood Insurance Program can borrow from the Treasury every year. In September, Congress voted to raise the borrowing authority from $1.5 billion to $3.5 billion."

Rates on 30-year mortgages climb for 10th consecutive week

Rates on 30-year mortgages climb for 10th consecutive week: "WASHINGTON -- Nov. 18, 2005 -- Rates on 30-year mortgages edged up slightly this week, posting the 10th consecutive increase and keeping rates at the highest level in more than two years.

Mortgage giant Freddie Mac reported Thursday that the nationwide average for 30-year, fixed-rate mortgages rose to 6.37 percent, slightly higher than last week's 6.36 percent average.

Both weeks represented the highest level since 30-year mortgages were at 6.44 percent in early September 2003.

The 30-year mortgage is now nearly a full percentage point above its low-point of this year of 5.53 percent set the week of June 30. But analysts said even with the increases the 30-year and adjustable rate mortgages remain well below their averages over the past decade.
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Florida home sales, prices up in 3rd quarter

Florida home sales, prices up in 3rd quarter: "ORLANDO, Fla. -- Nov. 15, 2005 -- Sales of existing single-family homes in Florida rose during third quarter 2005 along with the statewide median price: a total of 64,978 homes changed hands during the three-month period for a 7 percent increase over the 60,462 homes sold in third quarter 2004, according to the Florida Association of Realtors? (FAR). The impact of four hurricanes that struck Florida during the third quarter of last year continues to be a factor in the comparison of statewide sales of single-family existing homes for third quarter 2005.

The statewide median sales price for third quarter 2005 rose 31 percent to $248,600; a year ago, it was $189,900. For third quarter 2000, the statewide median sales price of existing single-family homes was $119,700, which translates as an increase of about 107.6 percent over the five-year period. The median is a typical market price where half of the units sold for more and half sold for less."

Mortgage rates continue climbing upward; loan applications falling

Mortgage rates continue climbing upward; loan applications falling: "WASHINGTON -- Nov. 4, 2005 -- The average rate for 30-year mortgages rose to 6.31% this week, the highest rate in 16 months, mortgage giant Freddie Mac said Thursday. A year ago, the average rate was 5.7%.

Adjustable-rate mortgages also jumped. The average rate for a 1-year ARM was 5.09% this week, highest since 5.11% in March 2002. Rates on 5-year hybrid ARMs rose to 5.76%, up from 5.03% at the beginning of the year."

More rate increases expected as Fed keeps fighting inflation threat

More rate increases expected as Fed keeps fighting inflation threat: "WASHINGTON -- Nov. 2, 2005 -- The star actor may be about to depart, but his understudy at the Federal Reserve is expected to keep following the same script - gradually increasing interest rates to make sure inflation does not get out of control.

Many private economists believe outgoing Fed Chairman Alan Greenspan will boost rates at his final two meetings on Dec. 13 and Jan. 31 and that Ben Bernanke, the man tapped to succeed him, will add a final rate increase at his first meeting on March 28.

Analysts said they hold to the view that there will be at least three more rate increases because they believe Bernanke will want to show his inflation-fighting zeal as soon as he takes over and signal his solidarity with the policies of Greenspan. The outgoing chairman gained near mythic status in financial markets during his 18 years as Fed chief."