REAL ESTATE TAXES – A Florida House committee approved significant real estate tax relief yesterday afternoon that creates a 3 percent assessment cap on non-homestead and commercial properties that the state currently offers only to homestead properties. But senators, many unconvinced, now will consider the House’s revisions.

HOMEOWNERS INSURANCE – State regulators are getting tough on insurers, issuing subpoenas for records from Allstate insurance companies in Florida, as well as Cincinnati Insurance and Cincinnati Indemnity. They want answers on why the rate decreases promised to homeowners haven’t materialized.

MORTGAGES – Noting that the mortgage crisis is continuing to affect the nation and financial markets, Florida Chief Financial Officer Alex Sink has joined a coalition of national elected officials and consumer organizations urging mortgage companies and lenders to adhere to its mortgage protection principles.

HOUSING MARKET – U.S. Treasury Secretary Henry Paulson called for Congress and private mortgage companies to move quickly to help homeowners struggling to pay their mortgages, saying the “housing decline is still unfolding and I view it as the most significant current risk to our economy.”

REAL ESTATE TAXES – Voters would be asked to approve a wide-ranging plan to lower real estate taxes under a proposed ballot measure approved Monday by a state House committee. The plan would double how much value is exempt from non-school taxes for many homeowners and provide some real estate tax breaks for people who move. The full Legislature could vote on the plan this week.

SUBPRIME LOANS – An analysis of more than 130 million home loans made over the past decade reveals that risky mortgages were made to all income levels in nearly every corner of the nation, from small towns in the middle of nowhere to inner cities to affluent suburbs.

HOME PRICES – U.S. housing prices will continue to decline at least through the end of next year and may not begin creeping upward again until 2010, executives from the biggest mortgage lenders said Monday at the Mortgage Bankers Association’s annual convention. However, real estate is local and if you are considering purchasing either a new home or condominium in Naples, Bonita Springs, or Estero, you should continually review the market update reports found within this blog.

REAL ESTATE TAXES – The special session on property taxes begins today. Legislative leaders expect to negotiate a real estate tax reform deal by the middle of next week, though the new session officially runs through Oct. 29.

Also, more than 150 taxpayers told members of the state Taxation and Budget Reform Commission Wednesday at a Fort Lauderdale meeting that stronger action is needed to cut property taxes.

Across Florida, 156 cities or towns — 41 percent of 382 reporting municipalities, according to state figures — have decided to defy the state Legislature’s June mandate to lower property taxes by using override options. The surprise? There hasn’t been much backlash from angry residents, either.

MORTGAGE RATES – Rates on 30-year mortgages edged up slightly this week to an average 6.40 percent following a better-than-expected report on job growth, according to Freddie Mac’s nationwide survey.

FORECLOSURES – The turmoil in the mortgage industry also affects renters. A rising number of landlords are falling behind on mortgage payments, which is sending their properties into foreclosure and, in many cases, forcing tenants out of their homes. Generally, in a lease there is specific language which places the lease agreement in a subordinated position, therefore, the tenant faces eviction after the foreclosure.

FLORIDA LEGISLATURE REAL ESTATE TAX REFORM – Florida lawmakers are moving swiftly on a new real estate tax reform proposal, expanding cuts and tinkering with details pushed by Gov. Charlie Crist yesterday. Many proposals such proposals, as a form of portability and, new this time around, a change of tax status from “highest and best use” that would aid commercial real estate. It’s a dynamic discussion, however, and proposals continue to evolve quickly.

NATIONAL REAL ESTATE OUTLOOK  – Improving conditions in the mortgage market bode well for the housing sector in 2008, according to National Assocation of Realtor’s latest outlook. NAR Senior Economist Lawrence Yun puts the current housing market in perspective, noting that “2007 will be the fifth highest year on record for existing-home sales.” As the national real estate outlook improves the Florida real estate market will also improve and cause an increase in the demand.  Basic economics of supply and demand should come into play, but will not have an immediate impact on pricing due to the number of housing units currently available in southwest Florida.  However, there are communities or neighborhoods within the southwest Florida that are continuing to hold their values or have even shown price appreciation.  Historical pricing is a great indicator for prospective buyers – can show where properties retain their values or where they have lost value.

FORECLOSURES – The Bush administration has announced a new mortgage industry coalition to help homeowners avoid the rising tide of foreclosures. Members will include 11 of the largest mortgage service companies, representing 60 percent of all mortgages in the country, as well as other agencies and trade organizations.