Metas
Naples Florida Real Estate News - 08/30/07
Hank Fishkind noted Economist speaks out on the real estate - his thoughts may surprise you. Good news for our veterans when it comes to mortgages. Foreclosures being faced by homeowners and people that know the people is becoming more common.
FLORIDA REAL ESTATE MARKET - “The variance between the real economic data and people’s perceptions was enormous,” Hank Fishkind said. “While home starts have dropped 36 percent from their peak, starts have stabilized over the last six months with no further erosion. Friday’s report on new home sales confirms that the market has bottomed out. Sales actually increased 2.7 percent to an annual pace … and the inventory of new but unsold homes declined.”
Fishkind agrees that sales of existing homes are down, but also looks at the amount of the drop and recent changes. “Importantly, the sales of existing homes were again stable for the seventh month in a row,” he says. “While recovery may be some time off, it is clear that Florida’s housing markets have bottomed out.”
Fishkind does not believe Florida home prices will decline any further over the next 18 to 36 months, but he does expect them to remain generally flat, depending on where they’re located in the state.
“The more overbuilt markets will take longer to recover,” Fishkind says. “But fears that prices will drop significantly are unfounded. And so is the pervasive panic. The economy is stronger than the reports about it.”
VA MORTGAGES - Starting Saturday, September 1st, the mortgage rules change for military veterans who will then have access to VA-backed loans that don’t top out at $417,000. The change allows veterans and their families to buy homes in higher-cost areas.
FORECLOSURES - A survey of Florida homeowners finds that foreclosures can be found in all areas and among all income brackets. Sixteen percent of homeowners have been or know somebody caught in the foreclosure process.
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