Naples FL Real Estate News - 07/25/07
Safety for your Naples Florida home, state budget impacted by housing slump, still pre-approved for that loan program, and foreign investment in Florida, where and why - are the topics of today’s Naples FL Real Estate News.
FLORIDA LEGISLATURE - Legislative leaders Tuesday said they will call a special session in September to cut Florida’s new $71.5 billion budget because of declining tax collections. The drop coincides with a slump in the state’s cyclical housing market.
YOUR NAPLES HOME SAFETY - A carbon monoxide detector will be standard equipment in most new Florida homes. Gov. Charlie Crist last week signed SB 1822 in law, mandating the detectors in many new buildings, homes and hotel rooms located close to boilers.
A carbon monoxide detector in your existing Naples, Bonita Springs, or Estero residence would be an excellent idea, just for your safety.
MORTGAGES - In a harbinger of what may be ahead for other mortgage lenders, Countrywide Financial Corp. announced on Tuesday, July 24th that rising delinquencies and defaults among its most creditworthy borrowers have cut into its second-quarter profits. What does this mean? Would-be homeowners may find it more difficult to navigate the mortgage market as loan production falls and lenders become more competitive.
If you are considering purchasing Naples FL real estate, you should also check with your loan officer or mortgage broker to determine if you are still approved under the loan program, the loan officer or mortgage broker had you pre-approved under.
INTERNATIONAL INVESTORS - Foreign investors poured more than $120 million into Central Florida real estate from January through June of this year, making it the largest market for foreign investment in Florida and the 19th-largest in the U.S., according to a recent report.
Two of the reasons that foreign real estate investors have poured money into the Central Florida, rather than the Naples real estate, Bonita Springs real estate, and Estero real estate markets, is Central Florida is a vacation destination (Walt Disney World and Universal Studios) as well as more abundant flights into the Orlando area.
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