Florida Mortgage Rates Inch Downward
Friday, April 27th, 2007Average interest rates on Florida mortgages were little changed in the past week, a weekly Freddie Mac survey revealed Thursday.
Average interest rates on Florida mortgages were little changed in the past week, a weekly Freddie Mac survey revealed Thursday.
While existing-home sales in the Ocala area last month continued to bounce back, the number of homes sold was down 33 percent from the same month a year ago, when local real estate was red hot.
Just blame it on… the weather?
That, at least in part, is how the National Association of Realtors is explaining the worst drop in home sales in 18 years. But residents of Charlotte County know there’s more to it than that.
Florida mortgage demand is slowing and home sales are way down. But that hasn’t swayed a local real estate brokerage, which is growing by 14 real estate agents.
As we’ve been reporting for a couple weeks now, mortgage lenders across the country and within the Florida housing market are reacting to the troubles caused by subprime lending.
Sarasota-Bradenton was a bright spot in an otherwise dismal national and state Florida real estate market during March.
Anyone looking to point a finger of blame for the meltdown in the bad credit Florida mortgage market may need more than two hands. It took the action, and the inaction, of many players to produce today’s mess, which threatens to slow the U.S. economy drastically.
Having Florida mortgage troubles?
You’re certainly not alone. According to data compiled by Equifax, one of America’s three major credit bureaus, mortgage delinquency rates hit an all-time high in the first quarter of 2007.
Florida mortgage applications rose last week after five straight weekly declines, as lower home loan rates fostered both home purchases and refinancing activity.
The Treasure Coast suffered the biggest drop in home sales in the state last month, with sales posting their steepest decline in 18 years.
It’s the clearest evidence yet that the boom has gone bust in the wake of soaring foreclosures, tightened Florida mortgage lending standards and an exploding inventory of unsold homes.