Naples Real Estate News 06/05/08

June 10, 2008 Posted in Real Estate News 

FORECLOSURES

Home foreclosures and late payments set records over the first three months of the year, according to the Mortgage Bankers Association. In the first quarter of 2008, one out of 120 mortgages fell into foreclosure compared to 101 in the last quarter of 2007.

HOUSING AND URBAN DEVELOPMENT

It’s official: The Senate late Wednesday confirmed President Bush’s new housing secretary, elevating Small Business Administration Administrator Steven Preston to be the president’s point man on the slumping housing market and the subprime lending crisis.

MULTIFAMILY HOUSING

The housing slowdown has both losers and winners, and renters may be one of the biggest winners in some areas of Florida. Apartment vacancies are edging up in many areas as frustrated sellers try to rent out their homes and condos rather than sell them.

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