July-August Statistics
Punta Gorda-Pt. Charlotte
Below are numbers sold each month, and prices are average. Total Units Homes Home Avg $ Condos Condo Avg $
July 254 211 $152,094 43 $117,990
August 252 214 $133,620 38 $94,492
The total units sold remained fairly steady in August. Average prices sold
dropped from July. In the over $500,000 price range 3 homes closed in August. The majority of sales still continue to be "cash" due to the increasingly difficult lending environment. |
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Appraisal Too Low?
The National Association of Realtors reports that many deals are falling apart over low appraisals. If you are experiencing this, there are some steps you can take.
The "Buyer" who pays for the appraisal always has the right to get a copy from the lender. If the appraiser is from out of the area, and is not familiar with the location he is appraising, clients can ask for a new appraiser. Usually lenders won't override an appraisal, but they can order a new one with a good reason.
You can also ask your realtor to examine the comparable sales or pending sales in the appraisal to help justify the price. Sometimes an appraiser , when confronted with different comparables, that they weren't aware of , will adjust their price.
If you opt to get your own private appraisal make sure that if its an FHA loan, that the lender gives you a list of approved appraisers. A lender may or may not accept a private appraisal.
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Increase in Mortgage Defaults
There was a 33% increase in mortgage default notices being sent from banks during July-August, nationwide. Banks are apparently speeding up the foreclosure process after a slowdown in the sytem earlier this year. California saw a 55% default-notice increase last month.
A pick-up in foreclosure activity could actually mean a faster turn-around in the market and a quicker return to a normal housing situation. It is bad news for homeowners who have been used to living rent-free in their houses, while waiting for their homes to foreclose-sometimes up to 2 years. Nevada, California and Arizona are the states that had the highest foreclosure rates in August.
There is talk from Gov. Rick Scott of changing Florida law so that foreclosures don't have to go through the court system. By bypassing the courts, it would speed up the time and save money -thereby clearing out the inventory faster. In Michigan, Arizona, California and Nevada the court process isn't required. |
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Tarpon Anyone?
If you go anywhere near Boca Grande Pass from May- October, you will notice a large cluster of boats bobbing around. The deep water pass has a hole about 100 yards wide and 350 yards long where the tarpon congregate.The tarpon is a gamefish and it is "catch and release" only. Not many people are aware that the tarpon is a prehistoric animal and is the only fish with an air bladder which allows it to absorb oxygen and live in waters with no oxygen content.
A friend of mine caught this fish and you can get a great idea from this picture how big they are really are! The largest tarpon ever caught in the Pass weighed 200 lbs. Tarpon are slow growers and can live 55 to 60 years. |
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Mortgage Insurance Rates
Fanie Mae and Freddie Mac may require a higher mortgage insurance amounts from borrowers, which would mean higher costs for financing, but would also lower taxpayer risk. The increase will be gradual to avoid shocking the market. A borrowers location could also mean an increase in fees in areas where it is more expensive to foreclose. While interest rates are low, the government also wants to create a system where people who are underwater in their mortgages can re-finance their loans. |
