Thursday, October 9, 2008
Real estate ads include listing after listing of bargain-basement prices, but those who buy a home in foreclosure should know that the property bills may not be such a bargain. Florida regulations bar counties from factoring in foreclosures when they draw up tax rolls.
Increasingly, foreign investors find Florida an attractive bargain, and local real estate professionals are working to establish more international relationships. "The past couple of years with the declining dollar, Florida has become a magnet to international investors," says Ivo Travnicek, of Sarasota-based Florida Venture Partners LLC.
Republican presidential candidate John McCain on Wednesday touted his new mortgage rescue plan, which would buy bad mortgages directly using funds from the $700 billion financial bailout approved by Congress last week. Meanwhile, Democratic candidate Barack Obama says McCain's approach helps bad lenders and hurts taxpayers.
In a coordinated move, the Federal Reserve and other major central banks from around the world slashed interest rates Wednesday. The move should make ATMs and home equity lines of credit more affordable.
After a housing slump that has pushed home values down in most areas, roughly 12 million households, or 16 percent, now owe more than their homes are worth
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