http://www.batonrougerealestateappraisal.com/ – Good Legal News For Greater Baton Rouge Home Owners Dealing With Chinese Drywall!

Below is news about Chinese Drywall Litigation for Florida and Louisiana as quoted below from: http://www.lawyersandsettlements.com/case/chinese-drywall-problems.html?ref

“Chinese Drywall Litigation Heats Up News

July 28, 2010. By Jane Mundy

Miami, FL: Having recently lost a
<http://www.lawyersandsettlements.com/case/chinese-drywall-problems.html?ref
=article14638> Chinese drywall lawsuit, Banner Supply Company is now facing
a class action lawsuit, which will attempt to include all Florida homeowners
who bought drywall from the distributor. The class action alleges that
Banner knew the drywall was defective in 2006 and was negligent in not
warning consumers.

Chinese Drywall Litigation Heats UpMeanwhile, homeowners with defective
drywall are also concerned that their home insurance policy may not cover
Chinese drywall. LawyersandSettlements recently reported on the
<http://www.lawyersandsettlements.com/articles/14512/chinese-drywall-china-2
8.html> decision by Judge Robert Doumar, in the federal court in Norfolk, VA
(Travco Insurance Co. v. Ward).

However, there may be good news for Louisiana homeowners.

Louisiana Governor Bobby Jindal signed legislation barring insurers from
ending homeowners’ insurance coverage if a policyholder files a claim based
on tainted Chinese drywall. In late 2009, Louisiana Insurance Commissioner
Jim Donelon said if the policyholder has been with the insurer for more than
three years, the state’s insurers will not be able to cancel policies
related to tainted drywall manufactured overseas. The state’s last resort
insurer, Louisiana Citizens Property Insurance Corp., now has a “bare bones”
policy to meet the requirements of lenders when a homeowner needs to vacate
a house.

On the federal level, experts predict that a bill known as the Foreign
Manufacturer Legal Accountability Act will likely be passed in the next
month or so. Developed in response to the public outcry that resulted when
consumers found out that the Chinese manufacturers could not be held
accountable under US law for the defective products, the law would allow
Americans to sue foreign consumer-product makers in US courts.

The Act will require foreign manufacturers of “covered products” to
designate a registered US agent to receive service of process on behalf of
the company. This basically means that foreign manufacturers can be sued in
the United States for any civil action related to those covered products.
The law would also prohibit any person from importing covered products from
manufacturers who do not have registered agents in the US.

Possibly more good news for homeowners: lawyers are currently trying to set
some rules in Chinese drywall settlements. According to court papers filed
in New Orleans, Knauf Plasterboard Tianjin Co. Ltd. (KPT) and builders could
unfairly use settlements to get homeowners to unwittingly waive their legal
rights or to agree to inadequate remediation. The lawyers want US District
Judge Eldon Fallon, who has ruled in favor of homeowners in two early test
cases, to require greater disclosure by KPT and builders-including
settlement details and prior court decisions-in any communications with
homeowners.

Judge Fallon ordered KPT and another manufacturer to remediate those homes
by gutting and rebuilding their interiors. But attorneys contend that
disclosure is needed because the settlement attempts are intended to bypass
the judge’s rulings and undermine the judge’s rulings as the basis for a
national remediation standard. Manufacturers are appealing, but KPT is
beginning to seeking settlements with builders who used its drywall.

Chinese Drywall Problem Legal Help

If you have suffered losses in this case, please send your complaint to a
lawyer who will review your possible [
<https://www.lawyersandsettlements.com/submit_form.html?label=chinese-drywal
l-problems&ref=article14638> Chinese Drywall Problem Lawsuit] at no cost or
obligation.

[
<http://www.lawyersandsettlements.com/case/chinese-drywall-problems.html?ref
=article14638> READ MORE CHINESE DRYWALL PROBLEM ARTICLES ]“

http://www.southpointappraiser.com/ - Denham Springs FHA Appraiser Report: Per MLS Data, South Point Subdivision Foreclosure Rate Appears To Be Rising!

The MLS Data Chart Below Shows That From 1/1/2007 to 12/31/2009, there were 7 REO or Foreclosure Sales out of 187 total sales, or a 3.74% foreclosure rate.

Per MLS Records, A 3.74% REO Rate doesn’t appear to be an indication that REOs are negatively impacting this market.

HOWEVER, It’s also stated here that a 2009 article (The Landmines Within by Michael Tarabotto
http://activerain.com/blogsview/930436/The-Landmines-Within ) stated that as much as 70% of REOs never make it into the MLS. MLS is reporting TWO (2) comparable REO listings. However, since it’s possible that 70% of REOs and/or Sheriff Sales never make it into the MLS System, it’s almost impossible to know exactly how many competing REOs there really are out there. Clearly, the only way to know the exact number of sold foreclosures in South Point since 1/1/2007 is to sift through the Legal News records, which would take hours to accomplish.

In The Map Below, Realtytrac.com is showing 11 Current Foreclosures (Pre-Foreclosures, Sheriff Sales, Bank Owned) on Teakwood Dr, Springhill Dr (2 Properties), Sandlewood Ct, Rosemont Ave, South Point Dr (2 Properties), Wellington Ave, S Park Ln, Snowdon Ave and Sunny Brook Ln. This is a higher rate than South Point has experienced in the past. 11 Current Foreclosures helps validate the point made above. While MLS is only reporting 2 current MLS REO listings, there are actually 11 or 5.5 times more than MLS is reporting.

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