let's do the numbers
30-year fixed-rate mortgage: 5.69%, down from 5.87% the previous week and the lowest level since July 2005.
U.S. housing starts: 1.006 million in December, -14.2% from a year ago and the weakest level since May 1991, according to the U.S. Commerce Department.
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Services tax gets first panel OK
A Florida Taxation and Budget Reform Commission panel last week gave first approval to a plan (CP 0002) that would mandate taxation of goods and services to buy down school property taxes, despite strong opposition from business groups concerned the measure would jeopardize Florida's ability to compete for new business and industry. Sponsored by Commission member John McKay, who tried unsuccessfully to overhaul Florida's services tax program when he served as Senate President, this proposed constitutional amendment would like force lawmakers to tax some services that are now tax-free, possibly including Realtor® commissions.
2007 FAR president Nancy Riley, also a member of the Commission, held firm in opposition to the proposal, citing concern that it could result in both higher sales taxes and little or no permanent property tax relief. Numerous other business representatives testified in opposition, arguing that the proposal mandated increasing sales taxes by $8 billion without identifying the goods or services to be taxed.
What's next? The Commission's finance and taxation committee will debate the proposal at a hearing in Tallahassee on Feb. 11. If it's approved, the measure then will go before the full 25-member Florida Tax and Budget Reform Commission. Two-thirds of the Commission's members must vote yes in order for the proposal to be on the November ballot.
In other news, the Commission approved a constitutional amendment for the November ballot that would exempt storm shutters, solar water heating systems and hurricane-resistant shingles, doors and windows from property tax assessments. The measure is expected to save taxpayers $3.44 million in the first year.
 Vote YES on tax cut
The Jan. 29 presidential preference election is a week away and 21% of Florida voters are still undecided about the property tax reform amendment. FAR urges you to start spreading the news that a YES vote on Amendment 1 is a necessary first step toward lower property taxes. Talking points and other resources are available at http://www.yeson1florida.com and http://www.floridarealtors.org.
 Money matters
A reminder that the Florida Real Estate Commission recently approved new rules regarding escrow deposits. Rule 61J2-14.008 of the Florida Administrative Code now requires licensees who prepare or present an offer to indicate the name, address and telephone number of the attorney or title company that will serve as escrow agent. The most recent versions of the FAR and FAR/BAR contract forms provide the space needed to write the necessary information. Within three business days after initial and subsequent deposits are due under the contract, the licensee's broker must make written request to the escrow agent for written verification that the deposit has been made.
Within ten business days after making the request for written verification from the escrow agent that the deposit has been made, the licensee's broker must provide the seller's broker, or the seller directly if the seller has no broker, with a copy of the written verification provided by the escrow agent or written notice that the licensee's broker did not receive verification from the escrow agent. Please note that all communication must be in writing.
Questions? Contact FAR's Legal Hotline at 407.438.1409.
 It's a great time to buy
How would you like your real estate news today? Sunny-side up? We thought so. That's why FAR created the Great Time To Buy Florida Web site. The site is a Realtor® reservoir of proven sales and marketing ideas and the latest good news about Florida's real estate market. Best yet, as an FAR member service, feel free to share the information in these stories, stats and interviews with your sphere of influence. Most of the content from the site may be inspiration for your marketing campaigns, media releases, blogs, speeches and e-mail correspondence. Got an idea for the Great Time To Buy Florida site? Contact peggym@far.org.
 Pensacola broker named to FREC
Gov. Charlie Crist has appointed Pensacola broker and 1987 FAR President Roger Enzor to the Florida Real Estate Commission. If confirmed by the Florida Senate, Enzor's term would run until Oct. 31, 2011. He replaces Miami Realtor Matey Veissi.
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