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Naples Real Estate News - 11/30/07
REAL ESTATE TAXES - The tax swap may be back. A panel of the Florida’s Taxation and Budget Reform Commission, a group with the power to put an amendment directly on the November 2008 ballot, is considering a plan to reduce homestead property taxes and cap non-homestead property taxes with a temporary increase in the sales tax.
HOMEOWNERS INSURANCE - The news from the insurance industry isn’t good: Florida still is the most catastrophe-prone state because of its exposure to hurricanes, says Bob Hartwig, chief economist for the Insurance Information Institute. Translation? Homeowners’ insurance rates in Florida are likely to go higher even though an uneventful 2007 hurricane season ends today.
MORTGAGE INTEREST RATES - Mortgage rates fell sharply this week with 30-year mortgages dropping to an average of 6.10 percent – the lowest level in more than two years, according to Freddie Mac’s weekly nationwide survey.
ECONOMY - Noting the strains of a housing slump and credit crunch, the White House lowered its projection for economic growth next year. The new forecast calls for the gross domestic product to grow by 2.7 percent in 2008 instead of the previous 3.1 percent increase.
FORECLOSURES - A United States bankruptcy court is figuring out what to do with the assets and debts of Levitt and Sons, and decisions could create opportunities for developers and homebuyers, even as past customers wrestle with unpaid subcontractors and the possible loss of deposits.
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