Mortgage Demand up 17% Year over Year

Mortgage Demand Up Almost 17 Percent Year Over Year

Demand for mortgages fell slightly last week compared to the previous one with the Market Composite Index decreasing 0.2 percent from 672.1. But on an unadjusted basis compared with the same week one year ago, applications were up 16.6 percent.The refinance share of mortgage activity decreased to 45.1 percent of total applications from 45.3 percent the previous week.The average interest rate for 30-year fixed-rate mortgages decreased to 6.04 percent from 6.06 percent.The average interest rate for 15-year fixed-rate mortgages decreased to 5.77 from 5.79 percent.The average contract interest rate for one-year ARMs decreased to 5.84 from 5.88 percent.

—REALTOR® Magazine Online

OPEN HOUSE THIS WEEKEND 1.00PM-4.00PM

7552 BERKSHIRE PINES DRIVE NAPLES 34104

PRICE REDUCED VERY MOTIVATED OWNER WILL ENTERTAIN ALL OFFERS

This Lovely 2+Den 2 Bath Attached Villa with extended Lania, nicely decorated throughout with nice decorator touches both inside and also on the EXTENDED Lanai.

CALL BERNIE EAST 239.248.1966 FOR MORE INFORMATION

AMERIVESTREALTY OF NAPLES

BBQ DINNER AT THE SHORES CLUB HOUSE

COUNTRY & WESTERN BBQ DINNER WEDNESDAY APRIL 11TH 5.00PM

Music and Entertainment cost is $23.00 per person.

Hosted by Alan and Pat Fisher - Brian & Wendy Keen

Call 352.0731 or 455.4944 for reservations.

The Shores Website

Daily Real Estate News

New-Home Sales Down for 2nd Month Sales of new homes fell for the second consecutive month, prompting economists to wonder if a housing-market rebound is likely this year.The Commerce Department reported yesterday that sales of single-family homes fell 3.9 percent in February to a seasonally adjusted annual rate of 848,000 homes. That’s the slowest rate in nearly seven years. This decline followed a 15.8 percent decline in January, the largest single-month decline in 13 years.Prices also fell in February to a median new-home price of $250,000, down 0.3 percent from a year ago. The inventory of unsold homes reached 546,000 units. At that rate it will take 8.1 months to sell off the backlog. This is the longest sell-off period in 16 years.Patrick Newport, senior economist at Global Insight, called the housing market weak and said his research firm doesn’t believe the market will recover this year.Last week the NATIONAL ASSOCIATION OF REALTORS® reported a 3.9 percent month-over-month increase in sales of previously owned homes. Economists say the difference between new-home sales and existing-home sales could be due to a couple of factors. New home sales are calculated from contracts actually signed in February when the weather was cold, while existing home sales reflect purchase agreements signed in December and early January, when the weather was warm in most parts of the country.The reports also may reflect shifting home-buying habits. Faced with tighter credit and slowing price appreciation, more buyers may be choosing the less expensive previously owned homes rather than pricier new homes."In a down market, people aren't looking to get into the most expensive home," says Richard DeKaser, chief economist at National City Corp. in Cleveland.Source: The Associated Press, Martin Crutsinger (03/26/2007); and The Wall Street Journal, Michael Corkery (03/27/2007)-Home Sales Down for 2nd Month Sales of new homes fell for the second consecutive month, prompting economists to wonder if a housing-market rebound is likely this year.The Commerce Department reported yesterday that sales of single-family homes fell 3.9 percent in February to a seasonally adjusted annual rate of 848,000 homes. That’s the slowest rate in nearly seven years. This decline followed a 15.8 percent decline in January, the largest single-month decline in 13 years.Prices also fell in February to a median new-home price of $250,000, down 0.3 percent from a year ago. The inventory of unsold homes reached 546,000 units. At that rate it will take 8.1 months to sell off the backlog. This is the longest sell-off period in 16 years.Patrick Newport, senior economist at Global Insight, called the housing market weak and said his research firm doesn’t believe the market will recover this year.Last week the NATIONAL ASSOCIATION OF REALTORS® reported a 3.9 percent month-over-month increase in sales of previously owned homes. Economists say the difference between new-home sales and existing-home sales could be due to a couple of factors. New home sales are calculated from contracts actually signed in February when the weather was cold, while existing home sales reflect purchase agreements signed in December and early January, when the weather was warm in most parts of the country.The reports also may reflect shifting home-buying habits. Faced with tighter credit and slowing price appreciation, more buyers may be choosing the less expensive previously owned homes rather than pricier new homes."In a down market, people aren't looking to get into the most expensive home," says Richard DeKaser, chief economist at National City Corp. in Cleveland.


Source: The Associated Press, Martin Crutsinger (03/26/2007); and The Wall Street Journal, Michael Corkery (03/27/2007)

Subprime Fallout

Home Owners vs. Banks Financially-strapped and bankrupt home owners are pointing the finger at banks and mortgage brokers for selling them on the idea of subprime mortgages. Doug Duncan, chief economist for the Mortgage Bankers Association in Washington, D.C., acknowledges that in some cases aggressive lenders obscured facts and made loans that borrowers couldn't afford. But he, like other lenders, says it was the responsibility of borrowers to read and understand what they signed.About 50 percent of the subprime mortgages were "stated income loans," with no verification of borrowers' incomes, says Paul Leonard, director of the California office of the Center for Responsible Lending.Last year, the Mortgage Asset Research Institute sampled 100 such loan applications and reported that 90 percent listed significantly higher incomes for borrowers than they had reported on their tax returns."Borrowers need to protect themselves and need to read what they're signing,” says Nick Larson, an assistant vice president at the Mortgage Asset Research Institute. “At the end of the day, bottom line, you can't stress this enough: The person who is signing the papers is committing themselves financially.


”Source: Associated Press, Alex Veiga (03/25/07)

The Shores Year to date Home Report

Here are The Sale Numbers Through March 26th 2007

Homes sold and closed are 4 with 2 others under contract, this is a positive start to 2007. it is double what happened in 2006 when just 2 homes sold in the first 3 months. At The moment we have 29 homes for sale ranging in price from $299,000 to $669,000 and we are coming to the end of our season

All of last year we sold seven properties in 2006 and we are seeing according to the Sunshine MLS statistics in the last 12 months a loss in value of 9% average on

our properties

Property listings for THE SHORES

Click on link below to see all properties in The Shores for sale on the MLS.

Shores Properties for sale


Call Bernie East 239.248.1966

E-mail Bernie at BEast@amerivestrealty.com

Bernie's Web Site

Motivated Seller

$334,900
Open House This Weekend 24th and 25th March 1.00pm-4.00pm.
Owner will look at all offers on this attached villa in THE SHORES lovelly 2b+Den
2bath the den has wonderfull piece of built in office furniture complete will file cabinets and computer desk you have to see this. Very quiet location this home has extended lania, home is freshly painted throughout.

Call Bernie East 239.248.1966

www.Berniesellsnaples.com
BEast@Amerivestrealty.com

Amerivest Realty

RENTAL NEEDED IN THE SHORES

I have a client re-locating from Brazil to Naples they have 2 chidren would like to rent a furnished or unfurnished 2 or 3 bedroom house from August 2007 to August 2008.

Please e-mail me or call me.

239.248.1966

BEast@Amerivestrealty.com

www.Berniesellsnaples.com

New Listing in the Shores

7504 Berkshire Pines Drive priced at $369,000

Completely redone home with your own private solar heated swimming pool, new wood flooring and new tiles. Kitchen has new appliances and new washer dryer,very open great room floor plan. This attached villa is located in the wonderfull "Shores" gated community with large clubhouse with exercise room,card room,2 pool tables, Tennis courts and childrens play area plus Olympic size swimming pool. The Shores activities in and around the clubhouse are fantastic something for everyone in your family.

Just doing my Job

When I first started this Blog one of the rules was don't use this as a complaint vehicle unfortunately I have to be the first one to break it and here is the reason why.

After complementing The Shores Board for great forsight in opening the gates on 2 Sunday's for open houses.

I recieved The "Shores" Newsletter on Thursday and I was shocked to find out that open houses are only allowed on those two days because of a security issue the board think we have.


Well my answer to that is we sure have a security issue it is not that people are stealing from us from the outside the board are causing us to loose money in property values by not allowing realtor's to hold open houses, for those residents who need to sell their houses either to move out of state or to move on to bigger and better.

Just look around and see how long some houses have been on the market as of today one is standing at 534 days another at 456 days.

Some stat's for you to know and this is from the MLS listings not counting those for sale by owner.

Single Family for sale 30, 7 sold in 2006, that means we have a 4 year supply.

Condominiums for sale 24, 8 sold in 2006, that means a 3 year supply.

Now it doesn,t take a math major to see what is going to happen to the value of our property does it.

Please contact the board and see if we can reverse their decision.

Shore Real Estate Update

Well February was a much better month for sales here in The Shores at last we are getting some traffic.

One of the attached villa's that have been on the market for a long time has now gone under contract, and one house on Leicester Dr was under contact in 2 days from going on the market

I would like to thank the Board for their positive action in opening the gates two times a month on the 2nd and 4th Sunday's from 1.00pm to 4.00pm.

Welcome all Owners in the Shores

If you would like to subscribe to the blog just e-mail me at

BEast@amerivestrealty.com

I will then give you permission by sending you a link.

Bernie East Realtor

Amerivest Realty of Naples

239.248.1966