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Naples Real Estate News 07/18/08

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MORTGAGE RATES

As investors’ fears that the Federal Reserve would soon tighten credit policy to stall inflation lessened, mortgage rates fell this week: 30-year mortgage rates averaged 6.26 percent, the lowest level in six weeks, according to Freddie Mac.

COUNTRYWIDE

A handful of states are suing Countrywide Financial Corp. for misleading borrowers, and Florida initiated its case on July 1. Yesterday, however, California added another charge to its roster, claiming Countrywide paid higher commissions to agents who put borrowers into loans they weren’t qualified to receive.

HOME BUYING

Builders in the Tampa Bay area and across Florida are turning to smaller homes to spur sales, figuring out how to cut down on construction costs and offer more affordable prices. They note that smaller homes are popular for first-time buyers, seasonal residents, those wanting to downsize and people who just don’t want to stretch their budgets too much.

Divosta’s Village Walk in Bonita Springs is also seeing cut backs on construction costs on their various models. The Divosta subsidiary or division of Pulte homes, is changing from its popular poured concrete with reinforcing rebar to concrete block construction.

FANNIE AND FREDDIE

Treasury officials and senior lawmakers huddled behind closed doors yesterday, searching for a way the Treasury Department might safely invest in mortgage finance giants Fannie Mae and Freddie Mac without exposing taxpayers to massive losses.

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Naples Real Estate News 06/30/08

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MORTGAGE RATES

If it isn’t one thing, it’s another. Historically low mortgage rates have been one of the few strengths in today’s housing market, but inflation fears may be nudging rates higher.

FLOOD INSURANCE

Congress plans to address insurance regulatory issues in July before departing on an extended summer vacation, and industry officials are hopeful that lawmakers will finish work on legislation reauthorizing and reforming the National Flood Insurance Program. They could be inspired due to the flooding that has taken place in the Mid West states during the past few weeks. Maybe, they will consider a national catastrophic insurance program as more congressional members’ constituents were impacted financially.

HOMESTEAD PORTABILITY

How many Floridians understand real estate tax portability of their homestead exemption, under Amendment 1? “Most of the buyers I have dealt with – I’ve been educating them,” says Realtor Steve Fruit in Highlands County. “A few seem to be conversant about Save Our Homes, but it’s amazing how many don’t know about it.”

Out of state buyers need to understand both the Save Our Homes amendment as well as the positive aspects of Amendment 1. The impact of real estate taxes for non-homestead properties has changed significant and may not see the accelerated increases in real estate taxes as was seen in 2005, 2006 and 2007.

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Naples Real Estate News 06/27/08

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MORTGAGE RATES

Rates on 30-year mortgages rose again this week – to 6.45 percent – climbing to the highest level in more than nine months, reflecting concerns about how the Federal Reserve will respond to higher inflation pressures.

HOMESTEAD EXEMPTION

As county budgets shrink, officials are becoming more aggressive seeking out owners who lie about their living status in order to get a homestead exemption. If caught, a tax lien is typically placed on an owner’s property. The owner also faces a fine: 50 percent of the unpaid taxes for each year and interest at 15 percent per year.

FORECLOSURES

A series of lawsuits accuse mortgage lenders of disregarding bankruptcy laws. The lawsuits typically allege that mortgage-servicing firms mishandle borrower payments, triggering unwarranted late charges or defaults; bill homeowners for more than they owe; and charge for unneeded and expensive property insurance.

DOWNTOWN REVITALIZATION

The condo boom gave cities hope that they could revitalize downtown areas with a fresh mix of homes, stores and offices. When the real estate slowdown hit, however, plans went on hiatus, though officials hope for a payoff when things again turn around.

Filed Under: Bonita Springs Florida Real Estate, Estero Florida Real Estate, Naples Florida Real Estate, Real Estate News Tagged With: , , ,
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