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WASHINGTON – May 23, 2011 – Borrowers may soon have an easier time sorting out all of those key details and expenses associated with their mortgage as well as more easily compare loan terms when trying to shop around for a mortgage that works best for them.

The Consumer Financial Protection Bureau recently unveiled its “Know Before You Owe” project and is seeking public feedback on two “consumer-friendly” prototype mortgage disclosure forms that will replace the current required disclosure forms by July 2012.

The prototype forms itemize key costs associated with the mortgage, including total closing costs, monthly payments and projected monthly payments for future years. The forms also provide more details about the mortgage’s terms than the current form does.

The bureau is running tests on the prototype forms as well as seeking public comment. Review the sample forms and provide feedback here.

Source: “Mortgage Disclosures Getting Another Revamp,” Associated Press (May 18, 2011)

WASHINGTON – May 23, 2011 – Among those who moved between 2009 and 2010, more than four out of 10 (16.4 million or 43.7 percent) did so for housing-related reasons, such as the desire to live in a new or better home or apartment, according to data from the U.S. Census Bureau’s “Geographical Mobility: 2010.”

Among other reasons for moving, people cited family concerns (30.3 percent), such as a change in marital status, employment needs (16.4 percent) and other factors (9.5 percent).

In 2010, 37.5 million people 1 year and older changed residences in the U.S. within the past year. At 12.5 percent in 2010, the mover rate was not statistically different from 2009.

“Mover rates differ by characteristics, such as age, race, Hispanic origin, marital status, income or even whether the housing unit is owned or rented,” said David Ihrke, survey statistician in the Census Bureau’s Social, Economic and Housing Statistics Division. “Tracking mobility allows us to examine shifts in demographic trends in the population for the nation, regions and metro areas as a whole.”

In 2010, 69.3 percent of all movers stayed within the same county, 16.7 percent moved to a different county in the same state, 11.5 percent moved to a different state, and 2.5 percent moved from abroad to the U.S.

 By region, people in the Northeast were the least likely to move, with a mover rate of 8.3 percent in 2010. The Northeast was followed by the Midwest (11.8 percent), the South (13.6 percent) and the West (14.7 percent). The mover rate for each region was not significantly different between 2009 and 2010.

 Principal cities within metropolitan areas experienced a net loss of 2.3 million movers, while the suburbs experienced a net gain of 2.5 million movers.

 Other highlights:

• Of the civilian population 16 and older who were unemployed, 19.8 percent lived in different residence one year earlier compared with 12.4 percent who were employed. Among those not in the labor force, 9.5 percent lived in a different residence one year earlier.

• Generally, people with incomes below the poverty line were more likely to move than those just above the poverty line. In 2010, 23.6 percent of people with incomes below 100 percent of the poverty line had moved within the last year compared with 16.5 percent of people with incomes between 100 and 149 percent of the poverty line.

• The black alone population had the highest mover rate (16.7 percent), followed by Hispanics (15.6 percent), Asian alone (13.9 percent) and white alone not Hispanic (10.8 percent).

© 2011 Florida Realtors®

TALLAHASSEE, Fla. – May 17, 2011 – If you have clients who served in Iraq or Afghanistan during 2010, they’ll want to know about new legislation providing a tax break for homestead owners.

HB 1141 implements a constitutional amendment approved by voters in 2010 and provides a new homestead exemption for military personnel on active duty overseas. The exemption is based on the amount of time the individual served overseas.

How to calculate the tax break
Taxable value of the property multiplied by the percentage of time spent overseas in 2010. (Calculate percentage of time spent overseas by taking the number of days overseas and dividing it by 365).

So, if someone spent six months overseas in 2010, he or she would get a 50 percent discount. If someone spent the entire year overseas (12 months), he or she would get a 100 percent discount.

The property tax discount applies to 2011 taxes, but applicants must apply to their county property appraiser by June 1. If applicants miss the June 1 deadline, they have a second chance, but must apply with 25 days of receiving their assessment notice (TRIM Notice) and demonstrate extenuating circumstances.

“Since many counties do not even have an application form yet, you might recommend (that applicants) send a letter to their county appraiser before June 1,” says
Vicki Weber, an attorney with Hopping Green & Sams in Tallahassee, Fla. “In the letter, they should say, ‘I know about HB 1141, and I was deployed overseas last year. I qualify, and I will submit an application as soon as you send me one. But in the meantime, consider this my application.’”

After 2011, the application deadline is March 1.

Questions? Call Florida Realtors Legal Hotline, an included member benefit for Realtors in Florida at (407) 438-1409.

© 2011 Florida Realtors®