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Under the Foreclosure Prevention Act, HUD is devising a formula to distribute $4 billion to help communities buy foreclosed properties and help stabilize property values. Florida is one of the states likely to be a prime recipient of the funding, according to Mike Wallace, senior legislative counsel for the National League of Cities, but communities need to “get the ball rolling now.”
Read the full story here.
The bankruptcy of mega-financial company Lehman Brothers will impact areas of Florida that relied on the company for funding of commercial projects. However, the move could lead to some condo deals as the courts liquidate Lehman Brothers assets.
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“Mortgage rates have plummeted, but that hasn’t made getting a home loan any easier for most borrowers.
In the wake of the government’s takeover of Fannie Mae and Freddie Mac last weekend, the 30-year fixed rate has dropped from 6.26% last Friday to 5.79%. But only buyers with a credit score of 740 of above - and a 20% down payment - can qualify for such a low rate. During the boom, borrowers only needed scores of 640 to land the lowest rates available. Even a 580 score would get them very close to the best rate.”
Read more at CNN.
We don’t actually know (and we probably will only know when it’s too late and prices have recovered somewhat) but some writers see signs of life e.g. Bob Ivry on Bloomberg:
“Sales of distressed Miami properties have begun, signaling a bottom for south Florida’s real estate market and the end of waiting for vulture funds armed with about $30 billion to spend.”
Read the whole article here.
Bad economic news could be good news for homebuyers and owners seeking to refinance their mortgage. After months of expecting the Fed to soon increase interest rates, which impact ARM mortgages, a threat of deflation now has a few observers wondering if short-term interest rates will once again be cut.
Read the full story here.
We’ve enjoyed helping a number of Canadian buyers and they’re great people to deal with. Now, apparently, the number of Canadian buyers in Florida doubled in one year, from 3,500 to 7,200, according to an NAR report. Canadians’ tendency to buy in clusters is starting to change the character of some Florida resort communities. A Canadian bank has also made it easier to secure a mortgage.
Congress should view the next few months as a “time out” in the highly charged debate over what to do with Fannie Mae and Freddie Mac, according to Treasury Secretary Henry Paulson. Lawmakers are considering proposals that include privatizing the two government-sponsored enterprises, nationalizing them, turning them into a public utility, or letting them continue to operate as private entities with government backing.
For every advocate of Paulson’s action, there’s a critic - so read the full story and decide for yourself! I guess only time will tell.
The number of failing mortgages in Florida continued to rise in the second quarter, according to the latest Mortgage Bankers Association survey. In Florida, the percentage of home loans in foreclosure was higher than in any other state and almost double the national average. A small consolation: Subprime foreclosures may have hit their peak in Florida, the report says.
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