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Naples Florida Real Estate News - 11/16/07
ANOTHER HOME BUILDER IN TROUBLE - Homebuilder TOUSA Inc. of Hollywood, Florida says it may not survive the housing slump. The company’s announcement comes less than a week after Fort Lauderdale-based Levitt and Sons filed for Chapter 11 bankruptcy protection from its creditors. (see Florida Real Estate News - 11/12/07.)
MORTGAGE RATES - Rates on 30-year mortgages were unchanged this week at 6.24 percent after posting three consecutive declines, according to Freddie Mac’s weekly nationwide survey.
Speaking of mortgages, approved by a 291-127 vote last night, a House bill aimed at protecting borrowers from abusive home loans faces a tougher future in the Senate amid opposition by the mortgage industry and criticism from the White House.
FORECLOSURES - Mortgage securities may complicate the foreclosure process. A United States district judge in Ohio recently ruled against 14 foreclosure cases brought on behalf of mortgage investors, because those trying to foreclose failed to prove they owned the property due to the complex structure and disparate ownership of mortgage securities. Can this spread to Florida?
HOMEOWNERSHIP - Americans remain convinced that buying a home is a good long-term investment – just one of the findings from the 2007 National Housing Pulse Survey, released during the National Association of Realtor’s annual conference and exposition this week.
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