Florida Real Estate News - 03/28/07

FLORIDA PROPERTY TAX REFORM
The Florida Senate has said little about property tax reform so far; but yesterday, Democrats released a wide-ranging plan that would cut property taxes for most homeowners. However, longtime homeowners, who already pay reduced taxes thanks to the Save Our Homes amendment, would pay more.

FLORIDA CONSUMER CONFIDENCE
Rising gas prices, a soft housing market and a sudden dip in the stock market contributed to a six-point drop in Florida’s consumer confidence to 86 in March, its lowest level in six months, according to UF economists.

MORTGAGE FRAUD
Beazer Homes USA Inc., which recently suffered hefty losses amid a downturn in the housing market, now faces a federal investigation of mortgage fraud and other allegations.

CONSTRUCTION
Miami-based Lennar announced a 73 percent drop in first-quarter earnings yesterday, the latest homebuilder impacted by a slowing home market. Lennar says that southwest Florida and the area north of Palm Beach County have been hit hard, but Orlando continues to do fairly well.

US Home is a part of the Lennar corporation.

SURE OF THAT INSURER?
The Florida Department of Financial Services’ (FDFS) Division of Agent and Agency Services, Bureau of Investigation, investigates property insurance violations by Florida insurance agents, as well as health, life, auto, workers’ compensation, bail bond and title insurance. “Consumers trust insurance agents to ensure they receive adequate coverage and the services they pay for,†says Florida Chief Financial Officer Alex Sink. “We will aggressively pursue any agent who takes advantage of a customer, especially as so many Floridians are struggling to keep up with rising premiums.†Sink yesterday announced the arrest of Christopher Millsaps, 45, of Orlando, who targeted several larger commercial business clients in Orange and Seminole counties. Millsaps told them they owed additional insurance premiums and to remit the payments directly to him, though he then deposited the money into his personal account. With the assistance of Millsaps’ agency employer, the FDFS confirmed necessary coverage to all of his victims. To check on the status of an insurance agent’s license or to file a complaint against an agent, call (800) 342-2762 or log on to the FDFS Web site.

For more information about these new items or about the Naples real estate market be sure to contact me.