U.S. Rep. Charlie Melancon (D-La.) recently introduced the Drywall Victims Insurance Protection Act to prevent insurers from canceling or refusing to renew homeowners’ insurance policies due to Chinese drywall concerns.
The legislation also prohibits insurers from changing or altering rates or coverage levels in relation to Chinese drywall problems.
Additionally, policyholders’ right to sue insurers over coverage drops would be protected. With more than 1,800 complaints related to Chinese drywall and property damage estimated at up to $3 billion, the legislation will ensure consumers are protected.
However, some small insurers have filed court cases stating that Chinese drywall damage is excluded from their policies.
Florida Housing Market Indicators:
Florida existing home sales:
(month-to-previous-year comparison)
* 34%
Florida existing condo sales:
(month-to-previous-year comparison)
* 77%
Florida existing home median price:
* $142,000
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Sales of existing single-family homes in Florida rose 33 percent in third quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 44,345 existing homes sold statewide in 3Q 2009; during the same period the year before, a total of 33,311 existing homes sold. It marks the fifth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to the state association.
Statewide sales of existing condominiums in the third quarter rose 56 percent compared to the same time the previous year. This marks the fourth consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.
Statewide sales activity in 3Q 2009 also increased over 2Q 2009’s sales figure in both the existing home and existing condo markets, Florida Realtors’ records show. For 3Q 2009, statewide sales of existing homes rose 2.82 percent over the 2Q 2009 figure; existing condo sales statewide in 3Q 2009 increased 0.37 percent over the 2Q 2009 level.
To gain insight into current trends in Florida’s real estate industry, the University of Florida’s Bergstrom Center for Real Estate Studies conducts a quarterly survey of industry executives, market research economists, real estate scholars and other experts.
“Most economists think the recession is over, but people are afraid to spend money as unemployment keeps going up, which creates problems for every sector of the real estate market,” said Tim Becker, the center’s director.
On the positive side, survey respondents expressed increasing optimism about their own business outlook, and predicted great opportunities for future investment. Becker noted that the euro’s favorable exchange rate against the dollar and the availability of desirable commercial property at low prices is encouraging international investors.
“Everybody thinks that Florida will rebound because we have so much going for us – the sun shines every day and there are a lot of advantages to living here,” he said. “Foreign investors see that too and believe their prospects are good for long-term investments.”
All of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the third quarter compared to the same three-month-period a year earlier, while 17 MSAs showed gains in condo sales.
The statewide existing-home median sales price was $145,400 in the third quarter; a year earlier, it was $185,600 for a decrease of 22 percent. The 3Q 2009 statewide existing-home median sales price was 1.25 percent higher than 2Q’s statewide existing-home median sales price of $143,600. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less.
In the year-to-year quarterly comparison for condo sales, 14,797 units sold statewide for the quarter compared to 9,488 in 3Q 2008 for a 56 percent increase. The statewide existing-condo median sales price was $106,100 for the three-month period; in 3Q 2008, it was $160,100 for a decrease of 34 percent.
Low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5.16 percent in 3Q 2009; one year earlier, it averaged 6.32 percent.
U.S. wildlife agency will review Florida manatee protection rules
WASHINGTON – Sept. 30, 2009 – A decision by the U.S. Fish and Wildlife Service to review existing Florida manatee protection rules was hailed by environmentalists Tuesday as a welcome first step in a process that could expand the designated habitat for the endangered mammal in South Florida.
In response to a petition filed by the Save the Manatee Club and three other groups, government scientists will consider updating critical habitat designations of the endangered mammal that were originally drawn in 1976.
“This is a very important step forward, but it does not signal a major upheaval” in regulations now governing boating or development, said Miyoko Sakashita, a spokeswoman for the Center for Biological Diversity. “But it is important that habitat protection reflects best available science.”
The announcement was welcomed by Pat Quinn, a biologist with Broward County’s Environmental Protection and Growth Management Department.
“If we have been running off [information] from that long ago, there might be some serious impacts on manatees that we just don’t know about,” said Quinn.
Waterways in Broward, Palm Beach, Miami-Dade and 12 other Florida counties already are designated critical habitat for manatees.
As outlined in its petition, the four advocacy groups suggest adding to designated manatee protection zones along the length of the Intracoastal Waterway in Broward, Palm Beach and Miami-Dade counties, as well as in many of the lakes, canals and waterways to which it connects.
“This is good news, not just for environmentalists, but for everybody,” said Katie Tripp, science and conservation director with the Maitland-based Save the Manatee Club. “Manatees have been studied a lot in the last 30 years. We know a lot now about water quality and sea grass, for example, so why not use it?”
Charles Underwood, a spokesman for the Fish & Wildlife Service, said the petitioners provided “substantial and credible” scientific evidence that manatees need new protections in habitat that is better defined.
The next step is a full review of scientific information to determine if additional protections are warranted.
A rule proposing new critical habitat is due by Dec. 19, a year from the date the petition was filed.
The Florida manatee was one of the first species to be listed under the Endangered Species Act, which is credited with slowing the animal’s decline.
Broward and Miami-Dade counties are prime manatee habitat, especially when temperatures drop. Last winter nearly 900 manatees were counted in Broward County during one survey, a number representing about a fourth all manatees seen in Florida that day, said Quinn.
Copyright © 2009 Sun Sentinel, Fort Lauderdale, Fla., Mike Clary. Distributed by McClatchy-Tribune Information Services.
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