Gulf Coast Associates' Blog: All Categories

Well, the Federal Reserve fired its guns again today to try and help the struggling U.S. economy. Both Stocks and Treasuries were up sharply following the stronger than expected unanimous decision to cut the Fed Funds and Discount rates by 0.75%. In addition, they also made it quite clear in their policy statement that they are willing to expand the balance sheet to increase liquidity and help spur economic growth.

While the moves are all well and good, perhaps the best thing they did today was note in their statement that the Fed "is ready to buy more mortgage agency debt and mortgage-backed securities if necessary" and that the "Fed funds rate is likely to remain exceptionally low for some time to come." The bottom line in this thinking is that housing…

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The January thru September Ft. Myers real estate market statistics for both home and condominium sales are listed below. Now a blend of young and old, Ft. Myers is known for its fabulous weather and is a city bustling with historical, cultural, and ecological attractions that draws both visitors and residents from around the world.

Ft. Myers Sales Data

Ft. Myers Home Sales January-September 2008*:

• 1180 Closed Sales
• Average Sales Price - $346,932
• Median Sales Price - $192,000
• Average Days on Market - 122
• Average Sales Price/Square Ft. - $150.20

Ft. Myers Condominium Sales January-September 2008*:

• 939 Closed Sales
• Average Sales Price - $210,207
• Median Sales Price - $159,000
• Average Days on Market - 137
…

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I wanted to follow up on our previous post on Short Sales and the Florida Foreclosure Rescue Fraud Law. In it, I referenced the following situation:

...One of these individuals recently made an interesting observation regarding "short sale" listing prices and fraud on the public. If you notice in Attorney General McCollum's statement above, "...ascertains that the fair market value of the home is less than the loan amount...", this particular complaint might just carry some weight. Specifically, the complaint is about the practice (at least in our area) of some agents listing "short sales" at values they know the lender will not accept. How do they know this you say? Well, because in many instances, they are appending a very recent appraisal to the… Read Full Post

As you who visit the REW blogs on a regular basis already know, we try our best to keep you abreast of important changes in the lending industry when we can. To that end, I wanted to make a quick post and let you all know about the 2009 changes to the FHA and Conforming loan limits. We made a post about these changes at our Southwest Florida Blog - HUD Announces New Permanent FHA Mortgage Loan Limits, but I also wanted to give you folks the HUD links so you can look up the new FHA and Fannie/Freddie loan limit changes for your own individual counties.

To find your counties 2009 loan limits, visit https://entp.hud.gov/idapp/html/hicostlook.cfm. Just choose your state, enter your county name and select the appropriate loan limit type and the limit year…

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The January thru September Cape Coral real estate market statistics for both home and condominium sales are listed below. Cape Coral, known as the "The Cape" to locals, is one of Southwest Florida's most rapidly growing areas. It is the 3rd largest city in Florida in terms of land mass and features over 400 miles of both fresh and salt water canals - many with gulf access.

Cape Coral Sales Data

Cape Coral Home Sales January-September 2008*:

• 3140 Closed Sales
• Average Sales Price - $194,641
• Median Sales Price - $121,000
• Average Days on Market - 79
• Average Sales Price/Square Ft. - $100.21

Cape Coral Condominium Sales January-September 2008*:

• 254 Closed Sales
• Average Sales Price - $177,761
• Median Sales Price -…

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In another effort to help homeowners who are facing foreclosure, the Federal Housing Finance Agency (FHFA) announced a new plan to help speed up the process for renegotiating delinquent loans held by Fannie Mae and Freddie Mac. The plan, which will go into effect on December 15, provides guidelines for mortgage servicers to follow in modifying existing loans to help prevent future defaults. FHFA officials hope their new approach will become a model for all loan servicing companies and make it easier for them to also bring help to thousands of affected homeowners.

According to the Mortgage Bankers Association, more than 4 million homeowners were either behind on their payments or somewhere along in the foreclosure process at the end of June. That's 9% of…

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According to a letter sent to the Florida Association of Realtors (FAR) by Attorney General Bill McCollum, the new Foreclosure Rescue Fraud Prevention Act does not prohibit Florida real estate agents from being involved in a short sale, as long as the only compensation they seek for their services is the commission on the sale.

The new law, which took effect Oct. 1, 2008, is designed to help protect homeowners who are facing the possibility of foreclosure from individuals who would seek to prey on them. FAR had asked the AG's office for an advisory explanation because many individuals were interpreting the new law's guidelines as putting real estate agents at risk for fines for being involved in a short sale transaction. According to McCollum, "as long as…

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The January thru September Pelican Landing real estate market statistics for both home and condominium sales are listed below. Pelican Landing is an upscale gated golf community with excellent amenities and is considered one of Bonita Springs premier gated communities. Pelican Landing distinguishes itself by being the only community in the area to own a private barrier island on the Gulf of Mexico. The island includes a 32 acre beach park that residents have daily access to via a community run boat shuttle service. Other amenities include the Pelican's Nest Golf Club with two 18 hole Tom Fazio designed golf courses, a state of the art 4,400 square foot fitness center, a championship tennis facility, a new community center with a full time activities…

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