Daily Archives: February 18, 2014

Housing Indicator Suffers Worst Monthly Decline in History | Chappaqua NYHomes

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The strength of the housing recovery remains questionable depending on who you ask. Home prices have rebounded sharply from their worst levels of the financial crisis, but the Federal Reserve played a major role in the process. The real estate market is expected to return to a more sustainable pace over time, but frigid temperatures and other factors are already weighing on home-builder sentiment.

After finishing 2013 at its best level since August, the National Association of Home Builders/Wells Fargo’s index of builder confidence continues to worsen. The index plunged 10 points in February to 46, compared to 56 in January. More builders viewed market conditions as poor than good for the first time in nine months.

It was the worst monthly decline for the index in survey history, and the first reading below 50 since May. Any reading below 50 indicates that builders in general hold a negative view on sales conditions. In the five years before the Great Recession, the index averaged 54, and hit an all time low of 8 in early 2009.

 

http://wallstcheatsheet.com/politics/economy/this-housing-indicator-suffers-worst-monthly-decline-in-history.html/?ref=YF

 

Historic Cliff-Top Victorian on the Maine Coast Asks $6.75M | Cross River Real Estate

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Location: Seal Harbor, Maine Price: $6,750,000 The Skinny: Overlooking the Atlantic Ocean from atop the pink granite cliffs on the south end of Maine’s Mt. Desert Island, the evocatively named Ravenscleft has stood watch for more than 100 years. The Shingle-style Victorian was designed by noted Boston architectural firm Peabody and Stearns, a pair perhaps best known today for municipal structures like Boston’s Custom House Tower, but who were also prolific residential architects in their day. They designed luxury homes up and down the Eastern seaboard in the late 1800s and early 1900s, including the original Breakers in Rhode Island and George Carnegie’s Plum Orchard estate on Cumberland Island, Georgia. Ravenscleft, whose long history allegedly includes playing host to Teddy Roosevelt in 1909, has recently been modernized, with an elevator and generator among the added amenities. The six-bedroom house, which is asking $6.75M, also features formal living and dining rooms, a library, an updated kitchen, and absolutely stunning ocean views.

 

http://curbed.com/archives/2014/02/18/historic-clifftop-victorian-on-the-maine-coast-asks-675m.php

Singapore Home Sales Post Slowest Start to the Year Since 2009 | Bedford Corners NY Real Estate

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Singapore’s home sales slid inJanuary, marking the slowest start to the year since 2009, asdevelopers sold fewer projects after property curbs crimpeddemand.

Home sales declined 72 percent to 565 units last monthcompared with 2,028 in the same period a year ago, according todata from the Urban Redevelopment Authority released today. Thenumber of units sold was the lowest in the month of Januarysince 2009, when 108 were sold in that month, the data showed.

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“There were very few projects marketed last month asdevelopers with smaller projects stayed away from the market onweak buyer sentiment,” said Alan Cheong, a Singapore-baseddirector at Savills Plc. Home sales in the quarter could be aslow as 1,000 units, he said.

The government introduced loan measures in June as itwidened a campaign that started in 2009 to curb speculation inthe Southeast Asian city. Singapore’s property market isstabilizing and the country isn’t facing a credit bubble thatputs the island or its banking system at risk of a crisis, thecentral bank said on Jan. 15.

 

http://finance.yahoo.com/news/singapore-home-sales-post-slowest-054340020.html

London House-Price Surge Drives U.K. Values in Spring Bounce | Katonah NY Real Estate

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London house prices surged this month, helping national values post their best annual increase since before the financial crisis, Rightmove Plc said.

Asking prices in the U.K. capital jumped 5.2 percent to an average 541,313 pounds ($905,500) from January, the operator of Britain’s biggest property website said in a report today. On the year, they rose 11.2 percent. Nationally, values rose 3.3 percent from the previous month and 6.9 percent on the year, the best annual performance since November 2007.

“This month’s large rise is exacerbated by being a rebound from the festive-season lull,” said Miles Shipside, a director at Rightmove. “The spring moving season is traditionally the busiest time of the year, so that means agents are likely to advise new sellers to aim high, with the best-selling months ahead of them and strong buyer demand in many areas.”

 

http://www.bloomberg.com/news/2014-02-17/london-house-price-surge-drives-u-k-values-in-spring-bounce.html?cmpid=yhoo

US homebuilder confidence sinks in February | Armonk NY Homes

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U.S. homebuilders’ confidence in the housing market declined sharply this month as the severe weather battering much of the nation keeps many would-be buyers at home.

Storms and cold weather dampened builders’ outlook for sales ahead of the spring home-selling season and could further slow the pace of home construction.

The National Association of Home Builders/Wells Fargo builder sentiment index released Tuesday slid to 46. That’s down from January’s reading of 56 and is the lowest level since May.

Readings below 50 indicate that more builders view sales conditions as poor rather than good.

Builders’ view of current sales conditions for single-family homes, their outlook for sales over the next six months and traffic by prospective buyers have all declined since January.

The overall index had been above 50 since June, reflecting a strengthening housing market. The latest reading complicates the outlook for sales just as the annual spring buying season ramps up. Typically, the spring season sets the pattern for residential hiring and construction in the ensuing months.

Sales of new homes jumped 16.4 percent last year to 428,000, the highest level in five years. Sales typically slow in November and December. But this winter’s onslaught of snowfall and freezing temperatures has exacerbated the seasonal slowdown. Economists predict that sales of new homes fell for the third month in a row in January.

 

http://finance.yahoo.com/news/us-homebuilder-confidence-sinks-february-150048616–finance.html