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Naples Real Estate News - 11/29/07
REAL ESTATE INVESTING - The subprime mortgage problem has hit home for many local governments in Florida. State cities, counties and agencies have pulled billions of dollars out of a state-run investment fund that is backed by subprime mortgages.
ECONOMY - The Federal Reserve’s latest economic snapshot released yesterday finds that the housing slump and credit crunch has made consumers more cautious. But the Fed also suggested that it would again lower interest rates at its Dec. 11 meeting, sending stock prices higher.
FLORIDA FORECLOSURES - United States foreclosure filings nearly doubled in October from the same month last year, according to RealtyTrac. Florida ranked third among the states with one foreclosure filing for every 273 households – an amount down more than 9 percent from September but up nearly 165 percent compared to October 2006.
NEW HOME SALES - October new home sales released by the Census Bureau and Housing and Urban Development today were up – 1.7 percent higher than September sales; however, new home sales were down 23.5 percent compared to activity in October 2006.
HOME PRICES - According to the United States Office of Federal Housing Enterprise Oversight, home prices posted a year-over-year increase of 1.8 percent in the third quarter with Florida prices declining slightly. But only one other state had higher price appreciation over the past five years, with Florida housing prices up 96.23 percent.
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