Naples Real Estate News 05/30/08
REAL ESTATE TAX PORTABILITY
State and local government lawyers stood before a federal judge yesterday and argued in favor of January’s Amendment 1 that created Save Our Homes portability, among other things. Recent homebuyers from three Florida cities are challenging the Florida amendment, saying it is unconstitutional under U.S. laws.
ENVIRONMENT
Federal, state and local governments are boosting spending on open space and parks while other programs are getting trimmed in response to sluggish tax revenue in a weak economy. In Florida, for example, the Legislature recently extended Florida Forever, the biggest state open-space program in the nation, for 10 years at $300 million annually.
MORTGAGES
Why do some buyers pay closing costs that are thousands of dollars higher than other buyers? A just-released study finds that some discrepancies can be traced to education level, geography, race and ethnicity; but big discrepancies even exist between consumers with almost identical traits and credit histories.
MORTGAGE RATES
Rates on 30-year mortgages jumped this week to an average of 6.08 percent - the highest level since mid-March, according to Freddie Mac’s weekly nationwide survey, as investors began to worry about Federal Reserve actions to combat growing inflation pressures.
HURRICANE SEASON
As several states recover from the destruction and loss of life caused by recent tornadoes, floods and wildfires, Floridians prepare for the 2008 hurricane season, which begins Sunday and runs through November. You should prepare your home or condo in Naples, Bonita Springs or Estero now.
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