FLORIDA PROPERTY INSURANCE
Yesterday, State Farm, Florida’s biggest private insurer, reported that most policyholders would see a 7 percent decline in their property insurance rates much less than the 24 percent lawmakers predicted most insurers would offer following January’s special session of the Legislature.

FLORIDA PROPERTY TAXES 
Florida House leaders are negotiating changes to their property tax proposal to protect hospitals and children’s programs from possibly losing billions of dollars since many receive special funding from property taxes authorized by voters.

FHA MORTGAGES
NAR testified before a Senate subcommittee this week, advocating for better FHA mortgage products that reflect consumers’ needs, eliminating the statutory 3 percent minimum cash downpayment and offering downpayment flexibility.

I have to disagree with the National Association of Realtors on this one.  By eliminating the statutory 3 percent minimum cash downpayment, we are recreating the same situation that exists now with sub-prime lenders.  The only difference is that the public sector rather the private sector gets to pay for borrower defaults.

MORTGAGE RATES
Rates on 30-year mortgages remained unchanged this week, averaging 6.14 percent the lowest level since mid-December as investors waited for more concrete information on the direction of the economy.

Many homeowners are starting to go Green – using environmentally friendly products.

Here is a list of the "Top 7" list for those property owners that are doing remodeling and thinking about using Green techniques:

1. Install maximum insulation in the area to be remodeled.
2. Install high-efficiency windows instead of those that just meet the energy code.
3. Seal all exterior penetrations in the area being remodeled.
4. Purchase only Energy Star® – rated appliances.
5. Install only low-flow water fixtures.
6. Upgrade to to Energy Star® – rated water heater, or better yet a tankless water heater.
7. Purchase the highest efficiency heating, ventilation and air conditioning system you can afford.

Some research shows the following:

1. The new green home owner is affluent and well educated, in his/her mid forties and married, and also more likely to be from the Southern or Western states.  Women are also more likely to be green homeowners.
2. 63 percent report lower operating and maintenance costs as the key movitation behind buying a green home.  Additionally, nearly 50 percent said they are movitated by environmental concerns and their family’s health.
3. More than 60 percent of those surveyed say that consumer awareness, additional costs and the limited availability of homes are obstacles to green homes gaining a bigger market share.

MORTGAGES
HUD is preparing to punish some subprime mortgage lenders under investigation for discriminatory practices it announced yesterday. HUD also suggested that the largest mortgage companies, Fannie Mae and Freddie Mac, should consider giving strapped homeowners more time to make their payments.

NATIONAL REAL ESTATE FORECAST
The real estate market faces unique conditions right now, such as the subprime mortgage market problem and unusual weather. Consequently, the National Association of Realtors (NAR) predicts that things will likely get better this year but hesitates to say exactly when that turnaround will occur.

REMODELING
The market slowdown hasn’t curbed consumers’ desire for upscale kitchens and baths. Upper-end appliances are becoming more popular, even for homes that aren’t at the upper end of a price range, says American Institute of Architects Chief Economist Kermit Baker.

FLORIDA PROPERTY TAXES
One hand may not know what the other hand is doing: The Florida House wants to get rid of property taxes; at the same time, however, it has told local school boards to increase property taxes if they need more money to operate.

Okay – time for the Florida legislature to start amongst themselves as to what the game plan is going to be reducing property taxes.

SUBPRIME MORTGAGES
Subprime mortgage market troubles already make it more difficult for some homebuyers to secure a mortgage, but fear of a broad collapse has caused Congress to consider tougher standards for the industry.

Just read that Fifth Third Bankcorp is announcing tighter lending guidelines for some of their loan programs after 8:30 AM today (March 15th).  The Ides of March does blow an ill wind for some.

FLORIDA PROPERTY INSURANCE
Florida officials approved a new business plan for Citizens Property Insurance, allowing the state-run insurer to be more competitive and offer some savings to policyholders. Under the plan, Citizens will offer a complete policy that covers windstorm damage, as well as fire, theft and liability.

Are Florida officials aware that slightly more 7.5% of my homeowners insurance premium is for the September 2005 Citizens Recoupment?  Glad to hear Florida officials are offering savings to policyholders of Citizens Property Insurance – hey what about me and the other people that are paying for the recoupment?

STATE OF FLORIDA FINANCES
Florida’s shaky financial outlook took a turn for the worse Monday when state economists knocked nearly $1 billion out of their two-year revenue estimate. They blamed the slump in home sales for the drop.

You might be asking how home sales are to blame for the drop in the revenue estimate – documentary stamps on deeds, intangible tax and documentary stamps on the face value of a mortgage,  sales tax collected on furniture and other home/condo furnishings – just to name a few.

SUBPRIME MORTGAGES
A Treasury Department official said yesterday that troubles in the subprime mortgage industry remain manageable, and that they won’t impact other economic sectors.

HOME TRENDS
By the end of the decade, 33 percent of Americans will be in the 50-and-up age segment; but a growing number of baby boomers already are considering accessibility when purchasing a new home, and looking for universal design features such as wider entryways, lower cabinets and raised toilets.

HOME IMPROVEMENTS
How long will a home improvement actually remain an improvement? How long do new wood floors last? New stoves? A new countertop? NAHB conducted a study that tries to determine the lifespan of home components.