NEWSarasota

• The National Association of Realtors reported Wednesday that its index of sales agreements for previously occupied homes rose 2.4 percent in June to a reading of 90.9. Pending sales in Sarasota County were down from May and a year ago while rising substantially in Manatee County
• In the territory covered by the Sarasota Association of Realtors, homes under contract totaled 754 during June, down 10.3 percent from the previous month and about 1.7 percent from a year ago. The measure had topped 1,000 during March, February and January. March was the peak at 1,208, the highest level in six years
• Contract signings are typically a reliable indicator of where the housing market is headed because there is usually a one- to two-month lag between a sales contract and a completed deal
• But the Realtors group says a growing number of buyers have cancelled contracts ahead of closings after appraisals showed the homes were worth less than they bid. A sale is not final until a mortgage is closed
• Homes are now the most affordable they have been in years

• The gain in contract signings nationally during June followed an 8.2 percent increase in May

  Homeowners Insurance Assistance

A new homebuyer needs property insurance and wants advice. Which company is cheapest? Which one is most expensive?

• The Florida Office of Insurance Regulation announced an interactive program designed to assist Florida’s homeowners to shop for homeowners’ rates. The new system is called the Consumer HomeOwners Insurance Comparison Electronic System (CHOICES
• CHOICES offers two home examples and generates, county-by-county, a range of costs to insure that house 
• A homebuyer doesn’t get an actual quote – there’s no way to key in a specific home’s details – he’ll see a range of costs from lowest to highest as they would apply to a sample home. Those rates can be used as a yardstick to compare carriers before calling directly for a quote
• The Commission notes that the listing of an insurance company does not constitute an endorsement, and the rates don’t reflect surcharges or discounts. Consumers must still call carriers directly for an official premium quote
• Consumers can find the information at: http://www.floir.com/choices

Consumer Confidence Is Up

According to a new University of Florida survey increased optimism about making major purchases played a significant role in consumer confidence.  UF’s monthly index rose two points in July to 68

• Confidence to purchase big-ticket items such as cars and appliances rose five points to 77
• The other index components that rose were perceptions of personal finances now compared with a year ago, which increased three points to 57, and expectations of personal finances a year from now, which climbed one point to 75. Expectations of U.S. economic conditions over the next five years remained at 72. The only component to decline was perceptions of U.S. economic conditions over the next year, which fell one point to 59
• Another reason for the increase was improved confidence among seniors, which rose five points to 66. A decline recorded last month was due in large part to seniors’ uncertainty over potential cuts to Medicare and Social Security

Hurricane? What Hurricane?

Ever since Tropical Storm Bonnie drizzled rain over Miami last July, 21 tropical storms and hurricanes have erupted in the Atlantic or Caribbean, including newly formed Tropical Storm Don