Naples Real Estate News 06/06/08
INCOME TAX CREDIT
Would it convince some potential homebuyers to get off the fence and commit to a purchase if the federal government paid them up to $15,000? Home builders are pushing for a tax credit incentive for buyers, but it’s not a completely new idea. In the 1970s, Congress gave buyers a $2,000 tax credit for entering the market.
FORECLOSURES
The number of homeowners in foreclosure surged in Florida in the first three months of the year to 77,000 properties. While California led the nation for failing loans with 109,000 foreclosures, Florida ranked second, according to the latest report from the Mortgage Bankers Association. Remember real estate is local and the figures for the state of Florida may not be representative of the Naples, Bonita Springs, and Estero markets.
MORTGAGE INTEREST RATES
Rates on 30-year mortgages edged up this week to an average of 6.09 percent, the highest level since March, as investors worried about inflation threats, according to Freddie Mac’s weekly nationwide survey.
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