Vote Yes! Florida Amendment 4

Amendment 4 is a constitutional amendment on Florida's ballot this year.  This proposal will lower property taxes for new homebuyers and spur much-needed economic growth in the housing market by offering a healthy new exemption for first-time homebuyers.  Amendment 4 will also protect working families, small businesses and homeowners from unfair and unexpected tax increases by helping to stop "recapture," a tax gimmick that increases property taxes even when property values decline.  Finally, Amendment 4 will lower assessment increases on non-homestead properties from a burdensome 10 percent to a more reasonable 5 percent.

Bottom Line

• Amendment 4 creates an additional homestead exemption for first-time homebuyers for 5 years.
• Amendment 4 protects Floridians from increased property taxes when their property values have declined.
• Amendment 4 lowers the maximum yearly assessment increase on non-homestead properties from 10 percent to 5 percent.

Additional information from Florida Realtors®

Mortgage Back to Record Lows

Fixed-rate mortgages are back at all-time record lows or hovering near them, Freddie Mac reports in its weekly mortgage market survey. For those who can qualify for a loan, the ultra-low mortgage rates are pushing housing affordability higher. 

"Following the Federal Reserve's announcement of a new bond purchase plan, yields on mortgage-backed securities fell, bringing average fixed mortgage rates to their all-time record lows, which should aid in the ongoing housing recovery,” says Frank Nothaft, Freddie Mac’s chief economist. 

Here’s a closer look at the national averages with mortgage rates for the week ending Sept. 20:

Housing Prices Hit Bottom

Economists are increasingly confident that home prices have bottomed out. 

For the last three years, home prices have usually risen in the spring and summer to only then lose all of those increases—plus more—in the fall and winter months. However, economists expect this year to be different and do not foresee such a big drop to occur to home prices in the colder months ahead, The Wall Street Journal reports. 

Mortgage Rates Still Near Record Lows

Fixed-rate mortgages continued to hover near all-time lows, keeping home buyer affordability high. 

Freddie Mac reports the following averages in this week’s mortgage market survey: 

• 30-year fixed-rate mortgages: 
averaged 3.55 percent, with an average 0.7 point, dropping from last week’s 3.59 percent average. A year ago at this time, 30-year rates averaged 4.12 percent. 

• 15-year fixed-rate mortgages: 
averaged 2.86 percent, with an average 0.6 point, holding steady from last week’s average. A year ago, 15-year rates averaged 3.33 percent. 

• 5-year adjustable-rate mortgages: 
averaged 2.75 percent, with an average 0.7 point, dropping from last week’s 2.78 percent average. Last year at this time, 5-year ARMs averaged 2.96 percent.

• 1-year ARMs: 
averaged 2.61 percent, with an average 0.4 point, falling from last week’s 2.63 percent average. A year ago, 1-year ARMs averaged 2.84 percent.

Source: Freddie Mac  

Save Electricity

With heating and cooling costs continuing to rise, it makes sense to look at one of the leading causes of energy inefficiency in the home: the windows. Installing energy-efficient windows can mean increased comfort as well as savings on utility bills in any climate. 

The transmission of air and light is generally the most important function of windows. However, this can mean heat loss in the winter, overheating in the summer, and higher energy bills. A typical home may lose up to 30% of its heat or cooling through windows. Properly installed energy-efficient windows can go a long way toward improving this situation.