FHFA: House prices rose 7.7% in year through June

WASHINGTON – Aug. 22, 2013 – U.S. house prices rose 7.7 percent in the year through June, extending a recovery that’s spurring more homeowners to list their properties for sale.

Prices climbed 0.7 percent on a seasonally adjusted basis from May, the Federal Housing Finance Agency (FHFA) said today in a report from Washington. The average economist estimate was for a 0.6 percent gain, according to data compiled by Bloomberg.

Price increases are drawing more sellers to a market where a tight supply of homes has pushed up values, said Paul Diggle, property economist at Capital Economics Ltd. in London. The inventory of unsold homes was a seasonally adjusted 5 months in June, up from 4.7 months in January, according to data from the National Association of Realtors.

“The current big gains in prices are temporary and they reflect the bounce from the bottom,” Diggle said in a telephone interview before the FHFA report. “They shouldn’t be expected to continue at that pace that much longer.”

Diggle’s firm projects that price gains will slow to 4 percent for 2014, down from 8 percent this year.

Higher mortgage rates may be encouraging buyers to complete deals before borrowing costs rise further. Sales of previously owned U.S. homes climbed 6.5 percent last month to the fastest pace since November 2009, the National Association of Realtors reported yesterday. The median price jumped to $213,500, up 13.7 percent from July 2012.

The FHFA’s report showed prices increased 17 percent from a year earlier in the Pacific area, which includes California and Washington. In the Mountain region, including Nevada and Arizona, the gain was 11 percent. The Middle Atlantic area – New York, New Jersey and Pennsylvania – had the smallest increase, at 2.5 percent.

The FHFA index measures transactions for single-family properties financed with mortgages owned or securitized by Fannie Mae and Freddie Mac. It doesn’t provide a specific price for homes.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=295910

NAR: Existing-home sales spike in July

WASHINGTON – Aug. 21, 2013 – Existing-home sales rose strongly in July, with the median price maintaining double-digit year-over-year increases, according to the National Association of Realtors® (NAR).

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 6.5 percent to a seasonally adjusted annual rate of 5.39 million in July from a downwardly revised 5.06 million in June, and are 17.2 percent above the 4.60 million-unit pace in July 2012. Sales have remained above year-ago levels for 25 months.

NAR Chief Economist Lawrence Yun said changes in affordability are impacting the market. “Mortgage interest rates are at the highest level in two years, pushing some buyers off the sidelines,” he says. “The initial rise in interest rates provided strong incentive for closing deals. However, further rate increases will diminish the pool of eligible buyers.”

While higher mortgage interest rates could slow the market, Yun says other changing factors could compensate for that and sustain the economic rebound.

“Although housing affordability conditions will become less attractive, jobs are being added to the economy, and mortgage underwriting standards should normalize over time from current stringent conditions as default rates fall,” Yun says.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 4.37 percent in July from 4.07 percent in June, and is the highest since July 2011 when it was 4.55 percent; the rate was 3.55 percent in July 2012.

Total housing inventory at the end of July rose 5.6 percent to 2.28 million existing homes available for sale, which represents a 5.1-month supply at the current sales pace, unchanged from June. Listed inventory is 5.0 percent below a year ago, when there was a 6.3-month supply. “Tight inventory in many areas means above-normal price growth for the foreseeable future,” Yun says.

The national median existing-home price for all housing types was $213,500 in July, which is 13.7 percent above July 2012. This marks 17 consecutive months of year-over-year price increases, which last occurred from January 2005 to May 2006.

The median price has risen at double-digit rates for the past eight months, and is now 7.3 percent below the all-time record of $230,400 in July 2006. Two years ago, the median price was 25.7 percent below the peak.

Distressed homes – foreclosures and short sales – accounted for 15 percent of July sales, the same as in June and matching the lowest share since monthly tracking began in October 2008; they were 24 percent in July 2012. Continuing declines in the share of distressed sales account for some of the price gain.

Nine percent of July sales were foreclosures, and 6 percent were short sales. Foreclosures sold for an average discount of 16 percent below market value in July, while short sales were discounted 12 percent.

The median time on market for all homes was 42 days in July, up from 37 days in June – but it’s 39 percent faster than the 69 days on market in July 2012. Short sales were on the market for a median of 72 days, while foreclosures typically sold in 50 days and non-distressed homes took 40 days.

Forty-five percent of homes sold in July were on the market for less than a month.

Data from realtor.com, NAR’s listing site, shows the tightest inventory conditions, reported as median age of inventory, are in Oakland, Calif., 20 days; Denver, 31 days; and the Seattle area, 36 days.

First-time buyers accounted for 29 percent of purchases in July, unchanged from June, but are down from 34 percent in July 2012.

All-cash sales comprised 31 percent of transactions in July, the same as in June; they were 27 percent in July 2012. Individual investors, who account for many cash sales, purchased 16 percent of homes in July, down from 17 percent in June. They reached a cyclical peak of 22 percent in February of this year.

“The overall percentage of cash purchases has been fairly steady, as has the share of first-time buyers, but the investor share has been trending down since February,” says NAR President Gary Thomas. “This means more repeat buyers are using cash in this tight-credit environment. With a steady decline in lower priced inventory, particularly in foreclosures, investors are finding fewer bargains to buy.”

Single-family home sales rose 6.3 percent to a seasonally adjusted annual rate of 4.76 million in July from 4.48 million in June, and are 16.4 percent higher than the 4.09 million-unit level in July 2012. The median existing single-family home price was $214,000 in July, up 13.5 percent from a year ago.

Existing condominium and co-op sales increased 8.6 percent to an annual rate of 630,000 units in July from 580,000 in June, and are 23.5 percent above the 510,000-unit pace a year ago. The median existing condo price was $209,600 in July, which is 15.5 percent higher than July 2012.

Regionally, existing-home sales in the Northeast surged 12.7 percent to an annual rate of 710,000 in July and are 20.3 percent above July 2012. The median price in the Northeast was $271,200, up 6.7 percent from a year ago.

Existing-home sales in the Midwest rose 5.8 percent in July to a pace of 1.28 million, and are 20.8 percent higher than a year ago. The median price in the Midwest was $168,300, which is 9.5 percent above July 2012.

In the South, existing-home sales increased 5 percent to an annual level of 2.11 million in July and are 16.6 percent above July 2012. The median price in the South was $183,400, up 13.6 percent from a year ago.

Existing-home sales in the West rose 6.6 percent to a pace of 1.29 million in July and are 13.2 percent higher than a year ago. The median price in the West, driven the most by a supply imbalance, was $287,500, which is 19.2 percent above July 2012.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=295837

Fannie Mae report: Economy picks up steam

WASHINGTON – Aug. 21 2013 – Economic growth continues to gain momentum in the second half of the year, as expected, despite the slow start at the beginning of 2013, according to Fannie Mae’s (FNMA/OTC) Economic & Strategic Research Group’s full-year forecast.

Both the economy and housing remain on track, Fannie Mae predicts, with GDP (gross domestic product) expected to come in at approximately 2.0 percent in 2013 and accelerating to 2.6 percent in 2014.

The largely optimistic report finds that fiscal drag is waning, the housing recovery continues, and manufacturing and business investment are rebounding. Furthermore, consumer spending and the employment sector appear to be growing sustainably, which may help to offset downside risks from the expected tapering of the Federal Reserve’s securities purchases.

“Our macroeconomic and housing forecast shows very little change from July, and the steady pickup during the past few months validates our expectations for the second half of the year,” says Fannie Mae Chief Economist Doug Duncan. “The biggest risk to this forecast is the expected reduction in the Federal Reserve’s asset purchases, which would likely put additional upward pressure on interest rates and lead to some volatility in capital markets. Although the nature and timing of the tapering are still to be determined, we continue to expect the Fed will scale back its asset purchases and end the program by spring. In addition, we may see some fiscal tightening this fall as the debate over federal spending and the debt ceiling takes place.”

The housing recovery appears to have weathered some of the uncertainty, although additional growth is expected to be modest rather than robust while the market waits to see credit conditions ease as interest rates rise. That rise in mortgage rates has led to a drop-off in refinance activity, but so far hasn’t seemed to impact home purchase activity.

Fannie Mae’s report predicts that home prices will continue to climb, although at a slower pace than the dramatic levels seen during the past 12 months.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=295856

Sanibel Mayor To Address Committee On Lake Okeechobee Releases

Sanibel Mayor Kevin Ruane will provide testimony on the Lake Okeechobee freshwater releases before the Florida Senate Select Committee on Indian River Lagoon and Lake Okeechobee Basin in Stuart, Florida on Thursday, August 22. The committee is comprised of eight members chosen by Senate President Don Gaetz, including Sen. Lizbeth Benacquisto of Southwest Florida.

Mayor Ruane will testify regarding the significant, detrimental and economic impacts of the high flow regulatory discharges on Sanibel Island and the coastal waters of Lee County; the urgent need for the U.S. Army Corps of Engineers

and South Florida Water Management District to consider all short- and longterm storage options; the necessity of

securing federal funding for the C-43 West Basin Reservoir Project and other long-term solutions; and the importance

of immediate ecological monitoring to determine the full impacts on the Caloosahatchee estuary.

“Our city’s top priority must be to move the state and federal governments into fully implementing the long-term

solutions to the Lake Okeechobee releases,” said Ruane. “If the past years of rhetoric and debate do not quickly move

these capital projects into implementation, we will have squandered our economy and the jobs and property values of

every person in Southwest Florida.”

Additionally, Ruane will address the tremendous economic impact of the releases on the area’s businesses, residents

and tourist destinations.

The workshop runs from 1 to 9 p.m. and “will explore short-term solutions or alternatives to reduce or eliminate current

releases from Lake Okeechobee,” according to the agenda.

This is the first of an expected four hearings as the committee works toward a November 4 deadline to submit a report

of its findings to President Gaetz.

For more information about the Senate committee, visit www.flsenate.gov/topics/IRLLOB.

Island Sun (August 23, 2013)

New App Designed to Help Manatees

A Florida-based corporation, EarthNC, through its conservation venture Conserve.IO, has teamed up with Save the Manatee Club to help boaters reduce the chance of hitting and harming manatees in Florida waterways with the free Manatee Alert App. This smart phone-based map displays instructive visual alerts, notifying boaters when they are approaching manatee speed zones. It also helps facilitate the reporting of injured manatees and manatee harassment to the proper authorities to ensure urgent help where needed.

“The new Manatee Alert App is a good example of how smart phone technology can help the public become better informed, help protect an endangered species, and contribute to preserving our environment,” said Brad Winney of Conserve.IO. “With the majority of the public now having some form of smart phone or tablet, applications like

Manatee Alert can provide safety and conservation messages in real time.”

During the busy Labor Day weekend and throughout the year, manatees are especially vulnerable to the heavy boat

traffic moving through the waterways in every direction. Florida’s manatees have already suffered a catastrophic

year due to a prolonged red tide event in Southwest Florida and an unknown toxin in the Indian River Lagoon. At the

current rate, the mortality for 2013 will likely break all previous yearly mortality records since record keeping began.

In addition to these complex events, boat collisions continue to pose a serious long-term threat to the manatee population. “Since many manatees inhabiting Florida waters bear the scars from past encounters with boats, use of the Manatee Alert App can go a long way towards preventing such injuries and deaths,” said Dr. Katie Tripp, Save the Manatee Club’s director of science and conservation.

Tripp is excited about the new app’s ability to help boaters help manatees. “People from all over the world vacation in Florida and many recreate on Florida waters. Public awareness and education to reach residents and visiting boaters

are essential keys to manatee protection.”

The Florida boating community is encouraged to get the free Manatee Alert App as well as Save the Manatee Club’s free public awareness materials to help prevent manatee injuries, suffering and death. Waterproof boating banners, dock signs for Florida shoreline property owners, boating decals and waterway cards containing safe boating information are available by contacting Save the Manatee Club via e-mail at education@savethemanatee.org, by regular mail at 500 N. Maitland Ave., Maitland, FL 32751, or by calling toll free at 1-800-432-JOIN (5646). Manatee protection tips for boaters can also be found on the club’s website at http://www.savethemanatee.org/boatertips.htm.

Go to http://bit.ly/15EYen6 to download the free Manatee Alert App.

Find out more information on endangered manatees and the Adopt-A-Manatee program by visiting www.savethemanatee.org. Save the Manatee Club, a Florida-based international nonprofit conservation and manatee welfare organization, was started in 1981 by U.S. Senator Bob Graham and singer/songwriter Jimmy Buffett so the general public could participate in conservation efforts to save the endangered manatee. The club is now one of the largest

organizations in the world devoted to the protection of a single species. Watch manatees in their natural habitat on the

club’s Blue Spring webcams at manatv.org.

Island Sun (August 23, 2013)

Fla.’s housing market continues positive trends in 2Q 2013

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ORLANDO, Fla. – Aug. 8, 2013 – Florida’s housing market gained strength in second quarter 2013 with more closed sales, higher median prices, more pending sales and a shrinking 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 second quarter of 2013 shows that Florida’s housing market is continuing to improve and the growth is boosting the state’s economic recovery,” said 2013 Florida Realtors President Dean Asher, broker-owner with Don Asher & Associates Inc. in Orlando. “We are experiencing an extended run of year-over-year gains in existing home sales (18 months as of June) and Realtors across the state are reporting increased activity in their markets. At 7.1 percent, Florida currently has a lower unemployment rate than the nation. As more jobs are created, it’s providing a stable foundation for future growth in the state’s housing market.”

Statewide closed sales of existing single-family homes totaled 63,173 in 2Q 2013, up 14.7 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 28.5 percent in the second quarter compared to the 2Q 2012 figure. The statewide median sales price for single-family existing homes in 2Q 2013 was $170,000, up 14.1 percent from the same quarter a year ago.

The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties downwardly distort the median price because they generally sell at a discount relative to traditional homes.

Looking at Florida’s year-to-year comparison for sales of townhouse-condos, a total of 31,829 units sold statewide in the second quarter, up 7.9 percent from the same three-month period in 2012. Pending sales for townhouse-condos in 2Q 2013 increased 18.8 percent compared to a year ago, while the statewide median for townhouse-condo properties was $129,000, up 16.7 percent over the same quarter last year.

In 2Q 2013, the median days on market (the midpoint of the number of days it took for a property to sell that month) was 51 days for single-family homes and 57 days for townhouse-condo properties.

The inventory for single-family homes stood at a 5-months’ supply for the second quarter; inventory for townhouse-condos was at a 5.2-months’ supply for the same period, according to Florida Realtors.

Florida Realtors Chief Economist Dr. John Tuccillo said, “For those who have been following the Florida real estate market, there’s not much new in these numbers. The market continues its gradual improvement and return to stability. While investors have been the major driving force in the market, we are beginning to see more owner-occupants enter the market. This is an encouraging sign.”

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.69 percent for 2Q 2013, down from the previous year’s average of 3.80 percent, according to Freddie Mac.

To see the full statewide housing activity reports, go to Florida Realtors Media Center  and look under Latest Releases, or download the 2Q 2013 data report PDFs under Market Data.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=295240

Home Prices Rise Steeply in West, Sunbelt

                         By CONOR DOUGHERTY

Cities in the West and the Sunbelt, among the hardest hit during the real-estate downturn, continue to lead the nation's housing recovery—posting double-digit gains in home prices that have outpaced even the most optimistic projections from a year ago.

In the second quarter, median existing-home prices increased in 142 of the 163 metropolitan areas tracked by the National Association of Realtors, according to a survey released Thursday. Among the 10 cities with the fastest year-over-year price growth, nine were in California, Florida or Nevada—states that were hammered by the grinding real-estate bust that persisted from 2007 until last year.

Some of the biggest standouts were in California. The Sacramento area led the nation with a 39.2% increase in year-over-year prices. The San Francisco and Los Angeles metropolitan areas also were in the top 10 in terms of home-price gains.

While formerly hard-hit places are thriving, the entire U.S. housing market is far better off than it was a year ago. Nationally, the median existing-home price rose 12.2% in the second quarter from a year ago, to $203,500. That was the strongest year-over-year gain since 2005, during the throes of the pre-recession real-estate bubble.

The fastest growth was the West, with 18.2% price growth, followed by the South (11.0%), the Midwest (7.9%) and the Northeast (6.9%).

There was as an average of 5.1 months worth of existing home supply in the second quarter, down from 6.4 months in the second quarter a year ago.

The turnaround has been driven by a combination of better job growth and a tight supply of homes for sale. There also has been a reduction in the number of foreclosures, which drag on prices. Homes sold under financial duress, such as a foreclosure or short sale, accounted for 17% of second quarter sales, down from 26% a year ago, according to the realtors' group.

From quarter to quarter, the survey can be unreliable because it measures median prices and can result in overstated gains and losses as the mix of homes shifts between the higher and lower ends of the market. That likely is happening now, as there are fewer lower-end homes, such as foreclosure sales.

But there's no question the housing market is profoundly better than a year ago. Economists and housing analysts expect prices to continue rising. Many of the driving factors, such as tight supply, fewer foreclosures and pent-up demand from buyers who sat out the market during the past few years, are unlikely to turn around soon.

That doesn't mean the torrid increases of the past year will be repeated. Inventory, while still tight, has started to edge up as more homeowners, enticed by higher prices, put their homes for sale. Interest rates, while still low, are rising. And investors, whose mostly cash purchases were the spark that ignited the housing rebound, are starting to pare back their purchases.

Indeed, a number of peripheral housing indicators are already showing a slowdown. Asking prices fell 0.3% in July, the first month-over-month decline since November of last year according to a report released earlier this week by Trulia, a real-estate listing site. Meanwhile, Redfin, a national real-estate brokerage, reported that the number of people taking home tours fell slightly in June. This may foreshadow a long-expected slowdown in price growth.

In the supply-starved West, the heady competition among buyers is prompting prospective buyers to put off vacations so they can continue house-hunting in the summer months when traffic typically tails off.

"They can be ready to act and jump on any property that comes on," said Jordan Clarke, a San Diego-based Realtor with Redfin.

Many shoppers are taking unusually personal measures to stand out from the pack. Two of Mr. Clarke's clients, David Larson and Janna Alfery, recently closed on a four-bedroom, $1.15 million home in Encinitas, Calif.

The early 30s couple had been looking for a home for three months and in that time looked at roughly 50 places, they said. To get the home they live in now, they wrote the sellers a personal letter that, among other things, noted the coincidence that they are both doctors and the home was on Hygeia Avenue, named for the daughter of the Greek god of medicine. Later, they had a wine-and-cheese gathering with the sellers and even introduced them to Mr. Larson's parents.

The offer still almost fell through when a rival buyer offered $100,000 more, but that bid eventually fell through.

"It felt like miracle," Mr. Larson said.

Write to Conor Dougherty at conor.dougherty@wsj.com

Florida CFO: Why aren’t insurance rates dropping?

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TALLAHASSEE, Fla. (AP) – Aug. 8, 2013 – Florida Chief Financial Officer Jeff Atwater wants to know why homeowner insurance rates aren’t dropping.

Atwater sent a letter Wednesday to Florida’s insurance commissioner, Kevin McCarty, noting that one of the main costs for insurers has been going down this year. He asked McCarty why those savings weren’t being passed along to consumers.

Atwater is one of the state officials with the power to hire and fire the insurance commissioner.

In his letter, Atwater wrote that trade journals have reported recently that the cost of reinsurance has come down an average of 15 to 20 percent. Insurers purchase reinsurance from an out-of-state or foreign company to provide the insurer financial backing in case of major claims.

Atwater said Floridians need answers and they need to see their insurance bills coming down.

“If insurance companies can justifiably raise rates on Florida families because the reinsurance market drives their costs up, they can certainly lower the costs for Florida families when reinsurance prices fall,” Atwater wrote.

A spokeswoman for McCarty said his office was working on a response.

Annual reports prepared by Florida’s Office of Insurance Regulation show that the department has been approving more than 100 rate hike requests a year since 2009, including requests to raise rates by double-digits.

But McCarty in late May said he expected insurance rates to stabilize in the coming year.

The reasons for Florida’s steadily increasing rates are varied and have triggered endless arguments, especially among state lawmakers and others in the last two decades.

Industry officials argue that insurers in the past did not charge adequate rates to deal with the real risk of covering homes in hurricane-prone Florida. The fragile nature of the market has been exposed by storms such as Hurricane Andrew in 1992, a Category 5 storm that destroyed much of the South Florida city of Homestead, and the series of storms that battered the state in 2004 and 2005.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=295236

Wildlife Education Boardwalk Ribbon-Cutting On August 12

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When local officials, dignitaries and children from The Sanibel School gather to cut the ribbon on the brand new Wildlife Education Boardwalk, which connects the school property with the JN “Ding” Darling National Wildlife Refuge, the first phase of the project will be completed.

Open to the public, the boardwalk crosses a brackish wetland between the school and the refuge’s Indigo Trail. Weaving through mangroves, it features a two-story covered pavilion and observation tower. (For security reasons, a locked fence will separate it from the school.)

According to Supervisory Refuge Ranger Toni Westland, the project is one of only a handful of school-refuge partnerships in the nation that are physically connected by an educational boardwalk.

“I’ve been on the board for a number of years, and we have long wanted to connect the Indigo Trail with The Sanibel

School without walking along San-Cap Road,” said Susan Cassell of the “Ding” Darling Wildlife Society, who received

a sneak preview of the new facility last week. “The boardwalk is going to be a great place where you can see alligators

and wading birds.”

Amy Nowacki, the architect who designed the boardwalk with multi-level features, reported that she was very happy to see her concept brought to reality.

“It wasn’t easy, trying to fit the structure into the space that we had, but we did it,” said Nowacki. “The extra eight feet in height the second level gives you really offers a wonderful view. And as the water levels fluctuate throughout the year as the seasons change, the children are going to be able to see different types of aquatic environments.”

She called the facility an “outdoor classroom” that will be enjoyed by many.

The official ribbon-cutting ceremony at the Wildlife Education Boardwalk will take place at 1 p.m. on Monday, August 12. For more information, call 472-1100.

“We spent a lot of time on the design and working with teachers at the school,” said Cassell. “The open design will allow

an entire class to be brought out there, but still be sheltered from the sun. It’s a wonderful environment that still preserves

nature.”

Major donations for the project came from the Jim Sprankle Duck Decoy Exhibit sponsorships, the George and Miriam Martin Foundation, and memorials to the late Win Kloosterman.

“I think the children are really going to be surprised the first time they see it,” added Nowacki, “because when you’re

walking towards it, you can’t really see it…but then all of a sudden – there it is!”

Island Sun (August 9, 2013)

NAR: Home prices pick up steam in most metros during 2Q

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WASHINGTON – Aug. 8, 2013 – Median home prices continued to rise in the majority of metropolitan areas in the second quarter, with the national year-over-year price showing the strongest gain in seven-and-a-half years, according to the latest quarterly report by the National Association of Realtors® (NAR).

Despite rising prices and higher mortgage interest rates, however, an analysis of income requirements to buy a median-priced home on a metro area basis shows most buyers remain well positioned to afford a home in their area.

The median existing single-family home price increased in 87 percent of measured markets, with 142 out of 163 metropolitan statistical areas (MSAs) showing gains based on closings in the second quarter compared with the second quarter of 2012. Fifty areas, 31 percent, had double-digit gains; one was unchanged and 20 had price declines.

Eight markets were added to the report in the latest quarter. In the second quarter of last year, 75 percent of all available areas showed price gains from a year earlier, and only 14 percent of markets rose by double-digit amounts.

“There continue to be more buyers than sellers, and that is placing pressure on home prices, with multiple bids common in some areas of the country,” says NAR Chief Economist Lawrence Yun. “Higher interest rates are now causing sales to level out, but the tight supply conditions look to be with us for the balance of the year in most of the country. Areas with tighter supplies generally are seeing the strongest price growth, including markets such as Sacramento, Atlanta, Las Vegas, Naples, San Francisco and Los Angeles.”

The national median existing single-family home price was $203,500 in the second quarter, up 12.2 percent from $181,300 in the second quarter of 2012, which is the strongest year-over-year increase since the fourth quarter of 2005 when it surged 13.6 percent. In the first quarter the median price rose 11.3 percent from a year earlier.

The median price is where half of the homes sold for more and half sold for less. A shrinking market share of lower priced homes accounts for some of the price growth. Distressed homes – foreclosures and short sales generally sold at discount – accounted for 17 percent of second quarter sales, down from 26 percent a year ago.

Yun notes areas impacted by judicial foreclosure, which includes Florida, are seeing more modest price increases. “In areas where foreclosed inventory still looms because distressed properties are mired in a slow process, lender and market uncertainty are holding back price growth. This includes areas such as New York City; Hartford; Conn.; and some markets in New Jersey.”

At the end of the second quarter there were 2.19 million existing homes available for sale, which is 7.6 percent below the close of the second quarter of 2012, when 2.37 million homes were on the market. The average supply during the quarter was 5.1 months, compared with 6.4 months in the second quarter of 2012.

“Supplies in the low 5-month range can be expected for the foreseeable future,” Yun says. “Steady increases in new home construction will help to relieve shortage conditions going into 2014, which would moderate price growth.”

Total existing-home sales, including single-family and condo, rose 2.4 percent to a seasonally adjusted annual rate of 5.06 million in the second quarter from 4.94 million in the first quarter, and were 12.3 percent above the 4.51 million level during the second quarter of 2012. Sales were at the highest pace since the second quarter of 2007, when they hit 5.23 million.

According to Freddie Mac, the national commitment rate on a 30-year conventional fixed-rate mortgage averaged 3.69 percent in the second quarter, up from 3.50 percent in the first quarter; it was 3.80 percent in the second quarter of 2012. Mortgage interest rates have trended higher in recent weeks.

NAR President Gary Thomas says higher interest rates may, ironically, end up helping some buyers by making it easier to qualify for a loan. “Refinancing activity has slowed dramatically, yet banks have a lot of money and staffing resources, many of whom have less work,” he says.

“Banks now have an incentive to increase loan origination, which means they may dial back overly restrictive mortgage lending standards that have been in place since the crash,” Thomas added. “We are also optimistic that proposed federal regulations will ensure that creditworthy borrowers continue to have access to safe, affordable options for buying a home.”

A separate breakout to NAR’s report shows potential buyers were well positioned to purchase in the second quarter. Income requirements are determined using several scenarios on downpayment percentages, which assume 25 percent of gross income is devoted to mortgage principal and interest, with a mortgage interest rate of 3.7 percent.

The national median family income of $62,600 would easily qualify a buyer to purchase a median-priced home in the second quarter. However, to purchase a home at the national median price, a buyer making a 5 percent downpayment would only need an income of $43,100. With a 10 percent downpayment the required income would be $40,800, while with 20 percent down, the necessary income is $36,300.

In the condo sector, metro area condominium and cooperative prices – covering changes in 56 metro areas – showed the national median existing-condo price was $199,700 in the second quarter, up 12.2 percent from the second quarter of 2012. Fifty metros showed increases in their median condo price from a year ago and six areas had declines.

Regionally, existing-home sales in the Northeast were unchanged in the second quarter but are 9.1 percent above the second quarter of 2012. The median existing single-family home price in the Northeast was $257,900 in the second quarter, up 6.9 percent to from a year ago.

In the Midwest, existing-home sales rose 2.3 percent in the second quarter and are 14.6 percent higher than a year ago. The median existing single-family home price in the Midwest increased 7.9 percent to $160,600 in the second quarter from the same quarter last year.

Existing-home sales in the South increased 3.2 percent in the second quarter and are 15.1 percent above the second quarter of 2012. The median existing single-family home price in the South was $180,700 in the second quarter, up 11.0 percent from a year earlier.

In the West, existing-home sales rose 2.5 percent in the second quarter and are 7.4 percent above a year ago. With limited inventory, the median existing single-family home price in the West surged 18.2 percent to $277,500 in the second quarter from the second quarter of 2012.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=295245               

Investor predicts buy-to-rent market will expand

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NEW YORK – Aug. 6, 2013 – According to a report by Morgan Stanley, the buy-to-rent market is only a fraction of where it could be, and the market is ready for major growth in the coming years.

Morgan Stanley analysts predict that the buy-to-rent market will grow from $17 billion today to more than $100 billion in the next several years. They called it a “sustainable business with a long runway for growth.”

According to analysts, institutional investors may be able to anticipate a more than 10 percent return on investments, as rents nationwide continue to rise.

“Over the past three years, investor activity has removed significant amounts of distressed supply from Southern California, Phoenix and Las Vegas,” according to the report. “Consequently, select MSAs in Florida, the Midwest and the Northeast now constitute a greater proportion of the nation’s distressed properties, making them potentially more attractive to institutional buy-to-rent investors.”

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=294960

CoreLogic: June home prices up 11.9% year over year

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IRVINE, Calif. – Aug. 6, 2013 – Home prices nationwide, including distressed sales, increased 11.9 percent in June on a year-over-year basis, according to CoreLogic’s June Home Price Index (HPI) report released today. It’s the sixteenth consecutive monthly increase in home prices nationally.

On a month-over-month basis, including distressed sales, home prices rose 1.9 percent compared to May 2013.

According to CoreLogic, Florida numbers fall close to the national average. Including distressed sales, prices rose in June 11 percent year-to-year and 1.8 percent month-to-month.

If Florida’s distressed sales – short sales and real estate owned (REO) transactions – are backed out of the equation, the state’s home prices rose 12.7 percent year-to-year and 2.1 percent month-to-month.

The CoreLogic Pending HPI analyzes home price changes for the most recent month. According to that analysis, July 2013 home prices, including distressed sales, are expected to rise by 12.5 percent on a year-over-year basis from July 2012 and by 1.8 percent on a month-over-month basis from June 2013. The CoreLogic Pending HPI is based on Multiple Listing Service (MLS) data that measure price changes for the most recent month.

“In the first six months of 2013, the U.S. housing market appreciated a remarkable 10 percent,” says Dr. Mark Fleming, chief economist for CoreLogic. “This trend in home price gains is moving at the fastest pace since 1977.”

“The U.S. housing market experienced robust price appreciation during the first half of 2013 and our forecast calls for double-digit growth through July,” adds Anand Nallathambi, president and CEO of CoreLogic. “Despite their rebound of late, home prices remain reasonable in a historical context, with most states near peak affordability levels.”

Highlights of June 2013

• Including distressed sales, the five states with the highest home price appreciation were: Nevada (+26.5 percent), California (+21.4 percent), Wyoming (+16.7 percent), Arizona (+16.2 percent) and Georgia (+14.3 percent).

• Including distressed sales, only two states posted home price depreciation: Mississippi (-2.1 percent) and Delaware (-1.1 percent).

• Excluding distressed sales, the five states with the highest home price appreciation were: Nevada (+23.6 percent), California (+18.7 percent), Arizona (+14.1 percent), Utah (+13.8 percent) and Florida (+12.7 percent).

• Excluding distressed sales, no states posted home price depreciation in June.

• The five states with the largest peak-to-current declines, including distressed transactions, were Nevada (-44.3 percent), Florida (-38.6 percent), Arizona (-33.9 percent), Rhode Island (-31.7 percent), and Michigan (-31.1 percent).

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=294972

South Fla. home prices climbing back

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MIAMI – July 31, 2013 – Seven years after the South Florida real-estate bubble stretched as far as it could, buyers continue to pump more air into the deflated market.

New numbers from the S&P/Case-Shiller real-estate index for South Florida show home values up 14 percent this year. That’s the best 12-month gain since July 2006.

“I don’t hear people say they’re worried anymore,’’ said Charlette Seidel, a co-managing broker at Coldwell Banker’s Coral Gables office. “Buyers are confident.”

But even with prices on a steady climb since early last year, the damage from the bust remains.

Case-Shiller, the most closely watched real estate index in the country, shows South Florida values remain 41 percent below where they were at the peak of the boom in May 2006. Case-Shiller released its May 2013 numbers on Tuesday, offering a detailed look at seven years of what might be the worst real-estate crash in South Florida history.

The grimmest reading came in November 2011, when the Case-Shiller index showed a 51 percent decline from South Florida’s May 2006 peak. The rock-bottom prices brought another boom in sales, largely fueled by foreign investment dollars. But with prices so low, few homeowners are opting to sell. Realtor groups cite a lack of listings as the main reason sales aren’t even higher.

The combination – high demand and low supply – finally brought momentum to the recovery in early 2012, with both sales and prices heading higher.

May marked the 17th straight month of gains in South Florida’s Case-Shiller index. That’s the best streak for South Florida since the market peaked in May 2006. At the time, Case-Shiller showed values going up every single month since August 1999 – 82 months in all.

But even with Case-Shiller showing steady improvement in South Florida and across the country, the gains have some real-estate watchers warning of another bubble. A year ago, Case-Shiller, which tracks sales of single-family homes, showed prices up only 3 percent in South Florida. Now, they’re rising at a pace almost five times faster, with a 14 percent surge.

Jonathan Miller, a New York appraiser who tracks South Florida’s market, said the economy is too weak to be fully confident in a real estate rebound.

Miller, president of Miller Samuel Inc., said he won’t join in the conventional wisdom of “calling this a housing recovery.”

“I call it a period of better housing stats,” he said.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=294640

Islanders organize heartworm prevention drive for Animal Serives

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By McKenzie Cassidy

Most stray dogs found with heartworm are euthanized because it’s very expensive to treat.

Last year, island residents Trasi Sharp and Liza Clouse rescued Hazel, a female Mastiff Pointer, from a kill shelter in Pasco County. Hazel wasn’t fully grown yet but tested positive for heartworm.

“She was going to be euthanized but we were able to rescue her and get her treated,” said Clouse.

Neither Sharp nor Clouse know Hazel’s exact age, but they estimate she is about 2-years-old and undergoes her final blood test on Aug. 1 to verify that she is heartworm free.

The disease, which lives in the heart and pulmonary arteries of infected dogs, is spread by mosquitoes which live year-round in Southwest Florida. According to the Lee County Mosquito Control District, there are 16 species of mosquito capable of spreading the disease.

Lee County is home to eight of them.

For pet owners, detecting heart-worm is a challenge because the disease is progressive, and infected dogs show no signs of the disease at first, but as it goes untreated the dog develops gastrointestinal problems, fatigue, reduced appetite, weight loss, and eventually death.

“Heartworm disease is a big deal here in Florida because with the warm weather we have mosquitos year round,” said Ria Brown, public information specialist for Lee County Animal Services.

The only line of defense for pet owners is monthly preventive treatments, but with high unemployment and a sluggish economy pet owners can’t afford the treatments.

In May, Animal Services released a statement that they were concerned about the growing number of animals entering local shelters that tested positive for heartworm. Lee County’s shelter is one of the few that treat a heartworm-positive dog before adoption.

“The best protection for your pet from heartworm disease is timely preventive treatment,” said Dr. Suzanne Vazzana, veterinarian for Lee County Animal Services.

Vazzana said the best way to learn about the options available is to speak with a veterinarian.

Sharp and Clouse, owners of Island Paws and the Over Easy Café on Sanibel Island, witnessed the devastating affects it had on Hazel and decided they wanted to help other infected dogs by raising money for Animal Services.

They organized a fundraiser, “Hazel for Heartworm Prevention,” to raise awareness about the importance of prevention.

T-shirts were made with a picture of Hazel. They come in four colors, crew neck, and ladies v-neck and cost $45 each. Proceeds from the t-shirts benefit the Animal Trust Fund to assist pet owners who can’t afford to buy heartworm treatment.

“Trasi and Liza were concerned that many dogs would suffer from the disease because their owners who can’t afford to buy the treatment,” said Donna Ward, director of Lee County Animal Services. “The funds will allow us to make this treatment available for these dogs.”

Average treatments cost between $12-$15 per month, said Brown, depending on brand and some are bundled with flea and tick treaments.

“There are all sorts of things on the market. Some are oral, some tropical, some are injection. There are all kinds of options for prevention,” said Brown.

Brown said it’s important to prevent heartworm because the treatments are far more costly once the dog is infected. She is hoping that some of the proceeds from the fundraiser can also help dogs that tested positive but are without a home or their owners couldn’t afford it.

According to the American Heartworm Society, the way veterinarians treat heartworm depends how long it has been in the dog’s system, anything from injections for serious cases to using doses of the monthly treatments.

Of course, whether the treatment is effective hinges on the severity of the dog’s symptoms, so early detection is key.

“We don’t want any dog to needlessly have to suffer from heartworm disease,” said Brown. “It’s sad when we find animals that are heartworm positive. Prevention is so important.”

“Hazel for Heartworm Prevention” t-shirts are for sale at Island Paws at 630 Tarpon Bay Road in Sanibel and at the Lee County Animal Services at 5600 Banner Drive in Fort Myers.

To place an order, email islandpaws@embarqmail.com

Sanibel-Captiva Islander (July 31, 2013)

As of Tuesday afternoon, July 30, the Sanibel Lighthouse Rehabilitation Project – which began in June and is expected to continue through September – is approximately “75 percent complete,” according to Public Works Director Keith Williams.

All of the sandblasting of the structure has been completed, along with a majority of the painting of the historic lighthouse, erected in 1884. The remaining work at the site, primarily spot painting of doors and hinges, is expected to be completed in the next three to four weeks.

During the remainder of the rehabilitation period, the city fishing pier and adjacent parking lot will remain open. Anyone with questions regarding the project is invited to contact the City of Sanibel Public Works Department at 472-6397.

Island Sun (August 2, 2013)

U.S. home prices rise 12.2% – best in 6 years

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WASHINGTON (AP) – July 30, 2013 – U.S. home prices jumped 12.2 percent in May compared with a year ago, the biggest annual gain since March 2006. The increase shows the housing recovery is strengthening.

The Standard & Poor’s/Case-Shiller 20-city home price index released Tuesday also surged 2.4 percent in May from April. The month-over-month gain nearly matched the 2.6 percent increase in April from March – the highest on record.

The price increases were widespread. All 20 cities showed gains in May from April and compared with a year ago.

Prices in Dallas and Denver reached the highest level on records dating back to 2000. That marks the first time since the housing bust that any city has reached an all-time high.

Home values are rising as more people are bidding on a scarce supply of houses for sale. Steady price increases, along with stable job gains and historically low mortgage rates, have in turn encouraged more Americans to buy homes.

Higher home prices help the economy in several ways. They encourage more sellers to put their homes on the market, boosting supply and sustaining the housing recovery. And they make homeowners feel wealthier, encouraging consumers to spend more.

The index covers roughly half of U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The May figures are the latest available. They are not adjusted for seasonal variations, so the monthly gains reflect more buying activity over the summer.

Mortgage rates have surged since early May, though the increase would have had little impact on the current report. The average rate on a 30-year fixed mortgage has jumped a full percentage point since early May and reached a two-year high of 4.51 percent in late June.

Rates jumped after Chairman Ben Bernanke said the Federal Reserve could slow its bond-buying program later this year if the economy continues to improve. The Fed’s bond purchases have kept long-term interest rates low, encouraging more borrowing and spending.

In recent weeks, Bernanke and other Fed members have stressed that any change in the bond-buying program will depend on the economy’s health, not a set calendar date.

Since those comments, interest rates have declined. The average on the 30-year mortgage was 4.31 percent last week.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=294597

When the bank says no, draft a rebuttal

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NEW YORK – July 29, 2013 – The National Association of Realtors reported in May that a low appraisal resulted in a contract cancellation for 9 percent of agents and a delay for 10 percent. For 13 percent of Realtors, an appraisal below contract price opened the door to a sale price negotiation re-do.

Generally, borrowers faced with a low appraisal need to make a bigger down payment or walk away from the transaction. However, they also have another option they could try: Submit a rebuttal or reconsideration letter to the lender with input from their agent or an appraiser. Chances are slim that the lender will change its mind; however, lenders are sometimes willing to assign a new appraisal if there see evidence of incomplete or inaccurate work.

To succeed in a rebuttal, borrowers who challenge an appraisal should focus on factual errors, flawed methodology and/or new or missed comparable sales – and leave their emotions out of the equation. It could be worthwhile to pull additional comps to determine whether the appraiser missed something – especially now that home sales are on the rise – and hire a review appraiser or local real estate agent with access to the MLS data used by appraisers.

When it comes to luxury homes, Chicago-based appraiser Chip Wagner says, “The appraiser must have a grasp on the newest technologies, the highest quality materials and upper-end appliances and how they contribute value.”

Rebuttal letters these days often cite the quality of the initial appraiser, as the 2009 Home Valuation Code of Conduct rules forced many independent professionals out of the business and left behind appraisers with little experience or market familiarity.

Experts add that a professionally bound rebuttal – with copies sent to the loan officer, underwriter, bank president, buyer’s and seller’s attorneys and agents, the appraisal management company and the appraiser – will have a bigger impact.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=294558

Bowman's Beach Named on the Top Ten list of best beaches in the WORLD!

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Bowman's Beach simply beautiful

It’s always exciting when the world acknowledges our beautiful beaches. Last week, U.S. News Travel designated Sanibel Island’s Bowman’s Beach as one of the Top 10 beaches in the world.

U.S. News Travel, which is produced and published by U.S. News & World Report, singled out Bowman’s Beach as hosting “a shore littered with colorful seashells.”

The Beaches of Fort Myers & Sanibel draws admirers from around the world because of our extraordinary natural environment and pristine beaches. But we are especially proud to get such global recognition.

Bowman’s Beach isn’t the only attraction getting attention. Gasparilla Inn & Club in Boca Grande and Sanibel Harbour Marriott Resort & Spa in Fort Myers were recently added to the Top 100 list of spas by Conde Nast Traveler for 2013. The rankings were based on treatments, staff, facilities, number of treatment rooms, basic massage and overall ratings.

I know it’s hard for many Lee County families to think about our exemplary spas and beaches right now. Summer is almost over as children head to school next week. But while you return to regular life, we have thousands of international visitors who are arriving for their summer vacation.

About 20 to 25 percent of our visitors each year are international. They make up about 30 percent of the visitor spending because they stay longer and spend more. Most come from Germany, Canada, the United Kingdom and Scandinavian countries. They travel to Southwest Florida to disconnect and enjoy nature. Many are active and enjoy shelling, biking and swimming. They also enjoy shopping because of the favorable exchange rate. You may have noticed different languages spoken while you were doing your back-to-school shopping at Miromar Outlets in Estero or Tanger Outlets in Fort Myers.

These visitors help our economy thrive. Please give them a warm welcome as they have their opportunity to relax. We can all serve as ambassadors to Southwest Florida.

Job market showing solid, if slow gains

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NEW YORK – July 29, 2013 – Job growth will dip in the next few months before accelerating into next year despite a lackluster economy, according to a USA TODAY survey of economists.

Monthly job gains that have averaged about 200,000 so far this year will slip to a still-solid 178,000 in the July-September quarter, according to the median estimate of 42 top economists. January’s hike in payroll taxes and federal spending cuts are crimping economic growth.

Hiring has been strong in light of the soft economy, and most economists expect that to continue.

Average monthly job gains are forecast to end the year weaker than they started, before returning to close to 200,000 by the January-March quarter. The unemployment rate, now 7.6 percent, is expected to hit 7.0 percent by mid-2014.

According to their latest estimates, many economists now believe the U.S. economy weakened last quarter more than they had expected, slowing to an annual growth rate of 1.4 percent compared with 1.8 percent in the first quarter.

They predict growth will pick up gradually later this year and in early 2014.

By then, the effects of federal deficit cutting will fade, and private sector spending will be surging.

“It’s a recovery that’s gradually picking up steam but during 2013 is being held back” by federal spending cuts and tax increases, says IHS Global Insight Chief Economist Nariman Behravesh.

Typically, economic growth of at least 3 percent is needed to generate 200,000 jobs a month.

Vincent Reinhart, chief economist of Morgan Stanley, partly attributes the labor market’s surprising performance to employers who are making up for laying off too many workers in the recession and hiring too slowly earlier in the recovery. Also, he says, companies are preparing for better sales later this year.

Some economists are less encouraged by the payroll gains. Diane Swonk, chief economist at Mesirow Financial, notes that much of the recent hiring is for part-time jobs in low-wage industries such as restaurants and retail.

“That’s not a sign of confidence,” she says.

Behravesh predicts monthly employment increases will slow to 100,000 in the third-quarter before rebounding to 200,000 in the fourth quarter. “I would expect (weaker economic growth) to take a toll” on hiring, he says.

The good news: The recovering housing market, rising household wealth, historically low household debt and growing business confidence should begin to unleash a stronger recovery by late this year, Reinhart and Behravesh say.

As a result, this week’s meeting of the Fed’s policymaking committee is not expected to produce any changes in the $85 billion a month in bond purchases to support the economic recovery.

But nearly six in 10 of the economists surveyed expect the Federal Reserve to start pulling back its stimulus by September or October.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=294562

Housing market still on improving trend

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WASHINGTON – July 23, 2013 – Two months after Federal Reserve Chairman Ben Bernanke roiled the housing market in congressional testimony that included the first clues of rising interest rates, the impact seems to be real – but still small.

Existing-home sales fell 1.2 percent in June, the National Association of Realtors said Monday, in a report that mostly reflected deals that were made before rates began to rise in late May. Most other statistics indicate rising rates have had only a small effect on prospects for home buying.

Indeed, from economic-forecasting firms such as Moody’s Analytics to big real-estate brokers such as Coldwell Banker and Century 21 parent company Realogy, the housing market’s condition is steady to rising.

Realogy, the nation’s largest broker, said last week that its transaction volume rose 21 percent in the second quarter from 2012 levels and will be up 15 percent to 20 percent in the second half of the year.

“My company had the best June for purchase-money mortgages that it has had in its 151/2 years we’ve been open,” said David Vugheri, executive vice president of Houston-based Envoy Mortgage, which does business in 48 states. “Phoenix feels like the heyday. There is no hesitation and no shortage of buyers.”

Nationwide, there was a 1 percent increase in applications for mortgages tied to home sales the week of July 12, according to the Mortgage Bankers Association. During mid-June, when rates were surging, the association’s index for purchase-related applications rose 5 percent from week to week.

But confidence is holding firm, as fixed 30-year mortgage rates have dipped to 4.37 percent, according to Freddie Mac, after rising more than a percentage point between mid-May and late June, said David Crowe, chief economist of the National Association of Home Builders.

Builders’ confidence rose 6 points this month, to 57 on a 100-point scale, in an association survey, Crowe said. The confidence index dipped below 10 during the housing bust. July’s climb reflected both higher traffic at new home developments and better expectations about future sales, he said. “The comments on the survey all say there are more buyers and the buyers who are there are more serious,” Crowe said.

One reason is that interest rates are still 2 percentage points below their post-World War II average of 6.5 percent, Fannie Mae chief economist Doug Duncan said. Surveys show the percentage of sellers who think it’s a good time to sell is still rising, he added.

Seller shortages are bigger problems for some buyers than rates. Low inventories have slowed down Keith and Elizabeth Leavitt, who want to trade up from a 2,400-square-foot townhouse in Manchester-by-the-Sea, Mass. They have a buyer for their current home and are ready to move but can’t find the house they need, Elizabeth Leavitt said.

“People realize the value is there,” since rates are still low and prices have dropped, she said. “I thought there would be more for sale.”

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=294311