Naples Florida Real Estate News - 10/25/07

October 25, 2007 Posted in Real Estate News 

FLORIDA REAL ESTATE TAXES - How much real estate tax relief Floridians will get, if any, may now hinge on a game of legislative chicken. Lawmakers return on Monday and must approve a plan before Tuesday night. If they fail to do so, a property tax relief amendment won’t make it onto the January ballot.

HOME SALES - Sales of new homes posted an unexpected 4.8 percent gain in September compared to August figures, though they were down 23.3 percent compared to September 2006. The results surprised analysts who had predicted a decline.

MORTGAGES - Many housing industry analysts see hopeful signs that mortgage availability is getting better, including falling interest rates on jumbo loans. Still, mortgage issues are likely to impact October’s home sales, according to Global Insight economist Patrick Newport. “Sales in October may be as ugly as September’s,” said Newport, who expects housing activity to hit bottom in mid-2008.

Some lenders are now making it tougher for borrowers in softening housing markets to get a mortgage. While the policy is designed to keep lenders from holding the bag if home prices in those markets continue to fall, analysts say the tighter standards – by discouraging homebuyers – could add to downward pressure on home values in already weak markets.

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