The conditions in the housing market front in Florida, and much like in most of the regional markets in the US is a complex, but not hopeless one. The main concern is that real estate property values today have skyrocketed, and property taxes increased as well with them, and most local governments spent it.

The fate of Florida homeowners who are protected by the Homesteaded act, or Florida's Save Our Homes constitutional amendment, saw only minor increases. However, even these quite trivial increases were viewed as truly unfair by non-homesteaded homeowners who are now bearing the brunt of this new development.

For the city of Miami, it's a tough season, as well. With buyers choosing to stay on the sidelines for the moment, most property developers from Brickell, Aventura, Sunny Isles, North Miami, Fisher Island and other areas are finding ways to sell their units, to help them overcome their investments. However, not all is lost, as the state and federal governments have enacted new measures to save faltering homeowners, and flailing property developers as well.

The Florida Property Tax Amendment: What Awaits Homeowners

In January, voters in Florida were presented with a set of amendments to decide upon, which could be effective in rescuing many homeowners from defaulting on their mortgages, and among the possible solutions were: A constitutional amendment approving property tax portability; A citizen's amendment being endorsed by Florida state House Speaker Marco Rubio; An amendment that will be created by the state's Taxation and Budget Reform Commission; and new regulations created by the 2008 Florida Legislature that will expand the property tax reform laws passed during a June 2007 special session.

How Home Sales And Mortgages Are Faring Today

Mortgage lenders thought their risk was limited due to rising home values. It was ok if a homeowner put no money down because if he lost the home to foreclosure, banks recoup their investment and possibly more if the home went up in value. However the lenders' risk increased when home prices started to decline, even on mortgages issued under the old rules.

The state of Florida, along with a handful of other states seemed to find itself at the center of this real estate slump.

According to the October monthly sales report provided by the Florida Association of Realtors, they reported the year-over-year number of home sales fell 29%, even though home prices only lessened by around 8%. At present, the states home sales figures compare favorably to that of five years ago and the housing prices have actually shot up more than any other state, with exception of Hawaii.

Housing analysts in Miami, and in the whole of Florida as well, are hopeful that the new year will bring a generous inventory for home buyers to effectively choose from, and they note that the demand exists, however many of these prospective buyers are fearful that prices will slide a bit more, so many prefer to sit an wait it out. While that cautious view may stem more from anxiety than actual fact, the market will change direction, slowly and stubbornly, but on its way back to normal levels.

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