UNDERSTANDING REAL ESTATE TAXES – The latest research provides a better understanding of Florida’s real property tax system by analyzing the various property owner-groups – residential homestead, residential non-homestead, commercial, industrial, agricultural and others – in 10 representative counties, including Bay, Citrus, Dade, Flagler, Hillsborough, Lafayette, Leon, Okaloosa, Orange and Palm Beach. The study also reviews and analyzes the four major components included in the constitutional amendment that Florida voters will consider at the ballot box in January. Real estate tax study.
HOMEOWNERS INSURANCE – Cheaper insurance rates? Maybe. A Florida rule change that received preliminary approval yesterday would enable foreign-based backup insurance companies to better compete with national insurers. Regulators hope that the increased competition will bring lower insurance rates.
MORTGAGES – The Federal Reserve endorsed new rules Tuesday that would restrict lenders from penalizing risky borrowers who pay loans off early, require lenders to make sure money is set aside to pay for taxes and insurance, and bar lenders from making loans without proof of a borrower’s income.
FORECLOSURES – A surprising new monthly report suggests that United States home foreclosures declined 10 percent in November. “This could indicate that foreclosure activity has topped out for the year,” says RealtyTrac Chief Executive Officer James Saccacio. But “the true test of whether this ceiling will hold will come at the beginning of next year.” Florida, with one filing for every 282 households, ranked second nationwide. Although Florida ranks second – prospective buyers need to assess the foreclosures within a particular town, city or county as each one does have higher or lower foreclosures than another area.