Naples Real Estate News 02/14/08

February 14, 2008 Posted in Real Estate News 

HOME AND CONDO SALES - In fourth quarter 2007, Florida’s housing sector continued to report high inventory levels of homes for sale in many markets, median prices edging down and sales activity levels that reflect the impact of tighter lending standards and uncommitted buyers.

The fourth quarter 2007 market conditions for Naples homes, Naples condos, Bonita Springs homes, Bonita Springs condos, Estero homes, and Estero condos were previously posted on this blog. Closed sales were similar to the fourth quarter of 2006, when eliminated an estimated 16% of the volume related to sub-prime borrowers. The number of new listings coming on the market has showed less properties coming on the market and should have a positive impact to lower the inventory levels in future months.

REAL ESTATE TAXES - As expected, property tax portability is being challenged in the courts. However, there’s a positive side: The case puts pressure on the 2008 Florida Legislature to consider additional property tax cuts for first-time home buyers, non-homestead owners and businesses.

DOWNPAYMENTS - Private mortgage insurance allows home buyers to get a mortgage with a low down payment. But huge insurer losses have caused companies to tighten their rules, and this week, the nation’s second largest mortgage insurer announced that Florida buyers would need a 10 percent down payment to get coverage.

REAL ESTATE INVESTORS - Investors usually ride out real estate downturns by renting out properties, raising the rent as demand tightens. But not this time. Rent growth in 2007 actually went flat in some metro areas hardest hit by the housing meltdown. 

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