HOME SALES
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%.
FLOOD INSURANCE
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.
INTEREST RATES
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.
FLORIDA ECONOMY
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.
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