Naples Florida Real Estate News - 10/08/07
Real estate tax phase out of the Save Our Homes Admendment is it possible? Has your condominium or homeowners association thought about a self-insurance trust? Exotic mortgages is it the next coming of subprime mortgages or is it programs that will duplicate the subprime mortgage market? Speaking of subprime mortgages - some thoughts by Alan Greenspan - also thoughts of recession.
REAL ESTATE TAXES - House Speaker Marco Rubio is ready to give up trying to phase out the popular Save Our Homes Amendment, saying any new plan would likely include an increase in the homestead exemption and a “portability” provision that would allow homeowners to take at least some part of their existing benefit with them when they move.
PROPERTY INSURANCE - Joining a self-insurance trust could save condo and homeowner associations up to 30 percent in property insurance premiums – but officials and consumer advocates are urging boards to take a hard look at this new program because savings in the short term may mean more risk in the long term.
EXOTIC MORTGAGES - Roughly one in five homebuyers in various area of Florida have taken out exotic mortgages, which can be riskier for borrowers than subprime mortgages, between 2005 and July 2007. Now many of these buyers’ monthly payments are soaring, putting them in a financial bind.
ECONOMY - Former Federal Reserve Chairman Alan Greenspan said last week that the rate of U.S. economic growth was slowing, but the odds of a recession are less than 50/50. Greenspan also said that the turmoil caused by the subprime mortgage crisis was easing and financial markets were beginning to go back to normal.
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