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Naples Real Estate News 07/16/08

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MORTGAGES

Local banks in Naples, Bonita Springs, Estero, through-out Florida, and the nation are telling investors that they should relax – “We’re fine.” A general fear of bank failures has made consumers wary of all financial institutions, even though most banks have no liquidity problems and very little risk.

HOMEBUYERS

There’s a dilemma for the nation’s lawmakers and millions of Americans priced out of homeownership: any rescue policy to stem foreclosures could artificially prop up home prices and perpetuate affordability problems.

FANNIE MAE AND FREDDIE MAC

Key Republicans on Tuesday expressed skepticism about an emergency Treasury Department plan to bolster troubled mortgage giants Fannie Mae and Freddie Mac, raising doubts on Wall Street about quick enactment.

MORTGAGE INSURANCE

Mortgage insurers have been tightening their standards throughout the U.S., further squeezing potential home buyers. Borrowers with less than a 20 percent downpayment now find few ways to avoid private mortgage insurance.

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Naples Real Estate News 07/15/08

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MORTGAGE REGULATIONS

The Federal Reserve issued new guidelines, effective Oct. 1, to curb shady lending practices. “It seems clear that unfair or deceptive acts and practices by lenders resulted in the extension of many loans, particularly high-cost loans, that were inappropriate for or misled the borrower,” says Fed Chairman Ben Bernanke.

HOUSING AID

The Fannie Mae/Freddie Mac problem will likely boost momentum for a quick final passage of Congress’ massive housing aid bill, aimed at helping some 400,000 struggling homeowners. “I’m confident we’re going to get this done,” said Senator Christopher J. Dodd. “Unfortunately, these events over the last few days have probably increased the importance of this in the minds of some.”

MORTGAGES

There were encouraging signs Monday for the Fannie Mae/Freddie Mac rescue plan, but also signs of concern; and in the wake of the IndyMac seizure by the federal government, investors worry about other big banks that might be in trouble. For homebuyers, it could mean tighter lending rules and fewer loan approvals.

OFFSHORE DRILLING

To drill or not to drill, that is the question. Louisiana, which allows drilling, gets about $1.5 billion annually in oil and gas revenue, and many Americans now want drilling to offset the high price of gasoline. Will Florida’s leaders give in to demand?

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Naples Real Estate News 07/14/08

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HOMEOWNERS INSURANCE

Start shopping around now for the best rates on homeowners insurance for your Naples, Bonita Springs or Estero residence. As the largest insurer of homes, condos and apartments in the state, Citizens Property Insurance has nearly 9,000 agents writing policies. But the insurance agents say that Citizens doesn’t pay them enough, especially in light of the heavier workload expected in February when new forms are introduced for its windstorm policies.

FHA

Starting today, homeowners trying to save their homes from foreclosure may find it easier to get federal help. FHASecure guidelines have been relaxed, expanding its eligibility standards to include borrowers with ARMS who were late on two monthly mortgage payments in the past 12 months, even if they were consecutive.

FORECLOSURES

With foreclosure rates at record highs, the Bush administration has been trying to keep people from losing their homes. But “many of today’s unusually high number of foreclosures are not preventable,” Treasury Secretary Henry Paulson said last week. “There is little public policymakers can, or should, do to compensate for untenable financial decisions.”

MORTGAGES

If Fannie Mae and Freddie Mac collapsed, it would deal a blow to the mortgage market. But the federal government unveiled a broad program yesterday to bolster the troubled mortgage giants. Both companies said they were financially sound but grateful for the confidence-building efforts.

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Naples Real Estate News 07/11/08

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NAPLES HOUSING MARKET

The Naples home sales statistics don’t tell the whole story. In some areas, neighborhoods have not been hurt much by the housing slowdown, such as those close to business areas or good schools, while other neighborhoods have taken a greater hit. The same is true of the Bonita Springs and Estero areas.

MORTGAGE RATES

Rates on 30-year mortgages edged up this week to 6.37 percent, while rates on other home loans were a mixed bag.

MORTGAGE MARKET

Beset by widespread speculation about their losses, mortgage giants Fannie Mae and Freddie Mac have seen their stock drop amid talk that the federal government could take over their operations. The two entities back half of all U.S. mortgages.

CREDIT SCORES

Americans can save billions of dollars annually on credit card and other interest payments by raising their credit scores, but many consumers still don’t know enough about their credit risk, according to a study released yesterday.

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Naples Real Estate News 07/10/08

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DEMOGRAPHICS

Florida cities continue to grow, but at a slower pace than in previous years, according to the U.S. Census Bureau. New Orleans netted the top growth spot, but its population is still about half what it was before Hurricane Katrina hit.

MY SAFE FLORIDA HOME

Reports of the death of the My Safe Florida Home inspection program have been greatly exaggerated. State officials announced last week that they expected to reach their goal last weekend and put the program on hiatus, but about 10,000 more inspection requests will now be accepted on a first-come, first-served basis.

FORECLOSURES

Florida homeowners facing foreclosure have access to a lawyer and free legal advice through a program offered by the Florida Bar and Florida Legal Services. An attorney will, at no charge, negotiate with a lender on behalf of a homeowner to help keep the home out of foreclosure.The Statewide effort called FLASH (Florida Attorneys Saving Homes) has launched a toll-free hot line (866-607-2187) and will take calls from 8 a.m. through 4 p.m. Monday through Friday.

VETERAN HOUSING

The U.S. House approved a homeless-veterans housing bill overwhelmingly Wednesday, even though the White House may veto it. The bill authorizes $200 million to be used for housing and services, 20,000 rental vouchers per year and $1 million for nonprofit groups to provide veterans’ services.

FORECLOSURES

Month-to-month, the number of U.S. households in some phase of foreclosure fell 3 percent in May, according to RealtyTrac. However, the number is up 53 percent compared to the same month in 2007. In Florida, some counties have been hit harder than others.

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