Florida Backs Mississippi in Flood Insurance Lawsuit

Flood insurance rate hikes have been big news recently, especially because of the amount of increase Florida homeowners are likely to see in their premiums.  Last month, Mississippi led the Gulf states with a lawsuit aimed at the federal rate hike.

The lawsuit claims that the Federal Emergency Management Administration failed to complete its due diligence under the Biggart-Waters Flood Insurance Reform Act.  Specifically, that FEMA did not complete an affordability survey of the higher flood insurance premiums by the deadline of April 2013.  In fact, they have not completed one at all.  

On October 10th, Gov. Rick Scott, Attorney General Pam Bondi and CFO Jeff Atwater announced that they had only filled a brief in support of the Mississippi lawsuit, but did not rule out further action, hoping that they will be successful with their lawsuit or that congress and the president will take action immediately stop the rate increases.

The Florida legislature has also proposed other efforts to stabilize the rates such as being removed from the federal program and instituting its own state backed program similar to the Florida Hurricane Catastrophe Fund.


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Source: News Service of Florida

Average 30 Year Mortgage Rate at 4.23%

Thursday of last week, Freddie Mac said the average 30 year mortgage rate increased by .01% to 4.23%.  The avg 15 year rate also increased from 3.29% to 3.31%  Both are still on lows since the month of July.

Decreases over the last month were spurred by the Federal Reserve's insistence that they will not slow the pace of bond purchases.  Also the government shutdown and the economic uncertainty that followed has been affecting the rates loan recipients are receiving.

On another note, the government shutdown has also thrown a wrench into some buyer's closings as furloughed agencies are having a hard time keeping up with demand for federal income tax returns and social security information.  With 30% of all home loans being backed by the Federal Housing Administration, the FHA is having trouble keeping up with the pace as well.

Looking for help with buying or selling your home? I have the tools, knowledge and experience to help you with your new move.  Visit  Michael Galovic Homes to contact me or to look for your perfect home.


Source: Florida Association of Realtors

Land O Lakes Homes | Devonwood

Ascott Model Villa

Devonwood is a gated community that lies just west of the SR54 and Hwy 41 intersection in Land O Lakes, FL.  Devonwood is comprised of Villa style homes with luxury design and features.  Designed and built by Southern Crafted Homes, this community boast homes from 1400 sqft to over 2000 sqft all with access to the Cabana style pool and exterior home maintenance included.  Close access to the Veteran's Expressway and Hwy 41 makes it very easy to get into and out of town.



Homes for sale in Land O Lakes: Click Here

Looking to sell a home in Land O Lakes?  Contact me today to set up an appointment.  I have the tools knowledge and experience to sell your home quickly for more money  Michael Galovic Homes.

Northdale Homes | Northdale

You will find Northdale just north of Carrollwood Village in Tampa.  The community's homes are nestled amongst mature arbors and there are plenty of homes that back up against the Northdale Golf Course.  Northdale is very close to shopping located in Citrus Park and has easy access to the city's thoroughfares Dale Mabry Hwy and Veterans Expressway.  Professionals and families alike will find plenty to do around their new home.   Commonly asked questions about the community can be found on the Northdale Civic Association's Website.

Homes for sale in Northdale: Click Here

Looking to sell a home in Northdale?  Contact me today to set up an appointment.  I have the tools knowledge and experience to sell your home quickly for more money.  Michael Galovic Homes

Carrollwood Homes | Carrollwood Village

Carrollwood Village was built centered around Emerald Greens Gold and Country Club.  You can find multiple different styles of homes throughout the community from Condos and Townhomes off South Village drive to Single family homes with views of the golf course on Clubside Dr.  The community also boasts the Carrollwood Cultural Center where you can take everything from art classes to computer workshops and also catch a jazz concert.  Take a drive through the neighborhood on any given night and you can find a very active community taking a stroll along the winding sidewalks under the mature trees.  Carrollwood Village is a community that takes pride in its presentation and you will take pride in home ownership within the village.

Homes for sale in Carrollwood Village: Click Here

Looking to sell a home in Carrollwood Village?  Contact me today to set up an appointment.  I have the tools knowledge and experience to sell your home quickly for more money.  Michael Galovic Homes

Northdale Homes | Country Place

Located in Northwest Tampa, Country Place was built upon a sprawling orange grove in the 1970's and development continued into the mid 1980's.  Country Place is located close to shopping in Northdale and Citrus Park and has access to Grade A schools including Northwest Elementary and 

 Steinbrenner Highschool.  Along with its proximity to the Veterans Expressway, County Place is the perfect location for Professionals, Families and Retirees.

The community has a very active HOA that serves the 1541 homes. The Country Place community and HOA take pride in the upkeep of the neighborhood and planning community events.  You can visit the HOA's Website to find more information on upcoming events, winners of Yard of The Month and other happenings in the community.  

Homes for Sale in Country Place, Tampa : Click Here

Looking to sell your home in Country Place?  Contact me today to set up an appointment.  I have the knowledge, tools and experience to get your home sold quickly and for more money.  Michael Galovic Homes 

Zombie Homes

When you first hear the term "Zombie Home" you might think that this would be an article about sprucing up your house for Halloween. But what it really refers to are vacant homes that still have the original owner, mostly unaware, owning the home.

Florida happens to have the most zombie homes in the country. According to RealtyTrac, a California based real estate statistics company, Florida has approximately 90,000 vacant foreclosed homes. Second and third place go to California and Illinois who combined still have less than Florida.

So how does a zombie home happen? It isn't a virus or a bite from a diseased animal. When a bank initiates a foreclosure they will send a letter to the owner notifying them, a lot of owners are walking away from the property at this point. In some cases, the bank decides that the house is not worth going through with the foreclosure and cancels the foreclosure, passing ownership and liability back to the owner. This is where the Zombie happens. A lot of owners are unaware of the turn in events but the counties and states continue to assess taxes on these properties and charge the owner. The houses start to fall into disrepair and become eyesores in the communities. Most owners don't realize they are in fact liable until they start seeing the effects on their credit.

The good news is that the Florida housing market is still making upward movement. March was the 15th consecutive month that median home prices have increased year over year in the state of Florida according to Dean Asher, President of Florida Realtors.

If you know of anyone that is looking to buy or sell their home, send them over to www.MikeGalovic.com to contact me and start looking through all the available properties!