Florida unveils Web site to fight mortgage fraud-related scamsTALLAHASSEE, Fla. – April 16, 2009 – Florida Attorney General Bill McCollum unveiled a new Web site to help homeowners avoid mortgage fraud scams. The Web site – http://myfloridalegal.com/mortgagefraud – gives consumers easy access to current investigations, complaint forms, and tips to identify and avoid foreclosure rescue fraud. Fraud involving loan modifications related to foreclosures is the complaint topic most commonly reported to the Attorney General’s Office. The complaints many times relate to an up-front fee. “Companies and individuals are taking advantage of our homeowners in these tough economic times by preying on their financial situations,” says McCollum. “If we can increase consumer education and empower people to spot scams and avoid them in advance, we can help decrease the number of victims targeted by this fraud.” Consumers can obtain information about active litigation and download affidavit forms to fill out if they have been victimized by one of the listed companies. Consumers can also access a list of active investigations to see if a company is questionable. The Web site also features frequently asked questions, consumer tips and a list of warning signs if a company is engaging in foreclosure rescue fraud. The Web site includes links to the new Florida Bar Web site with information for attorneys and consumers, housing help workshops and clinics in Florida, and information about the Florida Bar Lawyer Referral Service and qualified legal aid agencies.

© 2009 FLORIDA ASSOCIATION OF REALTORS®

CHICAGO – April 7, 2009 – The chief economist of Mesirow Financial, a $31.4 billion asset financial services firm in Chicago founded in 1937, announced that the housing market probably bottomed out in February and is now on the road to recovery. “An unexpected jump in new and existing home sales, a fairly sharp increase in mortgage applications, and a surprise increase in pending home sales prompted many to declare the bottom in housing in the month of February,” says Swonk. “Even home prices, which had been falling like a rock, showed some signs of stabilizing during the month. Moreover, speculators appear to be re-entering the market, picking up properties on the cheap.”

“Swonk says a number of housing market shifts suggest a turnaround has started, including: • Starts of single-family home sales, in particular, are already close to zero and cannot fall much further. Multi-family starts are also exceedingly low and off more than 50 percent from their 2005 high. On net, overall starts are expected to decline again in the second quarter and then begin a gradual rebound in the second half of the year.Regional differences: The West and the South are expected to remain the weakest markets when it comes to construction activity, since they still suffer from the greatest overhang of vacant new properties.• Home sales are expected to bottom sooner than starts, which may have also hit their turning point in February, although a safer bet is probably May. Swonk says that’s not surprising given the fact that it’s easier to get a mortgage to buy a home than to get funding to build a housing development.

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