Monday, April 12, 2010

Condos in Florida

Fannie Mae has developed a new program for providing more mortgage money for stimulating sales of properties throughout Florida. Investors and condo sellers in Florida, for example, houses in West Palm Beach, can get most benefits from this new policy.

Fannie Mae said that the main idea of the program is to provide liquidity to the stagnant condo market due to many problems, such as falling prices, excessive offers, condos abandoned by buyers. According to this program, second time buyers will get the $6,500 tax credit, first time buyers will get $8,000 credit.

But some Miami area condo experts are not so sure that Fannie's new program will boost the real estate market because about 85% of condo’s owners are foreign people who are not influenced too much by the crisis.

No comments: