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

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

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

Average rate on 30-year mortgage at 4.58%

WASHINGTON – Aug. 23, 2013 – Average U.S. rates for fixed mortgages rose this week to their highest levels in two years, driven by heightened speculation that the Federal Reserve will slow its bond purchases later this year.

Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan jumped to 4.58 percent, up from 4.40 percent last week. The average on the 15-year fixed loan rose to 3.60 percent from 3.44 percent. Both averages are the highest since July 2011.

Rates have risen more than a full percentage point since May. The latest spike comes after more Fed members signaled they could be open to reducing the bond purchases as early as September. The purchases have helped keep long-term interest rates low, including mortgage rates.

Despite the increase, mortgage rates remain low by historical standards. And recent reports suggest the jump in rates has yet to sap the housing recovery’s momentum.

In July, previously occupied homes in the U.S. sold at the fastest pace since 2009. Sales jumped 6.5 percent last month to a seasonally adjusted annual rate of 5.4 million, the National Association of Realtors reported Wednesday. Over the past 12 months, sales have surged 17.2 percent.

Last week, the National Association of Home Builders said its measure of confidence among builders rose this month to its highest level in nearly eight years.

Mortgage rates are rising because they tend to follow the yield on the 10-year Treasury note. The yield has also surged on speculation that the Fed’s stimulus will slow. It rose to 2.90 percent Thursday morning, its highest level in two years.

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 increased to 0.7 point from 0.6 point.

The average rate on a one-year adjustable-rate mortgage was unchanged at 2.67 percent. The fee edged up to 0.5 point from 0.4 point.

The average rate on a five-year adjustable mortgage declined to 3.21 percent from 3.23 percent. The fee held at 0.5 point.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=295997

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)

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

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

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               

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

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

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)

Home Prices Rise Steeply in West, Sunbelt

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      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

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

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

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

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

Bowman's Beach simply beautiful - Named one of the Top Ten Beaches in the WORLD!

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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.

Source: http://www.news-press.com/article/20130801/ENT13/308010001/Bowman-s-Beach-simply-beautiful

Average rate on 30-year loan falls to 4.31%

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WASHINGTON (AP) – July 26, 2013 – Average rates on U.S. fixed mortgages fell for the second straight week, a welcome sign for homebuyers hoping to lock in lower rates that had spiked earlier this month.

Mortgage buyer Freddie Mac said Thursday that the average on the 30-year loan fell to 4.31 percent. That’s down from 4.37 percent last week but nearly a full percentage point higher than in early May. The rate reached a two-year high of 4.51 percent two weeks ago.

The average on the 15-year fixed loan declined to 3.39 percent, down from 3.41 percent last week

While rates remain low by historical standards, they have risen in recent weeks after the Federal Reserve indicated it might slow its bond purchases later this year. The $85-million-a-month in bond purchases have kept long-term interest rates low, encouraging more borrowing and spending.

Mortgage rates tend to follow the yield on the 10-year Treasury note, which rose sharply after Chairman Ben Bernanke said the Fed might reduce its bond-buying program. But the yield has since stabilized after Bernanke and other members emphasized that any change in the bond purchases would be tied to the economy’s health – not a calendar date. And Bernanke said the Fed would likely continue other low-interest rate policies for the foreseeable future because unemployment remains high and inflation low.

Low mortgage rates have contributed to a housing recovery that has helped drive economic growth this year.

Greater demand, along with a tight supply of homes for sale, has pushed up home prices. It also has led to more home construction, which has created more jobs.

This week the government said U.S. sales of new homes rose 8.3 percent to a seasonally adjusted annual rate of 497,000, the highest since May 2008.

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 0.8 point this week, up from 0.7 point last week. The fee for a 15-year loan also rose to 0.8 point from 0.7 point.

The average rate on a one-year adjustable-rate mortgage dipped to 2.65 percent from 2.66 percent. The fee was unchanged at 0.4 point.

The average rate on a five-year adjustable mortgage eased to 3.16 percent from 3.17 percent. The fee rose to 0.7 point from 0.6.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=294499

Visitor Stories From The Sanibel Historical Museum And Village

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Throughout the Sanibel Historical Museum and Village’s buildings are binders inviting visitors to share their memories of Sanibel –whether as long-time residents, as visitors of many years, as students at the Old Schoolhouse, or whatever moves them to record their Sanibel experiences. Loose-leaf pages (themselves a reminder of times past, having come into use

around 1900) and pens are provided, and that’s all one needs to bring the past alive.

From Grace Benham Herst

“I spent two wonderful years here from 1939 to 1941. I loved the school, the beach, the remoteness of everything. We used to go to Fort Myers when we wanted ice cream – there was none on the island because there was no electricity.”

From a Waterville, Ohio visitor

“From 1948 to 1952, we came to Fort Myers each year to visit my grandparents. We took the ferry out to Sanibel and a wagon pulled by a tractor or pickup truck took us to our accommodation. The cottage we stayed in was a clapboard bedroom with two double beds and a dresser – that’s it. Then there was a screened porch with a kerosene stove, table and chairs and sink (with pitcher and bowl, I think). We stayed two or three nights and hunted shells and swam and hunted shells some more. Then, the little cart took us back to the ferry, sunburned and carting our shells.”

From an unidentified visitor

“I can remember my husband’s grandmother, Jesse Shipley, drove us to the beach down Donax Road, which was only dirt. We drove up on the beach and parked. You could look both ways on the beach and not see one building.”

From Ruby Singleton Sanders

“My father ran the mail boat Santiva from 1936 to 1952. I would ride with him in the summer on occasion and walk from Bailey’s store across to the beach using a palmetto ‘swisher’ to keep off the mosquitoes.” (Ruby’s father was Cleon Singleton.)

Read more about people’s experiences living on and visiting Sanibel at the Sanibel Historical Museum and Village. In addition, the Old Bailey Store contains copies of old newspapers, and just about all the houses have plenty of reading material explaining their history.

The Sanibel Historical Museum and Village is open from 10 a.m. to 1 p.m. Wednesday through Saturday through August 3, and reopens November 6 on a full schedule, from 10 a.m. to 4 p.m. It is located at 950 Dunlop Road (next to BIG

ARTS). There is handicap access to all buildings. For more information, call 472-4648 during business hours or visit www.sanibelmuseum.org.

Island Sun (July 26, 2013)

New trend: Developments that make their own energy

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NEW PALTZ, N.Y. (AP) – July 24, 2013 – Homes being built in this Hudson Valley cul-de-sac offer prospective buyers wooded lots, pretty views and – oh yes – the promise of thumbing your nose at the power utility.

These “zero-net energy” homes will feature thick walls, solar panels and geothermal heating and cooling systems, meaning families should be able to generate more energy over a year than they consume. These homes under construction 70 miles north of New York City have costly green features. But the builders believe they are in tune with consumers increasingly concerned about the environment and fuel costs.

And there are homebuyers here and around the nation who are willing to pay more for savings down the line.

“I don’t have to worry about $6,000 worth of utilities to run a house,” said Gil Lobell, a current zero-net home dweller moving his family into a larger house in the new development. “I can use that money for other things, so we go on vacations because I’m not spending money on utilities. I don’t worry about oil bills. I don’t worry about electric bills. I don’t worry about gas bills.”

Zero-net homes require two things. They generate energy, typically solar, and they are designed in a way to reduce energy consumption through the use of energy-efficient appliances and insulation. Lots of insulation, in the case of these homes.

Exterior walls of the nine homes being constructed here by Greenhill Contracting Inc. include a 6-inch layer of poured, reinforced concrete sandwiched by about 2½ inches of polystyrene (the stuff from which coffee cups are made). The castle-thick walls, combined with heavily insulated rafters above, an insulated concrete slab below and triple-paned windows create a “building envelope” that makes each house practically as airtight as a thermos – albeit with ventilation.

“The building envelope is the most important part of the puzzle,” said John Wright of Hudson Solar, which is working with Greenhill. “By sealing the envelope and controlling the ventilation, we can control the heating and cooling costs.”

Interior temperatures are kept comfortable year-round with a geothermal heating and cooling system that takes advantage of the steady temperature deep below ground. This is the same set-up installed in Lobell’s current home in New Paltz. In the middle of a recent sweltering summer day, the home was comfortably cool.

Zero-net homes are not new, but zero-net developments remain a niche. A big reason is the upfront costs.

Three-bedroom houses in this development start at $399,000. Each house has a $39,000 geothermal system and $29,000 solar system. Wright said the upfront costs are mitigated in New York by federal and state tax credits and rebates that bring combined costs down to $32,600. But just as it is for car buyers who pony up more for a hybrid, the real selling point is the long-term savings in energy costs.

“Any homeowner that goes out and spends $100,000 less than my zero-energy homes ... is going to be spending more at the end of the year,” said Greenhill president Anthony Aebi, who says his homes are competitively priced with new construction.

Lobell’s latest electric bill reads “Electricity Used (kWh) 0.” Basic service charges and taxes made up the entire two-month bill of $49.51. The connection to the grid is necessary for those gray days when the juice is needed. But he pushes electricity back on the grid when it’s sunny, earning credit for what he consumes later. He figures he saves about $5,500 a year in utility costs compared to his previous house.

The University of California, Davis broke ground in 2009 on what officials there believe will be the largest zero-net energy community in the nation. They have completed 507 apartment units for students and faculty and more are being built. Eventually, private development on university land will include single-family homes.

Top home builders like Arizona-based Meritage Homes Corp. and California-based Shea Homes both market zero-net homes.

Meritage has a net-zero option – adding solar systems to already tightly-built homes — at all its communities from Orlando to San Francisco, said C.R. Herro, the company’s vice president for environmental affairs. Shea Homes has sold more than 1,000 “SheaXero” homes in four western states and Florida. Marketed to baby boomers, they are only net-zero for electric since they have gas heat, but it works for Sandy Van Emmerik, who moved into a Shea home in San Tan Valley, Ariz., last October.

She said she still gets to run the air conditioner around the clock.

“And I still have never paid more than $18 and some change,” Van Emmerik said. “Actually, the last couple of months I had a credit.”

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=294351