HOME SALES – Mirroring the national trend, turmoil in the mortgage market impacted Florida’s housing sector in September, despite continued low unemployment rates and other positive economic activity. Statewide sales of existing single-family homes totaled 8,688 last month, a decrease of 38 percent compared to September 2006 activity, according to Florida Association of REALTORS. The statewide median price for existing single-family homes last month was $221,200.
Read the analysis for the 3rd quarter for Naples homes sold in 2007 with a year over year comparative figures.
Also, read the analysis for Bonita Springs homes sold in the 3rd quarter of 2007 with comparative figures for 2006.
FLORIDA REAL ESTATE TAXES – The Florida House thinks it has a better plan for real estate tax reform, but time may be on the Senate’s side in a showdown over the issue. Lawmakers must settle their differences by next Monday, or it will be too late to put a proposed state constitutional amendment on the January 29, 2008 presidential primary ballot.
ECONOMY – Former Fed Chief Alan Greenspan said Tuesday that a bloated inventory of new homes, rather than existing homes, has unsettled the U.S. economy; but he expressed optimism that the nation will avoid a recession. “Where the problem lies is in home prices – new home prices, very specifically,” Greenspan said.
HOMEBUYERS PICKY – Homebuyers have many properties to choose from, but can nix one as a possibility quickly if it has a problem that traditionally spooks buyers – even if the problem would cost only pennies to repair.