REAL ESTATE TAXES – A 37-page lawsuit filed last week claims that Florida’s Save Our Homes amendment is “tilted unfairly” and favors long-term homestead property owners “to the adverse economic disadvantage” of new residents, in conflict with federal law. The lawsuit also challenges the proposed amendment voters will consider on January 29 that would create portability.
HOMEOWNERS INSURANCE – The news isn’t all bad for property insurance rates, Florida Chief Financial Officer Alex Sink says. The cost of business coverage has fallen about 30 percent. However, Sink says that Florida has accepted too much risk should a major hurricane hit the state.
MORTGAGES – The Federal Reserve will propose new mortgage rules tomorrow that would give consumers much greater protection. Under consideration: Voiding subprime borrowers’ prepayment penalties, restricting loans that don’t require proof of income, and improving financial disclosures given to borrowers.
FORECLOSURES – On ABC’s “This Week” Sunday, former Federal Reserve chairman Alan Greenspan suggested that a tax break or other government financial help for homeowners facing foreclosure would be the best political fix for the nation’s economy. But he cautioned against meddling with home prices or interest rates.
INTERNATIONAL – What’s happening with the U.S. economy, along with higher costs for oil and food, are likely to have ripple effects in other countries, as analysts discuss next year’s world economic outlook.
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