Meridian Archive

Capturing Insights into Naples’ Dynamic Market Evolution

Welcome to the Naples Meridian archive

Here you will find a curated collection of insights, inspirations, and expertise tailored for Naples, Florida. From luxury real estate and interior design to local art, culture, and architectural trends, we share what makes this community unique. Explore with us as we highlight the best of Naples living.

Monthly Recap: Single Family Homes Sales Rise, The Fed Shows their Hand and FHA Gets Strict on Buyers

The US Commerce Department reported that nationwide production of new single-family homes rose 4.4 percent in December 2011, a positive outlook as this is the third consecutive increase since April 2010. On a local level, single family home sales in Naples Florida increased 5 percent in 2011 (5,162 contracts) as compared to 2010 (4,896 contracts).The economic uncertainly has many speculating that the Federal Reserve will need to shake things up in order to get the economy moving again. Earlier this month it was announced that the Fed will disclose its members’ forecasts for key federal fund rates.As the Federal Reserve moves swiftly to create clarity in the marketplace and spur on the economy, the Federal Housing Administration (FHA) is enacting practices that may curb the ability for buyers to purchase homes. a new rule is to be enacted to “reduce the maximum allowable seller concession from its current level to one more in line with industry norms.”The law states that a seller may contribute 6 percent towards the buyer’s closing costs to include prepaid expenses, discount points and other financing items. FHA is looking to reduce seller concessions to 3 or 4 percent of closing costs, thereby placing the burden on the buyer to bring more money to the table.

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Public & Private Mortgage Parts; Fed Bows Out and Bankers Swoop In

The federal government has stuck to their guns to support the reduction of home mortgage loans that they are willing to purchase. Fannie Mae and Freddie Mac will step in to buy loans for a maximum figure of $ 417,000. The Naples-Marco Island area where limits were previously set at $ 531,250 and have been reduced to $ 448,500.With these revised limits the natural course of action may be to look at the new realm of jumbo financing that begins where……

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