REAL ESTATE TAXES – Gov. Charlie Crist took an assertive step into the real estate tax reform discussion yesterday, pushing lawmakers to extend the current special session to discuss the issue rather than meet again later in October. Crist also released his own version of a simplified tax plan that offers less tax savings, but is easier to understand and includes portability.
HOMEOWNERS INSURANCE – Worried about the amount of risk taxpayers currently face, Florida Chief Financial Officer Alex Sink wants lawmakers to turn over some control of the state’s backup hurricane fund to the governor and Cabinet. Sink says the Cabinet would shift some of the existing risk to private insurers.
Also, in homeowners insurance developments – Florida insurance regulators rejected property insurer USAA’s attempt to raise its rates by an average 53.9 percent for technical reasons – top USAA officials didn’t certify that their filing’s information was “true and accurate.”
HOMEBUYER COUNSELING – Housing and Urban Development announced yesterday that 20 groups in Florida would receive homebuyer counseling grants totaling $765,000, part of $44.1 million to be issued nationwide. Homebuyer counseling can help families become first-time homeowners and qualify for a mortgage.
FORECLOSURES DOWN – It’s good news – sort of. According to RealtyTrac, foreclosure activities (defaults, notice of foreclosure sales and REO properties) dropped 8 percent nationwide in September. And Florida, though second only to Nevada in the number of foreclosure actions, saw a 2 percent drop since August. The downward trend is good news, but compared to year-ago numbers, many homeowners continue to face challenges in paying the mortgage. Nationwide, the number increased 99 percent in one year – since September 2006. Florida reported 33,354 foreclosure filings for the month, up 158 percent from September 2006. “U.S. foreclosure activity experienced a fairly broad-based retreat in September,” says James J. Saccacio, chief executive officer of RealtyTrac, though it’s too soon to suggest a reason for the slowdown. The drop could be just a lull, says Saccacio, or it could be caused by investors jumping into the market and buying foreclosures if they believe the price is now right.