April 2010

The sales of homes and condominiums in the Southwest Florida real estate markets of Bonita Springs, Cape Coral, Fort Myers and Naples continued to be impressive in the month of March. Many buyers became more "determined to buy"  as inventories continued to fall. Both snowbirds and investors alike were snapping up the many good deals available at a pretty torrid pace.

Here's a synopsis of the March, 2010 sales numbers:

Bonita Springs Real Estate Sales

Bonita Springs Real Estate Market Highlights:

• March sales totaled 165 and were up 35% from a year ago.
• Single family home sales were up 21% and totaled 83 sales.
• Single…

In an effort to support stability in the housing market, Fannie Mae is updating its policies regarding the future eligibility of borrowers after they have experienced a Pre-Foreclosure Event - a pre-foreclosure sale or deed-in-lieu of foreclosure. Basically they are adjusting their underwriting guidelines to try and shorten the time it takes for delinquent borrowers to recover mortgage eligibility after losing their homes.

Here's a synopsis of the changes:

• The "waiting period"  time that must elapse after a Pre-Foreclosure Event is changing and will be dependent on the LTV ratio for the new transaction. The waiting period will…

Mangrove forest is the most extensive natural marine vegetation lining the coastal habitat in Southwest Florida. Most visitors notice them right away - large, green, leafy trees that dominate the shoreline. And, even though many folks consider them undesirable, they are a symbol for the area and are now protected by Florida law. There are three species that are native to Florida: red, black and white mangroves. Each has adapted uniquely to thrive in and around salt water.

Types of Mangroves Native to Florida

Red mangrove is the most common and is easily recognized by its large tangled mass of reddish color roots. They also…

In an attempt to bolster the sluggish Florida condo market, Freddie Mac (FHLMC) announced it is waiving lending rules that made it harder to buy and sell units in many condo buildings. Effective immediately, the mortgage giant will once again back loans on condo purchases in financially troubled complexes as long as the seller's loan is already owned or securitized by FHLMC. The move is a reversal by Freddie Mac, which had been rejecting mortgages for units in complexes with low occupancy rates or high association fee delinquencies. The change is intended to increase financing availability and runs through March 31, 2011.

Freddie…

Starting April 5th the federal government will begin offering financial incentives to hasten the short-sale process for eligible homeowners as part of the Home Affordable Foreclosure Alternatives (HAFA) program. Under the new guidelines, lenders and owners are provided incentives that will help them take advantage of either the short-sale process, whereas the borrower and the mortgage lender agree to sell the home for less than the value of the loan; or a deed-in-lieu of foreclosure, whereas the homeowner voluntarily gives the deed of the property back to the lender.

In simpler terms, HAFA is designed to help people quickly sell…