Credit Grip Loosening; So Where in Florida Should You Buy?
Wed Feb 8, 2012 on Blog
For one, DSNews says banks are now lending up to 3.5 times borrower earnings, up from a low of 3.2, citing a Capital Economics report. Even better they say, is the Loan-To-Value ratio for new mortgages, which is up to 82 percent. That means lenders are allowing new home buyers to borrow more of the appraised value of a home.
Here in Florida, CBS MarketWatch reports more people are moving into the Sunshine State than leaving it.
Why? MarketWatch cites a new report from Trulia.com that house hunters are flocking here because Florida has some of the lowest home prices in the country.
A Northern Trust economist has come out and said home prices have not been this attractive in 50 years. He said that banks are sitting on 1.5 trillion doallars, and lending should pick up even more in the next 2 years.
Four Florida markets, Ocala, Panama City-Lynn Haven-Panama City Beach, Sebastian-Vero Beach, Lakeland-Winter Haven made Business Insider’s List.
Each has median home prices in the low 100s, and prices in each market are expected to grow at least 8 percent in the next 5 years.
Will prices start rising right away? We’re not sure, but we do know now is a great time to buy.