Today’s real estate news shows optimistic sales of existing homes, but don’t expect the usual condition of a home’s exterior.

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Some good news for prospective home buyers in the Naples area – mortgage rates dropped to their lowest level since May of this to about 6.5%.

On the national scene – new home sales in July were up 2.8%.  What will the August figures show, especially in light of the sub-prime mortgages, foreclosures, liquidity and credit crunch?

The stories are running in media throughout Florida: real estate tax bills are down slightly; more importantly, they’re not higher. However, long-time homesteaded owners will still see a yearly tax increase if their assessed value has been kept artificially low thanks to the Save Our Homes amendment.

If you are thinking about a Naples home or condo, be sure to check if the loan program you were pre-approved for is still available.  Don’t be too surprised if the loan officer or mortgage broker does not answer your phone call, return it or is not at his office – more than 25,000 mortgage workers have lost jobs since the beginning of the month – with more than half of those since last Friday.

Bank of America Corp. has made an equity investment of $2 billion in Countrywide Financial Corp., calling it a “vote of confidence.”  Or is it a way for Bank of America to gain a larger portion of the residential lending market.  The equity investment can be converted into common shares, so that B of A’s ownership would be between 15 percent to 16 per cent.  This would make B of A the largest shareholder – a controlling interest.

In January, Naples, Florida voters will consider amending the Florida Constitution to help correct existing problems in the collection of real estate taxes. A just-released study by University of Florida finds Florida voters – 58 percent approval rating for the amendment, which is only 2 percent below the number needed (60 percent) for passage.

For years, big, innovative and fast-growing banks have grabbed all the mortgage business, pushing aside the smaller, traditional local banks. But now, amid current credit-market woes, these plain-vanilla banks sense an opportunity: Investors may turn to these banks, who could see their conservative ways finally pay off.

Looking at foreclosures in the Naples area? Be careful around abandoned pool homes. Experts say that an uncleaned, unfiltered pool becomes the ideal breeding ground for mosquitoes, the carriers of West Nile virus, that can pick it up from infected birds. In fact, some experts believe that an increase in foreclosures could lead to an increase in the spread of the West Nile virus.  Quickly don’t be in "de-Nile."