October has been a very busy month; the news world is in a tizzy with the presidential debates, continued drama over the European debt crisis and the “return of the housing market”! As usual the media chooses to bombard the public with facts and figures and it is our quest to break down the flood [...]
Distressed home loan borrowers are set to receive some level of financial relief as the national mortgage settlement filed in February in federal court demanded $ 25 billion in compensation from the top five big and bad mortgage service banks; Bank of America, Ally Financial, JP Morgan Chase, Wells Fargo and Citibank. Each are required [...]
Warren Buffet, billionaire investor extraordinaire and CEO of Berkshire Hathaway received a lot of slack given his predictions last year that a housing recovery would turn around in a years time. He admitted he was “dead wrong” with those comments but is still a fan of the investment potential within residential real estate. He believes [...]
One of our favorite quotes at Naples Meridian is “There is blink luck, dumb luck and then there’s get up every morning at 5:30 and sweat the details luck. Few people actually stumble into wealth. It takes persistence, tenacity and a tireless work ethic. In the end, luck has little to do with success. It [...]
Commentary by Fatima Khokhar Knapp Cooperation is the Key… The press release below details the facts and figures behind the decline of housing inventory in 2011 for Naples, Florida. The numbers are impressive though there are a few elements that have become apparent since September 2011 that are not captured in the press release and [...]
Monthly Recap: Single Family Homes Sales Rise, The Fed Shows their Hand and FHA Gets Strict on Buyers
The US Commerce Department reported that nationwide production of new single-family homes rose 4.4 percent in December 2011, a positive outlook as this is the third consecutive increase since April 2010. On a local level, single family home sales in Naples Florida increased 5 percent in 2011 (5,162 contracts) as compared to 2010 (4,896 contracts).The economic uncertainly has many speculating that the Federal Reserve will need to shake things up in order to get the economy moving again. Earlier this month it was announced that the Fed will disclose its members’ forecasts for key federal fund rates.As the Federal Reserve moves swiftly to create clarity in the marketplace and spur on the economy, the Federal Housing Administration (FHA) is enacting practices that may curb the ability for buyers to purchase homes. a new rule is to be enacted to “reduce the maximum allowable seller concession from its current level to one more in line with industry norms.”The law states that a seller may contribute 6 percent towards the buyer’s closing costs to include prepaid expenses, discount points and other financing items. FHA is looking to reduce seller concessions to 3 or 4 percent of closing costs, thereby placing the burden on the buyer to bring more money to the table.
This is a hectic time of year! The holiday season is here and a whirlwind year of domestic policy concerns and global banks drama is almost behind us, yet we must pause to reflect on the latest in the Florida and Naples real estate market as there is plenty of activity to report. Florida.. The [...]