Homes for Sale in Naples Florida
The homes for sale in Bonita Springs continue to show signs of improvement. While still a buyer’s market, the homes available for sale are declining as well as the months of inventory declining.
The month of February started with 827 homes available for sale in the Bonita Springs area. Last February 1092 homes were for sale in a year over year comparison it is a decline of [Read more...]
Sellers of short sales often are not aware of the income tax effects of the short sale transaction and surprised to receive a form 1099-c.
Below is information for sellers of potential short sale transactions.
A short sale in real estate occurs when the outstanding loan against a property exceeds the market value of the property and the lender agrees to accept less than it is owed to permit the property to be sold.
The difference or shortage is an expense to the bank or lender and therefore becomes income to the individual(s) with the short sale. Put in simple terms – one’s expense is another’s income. [Read more...]
A total of 12,175 existing single-family homes sold in May, up 8.7 percent over the previous month when 11,200 homes changed hands statewide, according to FAR. Existing condo sales statewide rose 3 percent, with a total of 4,018 units sold in May compared with 3,900 condos in April.
In Naples during the month of May 256 homes sold versus in April 214 for an increase of 19.6 percent. A total of 216 condominiums were sold in May a decrease of 8.1 percent from the April sales of 235 units.
Homes sold in Bonita Springs for May totaled 65, which was an increase over April’s 48 or an increase of 35.4 percent. In May 59 condos were sold, 12 less units than in April when 71 units were sold. This represents a decrease of 16.9 percent.
The Estero area saw 29 homes sold, a decrease of 9.4 percent from April closings of 32 homes. The condo market had 23 closed sales, while in April the closings totaled 25, which is a decrease of 8%.
Nationwide Insurance has asked Congress for permission to sell insurance that covers damage from both wind and flood water in a single policy, saying it’s a way for insurers and homeowners to avoid costly litigation after disasters like Hurricane Katrina.
The Federal Reserve’s aggressive period of cutting interest rates is over, and nothing changed at yesterday’s meeting. But could the central bank keep rates unchanged for a considerable period? Many analysts say yes, predicting little change until next spring; but other economists worry that the Fed will start ratcheting up rates much sooner.
It isn’t easy being an economist these days. Everyone wants a rosy report and in true kill-the-messenger fashion, people who hear Regions Bank’s chief economist speak sometimes accuse him of dragging down the economy by giving his honest impressions. But without accurate information, he counters, people can’t take the appropriate actions.
No downpayment mortgages have largely disappeared as a financing option from private lenders. But they are still available – and growing more popular – using existing Federal Housing Administration programs in conjunction with nonprofit groups’ downpayment assistance programs – Nehemiah Corporation and AmeriDream.
Higher gas and food prices, continued declines in housing prices and last month’s large increase in unemployment caused Florida’s consumer confidence to fall six points in June to 57. The University of Florida survey notes, however, that housing prices seem to have hit bottom in some areas of the state.
The federal mortgage rescue plan could pass the Senate as soon as today; however, President Bush is threatening a veto and Democrats are fighting each other over key details, which will probably delay any final deal until mid-July.
Bank of America Corp.’s takeover of Countrywide Financial Corp. could be wrapped up as early as next week, but first it must clear one last hurdle – getting the OK from the struggling mortgage lender’s shareholders, though approval is widely expected today.
New home sales fell nationwide for the sixth time in seven months, according to the United States Commerce Department. But while sales fell 11.6 in the West and 7.9 percent in the Northeast, they rose 5.1 percent in the Midwest and 0.4 percent in the South. This is an example of how real estate is local and the national picture can misconstrue local market conditions.
1415 Panther Lane, Suite 159
Naples, Florida 34109
Office: (239) 593-3581
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