FL releases info on state insurance companies

The Florida Office of Insurance Regulation (OIR) has released its 2012 Fast Facts report, created to give interested parties statistical data about Florida’s insurance market. The report compiles financial and regulatory information, insurance premium volume, number of domestic insurance companies and related entities, enforcement actions/consumer recoveries, public hearings and more.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=285522

Special Report: Real estate provisions in 'fiscal cliff' bill

Daily Briefing: Wednesday, January 2, 2013
A service for members of Florida Realtors

Special Report: Real estate provisions in 'fiscal cliff' bill WASHINGTON - Jan. 2, 2013 - Yesterday, the House and Senate passed H.R. 8, legislation to avert the so-called "fiscal cliff." Following are real estate-related provisions of the bill, which President Obama plans to sign into law today: • Mortgage Forgiveness Debt Relief Act extended to January 1, 2014. In place since 2007, the act provided a tax break for homeowners who struggled through financial hardship such as a foreclosure, and were granted mortgage debt forgiveness. In the past several months, National Association of Realtors (NAR) issued numerous calls to action urging its million-plus Realtor members to ask lawmakers to extend the tax break for another year. More than a quarter of all transactions involve distressed properties, the NAR said in its plea. "Homeowners shouldn't be forced to pay a tax on money they've already lost with cash they never received." • Deduction for mortgage insurance premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012. • The 15-year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012. • The 10 percent tax credit (up to $500) for homeowners for energy efficiency improvements to existing homes is extended through 2013 and made retroactive to cover 2012. • "Pease limitations" that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high-income filers. "Pease" limitations will only apply to individuals earning more than $250,000 and joint filers earning more than $300,000. The thresholds are indexed for inflation so will rise over time. Under the formula, filers gradually lose the value of their total itemized deductions up to a total of a 20% reduction. First enacted in 1990 and named for Ohio Congressman Don Pease, who proposed the idea, the limitations continued throughout the Clinton years. The limitations were gradually phased out starting in 2003 and eliminated in 2010. Reinstitution of these limits has far less impact on the mortgage interest deduction than a hard dollar deduction cap, percentage deduction cap or reduction of the amount of mortgage interest deduction that can be claimed. • The capital gains rate remains at 15 percent for individuals earning less than $400,000 per year and couples earning less than $450,000.  Any gains above these amounts will be taxed at 20 percent. The $250,000/$500,000 exclusion for the sale of principle residence remains.

Nov. home sales, prices higher than expected…

November home sales saw the second-highest year-over-year increase in 2012, with a 15.7 percent rise from November 2011, according to Re/Max’s November National Housing Report. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=284876

Americans mostly trust, help neighbors…

Americans are a neighborly lot, and increasingly so, says a national study that finds 76 percent trust most or some neighbors, 44 percent talk to them frequently and 65 percent exchange favors. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=284958

Top economists: FL’s housing market growing stronger, U.S. on same trend…

ORLANDO, Fla. – Dec. 12, 2012 – Florida’s residential real estate market will continue its upward trend into 2013, though the pace of recovery may be slower than the U.S. as a whole, according to leading U.S. economists speaking today at Florida Realtors® 2013 Real Estate and Economic Forecast Conference in Orlando. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=284687

Survey: Buyers should comparison shop for a mortgage…

The study examined how consumers across different demographic groups and income levels shop for a mortgage. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=284267

Home prices: Biggest rise in more than 2 years…

In another sign of a housing market rebound, home prices posted the biggest percentage gain in more than two years in the third quarter, according to the closely followed S&P/Case-Shiller index. http://money.cnn.com/2012/11/27/real_estate/home-prices/index.html