Well it looks like the Feds have finally made a move that is actually going to have an immediate impact on the economy, especially the housing market.

The Federal Reserve announced yesterday that it would purchase Mortgage-Backed Securities (MBS) from Fannie Mae, Freddie Mac and Ginny Mae for up to $500 billion. The purchases will begin next week when the Fed will buy $100 Billion worth of the securities from primary dealers through a series of competitive auctions. Shortly thereafter, they plan to have selected asset managers begin conducting additional MBS purchases up to the $500 Billion total over the next few quarters.

Tags: FHA, Florida, Interest Rates, mortgages

The January thru September Naples real estate market statistics for both home and condominium sales are listed below. Naples, known as the “Crown Jewel” of SW Florida’s Gulf Coast, is a truly cosmopolitan, quaint, and cultural city that has transformed itself into a dynamic international and world renown destination.

Naples is also the jumping off point to the Everglades, Ten Thousand Islands and the Big Cypress National Preserve, all of which are perfect places for photography, bird watching, and where alligators roam, and ghost orchids hide. This is where you can enjoy outstanding outdoor sports, such as fishing, trekking or canoeing. And don’t forget, Naples’ famed beaches offer miles upon miles of white sandy havens where you can spend hours doing nothing more than just relaxing.

Tags: real estate, sales, SW Florida

The Federal Emergency Management Agency (FEMA) is using advancements in digital mapping technology to redefine the country’s flood zones. As a result, many homeowners are being required to buy flood insurance for the first time, while others who have had coverage for years are being cleared to drop their flood policies altogether.

The changes are occurring as part of a multiyear plan by FEMA to digitize its Flood Insurance Rate Maps to make them more accurate. The process began in 2003 and FEMA is projecting that 65% of the land in the country (92% of the population) will be covered by the new high-tech maps by 2010. According to FEMA officials, the accuracy of the new mapping technology has vastly improved and allows for more precise information to be used in determining special flood-hazard areas.

Tags: FEMA, homeowner insurance, mortgages, real estate

The U.S. Department of Housing and Urban Development (HUD) announced the new Federal Housing Administration (FHA) mortgage loan limits for single-family homes set to begin January 1, 2009. The change was required under the guidelines set forth in the Housing and Economic Recovery Act of 2008.The Act sets the national conforming mortgage loan limit to a house price index chosen by the new Federal Housing Finance Agency (FHFA). For 2009, the national conforming mortgage loan limit will remain at the current level of $417,000. It also requires that FHA mortgage loan limits to be set at 115% of the median house price in a given area with a floor of 65% and a ceiling of 150% of the national conforming mortgage loan limit.

Tags: FHA, HUD, mortgages

The National Association of Realtors (NAR) released its annual consumer survey for home buyers and home sellers today. The results were generated from 10,053 usable responses NAR received from a national sample of 133,000 home buyers and sellers who purchased their homes between July 2007 and June 2008. (BenjaminDona.gooruze.com)

Here are what we consider to be some important highlights from the results:

Home Buyers

• The number of first-time buyers continues to rise. They made 41% of the transactions, up from 39% in 2007 and 36% in 2006. Their median age was 30 and their median income was $60,600. The typical first-time buyer purchased a home costing $165,000 and plans to stay in that home for 10 years. Their median home down payment was 4% and 92% chose to use a fixed rate mortgage home loan to finance their purchase.

Tags: real estate

For the first time in three years, both existing home and condominium sales rose on a year over year basis throughout Florida. It was also the third month in a row that a large number of the state’s metropolitan statistical areas (MSAs) noted higher sales activity. In addition, pending sales were up again in many markets indicating stabilization is definitely taking hold in Florida’s housing sector.

Tags: Florida, real estate, sales