Tag Archives: Bedford Hills NY Homes for Sale

Bedford Hills NY Homes for Sale

Mortgage rates average 4.14% | Bedford Hills Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates dropping for the second consecutive week.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.14 percent with an average 0.5 point for the week ending March 30, 2017, down from last week when it averaged 4.23 percent. A year ago at this time, the 30-year FRM averaged 3.71 percent.
  • 15-year FRM this week averaged 3.39 percent with an average 0.4 point, down from last week when it averaged 3.44 percent. A year ago at this time, the 15-year FRM averaged 2.98 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.18 percent this week with an average 0.4 point, down from last week when it averaged 3.24 percent. A year ago, the 5-year ARM averaged 2.90 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“The 10-year Treasury yield remained relatively flat this week. The 30-year mortgage rate fell 9 basis points to 4.14 percent, another significant week-over-week decline. Despite recent mortgage rate fluctuation, new home sales far exceeded expectations in February and jumped 6.1 percent to an annualized rate of 592,000.”

Single-Family Housing Starts Up 9% in 2016 | Bedford Hills Real Estate

Housing starts rebounded in December, as monthly volatility for multifamily starts continued. Total starts were up 11.3%, rising to a 1.226 million seasonally adjusted annual rate. However, single-family starts posted a small monthly decline in December, albeit recording the fourth strongest monthly pace since the end of the recession.

According to estimates from the Census Bureau and the Department of Housing and Urban Development, single-family starts declined 4% to a 795,000 annual rate. For 2016 as a whole, single-family construction improved 9.3% over the 2015 level of starts. And as measured on a three-month moving average, single-family starts are at a post-cycle high, as seen on the graph below. This increase is consistent with recent growth in the NAHB/Wells Fargo measure of single-family builder confidence.

Single-family permits also point to more growth in 2017. Single-family permits grew 4.7% in December, reaching an annual rate of 817,000, the fastest pace in the current cycle.

Multifamily development was the primary reason the headline starts number rose in December. Total multifamily starts were up 57% for the month at a 431,000 annual rate, after posting a nearly 40% drop in November. Monthly volatility for multifamily starts has been a factor in the data since August. Nonetheless, for 2016 the apartment sector realized a small production decline for the year, in line with our expectations that 2015 will be the peak year of development for multifamily housing in this cycle.

 

Focusing on housing’s economic impact, in December 57% of homes under construction were multifamily (604,000). This multifamily count is 8% higher than a year ago. There were 450,000 single-family units under construction, a gain of 7% from this time in 2015. This is the highest count of single-family units under construction since 2008.

 

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http://eyeonhousing.org/2017/01/single-family-housing-starts-up-9-in-2016/

Housing Starts Fall in November | Bedford Hills Real Estate

Housing Starts Fall in November

 

Housing starts posted a notable drop in November after a strong October pace. Total starts were down 18.7%, falling to a 1.09 million seasonally adjusted annual rate after a 1.34 million rate in October. However, the decline was concentrated in the volatile multifamily sector. The single-family sector continues to show anon improving trend, consistent with rising home builder confidence.

According to estimates from the Census Bureau and the Department of Housing and Urban Development, single-family starts declined 4.1% to an 828,000 annual rate from a robust October pace of 863,000. Year-to-date, single-family construction is 9.6% higher than this time of 2015. And as measured on a three-month moving average, single-family starts are at a post-cycle high, as seen on the graph below.

Single-family permits point to more growth in 2017. Single-family permits, as measured on a three-month moving average, are also at a cycle high (778,000 annual rate) and are 8.1% higher on a year-to-date basis.

Multifamily development was the primary reason the headline starts number declined in November. Total multifamily starts were down 45% for the month, dropping from a strong but unsustainable October pace of 477,000 to a 262,000 annual rate in November. On a year-to-date basis, multifamily starts are approximately 4% lower than this time in 2015, as the market levels off and finds a balance between supply and demand.

On a monthly basis in November, single-family starts were up 19.8% in the Midwest, but fell by 4.6% in the South, 7.6% in the Northeast and 15.3% in the West. However, the monthly numbers mask the improvement seen around the county during 2016 for single-family construction. On a year-to-date basis, single-family construction is up 12.4% in the Midwest, 10.9% in the Northeast, 9.5% in the South, and 7.6% in the West.

Focusing on housing’s economic impact, in November 57% of homes under construction were multifamily (599,000). This multifamily count is 9% higher than a year ago. There were 445,000 single-family units under construction, a gain of 7% from this time in 2015. This is the highest count of single-family units under construction since September of 2008.

 

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http://eyeonhousing.org/2016/12/behind-the-november-starts-headline/

Homeownership Rate Edges Up | Bedford Hills Real Estate

According to the Census Bureau’s Housing Vacancy Survey (HVS), the U.S. homeownership rate rose to 63.5% in the third quarter 2016, reversing the downward trend of homeownership rate nationwide. It is 60 basis points higher than the rate in the second quarter 2016, which is largely driven by the increase in the millennial and 65+ homeownership rates.

Compared to the peak at the end of 2004, the homeownership rate has steadily decreased by 5.7 percentage points and remains below the 25-year average rate of 66.2%.
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The millennial homeownership rate increased by 1.1% after reaching its own historically lowest level of 34.1% in the second quarter 2016. It suggests that millennials are gradually returning to the housing market.

Compared to a year ago, homeownership declined among all age groups except for those ages 35 to 44 and over 65 since a year ago. The homeownership rate for 44-45 age group decreased from 69.9% in the third quarter of 2015 to 69.1%, which is the largest drop among all age groups.

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The nonseasonally adjusted homeowner vacancy rate remained low at 1.8% in the third quarter 2016. At the same time, the national rental vacancy rate held at 6.8%, around the historical lowest level ever since 1990s.
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The HVS also provides a timely measure of household formations – the key driver of housing demand. Although it is not perfectly consistent with other Census Bureau surveys (Current Population Survey’s March ASEC, American Community Survey, and Decennial Census), the HVS remains a useful source of relatively real-time data.

The housing stock-based HVS revealed that the number of households increased to 118.6 million for the third quarter 2016. This is 1.2 million higher than a year ago and sustains gains recorded at the end of 2015. Growth in household formations will spur rental housing demand first, and ultimately, home sales.

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http://eyeonhousing.org/2016/10/homeownership-rate-edges-up/

Sales of previously owned homes decline | Bedford Hills Real Estate

United States Existing Home Sales  1968-2016 

Sales of previously owned houses in the United States declined 0.9 percent to a seasonally adjusted annual rate of 5330 thousand in August of 2016. It is the second consecutive decline, missing market expectations of a 1.1 percent gain. Sales of single family homes shrank 2.3 percent which those of condos increased 10.5 percent. The average price fell 1 percent and the months’ worth of supply went down to 4.6. Existing Home Sales in the United States averaged 3868.24 Thousand from 1968 until 2016, 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
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http://www.tradingeconomics.com/united-states/existing-home-sales

 

Builder Confidence Rises in June | Bedford Hills Real Estate

After holding steady for the past four months, builder confidence in the market for newly constructed single-family homes rose two points in June to a level of 60 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This marks the highest reading since January 2016.

HMI_June

Derived from a monthly survey that NAHB has been conducting for 30 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

All three HMI components posted gains in June. The component gauging current sales conditions rose one point to 64, the index charting sales expectations in the next six months increased five points to 70, and the component measuring buyer traffic climbed three points to 47.

 

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http://eyeonhousing.org/2016/06/builder-confidence-rises-in-june/

Senior Housing Costs Soar | Bedford Hills Real Estate

Households headed by adults age 65 or older devoted a quarter of their 2013 income to housing, which includes spending on mortgage interest, rent, property taxes, maintenance, repairs, homeowners’ and renters’ insurance, and utilities.

Older households are more than three times as likely as younger households to own their homes free and clear (58 versus 17 percent). Yet, the lack of a mortgage doesn’t reduce their housing costs much because they still have to pay property taxes, maintenance, repairs, insurance, and utilities. In fact, those costs combined make up more than half of what older households with mortgages spend on housing.

Housing doesn’t eat up much more of household budgets for older adults than for adults younger than 65, who allocated 21 percent of their 2013 income to housing. What’s surprising, though, is that seniors spend so much on housing even when they aren’t saddled with mortgages.

Older homeowners without mortgages spent 18 percent of their 2013 income on housing, including 8 percent on utilities, 5 percent on property taxes, and 5 percent on maintenance. Older renters spent much more of their income—43 percent—on housing because their incomes, on average, were half as much as homeowners without mortgages. This share is well above the 30 percent cutoff commonly used to identify burdensome housing costs.

2015-12-02_9-20-12

Low-income seniors spend an even larger share of their income on housing. Nearly 7 million adults age 65 or older receive incomes below 125 percent of the federal poverty level, a reliable indicator of inadequate income. They spent a staggering 74 percent of their income on housing in 2013. Those with more income but less than 200 percent of the federal poverty level devoted 41 percent of their income to housing.

 

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http://www.realestateeconomywatch.com/2015/12/even-without-mortgages-senior-housing-costs-soar/

Home #builders’ strategies for 2016 | #Bedford Hills Real Estate

As price looms up as a bigger factor in the success or failure of home builders’ strategies for 2016, time becomes one of the few real opportunity areas to stand out from among peers.

A plot line shows the difference between Census Bureau data on home sizes vs. NAHB survey respondents.
A plot line shows the difference between Census Bureau data on home sizes vs. NAHB survey respondents.

The most magical words in residential new development and construction? The right price in the right location.

“Right,” meaning, priced both to move into a satisfied home buyer’s possession and to profit the builder and his many partners. What’s less apparent–and for most home builders as critically important–is that the meaning of the term “right” includes both a cost and value of time. The ability to get all of those meanings and measures of the word “right” to come together in one place, structure, and moment is the dark magic of home building right now, and pricing is one of every home building organization’s biggest challenge for the coming year.

Let’s explore this, first by looking at the latest batch of data from a bi-annual well of research from the National Association of Home Builders.

It cost $103 per square foot–all-in in expenses and gross profit–to build the average home in 2015, a jump of 8.4% since 2013, and almost a 30% increase from four years ago. This is according to the just-released NAHB Cost of Construction Survey, which shows that the average home was built on 20,129 square feet (about a half an acre) of land, had 2,802 square feet of finished space, and sold for an average of $468,318.

A partial view of the NAHB Cost of Constructing a Home chart.
A partial view of the NAHB Cost of Constructing a Home chart.

First of all, what more glaring evidence of a “mix” tilt toward higher-priced, first move-up and second-time move up homes do we need, where all-in the cost, including profit, to complete and deliver an average home this year is 17% more than the $399K all-in cost in 2013, and a stunning 50% increase since 2011? This data, directionally, matches that of another source on new home price trends:

According to the Census Bureau’s data on new residential construction, the sales price of new single-family homes has been steadily rising from $267,900 in 2011, to $345,800 in 2014.

NAHB Construction Cost Surveys 1998-2015
NAHB Construction Cost Surveys 1998-2015

This bias, and imbalance, won’t hold. If the recovery proceeds as it needs to going into the next 12 to 18 months, the 2017 Cost of Construction Survey should reflect an actual decrease in the cost (including builder’s profit) of delivering a new home, as the sale of homes to entry-level buyers at a lower price-tag tier kicks up to account for a greater share of the volume. But it’s going to be a struggle.

That’s partly because of the cost pressure on both materials and labor.

According to the NAHB’s HMI survey from June and July of this year, builders report that on average, over the previous year, labor costs increased by 3.3%, material costs by 4.5%, and subcontractor costs by 5.0%.

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http://www.builderonline.com/building/its-about-time_o?utm_source=newsletter&utm_content=Article&utm_medium=email&utm_campaign=BP_110515%20(1)&he=bd1fdc24fd8e2adb3989dffba484790dcdb46483

Pending Home Sales Dip in June | Bedford Hills Real Estate

After five consecutive months of increases, pending home sales slipped in June but remained near May’s level, which was the highest in over nine years, according to the National Association of Realtors®. Modest gains in the Northeast and West were offset by larger declines in the Midwest and South.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, fell 1.8 percent to 110.3 in June but is still 8.2 percent above June 2014 (101.9). Despite last month’s decline, the index is the third highest reading of 2015 and has now increased year-over-year for ten consecutive months.

Lawrence Yun, NAR chief economist, says although pending sales decreased in June, the overall trend in recent months supports a solid pace of home sales this summer. “Competition for existing houses on the market remained stiff last month, as low inventories in many markets reduced choices and pushed prices above some buyers’ comfort level,” he said. “The demand is there for more sales, but the determining factor will be whether or not some of these buyers decide to hold off even longer until supply improves and price growth slows.”

According to Yun, existing-home sales are up considerably compared to a year ago despite the share of first-time buyers only modestly improving1. The reason is that the boost in sales is mostly coming from pent-up sellers realizing their equity gains from recent years.

“Strong price appreciation and an improving economy is finally giving some homeowners the incentive and financial capability to sell and trade up or down,” adds Yun. “Unfortunately, because nearly all of these sellers are likely buying another home, there isn’t a net increase in inventory. A combination of homebuilders ramping up construction and even more homeowners listing their properties on the market is needed to tame price growth and give all buyers more options.”

The PHSI in the Northeast inched 0.4 percent to 94.3 in June, and is now 12.0 percent above a year ago. In the Midwest the index declined 3.0 percent to 108.1 in June, but is still 5.0 percent above June 2014.

Pending home sales in the South also decreased 3.0 percent to an index of 123.5 in June but are still 7.8 percent above last June. The index in the West increased 0.5 percent in June to 104.4, and is now 10.4 percent above a year ago.

The national median existing-home price for all housing types in 2015 is expected to increase around 6.5 percent to $221,900, which would match the record high set in 2006. Total existing-home sales this year are forecast to increase 6.6 percent to around 5.27 million, about 25 percent below the prior peak set in 2005 (7.08 million).

 

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http://www.realtor.org/news-releases/2015/07/pending-home-sales-dip-in-june

1910-1963 The destruction of Penn Station | Bedford Hills Real Estate

C. 1910

IMAGE: LIBRARY OF CONGRESS

Penn Station did not make you feel comfortable; it made you feel important.
HILARY BALLON, ART HISTORIAN

In 1910, when New York City transportation terminal Pennsylvania Station opened, it was widely praised for its majestic architecture. Designed in the Beaux-Arts style, it featured pink granite construction and a stately colonnade on the exterior.

The main waiting room, inspired by the Roman Baths of Caracalla, was the largest indoor space in the city — a block and a half long with vaulted glass windows soaring 150 feet over a sun-drenched chamber. Beyond that, trains emerged from bedrock to deposit passengers on a concourse lit by an arching glass and steel greenhouse roof.

This may sound unfamiliar for present-day residents of New York City, who know Penn Station as a miserable subterranean labyrinth.

Though the original Penn Station served 100 million passengers a year at its peak in 1945, by the late 1950s the advent of affordable air travel and the Interstate Highway System had cut into train use. The Pennsylvania Railroad could not even afford to keep the station clean.

1911

IMAGE: GEO. P. HALL & SON/THE NEW YORK HISTORICAL SOCIETY/GETTY IMAGES

1911

IMAGE: GEO. P. HALL & SON/THE NEW YORK HISTORICAL SOCIETY/GETTY IMAGES

In 1962 plans were revealed to demolish the terminal and build entertainment venue Madison Square Garden on top of it. The new train station would be entirely underground and boast amenities such as air-conditioning and fluorescent lighting.

Vocal backlash and protests ensued, but the plan moved forward and Penn Station was demolished.

The outrage was a major catalyst for the architectural preservation movement in the United States. In 1965, the New York Landmarks Law was passed, which helped save the iconic Grand Central Terminal and more than 30,000 other buildings from similar fates. 2015 marks its 50th anniversary.

Since the demolition of the old Penn Station, train ridership has grown tenfold. The new station, a tangle of subway lines and commuter rail, is the busiest terminal in the country and bursting at the seams. Plans are currently underway to renovate and expand the station, and restore a modicum of its original glory.

1911

IMAGE: GEO. P. HALL & SON/THE NEW YORK HISTORICAL SOCIETY/GETTY IMAGES

1910

IMAGE: DETROIT PUBLISHING COMPANY/LIBRARY OF CONGRESS

It is a poor society indeed that has no money for anything except expressways to rush people out of our dull and deteriorating cities
ADA LOUISE HUXTABLE, NEW YORK TIMES ARCHITECTURE CRITIC

1911

IMAGE: GEO. P. HALL & SON/THE NEW YORK HISTORICAL SOCIETY/GETTY IMAGES

1911

IMAGE: GEO. P. HALL & SON/THE NEW YORK HISTORICAL SOCIETY/GETTY IMAGES

c. 1925

IMAGE: EWING GALLOWAY/GENERAL PHOTOGRAPHIC AGENCY/GETTY IMAGES

c. 1950

IMAGE: HULTON ARCHIVE/GETTY IMAGES

1942

IMAGE: MARJORY COLLINS/LIBRARY OF CONGRESS

1942

IMAGE: MARJORY COLLINS/LIBRARY OF CONGRESS

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http://mashable.com/2015/07/20/original-penn-station/