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Naples Real Estate News - 01/28/08
REMEMBER TO VOTE TOMORROW JANUARY 29.
JUMBO LOANS - Hoping to speed delivery of its $150 billion pick-me-up for the U.S. economy, the Bush Administration reluctantly agreed to temporarily increase the size of the mortgages Fannie Mae and Freddie Mac can purchase from $417,000 to nearly double that. This is good news for the Naples real estate market, due to the median price of residences in the local market.
PROPERTY INSURANCE - State Farm, Florida’s largest private home insurer, has begun dropping property coverage for 50,000 Floridians as part of a rate reduction agreement with the state. Even in places like Jacksonville, which hasn’t had a major hurricane since 1964, most homeowners within a mile of the ocean will be dropped.
REAL ESTATE TAXES - Tomorrow is Election Day in Florida. Get out. Vote. "Yes on Amendment 1" for the following reasons:
• People who have feel trapped in their homes – unable to size up or scale down – can now afford to sell.
• Keeps Save Our Homes while cutting taxes and expanding the homestead exemption for the first time since 1980.
• Exempts approximately 1 million small businesses, from the state’s tangible personal property (TPP) tax. Savings: about $500 a year.
• Caps non-homestead property assessments at 10 percent annually.
• Jumpstarts the housing market.
• Gets property tax reform rolling, allowing legislators to focus on additional relief during the 2008 legislative session. Is it enough? No. But a vote in favor of Amendment 1 sends a strong message to the Florida Legislature, which will consider additional tax relief during the 2008 legislative session.
NEW HOME SALES - The Commerce Department reported today that sales of new homes dropped by 26.4 percent last year. That marked the worst sales year on record, surpassing the old mark of a 23.1 percent plunge in 1980.
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