JUMBO LOANS – The federal government’s economic stimulus package was supposed to breathe new life into real estate sales by making jumbo loans more affordable. But while that may work in San Francisco, Floridians have discovered that jumbo loan limits have not increased as much as was originally thought. The jumbo loan limits are calculated at 125% of the area’s median sold price. In the Naples area the price is $531,250, for the Bonita Springs and Estero areas $417,000.
REAL ESTATE TAX REFORM – The state commission that has the power to put amendments on property taxes in front of voters in November has 51 ideas waiting for a vote – and one problem: committee members who aren’t showing up. On Friday, the committee canceled debate on proposed constitutional amendments because not enough members attended.
GREAT TIME TO BUY – Intrepid home shoppers are venturing back into some of the nation’s hardest-hit real estate markets in Florida and elsewhere, convinced they can cherry-pick good deals amid broad price declines. At various meetings at the Naples Area Board of Realtors many Realtors are noting an increase in showings and greater interest from investors. Market reports for Naples, Bonita Springs and Estero support this as the number of pending sales during the month of February are greater than those in 2007 and 2006. The selection of residence are numerous while prices are greatly lower than they were in 2005 – the high point for prices paid in the southwest Florida area.
COUNTRYWIDE – Federal authorities are investigating Countrywide Financial Corp. for securities fraud, according to several media reports. The Federal Bureau of Investigation is in the early stages of an inquiry into whether company officials misrepresented its financial position and quality of mortgage loans, according to The Wall Street Journal, while the New York Times reports that the U.S. Justice Department is also involved.
FORECLOSURES – Florida lawmakers want to help protect down-on-their-luck homeowners from unscrupulous business people. The Foreclosure Fraud Prevention Act, which outlines what can and can’t be done when homeowners consider foreclosure prevention arrangements, cleared a House committee last week.
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