Naples Real Estate News 05/23/08
HOME SALES
Florida Realtors reported an upswing in existing home and condo sales from March to April 2008, according to the Florida Association of REALTORS’ latest housing statistics. A total of 11,200 existing single family homes sold statewide in April, a 20 percent increase over March sales activity, while statewide existing condo sales rose 21.6 percent over the same time period.
In Naples during April 214 single family homes were sold or an increase of 26.6 percent over March sales. The number of condos sold in Naples during April was 235 - an increase over March of 13.5 percent.
The single family home market in Bonita Springs saw 48 homes sold an increase of 9.1 percent, while there were 71 condominiums sold or an increase of 29.1 percent over March.
Estero single family homes sold in April were 32 or increase of 39.1 percent over March. The condo market saw 24 units closed about 9.1 percent increase over March.
HOME PRICES
The United States Office of Federal Housing Enterprise Oversight said Thursday that home prices fell 3.1 percent in the first quarter of 2008 compared with the first three months of 2007. The study tracks mortgage loans of $417,000 or less bought or backed by Fannie Mae and Freddie Mac.
MORTGAGE RATES DIP
Rates on 30-year mortgages dipped below 6 percent this week to average 5.98 percent, the lowest level in five weeks, according to Freddie Mac’s weekly nationwide survey.
MORTGAGE FRAUD
According to an Federal Bureau of Investigation’s report released yesterday, the 1,204 mortgage fraud cases pursued in fiscal year 2007 resulted in 321 indictments and court orders for $595.9 million in restitution. Fiscal 2006 saw only 818 cases of mortgage fraud with 263 indictments and court orders for $388.9 million in restitution.
HURRICANE SEASON
Government forecasters officially predict six to nine hurricanes in 2008, with up to five becoming major storms. However, forecasters say the chances for an above-average season are about 65 percent; the chances for a normal season about 25 percent; and the chances for a slow season about 10 percent, making the outlook sound almost like a guess. Coupled with two recent years of above-average forecasts and below-average storms, Floridians may be getting confused. Two major points must be made, however: One, it doesn’t matter if there is only one major storm in 2008 should that one major storm hit your home. Two, less-than-accurate forecasts could make Floridians apathetic about hurricane preparations and forget that they live on a peninsula that sticks out into the ocean like a giant hurricane "Kick Me" sign. Every state homeowner should prepare for the worst even as they hope for the best.
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