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Naples Florida Real Estate News - 11/15/07
HOMEBUYERS - If homebuyers want a new home, it’s worth checking out the builder’s financial status early on. If a builder declares bankruptcy before closing, the deal probably won’t go through on time; and owners who recently closed could get hit with liens and face other problems. But financial troubles may be easy to spot. Personally, I have advised my clients not to consider the purchase of a new home to be constructed by small home builders in the Naples area.
STATE OF FLORIDA BUDGET - State economists forecast that Florida’s tax revenue will be down another $1 billion, mostly because of the prolonged housing slump. Combined with an earlier $1.1 billion shortfall that caused state spending to be slashed in a special session just weeks ago, the reduction represents 3 percent of Florida’s original $71 billion annual budget, which covers July 1 to June 30.
SUBPRIME LOANS - The White House released a statement yesterday announcing opposition to key parts of a bipartisan U.S. House bill aimed at curbing abusive mortgage-lending practices that have fueled a jump in foreclosures. A vote is scheduled for today.
Billions of dollars in mortgage losses reported during the third quarter could be a prelude to even bigger losses in the fourth quarter as two more financial institutions – Bear Stearns Cos. and HSBC Holdings PLC – warned of substantial writedowns on Wednesday. But on a hopeful note, some analysts say the market could actually be bottoming out. The bottoming out referred to is the writing down of losses on poor performing mortgages, as financial institutions become more aggressive in their evaluations of the mortgages. Unfortunately, the bottoming out can not be said of the volume of resales on the market.
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