FAR - News & Events - Housing starts up for second month

FAR - News & Events - Housing starts up for second month: "WASHINGTON – Jan. 18, 2007 – Home starts are up for December, according to the U.S. Census Bureau and the Department of Housing and Urban Development (HUD), while builders are more optimistic about the future, according to the National Association of Home Builders (NAHB) in yet another sign that the slow housing market may have turned a corner.

Housing starts

Privately-owned housing starts in December were at a seasonally adjusted annual rate of 1,642,000 – 4.5 percent above the revised November estimate of 1,572,000 but 18.0 percent below the December 2005 rate of 2,002,000.

Single-family housing starts in December were at a rate of 1,230,000, or 4.1 percent below the November figure of 1,282,000. The December rate for units in buildings with five units or more was 350,000. An estimated 1,800,700 housing units were started in 2006 – 12.9 percent below the 2005 figure of 2,068,300."

Homes with gardens grow on boomers

FAR - News & Events - Homes with gardens grow on boomers: "PORT ST. LUCIE, Fla. – Jan. 17, 2007 – Inspired by the legendary Woodstock music festival in 1969, Joni Mitchell penned a song with this refrain: We are stardust, we are golden, and we’ve got to get ourselves back to the garden.

The verses told a tale of the era: a lesson about connecting with the Earth. They became an anthem for the generation and one of Mitchell’s most-covered songs.

Almost four decades later, some of the baby boomers who committed those lines to memory are once again getting back to the garden.

But this time they’re not looking for compost piles in communes.

Boomers want idyllic gardens near their homes that they can tend on their own schedules – at least, that’s what marketing experts believe. And as much of the generation scouts retirement destinations, an eager building industry is seizing on the trend."

FAR - News & Events - U.S. bill could help lower property insurance rates

FAR - News & Events - U.S. bill could help lower property insurance rates: "U.S. bill could help lower property insurance rates

TALLAHASSEE, Fla. – Jan. 16, 2007 – On the eve of the Florida Legislature’s special session on property insurance, U.S. Rep. Vern Buchanan announced Monday he will revive a federal bill that he says would help drive down rates.

Called the Homeowners’ Insurance Protection Act, the bill seeks to create a federal fund to even out the insurance market, Buchanan said in a news conference with U.S. Rep. Ginny Brown-Waite.

Federal and state lawmakers say that reinsurance is one of the main factors why homeowners now pay high premiums.

Insurance companies usually purchase reinsurance to help cover their risk, and those rates often dictate how much homeowners shell out for their property and casualty coverage.

“We have to stabilize the reinsurance market,” Buchanan said."

Empty houses lead to lower prices

FAR - News & Events - Empty houses lead to lower prices: "Empty houses lead to lower prices

WASHINGTON – Jan. 9, 2007 – With spring right around the corner, many housing industry experts are hoping the real estate market will see some noticeable improvements.

However, there is one snag that can potentially keep prices down – the large number of vacant homes for sale and rent.

In the third quarter of 2006, there were 5.7 million vacant housing units, accounting for a record 4.6 percent of all U.S. homes, according to the U.S. Census Bureau. The average in the 1990s was about 3.5 percent. To get this ratio back to normal, 1.3 million vacant homes need to be occupied.

Lots of empty homes pushes home prices downward, says Credit Suisse analyst Ivy Zelman. Owners of unrented, unsold homes must pay for insurance, lawn service, taxes and, often, a mortgage.

Seeing those costs pile up can motivate an owner to sell or rent at much lower prices. When a house sells at a lower price, other would-be buyers expect lower prices as well.

Source: The Wall Street Journal, Justin Lahart (01/08/2007)"

Lawmakers propose town hall meetings on property taxes

FAR - News & Events - Lawmakers propose town hall meetings on property taxes: "TALLAHASSEE, Fla. (AP) – Jan. 9, 2007 – State lawmakers plan a series of town hall meetings across Florida to gather feedback from citizens on skyrocketing property taxes that have forced some business owners to flee the state and kept potential homebuyers from qualifying for mortgages.

The first of eight planned meetings will be held sometime this month, Sen. Mike Haridopolos, R-Indialantic, said Monday.

“Homeowners, renters, first-time buyers and business owners across our state are all touched by this issue, and it is time that we hear from them directly,” Haridopolos said. “Not every concerned citizen can come to the Legislature. We are looking forward to traveling the state and working with everyday Floridians on this issue.”"