CBS developing 'Doc Ford' novels into television series

November 27, 2013

By MCKENZIE CASSIDY (mcassidy@breezenewspapers.com) , Island Reporter, Captiva Current, Sanibel-Captiva Islander

Doc Ford, the NSA-agent turned marine biologist created by island author Randy Wayne White, is not only the inspiration for over 20 novels, three Southwest Florida restaurants, and loads of fan merchandise, but now it looks as if Doc Ford might get his own network series.

Producers from CBS have started developing a "Doc Ford" series based on White's New York Times-bestselling novels.

Chris Gerolmo was reportedly hired to write the adaptation and produce the show alongside Jeffrey Kramer. Gerolmo is known for the 1988 film "Mississippi Burning," starring Gene Hackman and Willem Dafoe, the 2013 television series "The Bridge," about two detectives working to find a serial killer on the Texas-Chihuahua border, and the 2005 Iraq War series "Over There."

The negotiations between White's agents and CBS TV Studios lasted more than six months, he said, because he was waiting until they found the perfect writer to bring Doc Ford to the screen.

"CBS really stepped up to the plate and came up with a great writer, Chris Gerolmo. He is really a very good writer and that was key to me to be able to do this," said White.

White said he also wanted to make sure his partners at Doc Ford's Rum Bar & Grille were on board before he agreed to the deal.

"It's very exciting and my partners at the Doc Ford's restaurant, Marty Harrity and Mark Marinello, are all for it and they are excited," said White.

Although he isn't sure whether he will be directly involved with the series, White said he will do whatever he's asked to do to make it a success.

The pilot should be finished by next fall so Doc Ford fans can mark their calendars for the premiere.

A new Doc Ford novel, "Bone Deep" is also scheduled for release in April 2014. It's set in Central Florida's "Bone Valley," known for a black market of illegal artifacts and fossils, and a multi-million dollar phosphate industry. The plot of "Bone Deep," like his other books, will be interwoven with information about Florida's unique history and ecosystem.

White will also embark on a book tour for "Bone Deep," taking him across the state and country.

For more information on Randy Wayne White, visit randywaynewhite.com.

https://www.captivasanibel.com/page/content.detail/id/522838/CBS-developing--Doc-Ford--novels-into-television-series.html?nav=5051

Bank of America to pay Freddie Mac $404 million

WASHINGTON – Dec. 3, 2013 – Bank of America on Monday said it has agreed to pay Freddie Mac $404 million to settle remaining claims over soured home loans the bank sold to the mortgage giant, marking the bank’s latest attempt to put its mortgage woes behind it.

The Charlotte bank said the accord means it has resolved all outstanding mortgage-repurchase claims with government-controlled Freddie and its sister institution, Fannie Mae. At the end of September, Bank of America had $1.4 billion in outstanding mortgage repurchase requests from Freddie, the most of any bank.

Bank of America said the agreement resolves all requests to buy back defective mortgages sold to Freddie from Jan. 1, 2000, to Dec. 31, 2009. The bank said the cost of the settlement is covered by its existing reserves.

Freddie and Fannie buy home loans from lenders and package them into mortgage-backed securities. Fannie and Freddie, which were taken over by the U.S. government in 2008, have asked banks to buy back or reimburse losses related to mortgages that went bad or did not meet agreed-upon requirements.

Monday’s agreement marks the second deal stemming from the financial crisis involving Bank of America and Freddie over home loans sold to the mortgage giant. The first, reached in December 2010, resolved mortgage repurchase claims involving loans sold by Countrywide Financial Corp. through 2008. Monday’s agreement involves loans originated by Bank of America, not Countrywide.

Bank of America acquired Countrywide in 2008.

Monday’s agreement releases Bank of America from the obligation to repurchase 716,000 loans, Freddie Mac said. The deal gives Bank of America credit for $13 million it has already paid Freddie, including for prior loan repurchases, resulting in a net payment of $391 million.

The latest agreement does not cover loan servicing obligations, loans packaged into bonds by other securitizers and disclosure-related claims, the bank said.

Monday’s deal adds to more than $40 billion in legal costs Bank of America has incurred stemming from the crisis. At an investor conference in New York last month, Bank of America CEO Brian Moynihan said the bank still has “work to do on litigation.”

In one pending lawsuit, filed by the Federal Housing Finance Agency, Bank of America is being accused of misrepresentation on mortgage-backed securities that were sold to Fannie and Freddie and resulted in losses to the two agencies when the mortgages went into default. In October, FHFA announced a $5.1 billion settlement with JPMorgan over mortgages and mortgage-backed securities the company sold to Fannie and Freddie.

Bloomberg News has reported that Bank of America could face a $6 billion settlement to resolve the FHFA lawsuit. No settlement has been announced.

In a separate case, Bank of America is still waiting to learn whether its proposed $8.5 billion settlement with investors who bought mortgage bonds issued by Countrywide Financial will be approved. The proposal is in a judge’s hands in New York.

Monday’s accord is not the largest settlement amount the bank has paid Freddie. In the December 2010 deal, the bank paid Freddie $1.28 billion and Fannie $1.34 billion. In January, the bank entered into an agreement with Fannie over home loans originated and sold to Fannie from Jan. 1, 2000, to Dec. 31, 2008, by Countrywide and Bank of America. Under that agreement, the bank paid $3.6 billion to Fannie and $6.6 billion to buy back loans sold to Fannie.

David Hilder, an analyst with Drexel Hamilton, said Monday it’s hard to estimate how much in legal expenses stemming from mortgage claims Bank of America will ultimately face.

“My own feeling is that I think they’re more than halfway done in settling the entire range of mortgage-related litigation claims,” he said. “Even BofA’s own numbers would suggest that they’re at least 80 percent done.”

Bank of America shares were down less than a percentage point Monday, closing at $15.73.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=300040

New mortgage rules have some wiggle room

NEW YORK – Dec. 3, 2013 – Wells Fargo, J.P. Morgan Chase, Bank of America and Citigroup will probably issue some mortgage loans that don’t meet the definition of a qualified mortgage (QM).

The new gold-standard lending definition – part of sweeping mortgage regulations set to take effect next month – allows banks to show that they’ve met all the new requirements created to ensure that borrowers can afford their mortgages.

However, lenders aren’t barred from making loans that fall outside the QM rules. They simply could face a greater legal liability on other loans.

The rules should keep lending standards fairly conservative, but most consumers shouldn’t notice any major changes because “many lenders are already acting as if the rule is in place,” according to Michael Fratantoni, vice president for research at the Mortgage Bankers Association.

Big banks will likely limit the nonconforming loans to wealthy clients.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=300051

City of Sanibel: Keep 2012 Hurricane Re-entry Pass for 2014

December 2, 2013

Special to the Reporter (sancapnews@breezenewspapers.com) , Island Reporter, Captiva Current, Sanibel-Captiva Islander

The 2013 hurricane season came to an end on Nov. 30. In the city's continuing efforts to reduce costs, it's not issuing new Hurricane Reentry Passes in 2014, but is honoring the passes issued in 2012 and 2013.

Below are the valid pass types for the 2014 hurricane season:

RESIDENTIAL - ORANGE

COMMERCIAL - BLUE

Important information about re-entry passes:

Purpose: The pass aids security, speeds re-entry, and provides traffic control at a time when we must keep traffic to a minimum. The pass allows persons in a vehicle to return to perform property damage assessment.

Pass Limits: To meet the purposes of security, re-entry and traffic control - (Residential) a strict limit of one (1) pass per address - (Commercial) businesses will be issued only enough commercial passes to facilitate the damage assessment process, ordinarily one (1) pass.

Pass Holders Responsibility: Due to the security aspects of the pass, all persons issued a pass are responsible to ensure their pass does not fall into the wrong or irresponsible hands.

Lost/Destroyed Passes: In the unusual event we have to evacuate, people without a pass can return with proper credentials. Access via credentialing is slower, so it's recommended every household get a pass and take care of it.

Pass Expiration: The city makes an independent decision each year whether to re-use passes or issue new ones. There will be press releases and emails when the decision is made. Keep your pass until you know it is no longer valid.

For questions about hurricane passes or preparedness please refer to the Emergency Management section of the city website, or call the Sanibel Police Department at 472-3111.

https://www.captivasanibel.com/page/content.detail/id/522854/City-of-Sanibel--Keep-2012-Hurricane-Re-entry-Pass-for-2014.html?nav=5051

Sanibel Luminary is Tonight!

Enjoy a wonderful evening at Annual Sanibel Luminary Festival Tonight! Enjoy food, drinks, music and friendship throughout Periwinkle Way.

Make sure you head to Captiva Saturday for the Golf Cart Parade and all the Captiva Luminary events!

'Tis the season: Island packed full of holiday themed events

November 27, 2013

By MCKENZIE CASSIDY (mcassidy@breezenewspapers.com) , Island Reporter, Captiva Current, Sanibel-Captiva Islander

Sanibel and Captiva Islands are known for their world class beaches, fishing, and outdoor recreation, but the island also hosts some of the most unique and popular holiday events in Southwest Florida.

Visitors from the mainland participate in old-fashioned holiday events like tree lightings, singing carols, and hayrides within the island's uniquely "small-town" atmosphere, as well as new twists on old traditions, including luminaries, lighted boat parades, golf cart parades, and a Mullet March.

The festivities kick-off after Thanksgiving with the 29th Annual Luminary Festival Weekend, hosted by the Sanibel and Captiva Chamber of Commerce, and the community-led Holiday Village on Captiva Island.

During the luminary, volunteers from the Sanibel Captiva Lions Club place hundreds of white bags, filled with sand and containing a lit candle, along Periwinkle Way. Island businesses open their doors with refreshments, music, special holiday sales, and even visits from Santa Claus. The Sanibel Community Church also hosts a live nativity scene.

It's suggested that visitors park wherever there is space and use trollys that will pick up passengers at nine different stops. The chamber will produce a trifold with details about where to board the trollys and what special events are being hosted along Periwinkle Way.

"Luminary Festival Weekend is the one time a year that the entire island community comes together to celebrate the season and we are delighted to be able to help bring light to our amazing island family during the holidays," said Ric Base, president of the Sanibel and Captiva Chamber of Commerce.

The Fourth Annual Captiva Holiday Village begins after Thanksgiving with tree lightings at 'Tween Waters Inn and the South Seas Island Resort. Holiday Village events have grown so popular that a production crew from the Travel Channel's "Xtreme Xmas" filmed the golf cart parade last year.

Locals decorate golf carts with decorations, lights, garland, hats, stuffed animals and even plastic flamingos, and the drivers wear over-the-top outfits. Awards are given for the best decorated golf carts and proceeds benefit the Sanibel Captiva Conservation Foundation.

"This was such a great opportunity to bring our quirky island festivities to the world," said 2012 Golf Cart Parade Chair Denice Beggs. "This parade is such a unique and fun event for locals to be involved in. The competition has really increased, and many participants plan their decorations a year in advance."

Holiday Village events are scheduled throughout the entire month of December, ranging from holiday strolls at South Seas where guests can access the resort's grounds and marina for lights, entertainment, and arts and crafts, to a lighted boat parade in the evening.

"There's something for everyone to enjoy, from live entertainment to arts and crafts, games, S'mores, and of course old St. Nick," said Dorothy Fitzgerald, an island resident and chair of the Holiday Stroll. "This holiday stroll is sure to become a new holiday tradition for families.

Proceeds from the South Seas Holiday Strolls benefit the Golisano Children's Hospital of Southwest Florida.

For more information or a complete schedule of events: Visit the chamber's website at sanibel-captiva.org to learn about the 29th Annual Luminary Festival Weekend and captivaholidayvillage.com to learn about the Captiva Holiday Village.

https://www.captivasanibel.com/page/content.detail/id/522840/-Tis-the-season--Island-packed-full-of-holiday-themed-events.html?nav=5051

Sanibel Luminary Festival – 2013

Date: December 6, 2013 Time: 5:30 PM - 9:00 PM

Event Description

The Chamber is proud to host its 29th annual Luminary Festival on Sanibel and Captiva Islands Friday, December 6th on Sanibel and Saturday, December 7th on Captiva. Luminary Festival is a community-wide holiday event that brings together residents, visitors, businesses and organizations, promoting goodwill and community spirit. Some of our visitors make early hotel reservations especially for the event.

As you "travel the trail", look for the many fun places to stop and enjoy. There will be a  complimentary trolley service, Santa visits, photos with Santa, a live nativity scene, music and activities for the entire family.

Our goal is to offer recognition to Island businesses and encourage local shopping while providing a fun-filled evening for family and friends. All Chamber merchants are invited to participate and show off their creative decorated storefronts and host holiday celebrations at their center.

http://sanibel-island.sanibel-captiva.org/Events/details/sanibel-luminary-festival-2012-6751

Average rate on 30-year mortgage at 4.22%

WASHINGTON (AP) – Nov. 22, 2013 – Average U.S. rates on fixed mortgages declined this week after two weeks of increases, keeping home buying affordable.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan fell to 4.22 percent from to 4.35 percent last week. The average on the 15-year fixed mortgage dipped to 3.27 percent from 3.35 percent.

Rates had spiked over the summer and reached a two-year high in July on speculation that the Federal Reserve would slow its bond purchases later this year. But the Fed held off in September and now appears poised to wait at least a few more months to see how the economy performs. The bond purchases are intended to keep long-term interest rates low.

Mortgage rates tend to follow the yield on the 10-year Treasury note. They have stabilized since September and remain low by historical standards.

Still, mortgage rates are nearly a full percentage point higher than in the spring. The uptick has contributed to a slowdown in home sales. The National Association of Realtors said sales of existing homes fell 3.2 percent in October, the second straight monthly decline.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was unchanged at 0.7 point. The fee for a 15-year loan also was steady at 0.7 point.

The average rate on a one-year adjustable-rate mortgage held at 2.61 percent. The fee was unchanged at 0.4 point.

The average rate on a five-year adjustable mortgage fell to 2.95 percent from 3.01 percent. The fee rose to 0.5 point from 0.4 point.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=299725

U.S. homes sell 30 days faster year-to-year

SEATTLE – Nov. 14, 2013 – Nationwide, homes listed for sale on real estate marketplace Zillow sold a month faster in September 2013 than they did in the same month on year earlier – 86 days compared to 116 days in September 2012.

The fastest home turnover markets in the U.S., according to Zillow, include the San Francisco Bay Area (48 days); Sacramento, Calif. (59 days); and Dallas (60 days).

Homes sold faster this September compared to last September in all 30 of the largest metros. Large metros that saw the greatest gain in turnover rate include Las Vegas (44 days faster), Sacramento (43 days) and San Antonio (37 days).

In order to correct for homes that are listed, removed and re-posted with new prices, Zillow considered multiple listings within 40 days at the same address as one listing. Since the beginning of 2010, homes nationwide have spent a median of 119 days listed before being sold or taken off the market.

“Home shoppers in today’s environment need to be prepared to move quickly, with pre-approvals in place and an established sense of what they’re willing to pay for a home,” says Zillow Chief Economist Dr. Stan Humphries.

Source: http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=299318

Average rate on 30-year mortgage at 4.16%

WASHINGTON – Nov. 8, 2013 – Average U.S. rates on fixed mortgages rose slightly last week but remained near historically low levels.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan increased to 4.16 percent from 4.10 percent last week, which was the lowest level in four months. The average on the 15-year fixed mortgage rose to 3.27 percent from 3.20 percent.

Rates have been falling since September when the Federal Reserve surprised investors by continuing to buy $85 billion a month in bonds. The purchases are intended to keep long-term interest rates low.

Slower hiring in recent months has many analysts predicting that the Fed will maintain the current pace of the bond purchases into early next year, which should keep mortgage rates low for the time being.

The recent drop in mortgage rates could help boost home sales, which slowed in September after rates reached their highest averages in two years.

The decline in sales has also affected price gains. Real estate data provider CoreLogic said Tuesday that a measure of U.S. home prices rose only slightly in September from August, a sign that prices are leveling off after big gains earlier this year.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage rose to 0.8 point from 0.7 point. The fee for a 15-year loan was unchanged at 0.7 point.

The average rate on a one-year adjustable-rate mortgage fell to 2.61 percent from to 2.64 percent. The fee remained at 0.5 point.

The average rate on a five-year adjustable mortgage was steady at 2.96 percent. The fee edged up to 0.5 point from 0.4 point.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=299138

Fannie, Freddie move closer to repaying bailouts

WASHINGTON – Nov. 8, 2013 – Federal taxpayers have nearly recouped their $188 billion investment in Fannie Mae and Freddie Mac, the mortgage finance giants taken over by the government in 2008.

Third-quarter profit rose sharply at both companies, each reported Thursday, letting Freddie Mac finish reimbursing taxpayers for its bailout and bringing Fannie within about $2 billion of repaying what it received.

Their recovery owes much to an improving housing market, legal settlements and tax benefits.

Fannie said net income more than quadrupled compared with last year’s third quarter, reaching $8.7 billion. Freddie said it earned $30.5 billion, as a $6.5 billion operating profit was combined with a $24 billion tax benefit.

Freddie said it will be profitable enough over time to eventually use all of the massive tax benefits it built up while losing tens of billions of dollars during the financial crisis.

Freddie said it will finish reimbursing the government for its $71.3 billion bailout by year’s end, including a $30 billion payment it will make by December.

The total of its payments will exceed the amount it received from the Treasury by $9 million. Fannie said it will pay $8.6 billion in December, leaving it about $2 billion short of the $116.1 billion it got from the government.

The milestone in the USA’s recovery from the 2008 financial crisis comes as a rising housing market has put Fannie and Freddie, which are still in federally supervised conservatorships, back on their feet. Fannie and Freddie together buy or guarantee most U.S. mortgages, and by taking them over, the government has expanded its role in housing since the crisis.

Ideas for how to eventually replace them with a system that relies more heavily on private capital are still at an early stage. Fannie’s and Freddie’s agreements with the Treasury call for them to gradually shrink their operations.

For now, the two entities will keep operating under 2012 agreements with the Treasury Department that require them to pay much of their profits as dividends to the government. That means taxpayers will begin reaping multibillion-dollar returns by next year. The requirements will be reduced gradually until 2018, reflecting the Obama administration’s intention to phase out Fannie and Freddie’s role in the market.

Already, payments from the two government-sponsored enterprises reduced the 2013 federal deficit by more than $140 billion.

“It’s going to challenge the convictions of policymakers about reforming Fannie and Freddie,” said Tim Rood, a former Fannie executive who is a partner at a Washington-based consulting firm that helps businesses work with the mortgage entities and the government. “You can have all the principles in the world, but with legislators flipping couch cushions looking for change, it’s hard to shoot the two-headed monster that’s spitting out $10 bills.”

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=299146

More banks offering loans for 5% down?

NEW YORK – Nov. 7, 2013 – For the last few years, buyers have been hard-pressed to land a mortgage if they didn’t have a 20 percent down payment, unless they turned to the Federal Housing Administration’s (FHA) low down-payment loans.

But a growing number of banks now offer loans with just 5 percent down, CNNMoney reports. For example, Bank of America, Wells Fargo and TD Bank are among the lenders reportedly offering mortgages with down payments as low as 5 percent.

TD Bank is offering a “Right Step” loan product that allows borrowers to get a loan with a 5 percent down payment while also allowing borrowers to get up to 2 percent of the sales price as a gift from a relative or third party. In actuality, then, borrowers would only need to come up with a 3 percent downpayment themselves.

Banks offering 5 percent down payment loans, however, also require borrowers to buy private mortgage insurance (PMI). Borrowers must keep PMI until they build up 20 percent equity in the home.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=299084

Fla. Senate’s Lake Okeechobee plan: $220 million

TALLAHASSEE, Fla. – Nov. 6, 2013 – A Florida Senate select committee backed a $220 million Everglades cleanup package yesterday.

If enacted by the Florida Legislature and signed by the governor, the proposal would reduce pollutants in Lake Okeechobee, and generally support the eventual redirection of water so more flows south through the Everglades.

The Select Committee on Indian River Lagoon and Lake Okeechobee Basin added $30 million worth of projects on Tuesday to its initial short- and long-term recommendations released last week. The committee was created because polluted water released north of Lake Okeechobee – redirected into the St. Lucie and Caloosahatchee rivers on the east and west coasts – created problems for nearby property owners.

The additions Tuesday increased the price tag of the C-43 reservoir project along the Caloosahatchee River basin – a system to clean and filter water before it’s fully released – from $5 million to $15 million. It also designated $20 million for “scientifically-based” environmental muck removal in the central and northern regions of the Indian River Lagoon in the Treasure and Space coasts.

“This is very, very important, but I want us to be cognizant that expenditures are going on solid science,” said Sen. Alan Hays, R-Umatilla.

The total for the next budget year from the plan is $160 million.

“We’re stewards of the taxpayers’ money; but equally as important, we are stewards of our resources of this great state,” said Sen. Maria Sachs, D-Delray Beach.

The fiscal package and other recommendations must still get support from the Legislature during the 2014 session as well as Gov. Rick Scott, who has a couple of items among the recommendations, including $90 million that would be spread over three years to bridge a 2.6-mile section of the Tamiami Trail west of Miami.

Other provisions include: $40 million to speed construction of the state’s portion of a C-44 reservoir and stormwater treatment area for the Indian River Lagoon-South Restoration Project; $32 million for projects tied to ensuring that all surface water discharges into the Everglades Protection Area meet water quality standards; and a request for the U.S. Army Corps of Engineers to give the Florida Department of Environmental Protection authority to regulate releases when the risk of dike failure is less than 10 percent.

Committee Chairman Joe Negron, R-Stuart, has long criticized the Army Corps management of the dike system around Lake Okeechobee, particularly the releases.

The Army Corps tries to maintain the water level of the lake between 12.5 feet and 15.5 feet to lessen stress on the Herbert Hoover Dike, and it does so in large part by redirecting a significant amount into the St. Lucie and Caloosahatchee rivers. The Army Corps, which declined to comment on the latest recommendations, estimates that when the Lake Okeechobee water level rises above 18.5 feet, the Herbert Hoover Dike has a 45 percent risk of failure.

The report notes that when the water level is low, the Army Corps generally defers on water release decisions to the South Florida Water Management District.

Negron, who also chairs the powerful Senate Appropriations Committee that oversees the budget, said each funding request would require an offset in the budget.

“I would expect that in order to fund these new initiatives, including lots of other initiatives that legislators will have, that we’ll have to go into the base of the budget and make reductions,” said Negron, who called the package his top priority for the 2014 session. Where those cuts come from, Negron said, has yet to be determined.

Eric Draper, executive director of Audubon of Florida, complimented Negron for being able to quickly cobble together the fiscal package.

Janet Bowman of The Nature Conservancy supported the recommendations for expanding storage of water north of Lake Okeechobee and addressing the use of agricultural and public lands in the northern Everglades area for storage.

“In all my years in working, lobbying and working for the Legislature, this is one of the most thoughtful processes I’ve seen,” Bowman added.

The report also recommends increasing the funding for the C-43 and C-44 reservoirs that link the lake with the estuaries; cleaning water that comes into the lake from the Kissimmee River; evaluating means to reduce nutrients from septic tanks; and raising the allowed water levels in canals by a few inches. Among the additions on Tuesday was a general call to support projects that would eventually shift releases of water to the south through the Everglades.

The proposal to move more water through the Everglades, estimated at more than $1 billion and requiring a massive federal partnership, has been rejected three times, in 1994, 1999 and 2009. In 2009, the South Florida Water Management District concluded the proposal was not the most cost-effective or viable way to increase flows south due to the changing landscape of South Florida – it would require an extensive network of pumps to recreate the historic sheet flow.

“The report makes clear we support moving water going south, and support any plan, project or technology that will move water south,” Negron said.

In September, the committee approved $2.77 million to improve pump stations, reducing the flow of polluted waters that have negatively affected the St. Lucie and Caloosahatchee rivers. The money will also go to a build a channel to aid the flow of water from the Florida Everglades across the barrier of the Tamiami Trail in Miami-Dade County.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=299007

Americans prefer mixed-use, walkable communities

WASHINGTON – Nov. 6, 2013 – Research by the National Association of Realtors® (NAR) has consistently showed that Americans prefer walkable, mixed-use neighborhoods and shorter commutes.

According to NAR’s 2013 Community Preference Survey, 60 percent of respondents favor a neighborhood with a mix of houses, stores and other businesses within walking distance, rather than neighborhoods that require more driving.

And while the size of a property matters, buyers are willing to compromise size for a preferred neighborhood and less commuting. For example, although 52 percent of those surveyed prefer a single-family detached house with a large yard, 78 percent said that the neighborhood is more important than the size of the house.

Fifty-seven percent would forego a home with a larger yard if it meant a shorter commute to work, and 55 percent were willing to forego a home with larger yard if it meant they could live within walking distance of schools, stores and restaurants.

“Although there is no one-size-fits-all approach, smart growth is typically characterized by mixed-use development, higher densities and pedestrian friendly streets that accommodate a wide diversity of transportation modes,” says NAR President Gary Thomas.

When asked to identify their ideal community, the most popular choice was a suburban neighborhood with a mix of houses, shops and businesses. The least popular was a suburban neighborhood with just houses.

When considering transportation concerns, 41 percent of those surveyed said better public transportation is the top solution; 29 percent prefer communities where people don’t have to drive long distances to work or shop; and 20 percent would prefer to build new roads.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=299019

Fla.’s housing market continues upswing in 3Q 2013

ORLANDO, Fla. – Nov. 6, 2013 – Florida’s housing market continued to improve in third quarter 2013 with more closed sales, higher median prices, more pending sales and a stabilizing supply of homes for sale compared to the same quarter in 2012, according to the latest housing data released by Florida Realtors®.

“Data from the third quarter of 2013 shows that Florida’s housing market continues to grow and gain strength,” said 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “The housing sector is vital to the state’s economy, and Realtors across the state are reporting increased activity in their markets.

“At 7.0 percent, Florida currently has a lower unemployment rate than the nation, according to the August unemployment figures (the latest state data available.) More jobs will provide more stability for future growth in the state’s housing market and overall economy.”

Statewide closed sales of existing single-family homes totaled 60,661 in 3Q 2013, up 17.3 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department in partnership with local Realtor boards/associations. Closed sales typically occur 30 to 90 days after sales contracts are written.

Meanwhile, pending sales – contracts signed but not yet completed or closed – for existing single-family homes rose 17.9 percent in the third quarter compared to the same period last year. The statewide median sales price for single-family existing homes in 3Q 2013 was $175,000, up 18.6 percent from the same quarter a year ago. The median is the midpoint; half the homes sold for more, half for less.

Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 27,200 units sold statewide in the third quarter, up 11.3 percent from the same three-month period in 2012. Pending sales for townhouse-condos in 3Q 2013 increased 12.4 percent compared to a year ago, while the statewide median for townhouse-condo properties was $130,000, up 23.8 percent over the same quarter last year.

In 3Q 2013, the median days on market (the midpoint of the number of days it took for a property to sell that month) was 48 days for single-family homes and 54 days for townhouse-condo properties.

“What’s remarkable for the third quarter data is that all metro areas in Florida show year-over-year increases in both prices and sales for single-family homes, and year-over-year increases in sales for condo-townhome properties,” says Florida Realtors Chief Economist Dr. John Tuccillo. “Inventories have begun to pick up a little bit, which may be consistent with cash sales declining as a percentage of overall sales. We’re alert to the fact that it may signal a trend, which could be good for the long-term stabilization and health of Florida’s housing market.”

The inventory for both single-family homes and for townhouse-condo properties stood at a 5.3 months’ supply for the third quarter, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 4.44 percent for 3Q 2013, up from the previous year’s average of 3.54 percent, according to Freddie Mac.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=299023

How to sell a local home to overseas buyers

NEW YORK – Nov. 5, 2013 – More people are buying houses without setting foot inside the door because they live overseas. And with limited inventory of for-sale homes, they’re forced to become more aggressive. Technology that helps them understand what a home and community feels like can close absent-buyer sales.

Agents handling these purchases can accomplish it by shooting community and neighborhood videos that showcase the area’s lifestyle. They can direct house-hunters to school and demographic information, answer questions about commute time and encouraging clients to use Google Street View to explore a neighborhood from afar.

Agents also need to help buyers feel like they’re actually inside the house, taking advantage of prerecorded video or live streaming video tours and tools like MagicPlan to create accurate floor plans.

Once an overseas buyer settles on a home, digital signature software, phone calls and emails can help agents coordinate and complete the transaction.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=298967

Average rate on 30-year mortgage at 4.1%

WASHINGTON – Nov. 1, 2013 – Average U.S. rates on fixed mortgages fell for the second straight week and are at their lowest levels in four months.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan declined to 4.10 percent from 4.13 percent last week. The average on the 15-year fixed loan eased to 3.20 percent from 3.24 percent.

Rates have been falling since September when the Federal Reserve surprised investors by continuing to buy $85 billion a month in bonds. The purchases are intended to keep long-term interest rates low.

Rates had spiked over the summer when the Fed indicated it might reduce those purchases later this year. But hiring has slowed since then. Many now expect the Fed won’t taper until next year.

The average on the 30-year loan has now fallen about half a percentage point since a hitting two-year high over the summer. The lower rates appear to be sparking a surge in activity by prospective homebuyers and homeowners looking to refinance.

Mortgage applications jumped 6.4 percent in the week ended Oct. 25 from the previous week, according to the Mortgage Bankers Association. Applications for purchases rose 2 percent from a week earlier, while refinance applications soared nearly 9 percent.

U.S. home prices rose in August from a year earlier at the fastest pace since February 2006, according to the latest Standard & Poor’s/Case-Shiller 20-city home price index. But the price gains slowed in many cities from July, a sign that the spike in prices over the past year may have peaked.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage declined to 0.7 point from 0.8 point. The fee for a 15-year loan rose to 0.7 point from 0.6 point.

The average rate on a one-year adjustable-rate mortgage increased to 2.64 percent from 2.60 percent. The fee eased to 0.4 point from 0.5 point.

The average rate on a five-year adjustable mortgage dipped to 2.96 percent from 3.00 percent. The fee was unchanged at 0.4 point.

Hurry! Tickets are now HALF OFF!

Great cause, extraordinary talent! Tickets are still available and are now HALF OFF for Noah's concert for kids. Don't miss Sanibel's own musical prodigy, 12 year old Noah Waddell.

CLICK HERE for more information.

More home loans require smaller downpayments

WASHINGTON – Oct. 24, 2013 – More people are getting home loans with lower credit scores and smaller downpayments.

Last month, the average FICO score for a closed home loan was 732, down from 750 a year ago, shows data from mortgage tracker Ellie Mae.

The average downpayment was 19 percent, vs. 22 percent a year ago. What’s more, almost one-third of closed loans had FICO scores under 700, vs. 17 percent a year ago. The top FICO score is 850.

“We continue to see things open up ever so slightly month by month,” says Jonathan Corr, Ellie Mae president.

The standards to get a home loan remain tight, mortgage experts say. But lenders are reducing some restrictions as housing prices recover and as higher interest rates curtail their refinance business.

“We’re starting to see some of the banks … get more creative … to drive more volume to the door,” says Jeff Taylor, managing partner at mortgage analytics firm Digital Risk.

Earlier this month, Bank of America dropped its minimum downpayment requirement for non-conforming loans under $1 million to 15 percent from 20 percent. Non-conforming loans, which can’t be sold to Fannie Mae or Freddie Mac, are over $417,000 in most parts of the country.

Wells Fargo also reduced non-conforming loan minimum downpayments to 15 percent from 20 percent in July.

JPMorgan Chase, meanwhile, reduced downpayment requirements in Arizona, Florida, Nevada and Michigan – states that were especially hard hit by foreclosures. The bank’s minimum downpayment is now 5 percent, down from 10 percent, for primary homes and 10 percent, instead of 20 percent for second homes in those states. The change brings downpayment requirements in those states in line with others, says JPMorgan spokeswoman Amy Bonitatibus.

“These markets have shown strong signs of improvement,” Bonitatibus says. Improving home values lessen risk for lenders.

JPMorgan and Wells made their changes in July after a sharp interest rate spike in May cut into the refinance business.

While banks are easing some loan requirements, home lending standards remain tight and will likely stay there, says Cameron Findlay, economist at Discover Home Loans.

New lending rules expected to take hold in January require lenders to make home loans that meet federal standards or face greater liability from borrower lawsuits should the loans go sour. Findlay doesn’t expect lenders to do many loans that fall outside of those standards.

“We’re seeing tweaking of the underwriting standards, but it’s not a wholesale loosening,” says Guy Cecala, publisher of Inside Mortgage Finance. “The pendulum is still too far toward restrictive.”

Housing’s biggest thorn: Student loan debt?

WASHINGTON – Oct. 9, 2013 – Student loan debt is the main culprit hampering the housing recovery, says Rohit Chopra, the student loan ombudsman for the Consumer Financial Protection Bureau.

“We are already seeing signs of economic drag from student loan debt,” Chopra says. “The impact on the housing market is the most troubling part.”

Student loan interest rates typically are at 8 percent or above, Chopra says. An estimated 7 million borrowers with student loans are in default, he adds.

“The fact is student indebtedness impacts the credit profile of first-time home buyers,” Chopra says. “Three-fourths of the fall in household formation can be directly correlated to student debt.”

The CFPB will be serving as the new regulator that will oversee student loan servicing and lending. Chopra says the agency plans to address the issue of high student loan debt.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=298035

5 ways borrowers can land the best mortgage

RIVERDALE, N.J. – Oct. 10, 2013 – After riding a swift updraft earlier this year, mortgage rates have steadied at around 4.5 percent for a 30-year fixed loan.

But there’s a good chance they’ll resume their upward path. That’s one of a number of things borrowers need to know now to get the best loan.

“For planning purposes, if I were thinking of getting into the market next spring, I’d be working with numbers in the 5 percent range,” said Keith Gumbinger, vice president of HSH.com, a Riverdale, N.J.-based publisher of mortgage information. That would be up from around 3.5 percent earlier this year.

The market got some rate relief recently, when the Federal Reserve decided to continue its policy of buying bonds to keep mortgage rates low, in an effort to stimulate the housing market and the economy.

But the Fed has also made it clear that it will taper off such buying at some point, as the economy improves.

So does that mean buyers should speed up their timetables and jump into the market before rates start to rise again?

Not necessarily. For one thing, analysts aren’t predicting a huge increase.

And the mortgage rate is “only one part of the (home-buying) transaction,” Gumbinger said.

For most people, the decision to buy or sell is less influenced by the financial markets, and much more influenced by what’s happening in their lives: a new job, marriage, divorce, or the birth – or departure – of children, said Greg McBride, an analyst with Bankrate.com.

And even if rates start to rise, they are likely to remain affordable, by historic standards.

“Mortgage rates are not, and won’t be for some time, an impediment to well-qualified borrowers,” McBride said.

“If the difference between a 4.5 percent and 5 percent rate on your mortgage is the difference between being able to afford a home or not, you’re stretching yourself too far.”

Given the changing mortgage landscape, here are five things borrowers can do to get the best deal:

Do your homework: The first step is to check your credit report with the three credit reporting agencies.

You can do it for free at AnnualCreditReport.com. If there are any errors, correct them. Then do what you can to improve your credit rating by paying down your debt.

Avoid borrowing to buy a car or other big-ticket item in the months before you apply for a mortgage – and, for that matter, up to the date you finally close on your new home.

You can check your credit score at MyFico.com for $19.95. Anyone with scores below 620 will find it very difficult to qualify for a mortgage; borrowers with scores over 740 qualify for the best rates. It’s a good idea to try to improve your score in the months before you apply for a mortgage, because even a 20-point improvement can make a difference in the rate you can get, according to David Stein, chief operating officer of Residential Home Funding in Parsippany, N.J.

Be ready to offer up a lot of paperwork to document your income, debts and assets. Regulators have cracked down since the housing boom free-for-all, when unqualified buyers and borrowers got or refinanced mortgages they couldn’t actually afford.

Now, borrowers need to show one month’s worth of pay stubs, two months of bank statements and two years of tax returns, according to Stein. During the housing boom, Stein said, lenders “weren’t looking at anything – now they’re looking at everything.”

Then shop around among several lenders for the best rate.

Get preapproved: Even before you start looking for a house, you should get preapproved for a mortgage. This will make you a stronger buyer, because sellers will know you have the financing in place to move forward.

In addition, getting preapproved for a mortgage amount “sets boundaries around what you can afford. Those boundaries dictate what your price range is,” said McBride.

Choose between rates: The standard loan offers a fixed interest rate for 30 years. Adjustable-rate mortgages (ARMs) offer a fixed rate for, typically, the first five or seven years; after that, the rates can rise every year. In exchange for accepting the risk that interest rates will rise, borrowers get a lower initial rate on ARMs. According to the Mortgage Bankers Association, ARMs make up about 7 percent of the current market.
But ARMs make sense only for people who know for sure that they’re going to be in the house for a limited time.

“Forget about adjustable rates altogether unless you have sufficient financial stability that you could absorb a higher monthly payment if your timetable doesn’t pan out,” McBride said.

Decide length of loan: Fifteen-year loans are more popular with refinancing homeowners than they are with first-time homebuyers because many buyers can’t afford the higher monthly payments. The reward for those higher payments is that over time, you’ll pay much less in interest by shortening the life of the loan. And 15-year mortgages come with lower rates.

Sammy Thomas, a consultant living in Ridgewood, N.J., wasn’t looking for a 15-year mortgage when he decided to refinance as rates dipped last year. But with rates on 15-year mortgages then hovering around 3 percent, he decided that was the best deal. The shorter loan also meant that he and his wife, Demi, a teacher, could live mortgage-free sooner. That was especially appealing as they plan for their retirement, said Thomas, 58. In fact, they hope to put extra money on the loan each month and have it paid off in 11 or 12 years.

Lock in your rate: Once you’ve found a good rate, consider locking it in, which you can usually do for no cost, or for a fee that is refunded at closing. It’s not worth betting that rates will fall before you close on the house.

“I rarely tell folks to try to time the bottom of the market,” Gumbinger said. “Mortgage rates almost always rise much more quickly than they fall.”

“Don’t try to guess the way rates are moving,” McBride agreed. “I’m not a fan of people rolling the dice for something as significant as what their mortgage payment is.”

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=298039

Real estate Q&A: Explore options for mortgage relief

FORT LAUDERDALE, Fla. – Oct. 10, 2013 – 

Question: I want to avoid foreclosure. I have applied for a loan modification with my bank and also applied for the Florida’s Hardest-Hit Fund Principal Reduction Program for relief. Now I am worried that I’ve hurt my chances for the loan modification. Did I mess up? – Jim

Answer: Probably not. When trying to save your home, it’s important to explore every avenue of relief available to you. While some programs are to the exclusion of others, I see no issue with applying to your lender and to the various agencies that are there to help.

But this advice comes with some warnings. Check that the program allows you to apply for other assistance. Don’t apply for the same assistance again until you get an official denial on your first application. Don’t be afraid to apply again after you have been denied, as criteria change from time to time. Be wary of anyone trying to get money from you upfront, because there are plenty of predators looking to take advantage in your time of need. When dealing with a third-party agency, make sure that it’s sanctioned by your lender or the government program to which you are applying. Make sure to fill out your application completely and to respond to the numerous requests made quickly and completely.

Have realistic expectations and expect realistic results. Most lenders do not offer principal reduction, but they will help you get to a payment you can afford. Most importantly, don’t give up. Keep trying even when the process becomes difficult and frustrating. It is no fun dealing with corporate policies and a bureaucratic maze, but for most people there is relief available.

About the writer: Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He is the chairperson of the Real Estate Section of the Broward County Bar Association and is an adjunct professor for the Nova Southeastern University Paralegal Studies program.

The information and materials in this column are provided for general informational purposes only and are not intended to be legal advice. No attorney-client relationship is formed. Nothing in this column is intended to substitute for the advice of an attorney, especially an attorney licensed in your jurisdiction.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=298047

Mayor thinks DC trip will get results

October 9, 2013

By JIM LINETTE

Sanibel Mayor Kevin Ruane is pleased and encouraged about the Caloosahatchee and St. Lucie waterways freshwater releases after visiting with U.S. Congressional leaders in Washington, D.C., on Oct. 3.

"It went really well," said Ruane. "I think they understand the situation better now. There probably will be another meeting with more of the Appropriations Committee members at some point. We only got to meet five or six out of 40 of them this time."

Ruane, Vice Mayor Doug Congress, Natural Resources director James Evans and Rep. Patrick Murphy of Jupiter were invited to the Capitol by Representative Trey Raydel, who met with the Sanibel delegation and Congressman Tom Rooney, who represents Florida's 17th Congressional District and is a member of the U.S. House Committee on Appropriations. Lee County Commissioner Larry Kiker, Fort Myers Beach Mayor Alan Mandel and FMB Chamber president Bud Nocera also participated in the "South Florida Fly-In and Briefing."

Their goal is to convince federal lawmakers to authorize funding through the Water Resources Reform and Development Act (WRRDA) for short and long term solutions to correct environmental and economic harm being done by freshwater releases from Lake Okeechobee to the east and west coasts.

"Over the past five weeks we have forged unique partnerships: bipartisan partnerships with both parties in Congress; bicoastal partnerships among our Florida delegation and partnerships between local governments and our Governor's office," Ruane added. "I do believe all of us working together toward the implementation, funding and construction of our short and long-term priorities are how we best serve the citizens of Sanibel, Florida and everyone who works in and visits southwest Florida."

The WRRDA bill already was passed by the U.S. Senate and is awaiting a vote by the U.S. House soon, perhaps even this week. The Committee of Appropriations sets the specific expenditures by the U.S. government for projects in the WRRDA bill.

"I think the bill will pass," said Ruane. "They are going in several directions right now, and they might even tie the bill to the debt ceiling debate."

The U.S. Army Corps of Engineers (COE) last month agreed to reduce the freshwater releases down the Caloosahatchee that has resulted in dark, tea-colored water along Fort Myers and Sanibel beaches and extending several miles out into the Gulf of Mexico. Just this week, on Tuesday, the COE announced a further reduction in the daily releases and normal green water appears to be returning to Sanibel beaches.

Water management capital projects recommended for funding in WRRDA include the $580 million C-43 West Basin Reservoir in Hendry County. The federal government is being asked to pay $297 million of that cost. The reservoir is designed to hold 55 billion gallons of water from the Caloosahatchee River during the rainy season in order to prevent nutrient-rich fresh water from causing harmful algae blooms, killing seagrasses and oyster beds downstream in the estuary.

Raydel promised the delegation that his will not be the only voice heard if the bill passes and the COE causes any more delays.

"I was skeptical about the meeting at first," said Congress. "I didn't know if we could accomplish something or not. At one time there were 20 or so Congress members present during the meetings. We got to meet individually with six or seven in their offices, mostly Florida delegates. It was good for us to get this national exposure."

At Tuesday's Sanibel Planning Commission meeting, chair Michael Valiquette commended the Mayor and Vice Mayor.

"I think it was amazingly successful," Valiquette said. "I've been up there before and you guys are to be congratulated for a job well done and I think the educated approach by Kevin is the way to go."

Kiker spoke at the briefing and called the water quality situation an "ongoing environmental calamity."

"The Caloosahatchee River and the estuary in Lee County is essential to the overall health of our beaches and to a great extent our economic viability," he said. "A clean and healthy environment is one of the most critical cogs of the economic engine that drives Lee County in its No. 1 industry, which is tourism."

Kiker then related visitors in direct relation to employment in Lee County. County officials were reported to having spent more than $350 million to obtain 28,000 acres in putting land into conservation.

"Statistics have shown that over 90 percent of the people that visit come for beaches and clean water," he said. "We live in an instant information age, and the image of black water along the beaches in Lee County has spread around the world in seconds. Unfortunately, that image stays with us for a long, long time. We're a very resilient community, but we need action now."

Nocera said the event received a "lot of traction" with 24 members of Congress, Sen. Bill Nelson, U.S. House of Representatives Minority Leader Nancy Pelosi and several members of the Florida legislature in attendance.

"The room was packed," he said. "I think the fact that it happened while the government was shut down gave it the ability to garner more attention and that is why more members of Congress attended."

Fort Myers Beach Bulletin/Observer editor Bob Petcher contributed to this report.

http://www.captivasanibel.com/page/content.detail/id/522512/Mayor-thinks-DC-trip-will-get-results.html?nav=5051