August-September Statistics
Punta Gorda-Pt. Charlotte
Below are numbers of homes/condos sold each month for the Punta Gorda and Port Charlotte area-prices are average. Total Units Homes Home Avg $ Condos Condo Avg $
August 288 239 $163,590 49 $111,400
September 201 201 $150,455 41 $84,887
There was an decrease in the number of sold homes and condos in September as well as a decrease in average price. This is not surprising as August is typically one of the slowest months of the year. The number of homes in the lower priced ranges also increased which lowered the price averages. In the over $500,000 price range only 2 homes sold in the county versus 9 last month. The number of conventional and VA and FHA loans are increasing to almost 2:1 instead of the 3:1 ratio in the past months.
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Amendment 4
Amendment 4 is on the ballot this year and it is being heavily promoted as a positive force for the state economy. In a nutshell :
1) It creates an additional homestead exemption for first time homebuyers for the first 5 years of ownership.
2)It protects Floridians from increased taxes when property values decline.
3)It lowers the maximum yearly assessment increase on non-homesteaded properties from 10 to 5 percent.
If passed Amendment 4 will not affect your current homestead exemption or the "Save Our Homes" 3% assessment increase cap. For more detailed information click here. |
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Bank of America Sued
The Feds are suing Bank of America for more than 1 billion for mortgage fraud against Fannie Mae and Freddie Mac. The suit charges that Countrywide Financial, purchased by Bank of America, was giving mortgages to people that were unable to pay them- then selling them to Fannie and Freddie. It states that Countrywide was giving loans without income verification or going through the underwriting process.
The Fed is now looking to recoup some of the money that Fannie and Freddie lost. It is the first civil fraud suit brought against a bank by the Justice Department. |
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More News...
Foreclosure Homebuyers
According to the Wall Street Journal, people who have undergone the foreclosure or short sale process are returning to apply for FHA loans again. The waiting period for FHA loans is only 3 years, while conventional loans require 7 years. Strong credit score and strict underwriting procedures are still required.
Jobs Increase Predicted
The Florida Economic Estimating Conference, which meets 3 times a year, projected that Florida is expected to create 900,000 new jobs by 2018. Housing starts and increased comsumer confidence, plus the fact that Florida had the 2nd highest job creation total in the nation-in August-are reasons for optimism. Additional resources for job seekers can be found here: www.floridajobs.org .
Mote Marine
Mote Marine is beginning the process of applying for a grant to build an aquarium in Punta Gorda. They are currently in the feasibility study phase
to design a building compatible with the community. If the grant is accepted then Mote will have to match the funds.
In the next several months, two Mote science educators will be in Punta Gorda to design educational programs for all ages. They will also be raising community awareness for fundraising plans.
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Hurricane Site for Northeast
Hurricane site www.wunderground.com if you live in the northeast and you are watching Hurricane Sandy. Good luck to all of you with the storm! |
