Metas
Naples Real Estate News - 11/30/07
REAL ESTATE TAXES - The tax swap may be back. A panel of the Florida’s Taxation and Budget Reform Commission, a group with the power to put an amendment directly on the November 2008 ballot, is considering a plan to reduce homestead property taxes and cap non-homestead property taxes with a temporary increase in the sales tax.
HOMEOWNERS INSURANCE - The news from the insurance industry isn’t good: Florida still is the most catastrophe-prone state because of its exposure to hurricanes, says Bob Hartwig, chief economist for the Insurance Information Institute. Translation? Homeowners’ insurance rates in Florida are likely to go higher even though an uneventful 2007 hurricane season ends today.
MORTGAGE INTEREST RATES - Mortgage rates fell sharply this week with 30-year mortgages dropping to an average of 6.10 percent – the lowest level in more than two years, according to Freddie Mac’s weekly nationwide survey.
ECONOMY - Noting the strains of a housing slump and credit crunch, the White House lowered its projection for economic growth next year. The new forecast calls for the gross domestic product to grow by 2.7 percent in 2008 instead of the previous 3.1 percent increase.
FORECLOSURES - A United States bankruptcy court is figuring out what to do with the assets and debts of Levitt and Sons, and decisions could create opportunities for developers and homebuyers, even as past customers wrestle with unpaid subcontractors and the possible loss of deposits.
Naples Real Estate News - 11/29/07
REAL ESTATE INVESTING - The subprime mortgage problem has hit home for many local governments in Florida. State cities, counties and agencies have pulled billions of dollars out of a state-run investment fund that is backed by subprime mortgages.
ECONOMY - The Federal Reserve’s latest economic snapshot released yesterday finds that the housing slump and credit crunch has made consumers more cautious. But the Fed also suggested that it would again lower interest rates at its Dec. 11 meeting, sending stock prices higher.
FLORIDA FORECLOSURES - United States foreclosure filings nearly doubled in October from the same month last year, according to RealtyTrac. Florida ranked third among the states with one foreclosure filing for every 273 households – an amount down more than 9 percent from September but up nearly 165 percent compared to October 2006.
NEW HOME SALES - October new home sales released by the Census Bureau and Housing and Urban Development today were up – 1.7 percent higher than September sales; however, new home sales were down 23.5 percent compared to activity in October 2006.
HOME PRICES - According to the United States Office of Federal Housing Enterprise Oversight, home prices posted a year-over-year increase of 1.8 percent in the third quarter with Florida prices declining slightly. But only one other state had higher price appreciation over the past five years, with Florida housing prices up 96.23 percent.
Naples Real Estate News - 11/28/07
HOME SALES - Disruptions in the mortgage market and tightening credit continued to impact Florida’s housing sector in October, with statewide sales of existing single-family homes totaling 9,165, a decrease of 29 percent from the October 2006 figure. The statewide existing-home median price last month was $222,100.
MORTGAGES - After avoiding major trouble most of the year, Wells Fargo & Co. has finally bogged down in the mortgage muck that’s muddying one major bank after another – but it’s still in better shape than many of its peers.
FLORIDA CONSUMER CONFIDENCE - Florida’s consumer confidence dropped two points to 77 in November, a new University of Florida study finds.
ECONOMY - Florida tourism rebounded strongly during the heart of hurricane season, helping to boost the state’s economy, according to new figures from Visit Florida. More than 21 million people visited the Sunshine State from July 1 to Sept. 30 – a 4.8 percent increase over a year ago.
HOMETOWN DEMOCRACY - A new law that allows voters to revoke their signatures on petitions for constitutional amendments survived an initial court challenge Tuesday. The ruling raises the bar for advocates of Hometown Democracy, which if passed, would require voter approval for comprehensive development plan changes. An appeal is expected.
Naples Real Estate News - 11/27/07
HOW’S FLORIDA DOING? Gov. Charlie Crist promised to make Florida government more accessible to the public, and a new Web site seems to do just that. Florida Performs compiles data from a variety of sources and provides a synopsis of Florida’s current state of affairs. And it appears to be balanced, citing the bad news as well as the good. Under health it notes that the state ranks 47th out of 50 for access to services; and under housing, it calls the current situation “worsening” in a sector that is “a key indicator of the state’s economy as a whole.” The site explains the importance of each issue and what, if anything, state government can do about it. Have an opinion? Visitors also can e-mail the governor and tell him what they think. To see Florida Performs, go to: http://www.floridaperforms.com
HOMEOWNERS INSURANCE- More than 13,000 homeowners have used the state’smediation program to deal with disputed property insurance claims and 400 to 500new claims come in each month. State officials now say they’ll consider ways tomake the system more efficient.
ECONOMY - Everything will be okay: Rising foreclosures will lead to billions of dollars in lost economic activity next year in major U.S. cities, but homeowners and financial institutions have the ability to contain the effects, according to a report released today.
The report suggests that homeowners, banks, holders of mortgage-backed securities and loan servicers can work together to ease the economic effects. Agreeing to new payment terms on some loans, for example, could make the difference between a family keeping a home and losing it in foreclosure.
CONSUMER CONFIDENCE - American consumers became more pessimistic about the economy in November, sending a widely watched barometer of confidence 8 points lower to its weakest level in two years.
RELOCATION - According to the Employee Relocation Council, employee relocation costs rose to $62,000 this year, with $15,000 of that amount a loss from the sale of a home. As a result, many employers now offer greater relocation help.
INTERNATIONAL - A housing-market meltdown may be wracking the U.S. economy and shaking the financial markets, but in Asia, the question is how to cool things down.
Naples Real Estate News - 11/26/07
REAL ESTATE TAXES - Continuing to bash a property-tax plan he reluctantly voted for, House Speaker Marco Rubio is now urging supporters to back a citizens’ petition to cap the total amount of taxes paid by every property owner to 1.35 percent of the property’s value.
ECONOMY - Some 2 million homeowners hold $600 billion of sub-prime adjustable rate mortgages due to reset at higher amounts during the next eight months, and experts offer a range of forecasts on how that will affect the U.S. economy.
1031 EXCHANGES- Want to know more about 1031 exchanges? Using theselike-kind exchanges instead of selling the property outright will almostcertainly save you big bucks in taxes, according to an expert in 1031exchanges.
Naples Florida Real Estate News - 11/21/07
FLORIDA HOME SALES - In third quarter 2007, Florida’s housing sector in many markets continued to report high inventory levels of homes for sale, median prices edging down and sales activity levels reflecting the impact of mortgage disruptions. Statewide sales of single-family existing homes totaled 31,910 for the quarter, a decrease of 29 percent compared to the same period a year earlier, according to Florida Assocation of REALTORS. The statewide existing-home median price was $232,100. National Association of REALTORS reports that a majority of U.S. metro areas showed rising or stable home prices in the third quarter despite a broad decline in existing-home sales.
Refer to Naples Market Update for detail information about the Naples market or Bonita Springs Market Update for the Bonita Springs area.
ECONOMY - Troubles in the mortgage industry are impacting charities that serve those in need. Food banks and homeless shelters are already grappling with reduced federal aid as fears grow that more people will need help just as charity giving starts to decline. “There is some growing concern” about the effect of the housing slowdown on charitable donations, according to Michael Nilsen, a spokesman for the Association of Fundraising Professionals.
COMMERCIAL REAL ESTATE - Commercial real estate market activity is expected to level out, suggesting stable business opportunities for commercial practitioners in the months ahead, according to the latest forward-looking Commercial Leading Indicator for Brokerage Activity from NAR. The index now stands 120.6 in the third quarter, 0.7 percent higher than third quarter 2006.
AUCTIONS - Real estate auctions are making a big comeback in South Florida (Miami area) and throughout the country. After all, what better way to gauge fair-market value than selling through a public forum to whoever’s willing to pay the highest price on a given day?
Sellers could be in for surprise however, the bid price might not be what they felt their property was worth, as well as, laying out in some cases $5,000, without anyone showing up for the auction! In these cases, where a seller is thinking about an auction for their property should do considerable research prior to undertaking this method of selling their property.
Mel’s Diner Benefit
Mel’s Diner is having a Classic Vehicle Cruise In to benefit Helping Kids With Cancer.
Over 100 classic vehicles will be on display in the parking lot of Mel’s Diner in Fort Myers, on US 41 - ½ mile south of Colonial Blvd. this Sunday November 25th from 6:00-9:00 P.M. Proceeds raised during the car show will benefit Helping Kids with Cancer.
Helping Kids With Cancer provides an opportunity to rally local area communities in support of this important cause. Children, ranging in age from infants to age 19 are being treated in the seven county region of SW Florida: Lee, Collier, Glades, Hendry, Desoto, Charlotte and Sarasota at The Children’s Hospital of Southwest Florida. Before the establishment of the outpatient center, children with cancer or other blood disorders would have to travel all the way to Miami or Tampa for treatment. Currently, plans are underway to build a 12-bed pediatric inpatient unit. Children requiring hospitalization while undergoing chemotherapy cannot risk exposure to common cold germs due to their compromised immune systems. A unit designed specifically to meet their unique requirements allows children to be treated in a healing environment, with a child friendly staff and standards. No child is denied treatment as a result of their family’s inability to pay.
Also, help kids at The Children’s Hospital during the holidays by bringing a teddy bear to be donated and delivered by the Vietnam Veterans of America Florida Chapter 594.
There will be a cookout and live entertainment by Uptown Express.
There is NO admission charge.
For additional information please call Mel’s Diner at 239–275-7850 or Richard Karp - Director of Marketing at 239-489-0085 or Denise Mangos of The Spirit of the 50’s at 239-278-9007.
Naples Florida Real Estate News - 11/20/07
FORECLOSURES - Created to combat a rising flood of mortgage foreclosures, the Hope Now alliance began a nationwide mail campaign Monday to 300,000 homeowners, offering help to those who may be having trouble meeting their mortgage payments. Hope Now alliance, is backed by the Bush, is a partnership of mortgage companies and nonprofit housing counselors. It is the hope that consumers will be less reluctant to contact their lenders when they start to realize or think they will have problems with making their monthly payments.
It is interesting to note, that some lenders tell people, there is nothing that they can do for them until they are behind in their payments.
“It is in no one’s interest to see a home go into foreclosure,” says Robert Steel, Treasury Undersecretary. This is a very true statement, but in conversations with homeowners behind in their monthly payments, the lender verbally agreed to accept a check to make up the payments on two different occassions. Both times the check was returned to the homeowner. The lender foreclosed on the home and it was auctioned off at the Collier County Courthouse. Lender purchased the home for $100! Could this be another misleading statement by the Bush Administration?
FREDDIE MAC - Freddie Mac set aside $1.2 billion in the third quarter to account for bad home loans but posted a $2 billion loss Tuesday amid a worsening mortgage crisis. The results heighten investor anxiety over Freddie Mac and Fannie Mae, which had been considered less vulnerable with less exposure to high-risk, subprime mortgages.
Naples Florida Real Estate News - 11/19/07
HOMEOWNERS INSURANCE - Allstate Insurance customers are safe from rate increases – at least for now. State officials say proposed increases by four Allstate insurance companies, ranging from just under 30 percent to more than 43 percent, don’t comply with a new state law.
Since at least 2003, the company had formed limited partnerships that acted as sham title companies, according to allegations in the settlement document. The businesses provided kickbacks to real estate agents, mortgage brokers, banks and homebuilders in exchange for title business referrals.
“Federal and state laws prohibit companies from taking unfair advantage of the market by providing payments to real estate agents and mortgage brokers for their referral of business,” said Florida Insurance Commissioner Kevin McCarty. “Such payments adversely impact the home-buying public by increasing the cost of buying a home . . .” he said.
The settlement document included a list of 87 limited partnership title insurance agencies in Florida with which First American had agreed to end relationships.
TITLE INSURANCE - The First American Title Insurance Co. has agreed to pay investigation costs of $5 million and submit to a year’s monitoring of its business practices as part of a settlement agreement with state and federal agencies.
BUILDERS - Even the Trump name isn’t bigger than the calamitous condo market. Donald Trump’s reputation as a real-estate developer could take a hit as some condominium projects in Tampa, Fort Lauderdale, West Palm Beach and elsewhere run into trouble.
ECONOMY - The latest forecast from the National Association for Business Economics says the housing market, along with the credit crunch, will weigh down economic growth in the final three months of this year and cause economic activity to lag in 2008.
Naples Florida Real Estate News - 11/16/07
ANOTHER HOME BUILDER IN TROUBLE - Homebuilder TOUSA Inc. of Hollywood, Florida says it may not survive the housing slump. The company’s announcement comes less than a week after Fort Lauderdale-based Levitt and Sons filed for Chapter 11 bankruptcy protection from its creditors. (see Florida Real Estate News - 11/12/07.)
MORTGAGE RATES - Rates on 30-year mortgages were unchanged this week at 6.24 percent after posting three consecutive declines, according to Freddie Mac’s weekly nationwide survey.
Speaking of mortgages, approved by a 291-127 vote last night, a House bill aimed at protecting borrowers from abusive home loans faces a tougher future in the Senate amid opposition by the mortgage industry and criticism from the White House.
FORECLOSURES - Mortgage securities may complicate the foreclosure process. A United States district judge in Ohio recently ruled against 14 foreclosure cases brought on behalf of mortgage investors, because those trying to foreclose failed to prove they owned the property due to the complex structure and disparate ownership of mortgage securities. Can this spread to Florida?
HOMEOWNERSHIP - Americans remain convinced that buying a home is a good long-term investment – just one of the findings from the 2007 National Housing Pulse Survey, released during the National Association of Realtor’s annual conference and exposition this week.