Naples Florida Real Estate News - 10/11/07
FLORIDA LEGISLATURE REAL ESTATE TAX REFORM - Florida lawmakers are moving swiftly on a new real estate tax reform proposal, expanding cuts and tinkering with details pushed by Gov. Charlie Crist yesterday. Many proposals such proposals, as a form of portability and, new this time around, a change of tax status from “highest and best use” that would aid commercial real estate. It’s a dynamic discussion, however, and proposals continue to evolve quickly.
NATIONAL REAL ESTATE OUTLOOK - Improving conditions in the mortgage market bode well for the housing sector in 2008, according to National Assocation of Realtor’s latest outlook. NAR Senior Economist Lawrence Yun puts the current housing market in perspective, noting that “2007 will be the fifth highest year on record for existing-home sales.” As the national real estate outlook improves the Florida real estate market will also improve and cause an increase in the demand. Basic economics of supply and demand should come into play, but will not have an immediate impact on pricing due to the number of housing units currently available in southwest Florida. However, there are communities or neighborhoods within the southwest Florida that are continuing to hold their values or have even shown price appreciation. Historical pricing is a great indicator for prospective buyers - can show where properties retain their values or where they have lost value.
FORECLOSURES - The Bush administration has announced a new mortgage industry coalition to help homeowners avoid the rising tide of foreclosures. Members will include 11 of the largest mortgage service companies, representing 60 percent of all mortgages in the country, as well as other agencies and trade organizations.
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