Tag Archives: Bedford Hills NY Realtor

Bedford Hills NY Realtor

Mortgage rates up to 4.08% | Bedford Hills Real Estate

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

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.08 percent with an average 0.5 point for the week ending December 1, 2016, up from last week when it averaged 4.03 percent. A year ago at this time, the 30-year FRM averaged 3.93 percent.
  • 15-year FRM this week averaged 3.34 percent with an average 0.5 point, up from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 3.16 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.15 percent this week with an average 0.4 point, up from last week when it averaged 3.12 percent. A year ago, the 5-year ARM averaged 2.99 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 flat despite an upward revision to third quarter GDP. The 30-year mortgage rate rose 5 basis points to 4.08 percent, rising a total of 51 basis points in three short weeks. With mortgage rates at the highest we’ve seen this year, borrowers are now backpedaling on refinance opportunities. The latest Weekly Applications Survey results from the Mortgage Bankers Association show refinance activity down 16 percent week over week.”

Mortgage rates average 3.54% | Bedford Hills Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates increasing to their highest level since late June.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.54 percent with an average 0.5 point for the week ending November 3, 2016, up from last week when it averaged 3.47 percent. A year ago at this time, the 30-year FRM averaged 3.87 percent.
  • 15-year FRM this week averaged 2.84 percent with an average 0.5 point, up from last week when they averaged 2.78 percent. A year ago at this time, the 15-year FRM averaged 3.09 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.87 with an average 0.4 point, up from last week when it averaged 2.84 percent. A year ago, the 5-year ARM averaged 2.96 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.

“A jump last week in the PCE — the price index tracked most closely by the Fed — raised the prospect that inflation might not be completely dead after all. Investors reacted by driving the yield on the 10-year Treasury to its highest point since June. The 30-year mortgage rate jumped 7 basis points to 3.54 percent, the largest 1-week increase in over six months.”

U.S. mortgage application activity falls to five-month low | Bedford Hills Real Estate

A measure of U.S. mortgage application activity decreased for a second week to a five-month low as 30-year mortgage rates rose to their highest since June, data from the Mortgage Bankers Association released on Wednesday showed.

The Washington-based industry group’s mortgage market index fell 1.2 percent to 486.2 in the week ended Oct. 28, which was the lowest level since the week of May 27.

Interest rates on 30-year fixed-rate mortgages, which are the most widely held type of U.S. home loans, averaged 3.75 percent in the latest week, matching the level last seen in June, MBA said.

Mortgage rates increased with higher U.S. Treasury yields with 10-year yields hitting their highest levels in about five month last week. US10YT=RR

U.S. bond yields climbed on speculation about whether overseas central banks may refrain from injecting more monetary stimulus to help their economies.

The group’s seasonally adjusted index on weekly applications to buy a home edged down 0.4 percent to 207.0 last week, which was the lowest since January.

The purchase activity gauge is seen as a proxy on home sales.

MBA’s weekly barometer on refinancing requests declined by 1.6 percent to 2,088.0, which was the weakest since June

 

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http://www.reuters.com/article/us-usa-mortgages-idUSKBN12X1I0?il=0

New York requires maintenance of zombie homes | Bedford Hills Real Estate

The state of New York is taking its fight against zombies homes to the next level, as the state announced a series of new regulations for mortgage lenders and servicers that aim to hold the companies “accountable” for the maintenance of abandoned foreclosures.

Earlier this year, New York Gov. Andrew Cuomo signed what the state called “sweeping” legislation to reform the state’s foreclosure process and address the state’s issues with zombie homes.

The state’s new laws impose a pre-foreclosure duty on banks and servicers to maintain zombie homes, creates an electronic registry of abandoned properties, and expedites foreclosure for vacant and abandoned properties to get them back on the market, among other requirements.

Cuomo’s office announced Tuesday what lenders and servicers will be required to do under the new laws and what punishment the companies will face if they don’t comply.

According to Cuomo’s office, the New York Department of Financial Services proposed a new regulation that mandates lenders and mortgage services report vacant and abandoned properties, in accordance with the state’s new laws.

Under the state’s new laws, lenders and mortgage servicers must complete an inspection of a property subject to delinquency within 90 days and must secure and maintain the property where the bank or servicer has a reasonable basis to believe that the property is vacant and abandoned, the NYDFS said.

Additionally, lenders and mortgage servicers will now be required to report all vacant and abandoned properties to the NYDSFS and submit quarterly reports detailing their efforts to secure and maintain the properties and any foreclosure proceedings.

According to the announcement, if the NYDFS determines that an abandoned or vacant house not “properly maintained” by the lender or mortgage servicer, the NYDFS will “exercise its authority” to hold the bank or mortgage servicer “accountable.”

According to the NYDFS, that means that lenders and servicers will face a civil penalty of $500 per day per property for violations of the new regulations.

“Under Governor Cuomo’s leadership, New York passed groundbreaking ‘zombie’ legislation that will provide real relief to communities all across the state,” NYDFS Superintendent Maria Vullo said. “DFS will take necessary and appropriate action to make sure this law is followed and those responsible are held accountable.”

These new laws and regulations aren’t the only steps undertaken recently by New York in its fight against zombie homes and neighborhood blight.

In July, New York Attorney General Eric Schneiderman announced a new program that will help New York’s city governments track and address zombie homes in their respective cities.

According to Schneiderman’s office, the Zombie Remediation and Prevention Initiative will provide $13 million in grants to local governments to fight zombie homes.

And earlier in July, New York City announced plans to launch a “first of its kind” program to buy a number of delinquent loans from the Federal Housing Administration as part of an effort to keep struggling homeowners from losing their homes to foreclosure.

 

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http://www.housingwire.com/articles/38149-new-york-announces-new-requirements-for-maintenance-of-zombie-homes?eid=311691494&bid=1541935

Case Shiller home prices rise | Bedford Hills Real Estate

Home prices are still rising, but not as drastically as before. Some hot markets are even seeing a cooling. Could home prices be near the end of their upward trend, or are they simply changing gears?

National home prices increased by 5% annually in May, the same as the previous month, however the 10-City and 20-City Composite both slipped in annual increases, according to the S&P CoreLogic Case-Shiller Indices, formerly known as S&P/Case-Shiller Home Price Indices.

“Home prices continue to appreciate across the country,” said David Blitzer, S&P Dow Jones Indices index committee managing director and chairman. “Overall, housing is doing quite well.”

“In addition to strong prices, sales of existing homes reached the highest monthly level since 2007 as construction of new homes showed continuing gains,” Blitzer said. “The SCE Housing Expectations Survey published by the New York Federal Reserve Bank shows that consumers expect home prices to continue rising, though at a somewhat slower pace.”

The 10-City Composite increased annually by 4.4%, however that’s slightly less thanApril’s 4.7% increase. Similarly, the 20-City Composite increased annually by 5.2%, a slight decrease from April’s 5.4%.

“Today’s Case-Shiller data paints a picture of a fairly calm and consistent market that looks much the same today as it has for the past few months,” Zillow Chief Economist Svenja Gudell said. “But while the market does look pretty stable from 10,000 feet, a closer look reveals a number of imbalances that are keeping the heat on the housing market this summer.”

“Sellers are in the driver’s seat, as buyers contend with fierce competition and very fast-moving markets,” Gudell said. “Demand is sky high and the number of homes sold is rising, even as inventory of homes for sale keeps falling.”

Portland, Seattle and Denver were among the cities with the highest annual gains among the top 20 cities over each of the last four months.

Readers of HousingWire will not find this surprising, as a deeper look into a report fromBlack Knight yesterday showed that home prices are increasing more in the mountainous areas of the West and in the Pacific Northwest.

“Regional patterns seen in home prices are shifting,” Blitzer said. “Over the last year, the Pacific Northwest has been quite strong while prices in the previously strong spots of San Diego, San Francisco and Los Angeles saw more modest increases.”

“The two hottest areas during the housing boom were Florida and the Southwest,” he said. “Miami and Tampa have recovered in the last few months while Las Vegas and Phoenix remain weak. When home prices began to recover, New York and Washington saw steady price growth; now both are among the weakest areas in the country.”

In May, Portland increased the most 12.5% annually, followed by Seattle at 10.7% and Denver at 9.5%.

 

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http://www.housingwire.com/articles/37621-case-shiller-may-home-prices-rise-at-modest-rate?eid=311691494&bid=1479278

Millennials Move to the Burbs for Price and Choice | Bedford Hills Real Estate

More affordable and better choice are driving more millennials to buy in the suburbs and fewer in city neighborhoods, according to the 2016 National Association of Realtors® Home Buyer and Seller Generational Trends study.

The share of millennials buying in an urban or central city area decreased to 17 percent in 2016 from 21 percent a year ago while more than half (51%) of buyers under age 35 bought in the suburbs, up from 49 percent a year ago, the study found.

2016-03-09_10-47-16However, younger buyers are not making a permanent commitment to the suburban lifestyle.  Buyers 35 years and younger expect stay in their new homes only ten years—the same tenure as last year– compared to the median of 14 years for all age groups, an increase from 12 years in 2015.

Lawrence Yun, NAR chief economist, said while millennials may choose to live in an urban area as renters, the survey reveals that most aren’t staying once they are ready to buy. “The median age of a millennial homebuyer is 30 years old, which typically is the time in life where one settles down to marry and raise a family,” he said. “Even if an urban setting is where they’d like to buy their first home, the need for more space at an affordable price is, for the most part, pushing their search further out.”

 

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http://www.realestateeconomywatch.com/2016/03/millennials-move-on-out-to-the-burbs-for-price-and-choice/

Will New York’s White Hot Real Estate Market Fizzle this year? | Bedford Hills Real Estate

New York City’s real estate market has reached blistering temperatures, with record sale prices reported at the end of 2015. In the fourth quarter alone, the average sale price for a Manhattan apartment hit a lofty $1.95 million, representing a 12% jump year-over-year, according to the latest Elliman Report.

Over the same period, the median sale price topped $1.15 million while the price per square foot climbed to a jaw-dropping $1,645. In the rental market, Manhattan rental prices have increased by 3.9% over the last year, with the average rental price hitting $4,071 as of November 2015.

Demand from global buyers who are looking to escape the fallout from the market slowdown in China is what’s leading the push in the condo market, where new construction sale prices are averaging just shy of $3.3 million. Newly developed properties represented an 18.6% share of the overall sales market through the fourth quarter.

On the co-op side, pricing is still moving up but it’s been slower to peak, with the average sale price hovering around $1.28 million. The number of active listings declined by 6.2% from the fourth quarter of 2014, while sales are down 4% over the same time frame. Despite these dips, 2015 was still a record-setting year and the big question is, what’s next for the New York real estate market?
China’s slide will help to maintain the momentum

From an investor standpoint, real estate remains a hot ticket for 2016 and New York is set to remain on solid ground, despite foreign market upsets. China’s shaky economic outlook has triggered a fight-or-flight response among foreign investors and the result is a substantial shift in assets to less volatile U.S. holdings, including real estate.

According to Collier’s 2016 Global Investor Outlook, New York continues to be a prime destination for wealthy investors in need of a safe haven. Manhattan took the lead in terms of global capital in the third quarter of 2015, raking in more than $4 billion. That trend looks set to continue, with 24% of overseas investors planning to invest in New York real estate over the next 12 months.

 

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http://www.forbes.com/sites/navathwal/2016/01/19/will-new-yorks-white-hot-real-estate-market-fizzle-in-2016/#2715e4857a0b1a3e37435661

Home equity is back | Bedford Hills Real Estate

As home prices rise, homeowners are wasting no time making use of their newfound, or regained, home equity. In fact, while all mortgage originations rose in the third quarter of this year, the biggest gain was in home equity lines of credit (HELOCs).

Originations of these loans, which are often in addition to primary mortgages, jumped over 17 percent for the quarter, according to Inside Mortgage Finance, a mortgage industry publication: $20 billion in new HELOCs, which is the most quarterly volume for the product this year.

Phillip Spears | Digital Vision | Getty Images

At the current rate, lenders could originate more than $67 billion in HELOCs for all of 2014, which would be the most since 2009. Volume is still low by historical standards, but the gain points to not only more home equity available, but more confidence among consumers that they can tap their homes again for much-needed cash. There has, however, been a shift in the borrower mindset.

“It certainly seems like people are doing it a lot more responsibly now,” said Rick Huard, senior vice president of consumer lending product management at TD Bank. “People seem to be much more educated customers and much more responsible.”

They have to be, because on the flip side, lenders aren’t just handing out the loans to anyone with a pulse. During the last housing boom, borrowers extracted trillions of dollars worth of home equity, spending it on luxury goods and vacations, as lenders turned a blind eye to basic safeguards, like the ability to repay the loan or the borrower’s other debt load.

Today, lenders are following more stringent guidelines enforced by federal regulators, and most HELOC borrowers are using the money to improve their homes, adding value to their largest asset, not subtracting it.

A survey of more than one thousand HELOC borrowers by TD bank found many using HELOCs to consolidate other debt, thereby lowering interest rates (29 percent); credit cards can carry interest rates more than four times that of a HELOC. Others used the loans for automobiles (27 percent), emergencies (19 percent) or education expenses (20 percent). Some are refinancing HELOCs they already have.

“People are readdressing or redoing,” said Craig Strent of Maryland-based Apex Home loans. “That has probably resulted in this increase in equity line originations.”

 

 

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http://www.cnbc.com/id/102227326

Demolition Slated For Fire-Damaged Bedford Hills Home | Bedford Hills Homes

 

 

A fire-damaged house in Bedford Hills is scheduled to be torn down soon.

Bedford Supervisor Chris Burdick, in an interview, outlined the options, which involve the owner. Either demolition of the house must begin by Friday, June 20, or a postponement can be given if $125,000 in performance funding is posted and the owner signs an agreement.

Burdick cited possible injury and trespassing as problems at the structure.

The home was damaged by a three-alarm fire in January 2013, and several departments provided mutual aid, Daily Voice reported in the aftermath.

In a memo, Steve Fraietta, Bedford’s building inspector, outlined several issues and recommended that the house at 109 Stone Bridge Lane be demolished.

The listed owner of the property is Ryann McCarthy. He could not be reached for comment, although his attorney, a video of the Tuesday, June 17, Town Board meeting shows, said that his client began bringing equipment.

In the video, there was also discussion about the timeline possibilities. Addressing the paid extension option at the meeting, Burdick mentioned that the completion deadline would become Aug. 15. A condition of the demolition permit, Burdick explained at the meeting, was completion by July 15.

 

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http://bedford.dailyvoice.com/news/demolition-slated-fire-damaged-bedford-hills-home

January Jones’ Home Eschews Avocado Appliances for Stainless | Bedford Hills Real Estate

 

Source: IMDb

Source: IMDb

As Betty Draper on “Mad Men,” January Jones seems at home in the mid-century suburbs. But the remodel of her Los Feliz Mediterranean home, now listed for $1.495 million, shows her personal style is more formal and contemporary.

Since buying the home for just over $1 million in 2009, the actress had a son, filmed several seasons of the hit AMC show and found time to completely remodel the kitchen in her 1920s gated home. And there is not a retro appliance or rotary telephone in sight.

The home at 4969 Ambrose Ave in Los Angeles was outdated when she bought it. The kitchen, in particular, had linoleum floors and a cramped space, prompting the Real Estalker to call it “a fixer.”

Jones added a Carrara marble island and a big stainless steel sink. She also updated the wood-burning fireplace and redecorated in a black-and-white palette. The formal, elegant 3-bedroom, 3-bath home is 2,200 square feet, with a pool table, hardwood floors and lots of windows.

 

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http://www.zillow.com/blog/january-jones-lists-la-home-152020/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+ZillowBlog+%28Zillow+Blog%29