Naples Florida Real Estate News - 10/31/07
REAL ESTATE TAXES - Will the Legislature’s latest tax fix juice up Florida’s real estate market? Many say the tax-relief package, if approved by voters in January, should help convince buyers to make a commitment – but no one can say how many will take the plunge.
HOMEOWNERS INSURANCE - Florida officials approved another surcharge that will be tacked onto all property insurance policies. The 2 percent increase will pay for losses attributed to the bankruptcy of Poe insurance companies and will start appearing on March bills. It’s the third surcharge approved in the last 15 months and the first one that also applies to customers of the state-created Citizens Property Insurance Corp.
FLORIDA CONSUMER CONFIDENCE - A weak housing market doesn’t deter Floridians. Consumer confidence in the state rose three points in October, with much of the increase attributed to low-income households.
INTEREST RATES - The Federal Reserve, confronted with surging oil prices and a slumping housing market, cut a key interest rate by a quarter-point, the second rate reduction this year. The move should lower adjustable rate mortgage rates, though it does not always impact fixed rate mortgages.
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