Tag Archives: Bedford Hills Real Estate for Sale

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/

Builder Confidence Remains Solid in October | Bedford Hills Real Estate

Builder confidence in the market for newly constructed single-family homes remained on firm ground in October, declining two points to a level of 63 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).

hmi_oct

Despite the decline, the HMI now stands at its second-highest level in 2016, a sign that the housing recovery continues to make solid progress. However, builders in many markets continue to express concerns about shortages of lots and labor. Mortgage rates remain low and the HMI index measuring future sales expectations has been over 70 for the past two months. These factors will sustain continued growth in the single-family market in the months ahead.

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.

Two of the three HMI components posted losses in October. The component gauging current sales conditions dropped two points to 69 and the index charting buyer traffic fell one point to 46. Meanwhile, the index measuring sales expectations in the next six months rose one point to 72.

 

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http://eyeonhousing.org/2016/10/builder-confidence-remains-solid-in-october/

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.

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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.”

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

Riskiest areas see fewer homes insured as premiums rise | Bedford Hills Real Estate

As Florida and the Carolinas begin digging out from the from the record flooding and high winds that Hurricane Matthew delivered over the weekend, thousands of homeowner insurance claims are sure to follow.

The Consumer Federation of America, a Washington D.C.-based consumer advocacy group expects about 100,000 homeowners to file damage claims for as much as $7.5 billion from the Category 3 storm, though well short of the record claims made from the most severe storms such as Hurricane Katrina or Hurricane Andrew, where damage claims were more than $100 billion.

But if it turns out that fewer-than-expected insurance claims will be filed for damage, it may not just because Hurricane Matthew was a less-powerful storm than expected, it may be because far fewer homeowners are carrying property insurance.

That’s the analysis from Trulia.com, a San Francisco-based real estate research firm, which looked at homeowners’ insurance rates in some of the most hurricane-prone regions of the Southeast and mid-Atlantic, the so-called southernmost “Hurricane Alley” states comprised of Florida, Georgia and the Carolinas. The study also looked at Gulf Coast insurance rates including Texas. Hurricane insurance is often supplemental, but is typically required by mortgage lenders if the home is located in a storm-prone market like Florida.

Here’s another reason to use Facebook at work. The social media giant launches “Facebook at Work” on Monday, a new business-messaging tool that will represent the first time it charges for its services.

Overall, the U.S. Census noted that in 2014, 94.7% of homeowner households that had outstanding mortgage obligations had property insurance. The property insurance rate however dropped to 75.5% of those homeowner households that did not have any mortgage.

While property insurance is typically required by banks to protect their investment while the mortgage is being paid, Trulia’s data shows that many homeowners are dropping insurance once the mortgage is extinguished, primarily due to cost.

The percentage of Miami households reporting that they had homeowners’ property insurance fell to 78% in 2014 down from 90% in 2006, according to U.S. Census data cited by Trulia. Tampa-St. Petersburg, Fla., saw the steepest drop in insured homes, to 79% in 2014 from 92% in 2006, Trulia said.

Nationally, the number of insured homes fell to 89.2% from 94.1% eight years ago. Almost all major southeastern U.S. metros had insured rates below the national average, Trulia said.

On a national basis, Trulia noted that premiums have climbed on average more than 28%, with 10 of the 25 most expensive markets for homeowners insurance in the Southeast.

 

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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

 

Marcel Breuer-Designed House Hits The Market | Bedford Hills Real Estate

A three-bedroom, two-bathroom single-family house designed by Marcel Breuer was quietly listed by ReeceNichols in June, according to real estate firm’s website. The asking price for the Snower Residence at 6701 Belinder Ave. in Mission Hill’s, Kan., is $925,000.

Completed in 1954, the polygonal residence features an open floor plan atop a cantilever base, a now-ubiquitous structural design element that Breuer first championed in furniture design and later in architecture. The Bauhaus alum also designed the home’s interior, much of which remained intact when the residence was purchased by Rob Barnes and Karen Bisset in 2013, according to the Kansas City Star. Furnishings include a Herman Miller rocking chair designed by Charles and Ray Eames and Ludwig Mies van der Rohe’s Barcelona Sofa for Knoll Furniture (below). The couple installed a new roof, refinished the cedar-plank ceilings, and repainted the exterior to its original blue and orange hues.

The current owners restored the living room's cedar-plank ceilings and kept much of Breuer's furnishings, including Mies' Barcelona Sofa (left.)
ReeceNicholsThe current owners restored the living room’s cedar-plank ceilings and kept much of Breuer’s furnishings, including Mies’ Barcelona Sofa (left.)
A bedroom in the Snower Residence with Breuer's signature sliding windows and an Eames Rocking Chair (right.)
ReeceNicholsA bedroom in the Snower Residence with Breuer’s signature sliding windows and an Eames Rocking Chair (right.)

According to ReeceNichols’ website, Robert Snower asked Breuer to design a house that would stand alone among the sea of his Ranch-style neighbors. “Of course I am asking the impossible,” wrote Snower, who first saw Breuer’s residential work in the 1952 edition of House and Home Magazine. “[My wife and I] hope for a house which we will consider exceedingly handsome, yet which will not too seriously offend what in our opinion are duller eyes than our own. Most of the newer houses around here fit the description of what I believe are called ‘Sunset Ranch Homes,’ ” a variation of the Colonial Ranch style that was popular at the time. “This we do not want.” Snower owned the home until his death in 2013.

 

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http://www.residentialarchitect.com/projects/marcel-breuer-designed-house

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/

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/

CoreLogic: Home prices maintain pace, increase 6.3% | Bedford Hills Real Estate

Home prices nationwide, including distressed sales, posted similar results to last month, increasing year-over-year by 6.3% in December 2015 compared with December 2014, according to the most recent report from housing data and analytics provider, CoreLogic.

On a monthly basis, home prices are up 0.8% in December 2015 compared to November 2015.

The below chart shows the home price index going back to 2002.

Click to enlarge

home prices

(Source: CoreLogic)

“Nationally, home prices have been rising at a 5% to 6% annual rate for more than a year,” said Frank Nothaft, chief economist for CoreLogic.

“However, local-market growth can vary substantially from that. Some metropolitan areas have had double-digit appreciation, such as Denver and Naples, Florida, while others have had price declines, like New Orleans and Rochester, New York,” said Nothaft.

Looking ahead, CoreLogic’s HPI Forecast predicts that home prices will increase by 5.4% on a year-over-year basis from December 2015 to December 2016, and on a month-over-month basis home prices are expected to increase 0.2% from December 2015 to January 2016

 

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http://www.housingwire.com/articles/36187-corelogic-home-prices-maintain-pace-increase-63?eid=311691494&bid=1299330