Naples Real Estate News 07/18/08
MORTGAGE RATES
As investors’ fears that the Federal Reserve would soon tighten credit policy to stall inflation lessened, mortgage rates fell this week: 30-year mortgage rates averaged 6.26 percent, the lowest level in six weeks, according to Freddie Mac.
COUNTRYWIDE
A handful of states are suing Countrywide Financial Corp. for misleading borrowers, and Florida initiated its case on July 1. Yesterday, however, California added another charge to its roster, claiming Countrywide paid higher commissions to agents who put borrowers into loans they weren’t qualified to receive.
HOME BUYING
Builders in the Tampa Bay area and across Florida are turning to smaller homes to spur sales, figuring out how to cut down on construction costs and offer more affordable prices. They note that smaller homes are popular for first-time buyers, seasonal residents, those wanting to downsize and people who just don’t want to stretch their budgets too much.
Divosta’s Village Walk in Bonita Springs is also seeing cut backs on construction costs on their various models. The Divosta subsidiary or division of Pulte homes, is changing from its popular poured concrete with reinforcing rebar to concrete block construction.
FANNIE AND FREDDIE
Treasury officials and senior lawmakers huddled behind closed doors yesterday, searching for a way the Treasury Department might safely invest in mortgage finance giants Fannie Mae and Freddie Mac without exposing taxpayers to massive losses.
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