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The January thru March Ft. Myers real estate market statistics for both homes and condominium sales are listed below. Known for its fabulous winter weather, Ft. Myers is a metropolis bustling with historical, cultural, and ecological attractions and the downtown area is undergoing major renovations in order to keep up with the cities continuing growth.

Ft. Myers Sales Data

Ft. Myers Home Sales Jan-Mar 2008*:

• 293 Closed Sales
• Average Sales Price - $318,257
• Median Sales Price - $240,850
• Average Days on Market - 120
• Price/Sq. Foot - $162.21

Ft. Myers Condominium Sales Jan-Mar 2008*:

• 273 Closed Sales
• Average Sales Price - $211,078
• Median Sales Price - $262,875
• Average Days on Market - 124
• Price/Sq.…

Imagine the surprise of many home sellers when they become aware that Fannie Mae, Freddie Mac and most of the major lender guarantors have identified their Metropolitan Statistical Area (MSA) as a declining market. Talk about a kick in the head. Like many across this country, they first had to come to terms with the fact their homes are declining in value. Now, they also must face the situation where many potential home buyers will be penalized if they attempt to buy their homes with conventional mortgage financing.

So, just exactly how do these metropolitan statistical areas get these "declining market" designations? We thought you might find a review of the situation helpful.

Fannie Mae and Freddie Mac are Government Sponsored Enterprises (GSEs) and…

Governor Charlie Crist signed the property insurance reform "Homeowners' Bill of Rights" into law yesterday. It offers a number of protections and upgrades for Florida homeowners. In his letter issued to the public, Gov. Crist said "the bill contains many important consumer protections that will help keep insurance costs more affordable for Florida's homeowners."

The law goes into effect July 1, 2008, and makes the following changes:

• Extends the rate freeze for Citizens Property Insurance Corporation, the state's insurer of last resort, to January 2010.
• Allows single-family residential homes and condominiums with a replacement value of up to $2 million into the Citizens insurance pool.
• Requires Citizens' policyholders of property located…

The January thru March Ft. Myers Beach real estate sales statistics for both homes and condominiums are listed below. Ft. Myers Beach is the "happening" locale on Southwest Florida's Lee Island Coast. Ft. Myers Beach offers every amenity you can imagine- from seven miles of wide sandy beaches, golf, boating, fishing and more than anything else - relaxing. The Beach as its known, is eclectic and diverse. It draws visitors from all over the world and you'll find all sorts of folks from generations of families to Easter Break kids. There's nothing else quite like it anywhere in Southwest Florida.

Ft. Myers Beach Sales Data

Ft. Myers Beach Home Sales Jan-Mar 2008*:

• 21 Closed Sales
• Average Sales Price - $689,500
• Mean Sales Price - $475,500
…

Lured by lower prices, buyers figured out the bottom is here and now is the time to buy again in Southwest Florida. For those still sitting on the fence, many of the best properties are quickly being snapped up and your options are rapidly becoming less wide ranging.

In April, Naples experienced its busiest month for sales this year and the Bonita Springs and Estero markets are experiencing the same good fortune. Overall, Naples property sales rose 6% in April and pending sales jumped 25%. Bonita Springs and Estero saw overall sales rise 33% and pending sales were also up by 30% for the month.

While lower prices appear to be the driving force behind these increases in sales, other factors are also playing an important role. International buyers are not…

The January thru March Naples real estate market statistics for both homes and condominium sales are listed below. Naples, known as the "Crown Jewel" of SW Florida's Gulf Coast, is a truly cosmopolitan, quaint, and cultural city that has transformed itself into a dynamic international and world renown destination.

Naples Sales Data

Naples Home Sales Jan-Mar 2008*:

• 385 Closed Sales
• Average Sales Price - $882,107
• Median Sales Price - $450,000
• Average Days on Market - 192
• Price/Sq. Foot - $305.01

Naples Condominium Sales Jan-Mar 2008*:

• 506 Closed Sales
• Average Sales Price - $562,358
• Median Sales Price - $304,995
• Average Days on Market - 195
• Price/Sq. Foot - $272.64

In comparison with 2007 sales…

Fannie Mae announced today it will be scrapping its extra 5% down payment requirement for properties identified as being located in a declining market. The change will affect conventional, conforming mortgages that the company will purchase or guarantee and is an additional part of the company's recent Keys to Recovery initiative.

The company had been under pressure from both Realtors® and industry insiders alike since it adopted the policy in December, 2007. Marianne Sullivan, one of Fannie Mae's senior vice presidents said "This new down payment policy reinforces our goal to support successful home-owning, not just home-buying, as we seek to bring liquidity to all communities and help the housing market recover."

The new policy will take effect June 1,…

Beginning July 14, 2008, FHA will implement a new flexible premium pricing structure that HUD believes will assist more homeowners struggling to keep up with their high-cost subprime adjustable rate mortgages. According to HUD Deputy Secretary Roy A. Bernardi, “fair pricing will allow FHA to reach more troubled homeowners without placing excessive risk on its insurance fund.”

Up to now, FHA had one premium structure that charged borrowers 1.50 percent of the loan balance upfront and .50 percent annually regardless of the borrower’s credit standing. Under the new pricing structure, FHA’s upfront mortgage insurance premium will range from 1.25 percent to 2.25 percent based on borrower credit risk.

The new pricing plan is set to coincide with modifications…