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Naples Florida Real Estate News - 09/28/07
Today’s topics cover a lot on mortgages - rates, fraud, and reform. What’s going to happen with the economy - read one notable economist’s view. A valuable buyer tip has been added - based upon investors criteria. Good advise from the pro’s for the homebuyer.
MORTGAGE RATES - Rates on 30-year mortgages rose for a second straight week, a sharp rebound to 6.42 percent this week after hitting a four-month low. ARMs fell for the fourth week, however, to 6.15 percent.
MORTGAGE FRAUD - U.S. Attorney R. Alexander Acosta yesterday announced a new federal-state mortgage fraud initiative that will step up investigations and prosecutions in Florida. At the same time, federal prosecutors charged 18 South Florida defendants with $50 million in mortgage fraud.
MORTGAGE REFORM - U.S. Rep. Barney Frank, chairman of the House Financial Services Committee, plans to introduce a mortgage reform bill that would strengthen consumer protection by creating a more uniform set of oversight principles that apply to everything from massive retail banks to local mortgage brokers.
ECONOMY - What’s going to happen in the economy in next few months? Analysts aren’t sure, but many say signs point to a period of slower activity. “The big question is does all the craziness in the financial markets because of credit and housing problems change the behaviors of consumers and businesses,” said economist and ClearView Economics President Ken Mayland.
BUYER TIP - Homebuyers want the sizzle but investors want the steak. Investors must be able to have an income and expense analysis for a purchase; track appreciation; and have a working knowledge of financial stats used to determine an investment’s profit potential. Homebuyers may not need financial statements in their determination to buy or not, but they should look at historical appreciation or depreciation in making a wise decision to purchase.
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