| PROPERTY INSURANCE
State insurance officials in Tallahassee grilled Florida Farm Bureau General Insurance Co. about its request to raise its statewide property insurance rates by an average of 28 percent. Florida Farm has 100,540 homeowner polices statewide.
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http://www.floridarealtors.org/NewsAndEvents/n1-073108.cfm
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ECONOMY
Economic growth picked up in the second quarter as tax rebates energized U.S. consumers, analysts said. The U.S. Commerce Department reported that gross domestic product, or GDP, increased at an annual rate of 1.9 percent in the April-to-June period.
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http://www.floridarealtors.org/NewsAndEvents/n2-073108.cfm
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FHA LOANS
Rules for FHA loans for condos are so complicated that borrowers apparently are avoiding them. Lenders say informally that the use of FHA loans to buy houses has tripled, but certain restrictions appear to be keeping condo buyers away.
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http://www.floridarealtors.org/NewsAndEvents/n3-073108.cfm
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COMMERCIAL
The U.S. commercial property market likely will avoid the troubles affecting the single-family housing sector but still will face hard times in the coming year, according to industry experts. "I am optimistic about the long-range outlook, we just have to be patient," said Milton Cooper, chairman and CEO of New York-based Kimco Realty Corp.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n4-073108.cfm
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MORTGAGES
Who holds your mortgage now? Dozens of hedge funds, private equity groups and other investors have plunged into the mortgage market in recent months, buying tens of thousands of distressed loans and foreclosed properties around the country.
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http://www.floridarealtors.org/NewsAndEvents/n5-073108.cfm
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WHAT'S YOUR BUYER'S BEHAVIOR TYPE?
According to Bayham Consulting LLC President Alan Bayham, real estate professionals should understand that prospective buyers usually fit into four behavioral categories and that agents' sales presentations can be customized based on the buyer's personality type. For example, he says that Direct Type Buyers have Type A personalities, are direct and in a hurry, and have no qualms about interrupting a presentation. Agents would be wise to allow this buyer to talk and avoid giving too many details because he or she will make a decision quickly. Interpersonal Buyers are pleasant, excitable and more focused on relationship building, making it important for agents to socialize and create a positive atmosphere without imposing hard restrictions. The Safety or Status Quo Type Buyer is calm, listens to what the agent has to say and asks questions; and agents should keep in mind that it is crucial for them to present the information slowly, inquire about the buyer's needs, offer support and take a gradual approach to obtaining commitment. Finally, the Contemplative Buyer does not like small talk, wanting as many details as possible and conducting his or her own research beforehand. Agents should be careful not to encroach on this buyer's personal space, be thorough in providing information and documentation, and be willing to wait for the buyer to make a decision.
Source: RISMedia (07/29/08) Bayham, Alan G.
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