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Florida Real Estate News - 05/10/07
SPECIAL FLORIDA LEGISLATURE SESSION
It’s official: The Florida Legislature’s special session runs June 12-22 leaders formally announced yesterday – but property tax reform could be decided before the session starts. A joint committee of the House and Senate, charged with presenting a proposed legislative draft by June 4, meets May 21 to review and discuss options.
SINKHOLES
Citizens Property Insurance Corp. gave final approval yesterday to a sinkhole plan designed to save policyholders money if they forego insurance coverage for moderate sinkhole damage. While all homeowners insured by the company have the non-sinkhole option, however, only residents in Pasco and Hernando County will be contacted directly.
MARKETING
Offering juicy incentives to buyers isn’t new, but the practice is gaining ground in the current resale housing market. It popped up last year as a way for builders to move unsold new-home inventory, and now industry watchers say it’s spreading aggressively to the existing-home market, which accounts for 85 percent of all sales.
INTEREST RATES
No news is good news: The Federal Reserve held interest rates steady yesterday at 5.25 percent. The current rate, relatively good by historical standards, impacts ARMs and home equity lines of credit.
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