Naples Florida Real Estate News - 11/09/07
HOMEOWNERS INSURANCE - In the campaign to get federal disaster insurance, a major battle has been won though the outcome remains iffy. The U.S. House yesterday passed a bill that would allow disaster-prone states to ban together for coverage. The Senate has to consider the bill, however, and Pres. Bush’s advisers have suggested a veto if it reaches his desk.
FLORIDA ECONOMY - State economists estimate how much tax income the state should expect, and then the Florida Legislature creates a spending budget based on their figures. Yesterday, these economists released their 2008 prediction, and it includes an estimated 3 percent drop in residential and commercial property values statewide. In my humble opinion, based upon figures here in Naples and Collier County, as well as, speaking with other REALTORS from around the state - the estimated drop of 3 percent in property values maybe optimistic.
MORTGAGE RATES - Rates on 30-year mortgages fell for the third straight week – to 6.24 percent – dropping to the lowest level in five months, according to Freddie Mac’s weekly nationwide survey. This is good news for those prospective buyers looking for 30 year fixed rate mortgages - the old stand-by.
MORTGAGES - Federal lawmakers have introduced a bill that would allow primary-residence mortgages to be modified in bankruptcy court. However, major lenders say it would lead to a flood of bankruptcy filings and force banks to charge higher mortgage interest rates to compensate for the added risk.
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