Naples Real Estate News - 12/21/07

MORTGAGE DEBT FORGIVENESS - Americans who lose their home to foreclosure or bankruptcy no longer have to pay income taxes on any debt forgiven by the bank. A bill signed by President Bush yesterday voids the Internal Revenue Service practice of considering the bank’s write-off on the loan a taxable form of income for the family that already lost a home.

PRIVATE MORTGAGE INSURANCE - President Bush signed legislation yesterday that extends the Internal Revenue Service tax deduction for private mortgage insurance (PMI) premiums. Qualified borrowers get the deduction for mortgage originations between 2007 and 2010.

MORTGAGE RATES - Mortgage rates edged up for a second straight week and 30-year loans reached their highest level, 6.14 percent, in a month, according to Freddie Mac’s weekly nationwide survey.

2007’s TOP REAL ESTATE STORIES - What were the top real estate stories of 2007? The slowing home sales market heads the list, followed by Florida-specific concerns – real estate taxes and homeowners insurance – along with troubles in the mortgage market and, finally, a proposed Hometown Democracy constitutional amendment that could go before voters in 2008. Here are the issues that shaped Florida’s real estate world in 2007 and a glimpse at what the New Year holds.

For more information about Hometown Democracy you may want to look at these resources:

Tommy at Sticks of Fire: a Tampa blog writes: "I’m sure you have heard of Hometown Democracy. Citizens tired of unchecked development and rampant growth have put together a constitutional amendment to make sure that nearly each and every property improvement is voted on by citizens like you. …."

J. Miller at Daytona Beach News - Journal - writes "The adversaries in the battle over changing Florida’s rules for handling growth make no secret of their disdain for one another–or the fact that they’re in a no-holds-barred campaign.  …."

"For the next many months, the phrase Hometown Democracy is likely to pop up in the news and on many streetcorners as proponents of the initiative seek to change the state constitution to require residents to vote on land-use changes. Florida was once ruled by insider deals until the Growth Management Act imposed a more scientific regimen…" You read more on the It’s Your Time blog.