Naples Real Estate News 06/30/08
MORTGAGE RATES
If it isn’t one thing, it’s another. Historically low mortgage rates have been one of the few strengths in today’s housing market, but inflation fears may be nudging rates higher.
FLOOD INSURANCE
Congress plans to address insurance regulatory issues in July before departing on an extended summer vacation, and industry officials are hopeful that lawmakers will finish work on legislation reauthorizing and reforming the National Flood Insurance Program. They could be inspired due to the flooding that has taken place in the Mid West states during the past few weeks. Maybe, they will consider a national catastrophic insurance program as more congressional members’ constituents were impacted financially.
HOMESTEAD PORTABILITY
How many Floridians understand real estate tax portability of their homestead exemption, under Amendment 1? “Most of the buyers I have dealt with - I’ve been educating them,” says Realtor Steve Fruit in Highlands County. “A few seem to be conversant about Save Our Homes, but it’s amazing how many don’t know about it.”
Out of state buyers need to understand both the Save Our Homes amendment as well as the positive aspects of Amendment 1. The impact of real estate taxes for non-homestead properties has changed significant and may not see the accelerated increases in real estate taxes as was seen in 2005, 2006 and 2007.
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