Naples Florida Real Estate News - 10/30/07

October 31, 2007 Posted in Real Estate News 

FLORIDA REAL ESTATE TAXES - It’s voters’ turn: The Florida Legislature passed real estate tax reform and a proposed amendment will appear on the January ballot. The amendment offers moderate relief for homeowners and slight relief for commercial property but does not go as far as an earlier House proposal; and tax portability, as proposed, could face a constitutional challenge in the courts.

REAL ESTATE SETTLEMENT PROCEDURES ACT - Housing and Urban Development announced settlements with six major U.S. homebuilders over RESPA violations. According to HUD, complex business arrangements shielded payments for referrals.
• $466,000 settlement with Pulte Homes Inc., and its captive title reinsurance company Marquette Title Insurance Co.
• $456,000 settlement with KB Home and its captive title reinsurance company Westview Co.
• $261,000 settlement with Beazer Homes USA Inc. and its captive title reinsurance company Security Title Insurance Co.
• $66,000 settlement with Meritage Homes Corp., Meritage Homes of California Inc., Meritage Homes of Nevada Inc., Meritage Homes of Arizona Inc., and their captive title reinsurance company Meritage Paseo Crossing LLC
• $84,000 settlement with The Ryland Group Inc. and its captive title reinsurance company Cornerstone Title Insurance Co.
• $52,000 settlement with Technical Olympic USA Inc. (TOUSA Homes) and its captive title reinsurance company Universal Land Title Inc.

CITIZENS PROPERTY INSURANCE - The state Office of Insurance Regulation has given four Florida-based companies the OK to take 173,000 homeowner insurance policies out of Citizens Property Insurance Corp, now the state’s largest home insurer. Thousands of homeowners – most in South Florida – will start receiving notices of the offers Nov. 7.

HURRICANE MITIGATION - The My Safe Florida Home program announced it is increasing standards for its wind inspection firms. Since April 2007, the program has performed over 111,200 free wind inspections and approved more than 13,500 homeowners for matching grants to help harden their homes.

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