Naples Florida Real Estate News - 09/17/07
Are you considering buying real estate? Where are interest rates going in the long term? Other positives to consider….
INTEREST RATES - Are you thinking about buying, but are afraid to commit? This may be the golden period for mortgage rates. Experts expect the Federal Reserve to lower the interest rate tomorrow; but former chairman Alan Greenspan predicts that interest rates will start to rise again soon, possibly into the double digits.
FLORIDA’S STORY - National Association of REALTORS’ Senior Economist Lawrence Yun said buyers should come back into the market – foreclosures aren’t as bad as reported, hurricanes are still unlikely, and savvy buyers know that this is a long-term investors’ market.
NEW GOOD FAITH ESTIMATE - Amid turmoil in the subprime mortgage market, Housing and Urban Development has decided to renew efforts to reform the Real Estate Settlement Procedures Act (RESPA), which could include a new good-faith estimate form more in line with HUD’s statement of settlement charges.
COUNTRYWIDE - While Countrywide Financial Corp. is struggling to regain its footing in the subprime mortgage crisis, many analysts point to the company’s track record in the mortgage industry, its strong retail banking operation and its recent operating changes as factors that will help it survive.
WORKFORCE HOUSING - Some industry experts say that ranks of renters facing a shortage of affordable housing are growing faster than the ranks of defaulting homeowners. The Center for Housing Policy reports that the number of working-family renters paying more than half their income for housing has grown from 1 million to 2.1 million since 1997.
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