Naples Real Estate News 06/25/08
MORTGAGES
No downpayment mortgages have largely disappeared as a financing option from private lenders. But they are still available - and growing more popular - using existing Federal Housing Administration programs in conjunction with nonprofit groups’ downpayment assistance programs - Nehemiah Corporation and AmeriDream.
FLORIDA CONSUMER CONFIDENCE
Higher gas and food prices, continued declines in housing prices and last month’s large increase in unemployment caused Florida’s consumer confidence to fall six points in June to 57. The University of Florida survey notes, however, that housing prices seem to have hit bottom in some areas of the state.
HOUSING AID
The federal mortgage rescue plan could pass the Senate as soon as today; however, President Bush is threatening a veto and Democrats are fighting each other over key details, which will probably delay any final deal until mid-July.
COUNTRYWIDE
Bank of America Corp.’s takeover of Countrywide Financial Corp. could be wrapped up as early as next week, but first it must clear one last hurdle - getting the OK from the struggling mortgage lender’s shareholders, though approval is widely expected today.
NEW HOME SALES
New home sales fell nationwide for the sixth time in seven months, according to the United States Commerce Department. But while sales fell 11.6 in the West and 7.9 percent in the Northeast, they rose 5.1 percent in the Midwest and 0.4 percent in the South. This is an example of how real estate is local and the national picture can misconstrue local market conditions.
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