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WASHINGTON – Sept. 20, 2010 – The National Flood Insurance Program (NFIP) will expire on Sept. 30, which, unless stopped by Congress, will mark the fourth time this year. Critics have decried Congress’ slow response to not only extend the program long-term, but also for failing to pass substantial reforms.

By allowing the program to lapse, homeowners with flood insurance could lose coverage if they can’t renew, though Congress has historically made a renewal retroactive.

Additionally, some home sales can’t go to closing if the lender requires flood insurance coverage because a property sits in a flood zone. That problem was particularly acute on April 30 of this year as homebuyers faced a deadline for the $8,000 stimulus credit for first-time homebuyers.

Critics say the flood insurance program should be extended for at least 12 months; and once that is accomplished, it must be reformed so that it remains on solid financial footing.

Currently, flood insurance coverage limits are low, there is no coverage for loss of use, and rates are inadequate to cover potential losses. Reform before Sept. 30 should be a top priority for Congress, given the recent weather forecasts and the number of hurricanes and tropical storms forming in the Atlantic Ocean.

Steve Geving
Jones & Co Realty
239-573-1400
www.nextgenerationrealtygroup.com

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On this day in the year 1087 A.D. one of the most notable characters in the history of Western civilization died. (While we don’t do “deaths” ordinarily, this had a level of absurdity that may have even exceeded its regal/notoriety – a kind of “Monty Python buries the King.”)…..Okay! Okay! I’ll get to the point.

A few weeks before this day, William the Conqueror (see successful invaders of British Isles – short list) was traveling in France. The citizens of Mantes (see local town – bad attitude) hung out signs unwelcoming Willy. Since this was before the age of political correctness, the signs read – “Go home you bastard” (in Medieval French, of course – noting the unsanctioned mating of his parents) and “Buzz off you pregnant sow” (again in Medieval French and alluding to an odd weight problem he had since infancy which made him look like he was shoplifting a gargoyle under his armor).

Lacking a sense of humor, said William the C proceeded to burn Mantes to the ground. As he rode triumphantly among the ruins, his horse hit a hot ember. The horse rolled over crushing the saddle horn against the royal rotundity. The blow was so strong it caused an internal puncture of the intestines. (Hang on – here comes Monty Python.)

His doctors fed him sweets and wine unknowingly helping to compound his infection. For several weeks his pain increased as did the size of his stomach. Finally, on this day he died. The royal court, fearing a posthumous revolt, headed for home. The royal servants seeing no one to see them stripped the royal chamber and then the royal body – of clothing and jewelry. All this while the infection in the royal cadaver continued to grow.

Finally, a delegation of Bishops, Abbotts, Friars, et. al., arrived to bury his ever-swelling majesty. As they rolled the royal coffin toward the altar, a small problem ensued. Tradition said the coffin should be closed. But the infected royal cadaver continued to swell even after being dressed and en-casketed.

First the altar boys tried to close the casket. Then progressively more of the religious and well intentioned assisted. With everyone pushing down, the skin surrounding the massive intestinal infection burst unleashing fluid and odor driving everyone out of St. Stephen’s Church in Caen and ultimately out of Caen itself. People reportedly came back into town after only a day or two and a few reportedly even re-entered the church in less than a month. After the burial it is said nothing grew on the grave for three years.

That great historical story by Art Cashin reminds me of the housing market.  I look around Southwest Florida and see a great inventory of houses for sale at 40-60% of construction cost.  The great deals are being swept up by investors, foreign buyers, retirees, and seasonal visitors but when is the local market going to participate?  My guess is that the locals will jump into the housing market when construction starts to resume and prices are again on the rise.  Don’t hesitate, the number of foreclosures and distressed properties are reducing and housing prices are already starting to rise.

Steve Geving
Premiere Plus Realty Co
www.nextgenerationrealtygroup.com

Serving Cape Coral, Fort Myers, Bonita Springs, Estero, Sanibel, Captiva, Lehigh Acres, Pine Island and Punta Gorda

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Home prices up 1% in June

WASHINGTON (AP) – Sept. 1, 2010 – U.S. home prices rose in June for the third straight month amid a burst of homebuying due to tax incentives that have since expired. The Standard & Poor’s/Case-Shiller 20-city home price index posted a 1 percent increase in June from May and was up 4.2 percent from a year ago. Home prices nationally were up 4.8 percent in the second quarter compared with the first quarter, largely due to government tax credits of up to $8,000 that caused sales to surge. Seventeen cities showed price gains on a monthly basis. Prices in Seattle and Portland (Oregon) were flat from a month ago, while prices in Las Vegas fell. Nationally, prices have risen 6 percent from their April 2009 bottom. But they remain 28 percent below their July 2006 peak.

Steve Geving
Jones and Co. Realty
www.nextgenerationrealtygroup.com

Proudly serving Cape Coral, Fort Myers, Lehigh Acres, Bonita Springs, Estero, Pine Island, Punta Gorda, Captiva, and Sanibel.

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If you don’t like how things are, change it! You’re not a tree.

Jim Rohn

There is no failure except in no longer trying.

Elbert Hubbard

You can never do yout best ’cause every time you try you just get better and better.

Sammy Eang

The most beautiful experience we can have is the mysterious.

Albert Einstein

I know the price of success: dedication, hard work, and an unremitting devotion to the things you want to see happen.

Frank Lloyd Wright

Steve Geving
Premiere Plus Realty Co
www.nextgenerationrealtygroup.com

Serving Cape Coral, Fort Myers, Bonita Springs, Estero, Sanibel, Captiva, Lehigh Acres, Pine Island and Punta Gorda 

 

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U.S. Census Bureau releases info on nation’s housingWASHINGTON – Aug. 25, 2010 – According to the 2009 American Housing Survey by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD), median monthly housing costs were $1,000 for homeowners and $808 for renters last year – and renters devoted 31 percent of income to housing costs, versus 20 percent for homeowners.

The survey, available on the Census Bureau’s website, pegs the median home price at $107,500 for existing dwellings and $240,000 for newly constructed houses last year.

Of the close to 112 million occupied housing units covered by the survey, 66 percent had a primary mortgage and/or home equity loan, 32 percent were owned free and clear and 2 percent had a home equity line of credit.

Of homeowners who recently relocated, 28 percent said finances were their top consideration, while 15 percent cited the new home’s room/layout and design, and 10 percent moved because of the new home’s size.

The survey also showed that 64 percent of homes had at least three bedrooms and 51 percent had at least two bathrooms, rising to 80 percent and 89 percent, respectively, for new dwellings.

Source: RISMedia (08/20/10)

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Please call or email us with all of your home buying and homes selling needs.  We looking forward to earning your trust and business.

Steve Geving
Premiere Plus Realty Co
www.nextgenerationrealtygroup.com

Serving Cape Coral, Fort Myers, Bonita Springs, Estero, Sanibel, Captiva, Lehigh Acres, Pine Island and Punta Gorda

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