Biggest price cut of the day
November 06, 2009 06:30PM
16051 Collins Ave.
16051 Collins Ave.President Barack Obama has signed into a law a bill that extends the first-time homebuyer tax credit to April 30 and strengthens anti-fraud measures, he announced today. The bill also stretches out unemployment benefits by up to 20 additional weeks and cuts taxes for struggling business owners. The new law comes on the heels of news that the national unemployment rate has eclipsed 10 percent. Obama said despite sustained job losses, the economy grew last quarter in large part due to a rebound in the housing market. The extended homebuyer tax credit, which was previously slated to expire at the end of this month, will be instrumental in ensuring a continued recovery, he said.
The number of foreclosures in South Florida year-to-date increased to 85,371 from 65,821 at the same point last year, according to data from Condo Vultures Realty. For this week alone, the number dropped to 1,893 from 2,026 in the same week last year. The graph below shows foreclosure activity in South Florida's three counties. TRD
Condo Vultures Realty compiles foreclosure data using information collected from the respective county clerk of the court by a third-party service. The reported time period is adjusted to reflect the comparable week from the previous year. The year-to-date number reflects the cumulative total of foreclosure filings for the year, as of the week noted.
1. Lawsuits target Soffer family business [Miami Herald]
2. Drywall tests puzzle inspectors [Sun Sentinel]
3. Worth Ave. Association hears upbeat hotel view [Palm Beach Daily News]
4. Floridians pleased by tax credit extension [Palm Beach Post]
5. Miami foreclosures on the rise, data shows [Miami New Times]
More
Scientists looking at the unpleasant effects of tainted Chinese drywall are trying to determine if the problem is caused by a chemical reaction or bacteria. Some labs say the building material has significant amounts of sulfate-reducing bacteria, which would account for the stench that's been linked to corroded metal fixtures and associated with health problems including rashes and nosebleeds. Dr. David Krause, a toxicologist with the Florida Department of Health, said the bacteria theory needs further testing, and that even if there is a high level of bacteria in the drywall, no link has been established to the sulfur gas emissions. [Palm Beach Post]
The Palm Beach County Tax Collector's office listed Florida Power & Light as the biggest payer among the 600,000 property tax notices it will mail out on Saturday. Its bill? About $33 million. Other big taxpayers include Bellsouth Telecommuniations at $8.7 million, Town Center at $7 million, U.S. Sugar Corp. at $5.5 million and Breakers Palm Beach at $5.3 million. In total, the bills represent about $3.2 billion in property tax revenues for the County. [Palm Beach Post]
After an $18.9 billion loss in the third quarter, Fannie Mae plans to dip into an emergency Treasury Department fund for the fourth time this year, the Securities and Exchange Commission said yesterday. On top of the $44.9 billion the government-sponsored mortgage giant has already received in emergency financing, the company will ask for an additional $15 billion. The company says it does not foresee a quick end to its losses, and many believe this will not be the last time Fannie Mae will need to be bailed out. Ultimately, Fannie Mae will likely rack up $200 billion in emergency government funds, said Paul Miller, an analyst at Arlington, Va.-based FBR Capital Markets. Shares of Fannie Mae closed at $1.12 yesterday. They peaked at $87.81 in December 2000. [Bloomberg]
Michael Cannon, of Integra Realty Resources, a 40-year veteran of Miami
real estate, looks at the flood of foreclosure and sees history
repeating itself. A quick survey of 40 years of newspaper headlines in
his personal collection of real estate related objects shows a pattern:
Dim housing outlooks from the 50's. People stuck renting in the 80's.
He says Florida is seeing the same characteristics today as the 80's,
during the periods of the 70's, during the 60's as well. He said it's
just that it's bigger this time, that it's the great recession. [CBS4]
Stiefel Laboratories, a Coral Gables company that's one of South
Florida's oldest, will be moving to Research Triangle Park in North
Carolina. It will lay off 40 workers and take its dermatology product
manufacturing operations north. It was acquired in July by
multinational pharmaceutical company GlaxoSmithKline in a $2.9 billion
deal. "The move will help Stiefel achieve its goal to 'Work as One' and
is aligned with the GlaxoSmithKline Global Real Estate Program, which
aims to optimize the use of facilities and simplify the company's
operating model," said company spokeswoman Erin Bacher Singer. [SFBJ]
Florida Sen. Bill Nelson spearheaded a bipartisan group of senators
from states affected by noxious Chinese made drywall seeking relief for
homeowners. Sens. Nelson and George LeMieux from Florida; Mary Landrieu
and David Vitter of Louisiana; and Mark Warner and Jim Webb of Virginia
introduced the resolution, which carries no penalties but encourages
lenders to delay or suspend mortgage payments -- without penalty -- for
families with contaminated drywall. Nationally, there are over 1,300
homeowners in 26 states who are dealing with health issues caused by
the use of contaminated drywall [Miami Herald]

The Real Deal is looking for your feedback on market-related issues. Please comment below. If you have questions you'd like posted, please e-mail news@therealdeal.com.