LOCAL MARKET OVERVIEW

Uptick in building downplayed
Volatile apartment sector leads robust new-home data

Construction of new homes posted the biggest increase in more than two years in April.

Fannie Mae's strategy draws criticism
Less stringent requirements may raise risk

By relaxing down-payment requirements for borrowers in markets where home prices are falling, Fannie Mae aims to both resuscitate the flagging housing market and respond to pressure from industry groups, consumer advocates and lawmakers.

Median home prices fall in Broward, Palm Beach counties
Median prices of existing homes fell in Palm Beach and Broward counties during the first quarter compared to a year ago, the Florida Association of Realtors said Tuesday.

Rates on 30-year mortgages edge down slightly
Rates on 30-year mortgages edged down slightly this week, but remained above 6 percent for the third straight week.

South Florida foreclosure sales rise dramatically
South Florida sales rise dramatically

The housing crunch rages on, as more South Floridians behind on their mortgage payments are losing their homes in foreclosure sales after failing to work out deals with lenders.

Lending standards near all-time highs
The Federal Reserve reported Monday that more banks are tightening lending standards on home mortgages, other types of consumer loans and business loans in response to a spreading credit crisis.

Pending home sales drop to new low in March
An industry group said Wednesday that pending U.S. home sales dropped to a new low in March, signaling the housing slump has yet to bottom out even as the spring sell season gets under way.

Feds to scrutinize subprime practices
Federal authorities, responding to the subprime mortgage crisis, have formed a task force to determine if lenders or Wall Street firms participated in fraud.

Home where presidents slept is on the market
In the market for a mansion where Jimmy Carter and Gerald Ford once slept?

Senate passes homeowner's insurance bill tougher on companies
The Florida Senate approved a sweeping property insurance bill Wednesday touted as a "homeowners' bill of rights."

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