FLORIDA REAL ESTATE TAXES - How much real estate tax relief Floridians will get, if any, may now hinge on a game of legislative chicken. Lawmakers return on Monday and must approve a plan before Tuesday night. If they fail to do so, a property tax relief amendment won’t make it onto the January ballot.

HOME SALES – Sales of new homes posted an unexpected 4.8 percent gain in September compared to August figures, though they were down 23.3 percent compared to September 2006. The results surprised analysts who had predicted a decline.

MORTGAGES – Many housing industry analysts see hopeful signs that mortgage availability is getting better, including falling interest rates on jumbo loans. Still, mortgage issues are likely to impact October’s home sales, according to Global Insight economist Patrick Newport. “Sales in October may be as ugly as September’s,” said Newport, who expects housing activity to hit bottom in mid-2008.

Some lenders are now making it tougher for borrowers in softening housing markets to get a mortgage. While the policy is designed to keep lenders from holding the bag if home prices in those markets continue to fall, analysts say the tighter standards – by discouraging homebuyers – could add to downward pressure on home values in already weak markets.

FLORIDA REAL ESTATE TAXES - The Florida House passed a bipartisan real estate tax reform package yesterday by a 108-2 vote that addresses many issues important to property owners in Naples, Bonita Springs and Estero. It now goes to the Senate for consideration.

MORTGAGE PAYMENT RELIEF - Countrywide Financial Corp., the nation’s largest mortgage lender, said Tuesday it will begin calling borrowers to offer refinancing or modifications on $16 billion in loans whose interest rate is set to adjust by the end of 2008. The company’s plan would help provide some relief to about 82,000 borrowers.

Worried about the fallout from a record number of homes going into foreclosure, federal lawmakers, regulators and consumer advocates are pushing the mortgage industry to move faster to help homeowners in trouble.

SUBPRIME MORTGAGES – A bill was introduced in the U.S. House yesterday designed to lessen problems within the mortgage industry. The legislation aims to prod states into enacting stronger mortgage regulations and sets up federal-level regulations if they don’t do so.

HOMEOWNERS INSURANCE – A new property insurer, based in Orlando, recently entered the market. In an Orlando Sentinel interview, President William K. Lowry Jr. explains why he thinks big insurers have cut back in Florida, and why smaller firms see that as an opportunity.

REAL ESTATE TAXES – Florida’s House of Representatives released its updated real estate tax reform plan, which includes a number of initiatives. House leaders now hope to build a bipartisan consensus to show the Senate that they’re serious about drastically cutting state real estate taxes.

COMMERCIAL REAL ESTATE – Analysts say the outlook for commercial real estate is cautious but decidedly upbeat. Led by strong growth in the office and retail segments, commercial property sales hit $401 billion through Oct. 18, outpacing last year’s $359 billion total, according to Real Capital Analytics, a New York based real-estate research firm.

HOMEOWNERS INSURANCE – Will Florida’s fragile property insurance market right itself any time soon? Will rates continue to climb? Insurance Commissioner Kevin McCarty offered some answers in an interview last week.

FORECLOSURES – A growing number of investors are making the drastic decision to walk away from their properties and ultimately send it into foreclosure. But financial advisors say that walking away from a mortgage is almost always a bad idea: You may lose your ability to take out future loans, and the lender could come after your personal assets, depending on state laws and the terms of your loan.

REAL ESTATE TAXES – The Senate passed a plan to lower real estate taxes yesterday, but it differs from the House version of real estate tax reform that includes substantial help for non-homestead and commercial property. The differences must be worked out if voters are to consider an amendment in January.

DISASTER INSURANCE – A move to add windstorm coverage to federal flood insurance stumbled in the U.S. Senate yesterday when a committee failed to consider the change. However, Florida Sen. Mel Martinez says he’ll work to get windstorm included before the issue goes to a vote.

COMMERCIAL REAL ESTATE – Commercial real estate lenders, spooked by the state of residential housing, are reining in riskier loans on fears that underwriting standards were too loose.

SUBPRIME MORTGAGES – Banks hope that a fund created to spread out balance sheet losses over time will prevent turmoil in mortgage-backed securities from further spilling into other parts of the credit market. But analysts say that while the fund should help avert a short-term crisis, the jury is still out on whether it will be successful over the long haul.

SHORT SALES – The niche market of short selling is keeping pace with rising foreclosures. Short selling occurs when a homeowner sells for less than what is owed on the mortgage –a last-ditch resort sellers use to avoid foreclosure when they are having a financial hardship. Many real estate associates are getting specialized training on the short-sale process.  The question remains though, does the real estate associates have sufficient background and knowledge to properly handle the short sale effectively.