Barrett-Jackson Palm Beach Collector Car Event

3/28/2007 - 4/1/2007
South Florida Fairgrounds
9067 Southern Boulevard; West Palm Beach, FL 33411
Event Sponsor: Ford Motor Company

The Barrett-Jackson Collector Car Auction in Palm Beach , Fla. will take place over five days filled with spectacular cars, celebrities, special events and displays that offer something for everyone. The auction will feature more than 600 of the world's finest examples of collector and special interest automobiles being auctioned off at No Reserve, as well as daily automobilia auctions offering an exquisite array of the finest, one-of-a-kind automotive collectibles. With over 100 lifestyle vendors and celebrity-sightings galore, it's not to be missed! The event also includes auction coverage on SPEED and approximately 100 exhibitors.

8:00 a.m. - 11:00 p.m.
3/28/07 Wednesday Gala Ticket $75.00 - The Gala benefits The National Center for Missing and Exploited Children and The Darrell Gwynn Foundation. Invited guests and gala ticket holders only. Tickets at barrett-jackson.com. ; 3/29 and 3/30/07 Good Thursday and Friday only $12.00 $8.50 $5.50; 3/31/07 Good Saturday only $17.50 $15.00 $7.50; 4/1/07 Good Sunday only $12.00 $8.50 $5.50; 3/29 - 4/1/07 4 day pass $45.00 $35.00
http://www.barrett-jackson.com

480-421-6694

NAR OPTIMISTIC ABOUT 2007 HOUSING RECOVERY DESPITE SUBPRIME WOES

David Lereah, the National Association of Realtors’ chief economist, said, “Underlying trends point to a housing recovery in 2007, but it will take a couple of months for us to get a better handle on it. Existing-home sales are expected to slowly improve from what appears to be the cyclical low last fall.” Lereah believes that while subprime loan problems could inhibit future housing activity, they are likely to be contained and not spill over into the prime mortgage market. The Mortgage Bankers Association reported that consumer spending slacked off, and this may be responsible for a stop market drop of over 200 points. In 4Q 2006, late mortgage payments met a 3 ½ year high or 4.95% of outstanding mortgage loans. Delinquency rates for subprime borrowers with adjustable-rate mortgages was 14.44%, the highest rate in 4 years. The bad news drove up bond prices, lowering yields, to which long-term lending is tied. In other words, mortgage interests could lower further still, providing incentive for homebuyers to buy and ARM holders to refinance.

Freddie Mac is concerned about overstock of unsold homes, warning that the number of unsold new homes may be higher than reflected as sales and inventory figures are not revised to reflect cancelled contracts. Vacant existing homes for sale are another source of unrecorded inventories with condos the most affected sector. The sub-prime mortgage market remains of great concern as well and banks are tightening standards on mortgage loans, but there is no crunch in the prime mortgage market with rates remaining low.

NEW CHANGES COMING TO PROPERTY TAXES AND HOMEOWNERS INSURANCE

State House leaders fast-track bill to reduce property taxes. In early March the House Efficiency & Accountability Council passed a controversial bill to sharply roll back local taxes, saving homeowners statewide as much as $5.8 billion. This is step #1 in a 2-phase plan – the 2^nd is a constitutional amendment to do away with all taxes on homesteaded property and replace this with a 2 ½% increase in the statewide sales tax.

The Florida legislature passed a bill that could lower premiums between 5% and 40% and provide other insurance relief to millions of property owners. Some of the new provisions might include that property owners may be able to exclude windstorm and contents coverage. The state may remove the new requirement that Citizens Property Insurance Corporation charge the highest premiums in the state. The Citizen’s Jan 1, 2007 rate increase might be frozen at the Dec. 31, 2006 level. They may eliminate the cap on deductibles so a homeowner can choose a deductible other than the standard 2%, 5% OR 10% in current law. All non-homestead properties would be eligible for Citizens coverage effective March 1, 2007. Insurance companies may be required to give at least 100 days written notice of non-renewal, cancellation or termination of a homeowners policy. Payment of claims might be expedited following a storm, e.g., within 90 days.

To read the entire bill go to http://snipurl.com/185co.

A WONDERFUL IDEA FOR LUNCH!

A Gilded Age Tea
1/1/2007 - 4/7/2007 - Flagler Museum, One Whitehall Way, Palm Beach, FL 33480.

The Pavilion Cafe will present a traditional Gilded Age style lunch featuring an array of delicacies and refreshments reminiscent of the elegance of entertaining during the Gilded Age.

Tuesday - Saturday: 11:30 a.m. - 2:30 p.m.; Sunday: 12:00 p.m. - 3:00 p.m.$18 for museum members; $33 for non-members (includes museum admission).

http://www.flaglermuseum.us/