Florida Real Estate News - 03/16/07
FLORIDA PROPERTY INSURANCE
Yesterday, State Farm, Florida’s biggest private insurer, reported that most policyholders would see a 7 percent decline in their property insurance rates much less than the 24 percent lawmakers predicted most insurers would offer following January’s special session of the Legislature.
FLORIDA PROPERTY TAXES
Florida House leaders are negotiating changes to their property tax proposal to protect hospitals and children’s programs from possibly losing billions of dollars since many receive special funding from property taxes authorized by voters.
FHA MORTGAGES
NAR testified before a Senate subcommittee this week, advocating for better FHA mortgage products that reflect consumers’ needs, eliminating the statutory 3 percent minimum cash downpayment and offering downpayment flexibility.
I have to disagree with the National Association of Realtors on this one. By eliminating the statutory 3 percent minimum cash downpayment, we are recreating the same situation that exists now with sub-prime lenders. The only difference is that the public sector rather the private sector gets to pay for borrower defaults.
MORTGAGE RATES
Rates on 30-year mortgages remained unchanged this week, averaging 6.14 percent the lowest level since mid-December as investors waited for more concrete information on the direction of the economy.
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