Fate of flood-insurance program could delay closing

If you are scheduled to close on a property in the near future you may want to get your Flood Ins before congresses Sept 30 deadline to extend the program. Last year when congress did not extend the program before the deadline I have three of my closings delayed.  

Read an article about it here.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=264428

Banks holding properties?

OK, I have had this questiion asked me several times so I though it would be a good to post here

On May 28, 2011, at 7:32 AM, Celeste wrote:
Tad this is great news, but I have heard the banks are holding a lot of propertys and the market is going to be flooded once again, have you heard this?
Celeste
From: Tad Miller <tm@tadmiller.us>
To: Tad Miller <tm@tadmiller.us>
Sent: Fri, May 27, 2011 1:10 pm
Subject: Enjoy the news and share with your social media contacts.......
Hi Celeste
I have heard that also but I don't think it is 100% accurate. I have see properties being held off the market and when I inquire about them there is always some issue they have to clear up before they can put it on the market to sell. The banks take every precaution to have clear title before they resale a property. This has produced a longer holding time once they take title as they realize the different issues that can accrue. Another thought, the banks are in business to lend money, they do not like holding assets, time is money to a bank, they would rather have the money and do what they know best, lend money.
So my thoughts are that banks are not holding properties. As far as another flood of foreclosures there are no signs of this and all the statistics show the foreclosures are declining
I think SW Florida has started its way to recovery.