Naples Real Estate News 06/10/08
FEDERAL HOUSING ADMINISTRATION (FHA) MORTGAGES
Demand for once-neglected FHA mortgages has surged because they don’t require the hefty down-payments or stellar credit scores that lenders have come to expect from borrowers. They might not be the cheapest loans around, but they are the best fit for some borrowers - and the only option for others.
SUBPRIME LOANS
Some regulators and members of Congress want to cut back Housing and Urban Development (HUD) oversight of Fannie Mae and Freddie Mac, saying HUD’s lax oversight played a role in the current mortgage meltdown. According to critics, HUD incorrectly encouraged sub-prime lending, labeling it as a positive move to create affordable housing.
ABANDONED (FORECLOSED) PROPERTIES
With foreclosures on the rise, officials are fielding more complaints about odors, algae-choked pools that could become breeding grounds for bacteria, toads and disease-carrying mosquitoes.
MORTGAGES
In every economic condition, one group suffers while another thrives. During the housing boom, local banks and thrifts struggled to compete with aggressive brokers and national lenders. Now, some community banks are regaining market share and helping more home buyers as rivals scale back or go out of business.
REAL ESTATE INVESTING
Real estate mutual funds (Real Estate Investment Trusts) are faring surprisingly well in the worst real estate market in decades. Could investors be seeing the silver lining of the gray cloud?
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