A government report release today show that U.S home prices showed their first quarterly drop in 13 years. Prices dropped .04 % in the July-September period. Compared with the third quarter of 2006, U.S home prices posted an increase of 1.8%, but this is the smallest year-over-year increase since 1995.
Price declines were steepest in Michigan (-3.7%), California (-3.6%), Nevada (-2.4%), Massachusetts (-2.3%) and Rhode Island (-2.2%).
Prices declined in 20 states.
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Because the majority of sureties are closing early on Wednesday, November 21 2007, Bryant Surety Bonds will follow as well. Bryant Surety Bonds will close at 11 AM EST on Wednesday so that our employees can enjoy a nice long holiday weekend with their families. We will return on Monday the 26th rejuvenated and ready to satisfy your bonding needs with fair quotes and unmatched customer service.
Just because we are closed does not mean you are stuck. Please visit our site and learn about all the surety bond types, and when you are ready apply use our online surety bond application.
We thank you for the ability to serve you and wish you Happy Thanksgiving.
Category: Applications, Arc Bond, Bad Credit, Blogroll, Contract Bonds, Contractor License, Court, General Surety Information, Homepage, ICC, License and Permit, MVD, Mortgage Banker, Mortgage Broker Surety Bond, Operating Announcement, Sales Tax, Seller of Travel, Subdivision, TelemarketingComments (0)
The surety bond industry can be broken down into major categories and sub-categories of these bonds. The two major surety bond types are commercial and contract bonds (court bonds being a third). To truly understand the surety bond market, and how it is viewed, you must know these types of bonds and what they mean. This article will discuss each major bond type, what they guarantee and examples of contract surety bonds and commercial surety bonds.
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Think of Contract Bonds like a contractor for your building or dwelling. Contract bonds gives protection on specific contracts by assuring the project owner, or obligee, that the contractor, or principal, will guarantee performance on specified contract. The contractor shall work and pay laborers, sub-contractors and suppliers for material. Some major sub-categories for contract bonds are as follows:
Commercial Bonds guarantee the principal listed on the bond will perform as specified in the bond. These are much different than the contract bonds, as you will notice just by their bond types.
There are many other sub-category bonds in both contract surety bonds and commercial surety bonds and to numerous to mention. The sub-category bonds each have their own different type of surety bond to offer. For instance there are literally hundreds of bond types in License and Permit Bonds alone. It is common that agents may deal with a sub-category bond for which they never came across before.
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Perhaps the reason it is useful to know about these different bonds is that each bonding company underwrites each sub-category differently. The industry defines this terminology as “language�. The requirements for each sub-category have as many similarities as there are differences.
Category: Applications, Arc Bond, Bad Credit, Contract Bonds, Contractor License, Court, General Surety Information, Homepage, ICC, License and Permit, MVD, Mortgage Banker, Mortgage Broker Surety Bond, Sales Tax, Seller of Travel, Subdivision, TelemarketingComments (0)
Report: Philadelphia Housing Prices Show First Decline In Five Years.
Wharton business school economist Kevin Gillen is out with his latest survey of the city’s real estate market for the third quarter.
Gillen finds that home prices in Philadelphia have dropped for the first time since 2002, although the decline, he says, is “very modest” , only one percent over three months. Gillen says Philadelphia was late to the housing boom, so he’s not surprised the city is late to the downturn. He expects prices continue to fall but at a slow pace , as he puts it, “like a feather.”
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Enactments
Carryover
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Manufactured Home Surety Bonds
Enactments:
Idaho: House Bill 100 expands the existing bonding requirements for manufactured homes to include mobile homes. In addition to this, the bill also increases the bonding requirements for retailers (from $20,000 to $40,000) and adds a new bond requirement for resale brokers ($30,000)
Minnesota: House Bill 1208 & Senate Bill 998 requires both manufacturers and dealers to post a $20,000 surety bond. Also, for dealer, each location is required to post an additional $20,000 bond.
Texas: House Bill 1460 increases the bond amount from $10,000 to $25,000 for installers of manufactured housing. This bill also increases the amount for a rebuilder from $30,000 to $50,000. A retailer would need a $50,000 surety bond for its principal location, as well as a $50,000 bond for each branch location.
Carryover Legislation:
Vermont: House Bill 502 & Senate Bill 172 would require installers of manufactured homes to be licensed and bonded. An Installation Standards Board would set the bond amount.
Dead:
Alabama: Senate Bill 438 would have required manufactured home dealers to post a $50,000 License bond.
South Dakota: House Bill 1197 would have authorized the Department of Public Safety to promulgate rules that would have required licensed installers to obtain a ILOC, or surety bond in the amount of $10,000.
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In a report by the congressional Joint Economic Committee release on 10/25, it was estimated that 2 million subprime mortgages could go into foreclosure within the next 18 months. The report also stated that states would lose approximately $917 million in property tax’s as housing values depress due to the slew of foreclosures.
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Look for a site update to begin at the end of this week with an exciting resource debuting next week. At Bryant Surety Bonds, Inc. our aim is to make as much information available to you as possible, while making navigation and ease of use a priority. Our online application has been a hit with clients as it has streamlined applying and virtually eliminated the need to print, type and fax information in. Better yet the applicant can receive and instant quote so they can better plan their budget.
Our hope is that this new resource will once again save you time, and make the process a little easier.
Category: General Surety Information, Homepage, Mortgage Broker Surety Bond, Operating AnnouncementComments (0)
Enactments
New Mexico: Senate Bill 621 requires licensure and bonding of private investigation companies instead of individuals. This $10,000 bond is also required of private patrol companies.
Pending
Alaska: House Bill 825 would require a $15,000 License bond for private investigators (or E&O insurance).
Pennsylvania: House Bill 825 if passed would require licensure and bonding of private investigators.
Dead Bills
Colorado: House Bill 1083 would have required private investigators to obtain a surety bond, or an E&O policy, in the amount of $100,000.
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A report released by Realty Trac showed that a total of 446,726 homes nationwide were targeted by some sort of foreclosure activity in the third quearter of this year. This number is up 100.1% from 223,233 properties from the same period last year.
This was also 33.9% higher then the second quarter number of 333,731 properties.
Realty Trac CEO James Saccacio has this to say of the markets future prospects:
“Given the number of loans due to reset through the middle of 2008, and the continuing weakness in home sales, we would expect foreclosure activity to remain high and even increase over the next year in many markets.”
Mortgage lenders are bracing themselves as many adjustable-rate mortgages originated in 2005 and 2006, the height of the housing market frenzy, reset to higher interest rates.
Due to the slow down, and credit crunch, many brokers and lenders are applying for licensure in additional states to help supplement income. Visit these pages to learn more about the mortgage bond and lender bond. Also the future FHA Bond may be of interest to some of our readers.
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