Naples Real Estate News 05/30/08

May 30, 2008

REAL ESTATE TAX PORTABILITY
State and local government lawyers stood before a federal judge yesterday and argued in favor of January’s Amendment 1 that created Save Our Homes portability, among other things. Recent homebuyers from three Florida cities are challenging the Florida amendment, saying it is unconstitutional under U.S. laws.
ENVIRONMENT
Federal, state and local governments [...]

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Naples Real Estate News 05/29/08

May 30, 2008

HOMEOWNERS INSURANCE
Governor Charlie Crist yesterday signed property insurance reform into law. The final version of the bill included other bills that were added as amendments, and it’s the biggest insurance change to come out of the 2008 legislative session. It offers a number of protections and upgrades for Florida homeowners.
Hurricane season begins June [...]

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Naples Real Estate News 05/28/08

May 29, 2008

RECENT FORECLOSURE AND CREDIT SCORES
Potential buyers with a recent foreclosure may want to make sure they can get a mortgage before jumping back into the market. New federal guidelines generally call for a five-year wait, a 680 FICO score minimum, and the ability to make at least a 10 percent deposit.
FED INTEREST RATES
Federal [...]

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Naples Real Estate News 05/27/08

May 28, 2008

NEW HOME SALES RISE
Sales of new homes in the U.S. rose in April for the first time in six months, moving up by 3.3 percent, according to a Department of Commerce report. The median price of a new home dropped to $246,100 in April, down 4.2 percent from April 2007.
MORTGAGES MORE AVAILABLE
The availability of [...]

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Naples Real Estate News 05/23/08

May 28, 2008

HOME SALES
Florida Realtors reported an upswing in existing home and condo sales from March to April 2008, according to the Florida Association of REALTORS’ latest housing statistics. A total of 11,200 existing single family homes sold statewide in April, a 20 percent increase over March sales activity, while statewide existing condo sales rose 21.6 [...]

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Naples Real Estate News 05/22/08

May 28, 2008

HOMEOWNERS INSURANCE
Florida’s Hurricane Catastrophe Fund has yet another concern: a possible credit problem. According to A.M. Best, the nation’s current credit crunch could impact the Cat Fund’s ability to sell bonds on Wall Street should it need to reimburse insurers following a major hurricane.
CHARITY
The foreclosure problem has given something good to the country’s [...]

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Naples Real Estate News 05/21/08

May 28, 2008

HOUSING AID
Democrats and Republicans banded together yesterday to push a home loan rescue plan through the Senate Banking Committee on a 19-2 vote, boosting the bill’s chances for a broad election-year housing aid package.
FLOOD INSURANCE
Federal Emergency Management Administration has revamped its 20 percent premium discount rule for flood insurance, which will impact some [...]

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Naples Real Estate News 05/20/08

May 28, 2008

HOMEOWNERS INSURANCE
Many homebuyers want a property insurer they can trust, and that usually means a name they’ve heard before, such as State Farm or Allstate. But according to the Florida Office of Insurance Regulation, small companies offer equivalent coverage and, on average, are just as reliable as the big ones. And you may find [...]

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Naples Real Estate News 05/19/08

May 28, 2008

HOMEOWNERS INSURANCE
The surcharge Floridians pay to the Florida Hurricane Catastrophe Fund through their insurance policies is not enough, according to officials, and the state’s catastrophe fund needs more money to pay claims from past hurricanes.
INTERNATIONAL
Many international homebuyers consider this the perfect time to buy a South Florida condo and wait out the housing [...]

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Real Estate News 05/16/08

May 19, 2008

MORTGAGE RATES
Rates on 30-year mortgages edged down this week to their lowest point in a month, 6.01 percent, a spot of welcome news to would-be home buyers.
HOUSING STARTS
Construction of new homes in the U.S. posted the biggest increase in more than two years in April, rising by 8.2 percent. The unexpected strength came from [...]

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