Naples Florida Real Estate News - 09/11/07
Getting a mortgage approved could be just as difficult today as it was during the boom years. 2007 closed sales of existing homes might be better than 2002. But, what is the forecast for 2008?
MORTGAGES - In the boom years, getting a mortgage in the Naples, Bonita Springs and Estero areas was frustrating because lenders had too many applications, too much to do, and possibly insufficient staff. Today it’s frustrating because there aren’t as many lenders and they offer fewer loan products. In the State of Florida, the financial services industry has eliminated more than 2,800 positions.
REAL ESTATE FORECAST - Tighter credit for home mortgages will measurably dampen home sales in the short term and postpone an expected recovery for existing-home sales until 2008, according to the National Association of REALTOR’s latest forecast. Still, “The volume of existing-home sales this year will be better than 2002, which was the second year of the housing boom,” says NAR Senior Economist Lawrence Yun.
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