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Yardi reports average US rent drops | Cross River Real Estate

September 2018 marked the first time in eight months that U.S. multifamily rents did not increase. The $1,412 national average for the month represented a $1 drop from August and a 3.1% year-to-date increase; year-over-year rent growth remained unchanged at 3%, according to a survey of 127 markets by Yardi® Matrix.

The report presents an overall bright outlook for the multifamily sector. A slight decline in rents is normal at the start of fall, it says, “When rent growth traditionally begins to hibernate for winter.” Strong demand countering the steady wave of new supply is another positive sign. “Long-term demand for rentals is likely to remain high for a variety of demographic and social reasons,” the report notes.

Year-over-year rent growth leaders for September were Orlando, Fla.; Las Vegas; Phoenix; Tampa, Fla.; and California’sInland Empire.

View the full Yardi Matrix Multifamily National Report for September 2018 for additional detail and insight into 127 major U.S. real estate markets.

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Mortgage applications fall | Cross River Real Estate

Higher rates lead to less mortgage applications

Mortgage applications decreased 1.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 7, 2018. This week’s results include an adjustment for the Labor Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 1.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 13 percent compared with the previous week. The Refinance Index decreased six percent from the previous week to the lowest level since December 2000. The seasonally adjusted Purchase Index increased one percent from one week earlier. The unadjusted Purchase Index decreased 11 percent compared with the previous week and was four percent higher than the same week one year ago.

The refinance share of mortgage activity decreased to 37.8 percent of total applications from 38.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.4 percent of total applications.

The FHA share of total applications increased to 10.4 percent from 10.2 percent the week prior. The VA share of total applications increased to 10.5 percent from 10.0 percent the week prior. The USDA share of total applications remained unchanged at 0.8 percent from the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to 4.84 percent from 4.80 percent, with points increasing to 0.46 from 0.43 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) increased to 4.72 percent from 4.67 percent, with points increasing to 0.47 from 0.30 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.84 percent from 4.79 percent, with points decreasing to 0.51 from 0.69 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 4.28 percent from 4.23 percent, with points increasing to 0.47 from 0.45 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

 

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mba.org

In Four Southern States, Nearly 90 Percent of New Homes Have Porches | Cross River Real Estate

Among other things, the SOC data show that, over the period when single-family starts were declining (from 1.7 million in 2005 to 430,000 in 2011), the share of new homes built with porches was increasing (from 54.1 percent in 2005 to 65.7 percent in 2011).

Since 2009, the share of new homes with porches has been relatively stable, staying between 63 and 65 percent most years.  However, the new-home porch share has broken above the 65 percent barrier twice.  The first time was the record high of 65.7 percent for new homes started in 2011.  The second time was the 65.1 percent of homes started in 2016.   Although the share declined slightly to 64.7 percent in 2017, that still represents the third highest percentage on record.

The Census Bureau generally publishes characteristics of new housing only for the four principal Census regions, but the underlying data can be tabulated down to the nine Census divisions.  There turns out to be substantial variation across divisions in the share of new homes built with porches.  Sometimes, the difference is substantial even between neighboring divisions.  The low extreme is the 52 percent of new homes with porches in the West North Central divison, as well as in the West South Central that neighbors the West North Central to the south.  At the high end of the scale, however, 89 percent of homes started in 2017 were built with porches in the four states that make up the East South Central division, which lies adjacent to the West South Central, on its eastern border.

While the SOC shows how many new single-family homes are built with porches, it doesn’t provide much information about the nature of the porches.  Information on that, however, is available from the Annual Builder Practices Survey (BPS) conducted by Home Innovation Research Labs.  The preliminary 2018 BPS report shows that front porches were far more common than side or rear porches on single-family homes built in 2017.

The BPS also shows that the average size of a front porch on a new home is roughly 100 square feet.  Measured by square footage, the material most commonly used to build new home porches is concrete, followed by treated wood.  Many species of wood used in home building, like southern yellow pine, don’t withstand outdoor use unless pressure treated with preservative chemicals.

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In Four Southern States, Nearly 90 Percent of New Homes Have Porches

Home values increase in all 50 states | Cross River Real Estate

Home prices showed yet another surge in April as year over year values increased for all  50 states, according to the latest Home Price Index report from CoreLogica global property information, analytics and data-enabled solutions provider.

Home prices increased 6.9% nationally from April 2017 to April 2018, and increased 1.2% from the prior month, according to the report.

The chart below shows home prices have been steadily increasing at the same rate for the past several years.

CoreLogic- April Home Prices

(Source: CoreLogic)

“The best antidote for rising home prices is additional supply,” CoreLogic Chief Economist Frank Nothaft said. “New construction has failed to keep up with and meet new housing growth or replace existing inventory. More construction of for-sale and rental housing will alleviate housing cost pressures.”

An analysis of home values in the country’s 100 largest metropolitan areas based on housing stock, indicates 40% of metropolitan areas had an overvalued housing market as of April 2018, CoreLogic reported.

Another 28% of the top 100 metropolitan areas were undervalued while 32% were at value. When looking at only the top 50 markets, 52% were overvalued, 14% were undervalued and 34% were at-value.

The national home-price index is projected to increase by 5.3% from April 2018 to April 2019, according to the CoreLogic HPI Forecast.

The forecast is an econometric model that projects calculations from analyzing state level forecast, which are measured by the number of owner-occupied households for each state.

As of April, Florida’s recovery is promising, but experts say another natural disaster could hinder its growth.

“Florida continues to show price resiliency after Hurricane Irma in 2017. Despite the impact of the hurricane, prices were up 5.8% across the state compared to a year ago,” CoreLogic President and CEO Frank Martell said. “CoreLogic data projects continued gains to home prices in Florida for the remainder of 2018. However, gains could be erased if a significant storm makes landfall again.”

 

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https://www.housingwire.com/articles/43595-corelogic-home-values-increase-in-all-50-states?eid=311691494&bid=2128678

Existing home sales increase 1.1% | Cross River Real Estate

Existing-home sales increased 1.1% in March, but remain down 1.2% from a year ago. The first-time buyer share of 30% is also down from 32% a year ago. The National Association of Realtors reported that 50% of homes sold last month were on the market less than a month. The March inventory increased 5.7%, but remains 7.2% below the level a year ago, and has decreased for 34 consecutive months on a year-over-year basis. At the current sales rate, the March unsold inventory represents a 3.6-month supply, down from a 3.8-month supply a year ago. March existing sales reached a seasonally adjusted rate of 5.60 million units, compared to 5.54 million in February. Total existing home sales include single-family homes, townhomes, condominiums and co-ops.

Existing sales increased 6.3% in the Northeast and 5.7% in the Midwest, reversing weather-impacted declines last month. Existing sales declined slightly by 0.4% in the South and 3.1% in the West. Year-over-year sales increased 0.8% in the West and 0.4% in the South, while declining by 1.5% in the Midwest and 9.3% in the Northeast.

Homes stayed on the market for 30 days in March, down from 37 days In February.

The March all-cash sales share was 20%, down from 24% last month and 23% a year ago. Individual investors purchased a 15% share in March, unchanged from February, and down from 18% a year ago.

The March median sales price of $250,400 was up 5.8% from a year ago, representing the 73rd consecutive month of year-over-year increases. The March median condominium/co-op price of $236,100 was up 4.8% from a year ago.

The seasonal spring increase in demand is facing the combination of increasing mortgage rates and a tight inventory. However, the economy continues to add jobs, and new residential construction offers buyers a wider choice in homes. These prospective buyers contribute to builder confidence remaining in solid territory.

 

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eyeonhousing.org

Pending home sales drop | Cross River Real Estate

Contracts to buy previously owned homes in the United States shrank 4.1 percent year-on-year in February of 2018, following an upwardly revised 4 percent drop in January. It is the biggest decline since June of 2014 as contracts fell in all main regions: Northeast (-5.1 percent), Midwest (-9.5 percent), South (-1.5 percent) and the West (-2.2 percent). Compared to the previous month, pending home sales increased 3.1 percent, rebounding from an upwardly revised 5 percent fall in January and beating forecasts of a 2.1 percent gain. Pending Home Sales in the United States averaged 1.03 percent from 2002 until 2018, reaching an all time high of 30.90 percent in October of 2009 and a record low of -24.30 percent in April of 2011.

 

Calendar GMT Actual Previous Consensus TEForecast
2018-01-31 03:00 PM Pending Home Sales YoY 0.5% 0.8% -0.2% -0.3%
2018-02-28 03:00 PM Pending Home Sales YoY -3.8% 0.4% 0.4%
2018-03-28 02:00 PM Pending Home Sales YoY -4.1% -4% -0.2% 0.5%
2018-04-30 02:00 PM Pending Home Sales YoY -4.1% -2.11%
2018-05-31 02:00 PM Pending Home Sales YoY -1.60%
2018-06-27 02:00 PM Pending Home Sales YoY -1.35%

 

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https://tradingeconomics.com/united-states/pending-home-sales#alerts

New home sales fall again | Waccabuc Real Estate

Sales of new single-family houses in the United States shrank 0.6 percent month-over-month to a seasonally adjusted annual rate of 618 thousand in February of 2018 from an upwardly revised 622 thousand in January. It is the lowest reading in four months and compares with market forecasts of a 4.4 percent rise to 623 thousand. Sales fell in the West and the Midwest. New Home Sales in the United States averaged 650.65 Thousand from 1963 until 2018, reaching an all time high of 1389 Thousand in July of 2005 and a record low of 270 Thousand in February of 2011.

 

US New Home Sales Fall for 3rd Month

Sales of new single-family houses in the United States shrank 0.6 percent month-over-month to a seasonally adjusted annual rate of 618 thousand in February of 2018 from an upwardly revised 622 thousand in January. It is the lowest reading in four months and compares with market forecasts of a 4.4 percent rise to 623 thousand. Sales fell in the West and the Midwest.

Sales fell in the West (-17.6 percent to 164 thousand) and the Midwest (-3.7 percent to 79 thousand) but rose in the South (9 percent to 338 thousand) and the Northeast (19.4 percent to 37 thousand).
The median sales price of new houses sold was $326,800, above $298,000 a year earlier. The average sales price was $376,700, also higher than $370,500 in February of 2017.
The stock of new houses for sale went up 2 percent from the previous month to 305 thousand, the highest level since March of 2009. This represents a supply of 5.9 months at the current sales rate.
Year-on-year, new home sales edged up 0.5 percent.
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https://tradingeconomics.com/united-states/new-home-sales

Canada home prices fall | Cross River Real Estate

Canadian home prices dipped in February after two consecutive months of gains, weighed by declines in Toronto and a number of other cities, data showed on Wednesday.

The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, showed prices were down 0.1 percent last month compared to January.

Price growth also continued to decelerate on an annual basis. Home prices were up 7.5 percent compared to last year, the smallest annual increase since March 2016.

On a monthly basis, prices were down in seven out of the 11 cities surveyed, including a 0.1 percent decline in Toronto. Home sales in Canada’s largest city have been dampened by tighter mortgages rules and moves taken by the Ontario government last year to try to cool the market.

The retreat in Toronto prices, which had climbed in January, may have been due to buyers rushing into the market ahead of the new mortgage rules that came into effect at the start of the year, the report said.

In Vancouver, one of the most expensive markets in the country, prices rose 0.4 percent to hit a record. However, the unadjusted figures, which are not smoothed to remove volatility, showed prices were down 1.3 percent, in line with cooler home sales last month.

Economists are watching to see how Canada’s housing market adjusts to the tighter lending rules and local government regulations that have come as the central bank is also raising interest rates.

 

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https://ca.reuters.com/article/businessNews/idCAKCN1GQ1NW-OCABS

Home projects for the New Year | Cross River Real Estate

New Year’s Resolutions for Your Home

Easy tasks that will make you happier, healthier and even wealthier!

Prevent Bathroom Mold

Prevent Bathroom Mold

No matter where you live, the high moisture level in your bathroom can cause mold and mildew. Eliminating bathroom dampness is the key to keeping mold from growing. To do that, follow these steps:

First, after a bath or a shower, squeegee water off the shower walls. That eliminates at least three-fourths of the moisture that supports mold and mildew growth.

Second, run your bath fans during your bath or shower and for a half-hour after to flush out moisture. Or add a timer switch to make this step automatic.

Third, if you have tile, seal the grout lines annually with a standard grout sealer to waterproof them.

To get rid of the current mold, scrub with detergent and water, then let the surface dry completely. Or use a solution of 10 percent bleach and 90 percent water (a stronger bleach solution will not give better results). Spray or brush on the solution, let it sit 10 minutes, then rinse it off and let dry.

If the fans aren’t clearing out most of the moisture in your bathrooms after five to 10 minutes, your fans may not be moving enough air. Fans are certified by the volume (cfm, or cubic feet per minute) of air ‘exhausted’ out of the room. To find the recommended fan capacity for your bathroom, simply multiply the bathroom square footage by 1.1 (assuming an 8-ft. ceiling; for a 9-ft. ceiling, multiply by 1.5).

Restore Free Flow to Your Showerhead

Restore Free Flow to Your Showerhead

If the flow from your showerhead is growing weaker, the cause is probably mineral buildup. Many manufacturers recommend that you remove the showerhead and soak it in a half-and-half mixture of warm water and vinegar (any type). But there’s really no need to remove the head. Just pour the mix into a heavy-duty plastic bag and attach it to the shower arm with a rubber band. The acid in the vinegar dissolves minerals, but prolonged contact can harm some plastics and metal finishes, so remove the bag every 15 minutes and check the shower flow.

Clean Out Dryer Lint

Clean Out Dryer Lint

If you notice that it takes longer than normal for loads to dry in your clothes dryer, it may be time to clean out the vent. First detach the duct from behind the unit and then push a plumbing snake through your dryer vent from outside. Tie a rag securely to the snake end. Pull the cloth and snake through a couple of times and your clean vent will not only save energy but possibly prevent a fire as well.

If you discover that your dryer vent cover needs repair, this is how to fix it and this video shows you how to replace the vent it it’s in bad shape.

Sparkling Dishwasher

Sparkling Dishwasher

Add a cup of vinegar to your empty dishwasher and let it run a full cycle once a month or so. Your kitchen may smell a bit like a pickle jar for a few hours, but hard-water lime buildup will be rinsed away, making your spray arm and other dishwasher parts work flawlessly.

Check Your Gutters

Check Your Gutters

A 1,000-sq.-ft. roof will shed about 620 gallons of water during a 1-in. rainfall, or about 103 gallons per downspout if you have six downspouts. That’s a lot of water dumped right next to your basement. Although it may seem obvious, clean and properly functioning gutters with downspouts that empty away from the foundation are key to avoiding major and expensive home repairs.

So before you leave for a vacation, take a walk around the house and check your gutters. Check to see if leaves, sticks or other debris are blocking the inlet of the downspout and preventing water from flowing down the spout. Also make sure your downspout extensions are discharging the water far enough from the foundation and that you always reattach them after you mow your lawn.

Avoid a Scalding by Setting Your Water Heater to 120 Degrees

Avoid a Scalding by Setting Your Water Heater to 120 Degrees

Plain old tapwater can be dangerous. Water heaters set too high send thousands (mostly children) to hospitals each year with burns. Most safety experts recommend a setting of 120 degrees F. But finding that setting on the dial isn’t easy—most dials aren’t labeled with numbers.

If the stickers on the water heater don’t tell you how to set the temperature and you can’t find the owner’s manual, use this method: Run hot water at the tap closest to the water heater for at least three minutes. Then fill a glass and check the temperature. If the water is above 120 degrees, adjust the dial, wait about three hours and check again. Repeat until you get 120-degree water. For a final test, check the temperature the following morning, before anyone uses hot water.

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https://www.familyhandyman.com/smart-homeowner/

Home prices rising rapidly | Cross River Real Estate

For the 15th consecutive month, US home values have increased by at least 6%, according to Zillow’s October housing market report.

That’s double the annual rate of appreciation of a “normal” market, says Svenja Gudell, Zillow’s chief economist.

Compared to October 2016, the median home in the US gained $12,500 in value as housing inventory remains low and demand surges. What’s more, in over half of the country’s largest metros, homes are worth more than they were before the recession.

“We are in the midst of an inventory crisis that shows no signs of waning, impacting potential buyers all across the country,” Gudell said.

“Home values are growing at a historically fast pace, and those potential buyers want to get in the market while they still can,” she continued. “But with homes gaining so much value in just one year, buyers – especially first-time buyers – have to set aside more and more money for a down payment just to keep up with them.”

Some West Coast markets have seen huge gains. The median home value in San Jose rose 12.3%, or $118,200, since last October, according to Zillow. San Jose’s median home value is up to $1.08 million.

In Seattle, the metro with the second-biggest gains, home values rose 11.7% year-over-year to$457,700.

Ultimately though, lower-valued homes nationwide are experiencing the largest increase in value, according to Zillow, gaining 8.4% over the last year. The median for homes valued in the bottom third of all homes nationwide is now $118,200. Meanwhile, the typical home value in the top-third rose only 3.8%, to $358,900.

 

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https://www.yahoo.com/finance/news/home-prices-america-increasing-double-130000739.html