Naples Florida Real Estate News - 09/24/07
Is a higher sales tax in the future? Are foreclosures higher than in the 80’s? What is the attitude towards a national disaster insurance? New condominium buyer’s remorse leads to lawsuits. Are the federal agencies handling the mortgage crisis?
REAL ESTATE TAXES - Florida House Speaker Marco Rubio still likes his proposal from last year – no property taxes coupled with a higher sales tax – but he’s also a realist and believes the proposed constitutional amendment slated for a January vote is an important first step.
FORECLOSURES - The default rate on U.S. mortgages is stabilizing, HUD Assistant Secretary Darlene William said Monday: “Our economic fundamentals are strong. Loan defaults are half of what they were in the 1980s, and interest rates are low compared to the double-digit rates of 20 years ago.”
DISASTER INSURANCE - Many times couched in polite terms, the insurance industry and some federal lawmakers have a message for Floridians strapped by high property insurance costs: If you don’t like the cost of coastal living, strengthen your home or move elsewhere – but don’t expect other property owners in the U.S. to subsidize your insurance costs.
CONDOMINIUM LAWSUITS - Condo purchasers in Florida continue to have “buyer’s remorse” as they try to cancel their contracts in court. No one knows the full number, but just seven projects located in six counties have generated about 65 cases. None are in Naples (Collier County) or Lee County (Bonita Springs or Estero). Projects are located in Manatee, Charlotte, Sarasota, Palm Beach, Broward, and Miami-Dade. Other areas, such as, San Diego, Las Vegas, and other condo hot-spots are seeing this growing trend.
SUBPRIME LENDING - Federal Reserve Chair Ben Bernanke asked Congress Thursday to limit its response to the mortgage crisis, saying that federal agencies are handling it.
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