Naples Real Estate News 06/13/08
GOOD FAITH ESTIMATE
HUD has proposed a new four-page Good Faith Estimate that includes a summary of loan terms, interest rate, monthly payment, whether the interest rate and principal balance can increase, by how much, and if there is a prepayment penalty. HUD says it’s easier to understand; the real estate industry says it’s not.
MORTGAGE RATES
Rates on 30-year mortgages jumped to their highest level in nearly eight months to 6.32 percent, reflecting increased concerns about what the Federal Reserve might do to battle inflation. Experts generally expect the trend to continue over the short term.
FORECLOSURES
The number of U.S. homeowners swept up in the housing crisis rose further last month, with foreclosure filings up nearly 50 percent compared with a year earlier, according to numbers released today by RealtyTrac.
REAL ESTATE TAXES
Some local governments blame property tax reform for their recent cutbacks. But Chris Holley, executive director of the Florida Association of Counties, said yesterday that tax income lost because of the housing slowdown has been "much more severe to local government than Amendment 1."
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