Naples Real Estate News 05/28/08
RECENT FORECLOSURE AND CREDIT SCORES
Potential buyers with a recent foreclosure may want to make sure they can get a mortgage before jumping back into the market. New federal guidelines generally call for a five-year wait, a 680 FICO score minimum, and the ability to make at least a 10 percent deposit.
FED INTEREST RATES
Federal Reserve officials are putting out the word that further interest rate cuts are unlikely. Policymakers hope that the previous cuts, along with the government’s relief plan of tax rebates and breaks, will help lift the economy in the second half of this year.
MORTGAGES
John Dugan, the United States comptroller of the currency, opposes an agreement for Fannie Mae and Freddie Mac to stop buying mortgages involving lenders’ in-house appraisers, a deal intended to protect buyers from fraudulently inflated home prices. Dugan says the deal violates federal law and could have an unintended negative impact on the mortgage industry.
FLORIDA CONSUMER CONFIDENCE
Florida’s consumer confidence in May fell one point to 65, according to the latest statistics from the University of Florida. All components of the index fell except for a marginal increase in consumers’ expectations about economic conditions over the next year, and overall confidence rose for lower-income households and the elderly. The survey director also predicts that Florida housing markets will bottom out by July.
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