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Naples Real Estate News 02/26/08
HOUSING MARKET - The National Association of REALTOR’s housing report yesterday had some good news. While the sales numbers were down, they weren’t as dismal as many economists expected. Some investors saw that as positive news, and a sign that the housing downturn is on the verge of bottoming out.
Looking at the local statistics for Naples, Bonita Springs, and Estero - there really is reason for believing the downturn is bottoming out.
REAL ESTATE TAX PORTABILITY - Only 3 days remain: Friday is the deadline for homeowners to apply for a homestead exemption, and, for 2007 homebuyers, the last day to apply for real estate tax portability – the right to take tax savings from a home protected by Florida’s Save Our Homes Amendment and transfer it to a home purchased last year.
Speaking of real estate taxes the Taxation and Budget Reform Commission will now consider two possible amendments that offer all property owners about a 25 percent tax savings, and possibly a 1 percent sales tax increase to make up for local governments’ shortfall.
CONSUMER CONFIDENCE - Passage of the national economic stimulus package and state property tax amendment helped boost Florida’s consumer confidence by four points to 74 in February after last month’s decline to its lowest level in 16 years, according to the latest University of Florida study.
FORECLOSURES - The number of U.S. homes facing foreclosure jumped 57 percent in January compared to a year ago, according to RealtyTrac Inc. Florida had 30,178 homes on the foreclosure track, up about 158 percent from a year earlier but down 3 percent from December’s figure. According to the report, the Cape Coral-Fort Myers metro area had the highest foreclosure rate of any metro area, with one of every 86 homes in some stage of foreclosure.
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