Upper Keys residential sales rose from 566 to 691 homes sold.

 

In the Islamorada and Key Largo areas median prices increased by 5.8%% and closings were up 22%.

  

With inventory reducing and interest rates still low expectations are for price increases to continue.

 

 

WASHINGTON - Oct. 4, 2013 - Average U.S. rates on fixed mortgages fell for the third straight week to their lowest point in three months, as a decline in consumer confidence and the onset of the government shutdown forced rates down.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan dropped to 4.22 percent from 4.32 percent last week. The average on the 15-year fixed loan declined to 3.29 percent from 3.37 percent.

Both are the lowest averages since early July.

The Federal Housing Administration, which guarantees about 30 percent of U.S. home mortgages, says that if the partial shutdown continues for an extended period and the agency's funding runs out, it wouldn't be able to continue approving loans. 

 

Will FHA endorse single-family loans during a shutdown?

FHA will be able to endorse single-family loans, with the exception of Home Equity Conversion Mortgages (HECM) and Title I loans, during the shutdown. A limited number of FHA staff will be available to endorse new loans. Due to limited staff, the time to endorse the cases may be extended.

Will FHA still be able to endorse my loan if I am not able to obtain tax returns verified by the IRS during the shutdown?

Some lenders obtain tax transcripts directly from the IRS when underwriting their FHA-insured loans. But these lenders may be unable to obtain returns directly from the IRS for the duration of the government shutdown.

Lenders may continue originating loans using FHA's existing underwriting requirements, which have not changed. Lenders must obtain tax returns from certain borrowers in order to originate FHA-insured loans, and the borrower's signed authorization (i.e., Forms IRS 4506, IRS 8821, or whatever form or electronic retrieval service is appropriate) for any loan for which the borrower's

 

Can I continue to process the loan without the Social Security Number validation?

Lenders may continue processing loans without receiving validation of the borrower's name and SSN, but FHA will not endorse loans without this validation.

 

A side note:

 

Fall is here and the" Keys" are getting ready for Halloween, Fantasy Fest in Key West and assorted other activities.

  

There is always something to do in the Keys no matter what time of year.  There is fishing, diving, boating,  sunsets, enjoying the weather, participating in fishing tournaments, parasailing or just kicking back at your favorite restaurant or watering hole etc..

  

If you have been waiting for the right time to find your "Dream Home" in the Florida Keys the time is now.

  

You can visit my web site  www.robskeel.com  for Florida Keys info and listings or contact me at 305-393-6300 or email [email protected] and tell me what your looking for, your price range and where you want to the property to be located. I am here to assist you with finding just the right home in the Upper Florida Keys and negotiating/closing the sale.

  

The above information hopefully has been of interest to you.

  

Rob Skeel -Realtor Century 21 Schwartz Realty