I did just reviewed the January & February numbers from the Florida Association of Realtors & our prices were down year to year 16% in both January & February from 2007. Closed sales were down 51% for January & 43% for Feb from 2007. On the bright side, active listings are down to under 7,500 from the peak of apprx 8,000 at the end of December 2007, and interest rates are still relatively low!
The forecast is looking great if you are a motivated buyer to take advantage of a combination of lower prices and lower interest rates...It is a great time to buy!
Michael Veri
Realty Executives Ocala
352.502.4661
Here are the new guidelines from 2 of the top mortgage insurance companies.
Distressed markets (FLorida)
Two of the largest U.S. mortgage insurers announced they would be requiring larger downpayments in Florida:
PMI Group Inc. (starts March 1)
· At least 10 percent down in distressed markets.
· A minimum 620 credit score is required.
· No negative-amortizing loans or option-payment mortgages.
· At least 5 percent down in distressed areas except a mandatory 10 percent down on condos.
· A minimum 620 credit score is required.
· No cash-out refinances.
· No reduced documentation.
· No investment property loans.
· No negative-amortizing loans or option-payment mortgages.
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