Readers in Broward County may be interested to hear that a panel of commercial real estate professionals and municipal officials recently met to discuss the future of commercial real estate in South Florida. They spoke at the annual Real Estate Outlook Conference in Fort Myers. The real estate professionals offered their insights, while the municipal officials described the business climate in each of their areas.
More South Floridians applying for low-interest mortgages
Buyers and sellers of residential real estate in Broward County will be interested to hear that, for the sixth week in a row, the mortgage loan interest rate averaged less than 4 percent. According to Freddie Mac, the average 30-year fixed-rate loan fell to an all-time low, at 3.89 percent, while the average 15-year rate dropped to 3.16 percent. The result? What you'd expect. More South Floridians have been applying for mortgages to take advantage of low interest rates. However, according to loan officers, personal debt, unemployment and the uncertainty of the current housing market are likely preventing many people from even applying for a mortgage.
More price predictions for Broward County real estate
Over the last few weeks, we've discussed prospective real estate prices in South Florida for 2012 and 2013. While no-one can know for sure what the future holds, paying attention to a wide range of perspectives can help buyers and sellers make informed decisions when it comes to closing on a real estate transaction.
Bank of America settlement: Florida minorities to receive payment
According to a recent decision involving mortgage lender Countrywide (now owned by Bank of America since 2008), over 200,000 African-American and Hispanic loan borrowers could receive between $500 to thousands of dollars in remuneration. A payment of $335 million is meant to settle charges of discrimination stemming from Florida's housing boom. Bank of America will make payments to borrowers nationwide, and thousands of people in South Florida are expected to receive compensation. It is likely that the lender's unfair practices against communities of color led to many needless foreclosures.
