Real Estate News 04/22/08
HOME SALES
Florida Association of Realtors statewide reported slight gains in existing home and condominium sales from February to March 2008, according to Florida Association of Realtor’s latest housing statistics. A total of 9,142 existing single-family homes changed hands in March, a 10 percent increase over the previous month. Statewide existing condo sales totaled 3,145 in March, up 13.7 percent compared to February’s sales. Tomorrow market updates for Naples, Bonita Springs, and Estero will be posted.
HOMEOWNERSHIP
The American Dream lives. According to a survey from America On Line Real Estate and Zogby International, 31 percent of respondents believe their home is worth more than it was a year ago, and 56 percent do not think their home will be worth less in five years; 69 percent consider real estate to be a viable investment.
SUBPRIME MORTGAGES
A leading plan in Congress would make it easier for an at-risk homeowner to get an Federal Housing Administration - backed mortgage. If enacted as written, total monthly debt obligations could rise to 50 percent (or 55 percent at Federal Housing Administration’s discretion) of monthly income, and a poor credit score or past delinquencies cannot by themselves disqualify a homeowner.
JUMBO LOANS
Jumbo loans have been tainted by the subprime mortgage crisis even for borrowers with good credit. Twelve months ago, only a quarter point separated jumbo rates from conventional mortgage rates; but today, the difference is more than 1.5 points.
ALLSTATE
Allstate’s 1,100 insurance agents in Florida are still in business, thanks to a mistake by Florida’s 1st District Court of Appeal. The court issued an order denying Allstate’s appeal of a suspension but quickly withdrew it "due to clerical error."
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