Tag Archives: Bedford Corners NY Realtor

British house prices flat in October | Bedford Corners Real Estate

British house prices were unchanged in October after rising in monthly terms each of the previous 15 months, mortgage lender Nationwide said on Wednesday, a new sign of the market cooling after the Brexit vote.

House prices were flat last month, compared with a monthly increase of 0.3 percent in September and a median forecast for a rise of 0.2 percent in a Reuters poll of economists.

Compared with October last year, prices rose by 4.6 percent, slower than September’s increase of 5.3 percent and below a median forecast of 5.0 percent in the Reuters poll.

It was the slowest annual price growth since January, but Nationwide economist Robert Gardiner said it was still in line with rates since early 2015.

He said a 10 percent fall in housing market activity in recent months might be a lingering after-effect of April’s introduction of a higher level of tax on properties bought by landlords and second homes.

Howard Archer, an economist with Markit HIS, said he expected house prices to fall by about 3 percent next year when Britain launches its negotiations to leave the European Union, probably adding to uncertainty about the economy.

Another mortgage lender, Halifax, said last month that British house prices rose at their slowest pace in more than three years in the three months to September.

But there have been other signs recently that the housing market slowdown might be bottoming out

 

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http://uk.reuters.com/article/uk-britain-houseprices-nationwide-idUKKBN12X0LH

Consumer Confidence Rises | Bedford Corners Real Estate

The Consumer Confidence Index, reported by the Conference Board, rose in September. Compared with last month, consumers were more optimistic about both the current situation and the near term outlook.

The Consumer Confidence Index rose to 104.1, from 101.8 in August. The present situation index rose to 128.5, from 125.3, and the expectations index increased to 87.8, from 86.1.

Consumers’ assessments of current business conditions were mixed. Assessments shifted from both “good” and “bad” to “normal”. The share of respondents rating business conditions “normal” rose by 4.9 percentage points from 51.5% to 56.4%. A net decline of 2.9 percentage points in assessments of “good” combined with a 2.0 percentage point net decline in assessments of “bad” for the total.

Similar to consumers’ assessments of current business conditions, expectations of business conditions over the next six months were mixed. The share of respondents expecting future business conditions to be the same rose from 71.0% to 73.3%. About half of the increase was the result of a net decline in respondents expecting future business conditions to be worse, an upgrade, while the rest was the result of a net decline in respondents expecting future business conditions to be better, a downgrade.

Consumers’ assessments of current employment conditions improved. The share of respondents reporting that jobs were “hard to get” dropped to 21.6%, from 22.8%. Most of the 1.2 percentage point decline (1.1 percentage point) upgraded to “jobs plentiful”.

Also, consumers’ expectations of employment over the next six months were more upbeat than in August. The share of respondents expecting “more jobs” rose to 15.1%, from 14.4%. Most of the 0.7 percentage point increase (0.5 percentage point) shifted from “fewer jobs”, while the rest shifted from “same jobs”.

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The Conference Board also reports the share of respondents planning to buy a home within six months. The share of respondents planning to buy a home declined to 5.1%, from 6.9%. The share of respondents planning to buy a newly constructed home and an existing home were 0.6% and 3.5%, respectively; the share of respondents who were “uncertain” whether they would buy a newly constructed or an existing home was 1.0%.

 

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http://eyeonhousing.org/2016/09/consumer-confidence-in-september-another-optimistic-month/

Existing home sales drop 7.1% | Bedford Corners Real Estate

U.S. home resales fell sharply in February in a potentially troubling sign for America’s economy which has otherwise looked resilient to the global economic slowdown.

The National Association of Realtors said on Monday existing home sales dropped 7.1 percent to an annual rate of 5.08 million units, the lowest level since November.

Sales have been volatile and prone to big swings up and down in recent months following the introduction in October of new mortgage regulations, which are intended to help homebuyers understand their loan options and shop around for loans best suited to their financial circumstances.

February’s decline weighed on investor sentiment, with the S&P 500 stock index falling after the data was released.

Sales fell across the country, including a 17.1 percent plunge in the U.S. Northeast.

Economists had forecast home resales decreasing 2.8 percent to a pace of 5.32 million units last month. Sales were up 2.2 percent from a year ago.

The median price for a previously owned home increased 4.4 percent from a year ago to $210,800.

The housing report runs counter to data showing strong job growth and a stabilization of factory output, which had taken a hit from weaker demand overseas and a strong U.S. dollar.

Housing continues to be supported by a tightening labor market, which is starting to push up wage growth, boosting household formation. But a relative dearth of properties available for sale remains a challenge.

“Finding the right property at an affordable price is burdening many potential buyers,” said NAR economist Lawrence Yun.

In February, the number of unsold homes on the market rose 3.3 percent from January to 1.88 million units, but was down 1.1 percent from a year ago.

 

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http://www.reuters.com/article/us-usa-economy-housing-idUSKCN0WN1I6

Homebuilder Sentiment drops | Bedford Corners Real Estate

A gauge of home-builder sentiment fell in February to its lowest level since May, a sign that housing-market growth could be moderating amid rising prices, and shortages of labor and land.

An index of builder confidence in the market for new single-family homes fell three points to a seasonally adjusted level of 58 in February, the National Association of Home Builders said Tuesday. A reading over 50 means most builders generally see conditions as positive.

“Though builders report the dip in confidence this month is partly attributable to the high cost and lack of availability of lots and labor, they are still positive about the housing market,” said NAHB Chairman Ed Brady.

The index stood at an upwardly revised 61 in January, and 60 December. Economists surveyed by The Wall Street Journal expected a reading of 60 in February.

The index has been at 60 or above since June, and has been in positive territory since mid-2014. The index averaged 59 in 2015.

Ongoing upbeat sentiment in the housing market suggests it could maintain its strength in the face of headwinds, such as a relatively strong dollar and economic turmoil overseas, which have buffeted other sectors of the economy. Mortgage rates, which rose slightly in December following the Federal Reserve’s first interest-rate increase in nearly a decade, are hovering again near 2015 lows, according to Freddie Mac.

NAHB Chief Economist David Crowe said builders “are reflecting consumers’ concerns about recent negative economic trends,” but noted that many of the fundamentals were in place to see continued strong demand for housing.

 

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http://www.foxbusiness.com/markets/2016/02/16/homebuilder-sentiment-hits-lowest-level-since-may.html

U.S. Real Estate 25% to 60% Overvalued: Analyst | Bedford Corners Real Estate

Will another housing bubble bring down the U.S. economy?

Nearly a decade after the peak of the American real estate bubble, there’s no shortage of fear that we’ll repeat the whole nightmare again.

For years now, economy watchers have fretted over the run up in student loan debt, while more recently the collapse in junk bond prices had analysts drawing paralells to what happened in the subprime mortgage market in 2008. Legendary investor George Soros this week was quoted as saying the upheaval in China’s financial markets reminds him of the “crisis we had in 2008,” The Sunday Times in Sri Lanka reported on Thursday.

But what if the next crisis isn’t just similar to the last one, but a word-for-word rip-off? That’s what a viewer of Quicken Loans’ latest ad for its new mortgage product, Rocket Mortgage, might just think. The tagline is, after all, “push button, get mortgage.”

After seeing that video (or an ad for the product on Fortune.com), you might be forgiven for having flashbacks to the last crisis. Meanwhile, competitors like Guaranteed Mortgage have resorted to hiring celebrities like Extreme Makeover Home Edition host Ty Pennington to pitch its online lending products.

But a hard look at the numbers should convince you that mortgage lenders aren’t handing out loans like a dentist giving out toothbrushes. Lending standards have come down a bit, but they remain tighter than they were before the mid-2000s bubble began inflating, and seemingly qualified buyers are still complaining about getting shut out of the real estate market.

For its part, Quicken Loans President and CMO Jay Farnar argues that products like Rocket Mortgage enable his firms to improve the quality of its lending, because it enables a more efficient collection of consumer data that helps make underwriting more robust.

Meanwhile, mortgage originations have remained flat for the past two years, and lenders are giving out fewer mortgages today then they were in 2012, when the housing recovery was just getting underway, according to data from the Mortgage Bankers Association.

In other words, it doesn’t look like irresponsible mortgage lending is inflating real estate prices beyond their fundamentals, but that doesn’t mean another form of capital won’t. That’s what housing analyst Marc Hanson has been arguing for sometime now. Housing prices, he contends, are about 25% to 60% above what the fundamentals of the U.S. economy can justify, but the market is being propped up by “unorthodox. . .incremental demand using unorthodox capital.”

This time around the unorthodox capital isn’t coming in the form of international investors piling money into the U.S. mortgage bond market, creating a doomsday machine that cranked out home loans with very little scrutiny, but from domestic institutional investors, folks buying second and third homes and serving as landlords, and foreign buyers stowing cash in American real estate.

 

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http://fortune.com/2016/01/11/real-estate-bubble/

Existing Home Sales fall 4.8% | Bedford Corners Real Estate

Existing Home Sales in the United States fell 4.8 percent to a seasonally adjusted annual rate of 5310 Thousand in August from a downwardly revised 5580 Thousand in July of 2015. It is the lowest figure since April, below market expectations. The median sale price went up 4.7% yoy and the months’ worth of supply rose 0.3 to 5.2. Existing Home Sales in the United States averaged 3842.52 Thousand from 1968 until 2015, reaching an all time high of 7250 Thousand in September of 2005 and a record low of 1370 Thousand in March of 1970. Existing Home Sales in the United States is reported by the National Association of Realtors.

United States Existing Home Sales

 

Actual Previous Highest Lowest Dates Unit Frequency
5310.00 5480.00 7250.00 1370.00 1968 – 2015 Thousand Monthly
SA
Existing Home Sales occurs when the mortgage is closed. Mortgage closing usually takes place 30-60 days after the sales contract is closed. . This page provides the latest reported value for – United States Existing Home Sales – plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Content for – United States Existing Home Sales – was last refreshed on Monday, September 21, 2015.

 

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-07-22 03:00 PM Jun 5.49M 5.32M(R) 5.4M 5.2M
2015-08-20 03:00 PM Jul 5.59M 5.48M 5.44M 5.4M
2015-09-21 03:00 PM Aug 5.31M 5.58M 5.53M 5.4M
2015-10-22 03:00 PM Sep 5.6M
2015-11-23 03:00 PM Oct 5.6M
2015-12-22 03:00 PM Nov 5.5M

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http://www.tradingeconomics.com/united-states/existing-home-sales

 

U.S. home repossessions reach 30-month high | Bedford Corners Real Estate

The U.S. housing market appears to be shedding the last vestiges of the subprime mortgage crisis. As foreclosures reached their lowest level in nearly 10 years, home repossessions hit a 30-month high in July 2015, according to real-estate website RealtyTrac.

There were 45,381 U.S. properties that were put into foreclosure for the first time in July, down 8% from the previous month and 9% from a year ago, the lowest since November 2005, while banks repossessed 46,957 properties in July, up 29% from the previous month and 81% from a year ago, hitting the highest level since January 2013. (Foreclosure refers to the process your lender goes through if you stop making payments on your home or go into default. Repossession is when the lender takes ownership of your home. This can’t occur until a foreclosure is final.)

A decade-low in foreclosure activity shows that a recent surge in bank repossessions represents “banks flushing out old distress rather than new distress being pushed into the pipeline,” says Daren Blomquist, vice president at RealtyTrac. “Properties that foreclosed in the second quarter had been in the foreclosure process an average of 629 days, the longest in any quarter since we began tracking in the first quarter of 2007,” he said. Some 61% of loans in the foreclosure process originated during the housing bubble between 2004 and 2008. That number was 75% two years ago.

 

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http://www.marketwatch.com/story/us-home-repossessions-reach-30-month-high-2015-08-20

Exterior Home Improvements That Increase Value | Bedford Corners Real Estate

Yesterday on Housecall, we discussed ways to increase your home value with indoor décor. Today, we’re focusing on what you can do outside the home to give it an added monetary boost.

Curb appeal is everything when it comes to selling your home, and that means your home’s exterior needs to be in optimal condition. In fact, 71 percent of prospective home buyers say that a home’s curb appeal is an important factor in their buying decision. This infographic fromLawnStarter shows seven exterior home improvements that can increase resale value and help sell your home even faster:

LawnStarterIG

Replace Your Front Door

Believe it or not, a front door says a lot about you and your home. A quality front door can be a huge asset for your home’s value, and how secure your home feels upon entrance. Kelly Fallis of Remote Stylist says, “It’s the first thing a buyer walks through. Repaint or replace; their first impression rests on it.” According to House Logic, a standard 20-gauge steel door can cost around $1,230, but that investment can more than pay for itself with the amount of value it adds to your home. A quality front door replacement can bring you a return of around 102 percent, which makes it a great bang for your buck.

Updated Landscaping

Over 92 percent of prospective home buyers use the Internet at some point during their search process, meaning a lot of eyes are going to be looking for pictures of your home. You want to be able to showcase your property in the best light possible to drive interested parties in for a closer look. According to Bankrate, a quality landscaping job has the potential to net you a whopping 252 percent return in increased home value. John Harris, a landscape economist, has stated that updated landscaping can increase a home’s value by 28 percent and have it sold 10-15 percent quicker.

New Paint

Most prospective homeowners tend to look at what they need to update or work on in the homes that they look at. Repainting your home can cause less stress on the buyer since they know that the job is fresh and adds to the look of the home. That being said, don’t go overboard with color choices. Choose warm and inviting colors, such as taupe, tan or white. “Individuals too often minimize the impact of a first impression,” says James Alisch, managing director of WOW 1 DAY PAINTING. “The exterior paint job of a home greatly impacts how potential buyers feel about a place.” You want to make sure that potential buyers can envision themselves inside your home, and having a neutral exterior color is appealing to a larger pool of buyers. If you do feel the need to add some brighter colors, make sure that they aren’t overpowering and can work well with the neutral base. It’s best to consult your local home improvement store to discuss your options and budget.

 

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http://blog.rismedia.com/2015/7-exterior-home-improvements-that-increase-resale-value/

Spend the Summer Relaxing in This Charming Village Cottage | Bedford Corners Real Estate

Nothing to do but move your furniture in and start enjoying your weekends in this adorable shingled house. It’s been recently renovated—the 3.5 bathroomsare especially nice—and although the plot is fairly small at 0.22 acre, as is usual for the area, there’s a lawn, a gunite pool, separate garage, and a variance to build a pool house. The house itself isn’t huge at 2000sf, but there’s everything you need, with three bedrooms, separate dining room, and eat-in kitchen. And the in-town location means you can walk to shops, restaurants, the movies, whatever. Price is $2.35M, which is reasonable; the place last sold for $2.225M in 2007.

 

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http://hamptons.curbed.com/archives/2015/01/23/spend_the_summer_relaxing_in_this_charming_village_cottage.php

Shiny, Aluminum-Clad ‘Dutchess House’ Wants Exactly $1M| #BedfordCorners Real Estate

 

17 images

Location: Millerton, N.Y.
Price: $1,000,000
The Skinny: When New York architects Matthew Grzywinski and Amador Pons accepted the commission for what would eventually become Dutchess House No. 1, they took on a complicated brief that called for a mix of country home and urban convenience, a home that would be open to its environment while remaining totally secure, with a guest house for visiting relatives, and all on a very tight budget. The pair soon arrived at a design which the listing calls a “Hyper Modern Danish Farmhouse,” an angular, aluminum-clad two-story home with an easily secured lower level and an upper bedroom suite with broad sightlines and its own private terrace. A small patio in front of the home is bookended by the guest house—clad in aluminum and with a matching set of the home’s trademark yellow Dutch doors—and there’s also a bizarre/cool indoor-outdoor shower. The home, which the brokerbabble trumpets as “arguably the most interesting listing in the northern second homes marketplace,” asks a straight $1M.

 

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http://curbed.com/archives/2014/09/09/nys-dutchess-house-no-1-and-its-adorable-dutch-doors-wants-1m.php