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A U. S. District Judge issued a temporary order yesterday blocking HUD's new rule prohibiting the use of seller-financed mortgage down-payment assistance programs. Such programs allow non-profit organizations, like AmeriDream and Nehemiah, to help buyers with down payments and be reimbursed by the seller. HUD, the IRS, and the Government Accountability Office had questioned the value of these programs, noting that "borrowers who used them were more than twice as likely to default on their mortgages or become delinquent in their payments" versus other borrowers with loans backed by FHA.

In a four-page ruling the Judge said HUD “failed to supply a reasoned analysis for its departure from its long-standing policy of approval” of the program and that such a…

The Florida Legislature passed its replacement property tax reform amendment on Monday. The new measures will go before voters in the form of a ballot referendum on January, 29, 2008, and will require 60% approval in order to become law. The reform tax package is expected to save taxpayers $12.5 billion in the first five years.

Highlights of the new tax reform package include:

• Doubles the $25K homestead exemption to $50K on all homes valued over $75,000. The additional $25K exemption does not affect school taxes.
• Allows owners of homesteaded property to transfer ("portability") up to $500,000 in Save Our Homes benefits, including school taxes, to a new home.
• The proposal, if passed, will be retroactive to January 1, 2007.
• Imposes a…

The Collier Building Industry Parade of Homes starts Thursday, November 1st and continues through Sunday, November 18th. This year's multi-site parade is featuring 35 decorated model homes throughout Naples and south Lee County including some of the area's newest communities. The models will be open daily between 10:00 a.m. to 5:00 p.m., and Sunday Noon to 5:00 p.m. Admission is free and guidebooks are available at the CBIA's Parade of Homes website listed below.

 This year's models are presented by some of the area's premier new home builders and will include homes in Ave Maria, Bella Lago, Bella Terra, Firano at Naples, Lely Resort, Mediterra, The Quarry, Tiburon, and Verona Pointe. Visitors can view the newest building designs and decorating options in…

While sales continue to slow in both Lee and Collier counties as Season begins, now could not be a better time to buy in Southwest Florida. Prices have dramatically dropped and builders are literally giving away fully decked out homes. Unfortunately, like everywhere else in the country, if you listen to the national media, you'd think the sky is falling. I can't tell you how many inquiries we get from clients thinking that home prices are still at their 2005/2006 levels. The fact is nothing could be further from the truth.

Looking at year over year data, the number of sales in both counties were down substantially in September.  In Lee, home sales were down 53% and condos were down by 39%. In Collier county, homes were down 21% and condominium sales…

January thru September Estero real estate sales statistics for both homes and condominiums are listed below. Estero is ideally located between Ft. Myers and Bonita Springs and is currently in the process of building and developing wherever you travel in the area. Developers are offering every type of community you can imagine, from large gated and planned communities, to smaller town centre type projects where the amenities are built around a self-contained lifestyle.

Estero Home Sales Jan-Sept 2007*:

• 248 Closed Sales
• Average Sales Price - $443,191
• Average Days on Market - 133
• Price/Sq. Foot - $192.21

Estero Condominium Sales Jan-Sept 2007*:

• 124 Closed Sales
• Average Sales Price - $254,385
• Average Days…

The Department of Housing and Urban Development (HUD) announced on October 1, 2007, its final ruling on seller paid down payment assistance. The new ruling identifies seller funded down payment assistance programs in a new home purchase as an unacceptable source of funds. Any transaction in which the seller makes a contribution to a third party, such as a non-profit Gift/Grant Program organization, and the entity then makes a contribution to a borrower for the purpose of down payment assistance, has been ruled unacceptable.

The effective date of this ruling is October 31, 2007. The only exception is the Nehemiah Down Payment Assistance Program which has been granted a six month extension through March 31, 2008. It is expected that the Federal Housing…

A recent study by the National Association of Insurance Commissioners shows many homeowners are still confused about exactly what types of losses their homeowner insurance policies cover. The results are actually quite surprising and show the need for homeowners to take better care in understanding what they are getting when taking out their coverage. Making assumptions, or not clarifying exactly what types of losses are covered, can cost you dearly when disaster strikes.

The survey found the following misconceptions by policy holders:

• 33% believe their policies cover flood damage.
• 51% believe their policies cover rising dirty water like water main line breaks or broken sewer lines.
• 34% believe mold damage is covered.
• 31% believe…

The January thru September real estate market statistics for both The Vineyards home and condominium sales are listed below. The Vineyards is an upscale gated golf community located in Naples, Florida.

The Vineyards Home Sales Jan-Sept 2007*:

• 30 Closed Sales
• Average Sales Price - $784,443
• Average Days on Market - 206
• Price/Sq. Foot - $269.17

The Vineyards Condominium Sales Jan-Sept 2007*:

• 34 Closed Sales
• Average Sales Price - $395,826
• Average Days on Market - 145
• Price/Sq. Foot - $197.15

In comparison with 2006 sales data, for this same time period, we've seen a 29% decrease in the average price for homes and a 36% decrease in the average price for condominiums. Average days on market rose by 6%…