REAL ESTATE TAXES – The Florida Supreme Court on Tuesday asked a lower circuit court to consider a Broward mayor’s petition to block the proposed property tax reform constitutional amendment from going on the Jan. 29 ballot. The petition argues that the language is misleading and improperly scheduled for a vote, among other flaws.

HOUSING FORECAST – The National Association of Realtors issued its latest forecast: A pickup in existing home sales by the end of 2007 with a recovery in 2008. A rebound in new home sales, according to the forecast, will shadow the resale industry, with a turnaround in 2008. Median existing home prices should drop 1.4 percent in 2007 and rise 1.8 percent in 2008.

INTERNATIONAL BUYERS FOR FLORIDA REAL ESTATE – In 2006, home sales to international buyers fell 65 percent compared to 2005 numbers, according to a Florida study conducted by the National Association of Realtors. Analysts blame “the exorbitant rise in homeowners/hazard insurance costs and equally dramatic rise in property taxes” on top of higher mortgage rates during the prime homebuying season.

REAL ESTATE TAXES – A Broward County mayor asked the state Supreme Court yesterday to remove the Florida Legislature’s real estate tax proposal from the January ballot. He claims the proposed constitutional amendment contains a series of flaws. Even though this request came from a Broward County mayor, it will also have an effect on Naples FL real estate taxes.

HURRICANES – Get ready: The Florida Department of Financial Services has scheduled a number of hurricane expos around the state, and many are open to the public. Topics vary but focus on hurricane mitigation techniques to boost a home’s defenses against a storm.
One of the expos will be in the Naples area on Aug. 24: Resource to create, maintain and grow your business – hurricane preparedness.

MORTGAGES – More homebuyers avoided adjustable rate mortgages in the second half of 2006 in favor of fixed-rate loans, according to Mortgage Brokers Assocation’s latest survey, which found that the number of fixed rate mortgages increased from 43.3 percent in the first half of 2006 to 46.2 percent in the second half.

CONSTRUCTION – Builders say that smaller, more affordable homes can have big selling power in the current housing market. “Smaller homes generate lower revenues, but they sell faster, therefore the cash returns are better,” says Jeffrey Mezger, chief executive of KB Home of Los Angeles.
You have to wonder if the smaller more affordable homes will be as popular in the Naples FL real estate market, due to the buyer’s expectations and when comparing to existing homes on the market.

COMMERCIAL GOING GREEN – Tourist-related businesses, including hotels, are going green. It’s a win-win for hotels that began becoming more environmentally friendly a decade ago to cut costs – but now realize they can market to a growing cadre of green consumers.

MORTGAGE RATES – Average mortgage rates hit their lowest point in the past month at 6.63 percent for a 30-year FRM, according to Freddie Mac’s weekly nationwide survey, and most experts expect little change over the short term – good news for prospective homebuyers.

MORTGAGE FRAUD – Mortgage fraud affects friends, neighbors – even YOU. Mortgage borrowers pay more to cover a lender’s loan losses; homeowners pay more in property taxes when local values are inflated; and retirees pay more when pension funds invest in affected real estate.