March 2011

A review of the recently released 2010 Census data shows that Florida has had its seventh consecutive decade of double-digit population growth. In fact, new residents totaled 2.8 million from 2000 to 2010. That's a rise of 17.6% from the last census and much better than the nation as a whole, which grew at a rate of 9.7%.

According to the demographers, domestic migration is driving the growth, especially from the northern states. Three hundred plus days a year of sunshine and no state income tax defintely make this movement understandable. The continued decline in real estate prices is also playing a major role in making the state…

According to a couple of articles I read in the Sunday papers this morning, the IRS has released additional guidance for homeowners that have negotiated a loan modification or short sale and need to understand how to deal with their canceled mortgage debt.

Here's a breakdown of the key points in their latest guidance:

• First and foremost, the debt canceled by your lender must have been used by you to "to buy, build or substantially improve your main principal residence."
• Second, you cannot deduct forgiveness on debt for second homes, investment properties, or seasonal properties you occupy for less than 6 months in a…

The Federal Emergency Management Agency (FEMA) has announced it will re-evaluate its analysis of flood risk for communities without federal flood protection before it approves its new flood risk maps. FEMA and Congress are working on reauthorizing the National Flood Insurance Program. Updating flood hazard zone maps is part of that work.

The policy change affects communities across the United States. Many have complained that FEMA and the Army Corps of Engineers have disregarded levee improvements paid for by local and state governments. In a letter to congressional members, FEMA Administrator Craig Fugate said "the agency would…

With the never ending media coverage about foreclosures in the housing market, confusion reigns supreme. One story claims things are worse, another better. Depending on who is pushing the data, you would be hard pressed not to believe the sky was falling and everyone and their brother was going to lose their home to foreclosure. Fortunately, the facts trump the misleading information that you might be reading in the paper or hearing on your favorite news program.

Depending on the source, you might see foreclosure numbers represented in one of the following manners:

• The number of homeowners who received at least one notice of…