Singer Island Florida – Weekly Market Update 01/08/10 – Condos for Sale

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Singer Island, Florida

There are 323 condos for resale on Singer Island; 16 condos are currently pending. No condos sold within the past 7 days.

 

Rates for the 30-yr. fixed mortgage remainded above 5% but are down from last week’s 5.14 percent to 5.09 percent. This time last year the 30-year average was 5.01 percent. The average 15-year fixed mortgage rate fell to 4.50 percent from 4.54 percent the previous week.

Fannie Mae announced on January 7, 2010 that it would comprehensively review hundreds of condominium projects in Florida. Through a new “Special Approval” designation, Fannie hopes to streamline mortgage approvals for projects that don’t currently fit Fannie Mae guidelines even though they present limited risk to the company.

“This is good news for Florida and a step in the right direction for the state’s condominium market,” says Florida Realtors® Vice President Summer Greene. “Hopefully, with the special approval designation process, we can begin to get our condo inventories reduced and absorbed as more condo buyers receive a green light from lenders for loans. This will help boost confidence in the market.”

The industry experts are almost evenly split as to the direction of interest rates over the next 30 to 45 days with 36 percent expecting an increase, another 36 percent predicting a decline and the remaining 28 percent expecting no change.

For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected]

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