Florida Real Estate Hits This Week: Fed Shutdown Fears, Blockbuster Site Leasing, and More

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Today, lots of things are happening in the news that will have a big impact on Florida real estate. Big things, with consequences both short term and long term. Consider the following:

1. Possible Shutdown of the Federal Government on Friday, April 8, 2011

FloridaRealtors.org has published a list of how the potential shutdown of the federal government tomorrow may impact the Florida real estate market. From their information, for example:

• Federal Housing Administration (FHA) -- FHA will not make new loans, but it will continue basic operations regarding paying claims and collecting premiums, as well as running its REO portfolio.

• Internal Revenue Service (IRS) -- The IRS will stop all refunds as well as working on income tax returns.

Secretary of the Department of Housing and Urban Development, Shaun Donovan, told Congress today that the shutdown would essentially force lenders to stop making home loans if the FHA is put on hold tomorrow.

Please see full article below for more information.

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Published In: Administrative Agency Updates, Finance & Banking Updates, Commercial Real Estate Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Rosa Eckstein Schechter, Eckstein Schechter Law | Attorney Advertising

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