PENDING HOME SALES
National Association of REALTORS predicts soft home sales in the near term and a turnaround by summer - but Lawrence Yun, NAR chief economist, says the extent of an expected recovery hinges on better access to affordable loans. Pending sales edged down 1 percent in March.
The pending sales in the Naples area in March for both homes and condos were higher than March 2007 and higher than February 2008.
In the Bonita Springs area increases in the number of pending sales for both homes and condos were higher than March 2007, as well as March 2006. The pending sales were also higher than February’s pending sales.
The Estero area pending sales in March for both homes and condos were higher than the previous year. Compared to February homes pending sale were higher, but the condo market was down.
HOUSING MARKET
Florida’s housing market may have reached the bottom, according to the St. Joe Co., the state’s biggest landowner. St. Joe Chief Executive Officer Peter Rummell points to stabilization in the residential inventory as a positive sign, adding that buyers must be "retrained" to recognize the importance of buying a home now.
Global statements can be misleading - there are areas where the bottom has not been reached at this point. Some indicators such as a lower number of new listings, higher volume of closed sales, higher volume of pending sales and reduction in the number of residences point this direction. Buyers need to be aware of where historical price appreciation and current market values are intersecting is an indicator of the housing market reaching the bottom.
FORECLOSURES
In testimony before a congressional committee yesterday, witnesses stated that mortgage lenders are making the current foreclosure crisis worse by pursuing unjustified foreclosures and charging questionable fees, with Countrywide cited as one of the worst. Countrywide admitted some mistakes but disputed the accusations.
DISASTER INSURANCE
The Government Accountability Office isn’t keen on a House proposal to expand the federal flood insurance program by adding coverage for wind damage, saying that Federal Emergency Management Adminstration faces several obstacles. The GAO opinion could complicate efforts by lawmakers in hurricane-prone states like Florida to control the cost of homeowners’ insurance.
HOUSING AID
The White House on Tuesday threatened a veto of Democrats’ broad housing rescue plan, calling it a burdensome bailout that would open taxpayers to too much risk. Many House Republicans agree. The measure is "going to reward scam artists and reward those who were speculating in the marketplace," says Rep. John Boehner of Ohio, the House Republican leader.
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