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GOOD/BAD NEWS IN THE NAPLES REAL ESTATE MARKET
Posted by Naples International Group on Thursday, June 26th, 2008 at 4:32pm.
Despite the bad news for the domestic real estate market in general, there are some positive developments in the local greater Naples Real Estate Market. Sales have certainly picked despite being in the throws of the summertime lull, although mostly in the lower end. More homes are selling at generally lower prices.
We are seeing many first-time homebuyers entering the buying fray and that is good news. ‘Short Sales’ and Foreclosures are accounting for many sales along with bank-owned properties and are becoming far more common. This in itself creates a drag on the market prices. The good/bad news here is that some people are benefitting at other’s expense.
Interestingly, when you look at 30–year fixed-rate mortgages which are up nearly a full point in the last week, they are still cheaper than a year ago. (Today’s rates look awfully inexpensive to me having endured rates years ago in Boston of over 18%.)
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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