Fort Lauderdale Real Estate Mortgage News
June 28, 2008
Let’s talk about the good news and the bad news of the mortgage/real estate industry. First, and without too much statistical data thrown in, here is where we stand on the bad news in the housing market.
Florida saw the second highest mortgage loan delinquency rates in the U.S. in the first quarter of 2008, second only to Nevada, data from credit and information Management Company Trans Union showed.
Mortgage loan delinquency — the percentage of mortgage borrowers 60 or more days past due — was 5.81 percent in Nevada, 5.38 percent in Florida and 3.23 percent nationwide. In the fourth quarter of 2007, it was 4.68 percent in Nevada, 4.49 percent in Florida and 2.99 nationwide.
The lowest mortgage delinquency rates were in North Dakota, at 1.17 percent; Wyoming, at 1.41 percent; and South Dakota, at 1.48 percent.
Miami-Dade County had the highest mortgage loan delinquency rate in South Florida, far exceeding the state average, at 7.6 percent, up from 5.89 percent in the fourth quarter of 2007. Palm Beach County was the lowest, at 5.3 percent, up from 4.24 percent, and Broward County was in the middle, with 6.69 percent, up from 5.32 percent.
A snap shot of where the housing prices have gone from its peak is shown in its declines.
Declines in California-Southwest-Florida from April ‘07 to April ‘08:
Las Vegas -26.8%
Miami -26.7%
Phoenix -25.0%
Los Angeles -23.1%
San Diego -22.4%
San Francisco -22.1%
Tampa -20.4%
Average decline for Cal.-Southwest-Florida: -23.8%
Declines in other large cities:
Atlanta -7.5%
Boston -6.4%
Charlotte -0.1%
Chicago -9.3%
Cleveland -6.8%
Dallas -3.4%
Denver -4.7%
Detroit -18.0%
Minneapolis -15.5%
New York -8.4%
Portland -4.7%
Seattle -4.9%
Washington -14.8%
Average decline for rest of the nation: -8.0%
Now, let’s talk a little bit about the good news of the mortgage and housing industry.
It is interesting to note that the mortgage rates are equal to what they were in July, 2007. The Fed funds rate was at 5.25%, then. Today the Fed funds rate is at 2.25%. What that means is that mortgage rates SHOULD be able to withstand some 5-6 rate hikes and stay under 7%.
When shopping for a conforming mortgage today, you should be able to find a 30 year fixed conforming mortgage for around 6.25% and a 15 year fixed for 5.8%.
These are still very attractive rates. But the trick is, most, if not all of the easy loans are gone. You need to be prepared to show you have the income and credit to secure a loan.
It really is about opportunity. Low housing costs and low mortgage rates should awaken anyone to the good of this market. Unfortunately, the largest majority will focus only on the bad, and subsequently “miss it”.
Ed MacDougall
Choice One Mortgage
mac@choiceone.us
http://www.choiceonecompanies.com/
The Fort Lauderdale real estate market has some unbelievable opportunities. Ask me and I will show you how you can buy a home for 30%-50% BELOW market value.
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Robin Sing-Cunningham
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Access USA Realty
Local Fort Lauderdale | South Florida : 954-709-7461
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