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Mortgage Rates stay at 3.93% | Bedford Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates largely unchanged from the previous week amid little movement in financial markets. The 30-year fixed rate mortgage has averaged below four percent for the fifth consecutive week.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.93 percent with an average 0.6 point for the week ending August 20, 2015, down from last week when it averaged 3.94 percent. A year ago at this time, the 30-year FRM averaged 4.10 percent.
  • 15-year FRM this week averaged 3.15 percent with an average 0.6 point, down from last week when it averaged 3.17 percent. A year ago at this time, the 15-year FRM averaged 3.23 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.94 percent this week with an average 0.5 point, up from last week when it averaged 2.93 percent. A year ago, the 5-year ARM averaged 2.95 percent.
  • 1-year Treasury-indexed ARM averaged 2.62 percent this week with an average 0.3 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.38 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 links for theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

 

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Message from Bedford Town Supervisor | Bedford NY Real Estate

Public Hearings on July 7, 2015
The following public hearings have been scheduled for July 7, 2015 at the Court Room in the Town House at 321 Bedford Road
Time
Topic
7:20 PM
Amendment to Zoning Code related to hamlet business districts
7:50 PM
Amendment to the sign ordinance
7:10 PM
Local law to implement Community Choice Aggregation
State Roads – Good News on Route 172
I heard back from the Executive Deputy Commissioner of the New York State Department of Transportation that DOT state funds have been re-allocated to provide for the 172 project. It would entail both drainage work and paving of Route 172 the entire distance from the Village Green through Route 137 in Pound Ridge. The DOT might begin the drainage work in the fall with the milling and paving to be done in Spring 2016 – otherwise the entire job would be 2016. We wish to thank the community for its patience and its support with many calling the DOT to emphasize on the need for the work. In the interim DOT promises to repair potholes and make safe Route 172 and Route 22 (we’re still working on getting it paved).
Working on Securing Paving for I-684
Literally thousands of Bedford residents are affected by the road noise from I-684 which has increased over the years with heavier traffic. Residents are petitioning the Governor, the DOT, our Congressman and our State Legislators. Our thanks to Bedford resident Mara Glassel, who has been organizing residents, and bringing new energy to the effort (which goes back literally
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for 20 years or more). Her petition, which you can access at www.change.org, then enter into search field “684” reads as follows:
1.
Efforts have been made all over Westchester County and NY State to reduce noise pollution, while Bedford and Katonah have been ignored.
2.
Increasing the speed limit to 65 mph and ever increasing truck traffic has increased the road noise substantially over the last few years.
3.
Neighbors are measuring noise levels as high as 85 dBs – which has been medically proven harmful – both physically and mentally.
4.
I684 has been neglected for decades and needs to be repaved for safety reasons.
5.
Funds are being appropriated to neighboring towns (i.e. exit 8) – while residents off of exits 4 – 6 continue to be treated unfairly.
Assemblyman David Buchwald is working with Ms. Glassel, the Town and DOT to try to advance these efforts.
Update on Bedford Village Parking
The Town Board of the Town of Bedford is moving forward with its plans to provide additional municipal parking in Bedford Village. Evans Associates, a consultancy firm for the Town for over 25 years, will present at the Town Board’s July 7 meeting a proposal to conduct an engineering/wetlands study to determine how best to maximize parking on property to be leased from the Presbyterian Church. There also may be the possibility of additional spaces at the rear of the Bedford Playhouse building. Both the Church and the owners of the Bedford Playhouse building have advised the Town of its support for these efforts. Assuming Town Board approval, the Town would pay the cost of the Evan Associates’ work as well as for the construction of the parking. In developing the plans and implementing them, the Town will seek the input of the community and obtain all approvals, which at the town level would include the Bedford Village Historic District Review Commission and the Wetlands Control Commission. The intention is to ensure that parking is in place in 2016 for use by patrons of existing stores and businesses as well as the Bedford Playhouse (renovation work is anticipated to be completed mid 2016).
Update on Parking – Town Wide
We are working with the community to improve parking enforcement (and therefore turnover of parking spaces), maximize parking availability and otherwise relieve insufficient parking in our hamlets. Police Chief Melvin Padilla and Comptroller Ed Ritter (who heads the Parking Bureau) will be discussing plans with the Town Board at the Board’s July 7 meeting.
Local Law Implementing Community Choice Aggregation
The Town Board has scheduled a public hearing on a proposed local law to enable the Town to participate in a community choice aggregation (CCA) program offered by Sustainable Westchester, Inc., (SW) a not-for-profit organization now comprised of over forty municipalities in Westchester County, including the Town of Bedford. Simply put, CCA enables Bedford to offer for its residents and small business lower energy costs – all on a voluntary basis. The Town would enter into an agreement to participate in SW’s program for its residents and business consumers who are not currently purchasing electricity from an energy service
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company, but only if the prices are lower. The Town also will undertake to inform residents about the CCA program; and that any customer at any time may “opt out” of the program. CCA has been a success in other states and Bedford is among several Westchester communities going forward with the program.
Community Organizations Take Note – Town Co-Sponsorship of Community Events
Following Town Board action at its June 16 meeting, Town Clerk Boo Fumagalli has prepared an application form, at the Town Board’s request, for community organizations requesting Town co-sponsorship of community events. This means that there may be the possibility of the Town Board relieving the organization from a portion of overtime expenses for Town personnel (e.g., police and public works) assisting with the event. Please note that funds are limited and Town co-sponsorship is subject to Town Board approval. The application form and the guidelines which the Board adopted are available from the Clerk’s office. The Clerk will review applications as received for completeness and compliance with the guidelines and forward them to the Town Board for action. You can contact the Clerk at 666-4534 or by e-mail at clerk at townclerk@bedfordny.gov.
Internship Opportunity
For all rising high school sophomores, juniors, seniors as well as college level students: I am currently scheduling interviews for an unpaid summer intern position. The duties of the intern include preparing and managing the weekly community calendar and writing, proofing, and researching various topics. There may be a couple of weeknights to help with our Supervisor and Town Board events in the Parks. Hours are flexible. If interested in this opportunity, please email the Supervisor at Supervisor@BedfordNY.gov or call 914-666-6350. Please submit your resume and hours of availability.
Comptroller’s Report
Comptroller Ed Ritter reported on June 16 as follows:
We will be running the June 15th payroll in both the KVS and Springbrook payroll systems for a parallel view and reconciliation. If this goes well we will be live in Springbrook for the July 6th payroll. Once the payroll portion is running well the Finance office will begin the conversion of the financial data from KVS to the Springbrook product.
Summer employees have started to arrive and are being added into payroll. As summer approaches our payroll increases to over 400 people.
More data has become available as to what we are required to do to be in compliance with the Affordable Care Act (ACA). I have scheduled a presentation on June 22nd by CPI-HR Inc. who will discuss and demonstrate all the requirements we must be aware of. This will be held in the court room at 321 Bedford Road at 1:00 pm.
REVENUE AREAS OF NOTE
Mortgage Tax has actual data from October through May 2015. The actual percentage over 2014 is a 11.59% decrease. This amount has been used as a basis for projecting the remainder of the year (through September). Mortgage tax is projected to be $1,011,445, which is $14,445 over budget.
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Sales Tax has actual data from January through April 2015. County sales tax shows a 2.44% decrease over 2014. This revenue is projected to be $2,462,546 which is $62,546 over our budget of $2,400,000.
Parking has actual data from January through April 2015. The actual percentage over 2014 is a 3.32% increase. Revenue to date is $99,857 which is an increase of $3,212 from last year at this time. The revenue for the year is projected to be $931,923 which is $1,923 over budget.
Fines and forfeited bail has actual data for January through April 2015. Revenue is $208,000 which is $27,768 under last year’s revenue at this time. The revenue is projected to be $770,850 which is $120,850 over budget.
Safety Inspection Fees has actual data for January through May 2015. Revenue is $366,278 which is 14,419 over last year’s revenue at this time. This revenue is projected to be $754,236 which is $14,236 over budget.
EXPENDITURES: 2015 expenditures are within budget limits at this time
Please note that more information, including analysis, is available through the Comptroller’s office – 666-8283
Proposed Septic System Repair & Replacement Fund Advances
Bedford’s proposal to create a $3.5 million septic system repair and replacement fund for Bedford properties within the New York City watershed is wending its way through the approval process, which we are hopeful will be concluded in the next couple of months. If established, the program would provide up to 50% of approved eligible expenses for construction of repair remediation or replacement of a septic system, as well as design engineering costs not to exceed 20% of total construction costs. An enhanced treatment unit (utilizing more advanced technology) would be permitted, provided the County Board of Health and, if applicable, DEC and DEP, approves it. As mentioned previously, two of the Town’s hamlet centers, Bedford Hills and Katonah, are located in the Croton Watershed, with Katonah’s commercial district immediately adjoining the reservoir. We believe that it is important to balance continued protection of the reservoir system with the economic vitality of these central business areas and their surrounding residential neighborhoods.
The Westchester County Planning Department has been working on a legislative proposal, including an Intermunicipal Agreement between the County and the Town, for submission to the Westchester County Board of Legislators to consider, as the BOL must approve the funding request.
Filling Vacancies in Town Elected Positions
At our June 16 meeting, the Town Board adopted a local law to provide for a special election to fill vacancies in the position of Supervisor, Councilman or Town Clerk which would provide that if the Town Board does not fill the vacancy by appointment within 45 days of the vacancy, then a special election must be held within 60 to 90 days. Summer elections or an election within a short time before a general election would be avoided.
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Other Town Board Action Taken
Also at the June 16 meeting, the Town Board appointed Mel Padilla to the position of Chief (it previously was provisional subject to his passing the Chief’s examination – which he did); accepted the proposal of Lothrup Associates for architectural services and construction management for renovations and additions to the police station; enacted an amendment to the Historic Building Preservation Law to allow the Historic Building Preservation Commission to waive public hearing requirements under certain circumstances so as to expedite action on applications; and scheduled the July 7 public hearings mentioned above. The Board also appointed Matthew A. Iacona as a police officer filling a vacancy. I also provided an update on plans for increasing public parking in Bedford Village (Evans Associates will present a consultancy proposal at the July 7 meeting).
Reminder: Emergency Information from NYSEG and Con Edison
Con Edison notified us that you now can text Con Edison about power outages. Here’s the message they sent us:
“Prefer texting? No problem. Sign up by texting REG to OUTAGE (688243) and we’ll text instead of calling.
But don’t wait for us to contact you. The sooner we know about a power problem, the sooner we can respond. Reach us at conEd.com, by texting OUT to OUTAGE after you sign up for texting, with our My conEdison app for Droid and Apple devices, or by calling 1-800-75-CONED (1-800-752-6633).”
Both NYSEG and Con Edison encourage customers with special needs to enroll in special services for them.
“NYSEG is committed to providing their customers with safe, reliable energy delivery. They also offer many services for special need customers, including:

Special Identification for households where everyone is elderly, blind or disabled

Large print, sight-saver Bills for visually-impaired customers

Home Energy Assistance Program (HEAP) grants

NYSEG’s Energy Assistance Program (EAP)

Project SHARE emergency energy assistance program
If you or someone in your household relies on life-sustaining equipment, you should contact NYSEG immediately!
How to call NYSEG:
Electricity interruptions or emergencies: 1.800.572.1131 (24 hours a day, every day)
Customer relations center: 1.800.572.1111
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Payment arrangements: 1.888.315.1755
Hearing and speech-impaired: Dial 711 (New York Relay Service)”
“Message from Con Edison: Customer Central Special Services
Safety for Special Customers:
It is important that we have a record of everyone who uses electrically operated life-support equipment or has medical hardships so we can contact them in an emergency. To learn more and complete the survey, please visit the link below. You can also let us know by calling 1-800-75-CONED (1-800-752-6633). Con Edison customers can enroll for this service by visiting www.conEd.com, clicking on Customer Central, and then the “special services” link. You will need your account number. To keep our records current, each year we send a letter asking you to recertify.
http://www.coned.com/customercentral/specialservices.asp
Customers with Special Needs:
We recognize that senior citizens and people with disabilities need special attention. That’s why we offer a variety of services and billing and payment options that make life a little bit easier for the elderly, visually or hearing-impaired, or customers with permanent disabilities. Please visit the link below to view the Customers With Special Needs brochure.
http://www.coned.com/customercentral/specialservices.asp”
I ask you to please send me an e-mail at supervisor@bedfordny.gov should you have any questions or comments on this report or any of our work on the Town Board.
Chris Burdick
Town Supervisor

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Most U.S. housing markets are undervalued | Bedford Real Estate

U.S. homes are by in large undervalued, even as national price measures show a modest overvaluation due to skewing effects from a few large markets, according to new research from Goldman Sachs.

Homes in the Los Angeles, San Francisco and San Diego metropolitan areas, for example, are about 20% above fair value. Meanwhile, prices elsewhere are still falling, and homes in areas such as Buffalo and St. Louis are undervalued, the analysts wrote.

“The broad national indexes are skewed by high prices in a small number of large markets,” Goldman Sachs economists Zach Pandl and Hui Shan wrote. “While there appears to be some evidence of regional froth, in our view the broader national picture is one of leaders and laggards, with strong rebounds in some markets but still-soft prices in many others.”
In the first quarter, most metropolitan statistical areas tracked by Goldman had undervalued properties. There were 202 housing markets that were undervalued by at least 1%, compared with 140 markets that were overvalued by at least 1%.

“Large cities drag up the national indexes, even if real estate markets in many smaller [metropolitan areas] have yet to fully recover,” Goldman analysts wrote.

Analysts looked at valuation in several ways. They compared home prices to gauges of consumer inflation, rent, income and population.

 

Most metropolitan statistical areas tracked by Goldman have undervalued homes.
Interest among would-be borrowers in buying a home recently hit a two-year high. Even as home prices have grown, a strengthening U.S. jobs market and still-low interest rates are supporting sales. In hot markets, low inventory is driving prices higher.

 

read more…

 

http://www.marketwatch.com/story/why-most-us-housing-markets-are-undervalued-even-as-prices-climb-2015-07-10

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US housing stages ‘lopsided’ recovery | Bedford NY Real Estate

The lasting legacy of the US housing crash has ranked at the top of the so-called “headwinds” that Federal Reserve policy makers such asJanet Yellen cite when discussing America’s economic prospects.

A host of indicators are suggesting now that, even if the property market remains well below its boom-time highs, it is firmly in recovery mode.

The Case-Shiller index of home values in 20 cities rose 4.9 per cent from a year earlier in April, according to data released Tuesday, with values in Denver and San Francisco rising around 10 per cent from a year earlier. That came after the National Association of Realtors index of pending home sales hit its highest level since April 2006.

The problem with the recovery is that it is, in the words of Sam Khater, deputy chief economist at CoreLogic, a lopsided one.

An acute lack of construction at the lower end of the market is creating a tight supply of housing, driving up rents and pushing up prices of affordable homes to levels reached in 2006.

With access to credit far more constricted than it was before the financial crisis and income growth depressed, home ownership rates have fallen to 20-year lows, as many younger Americans are locked out of property ownership.

Mr Khater said: “The property market is strengthening, but it’s a complex picture that’s by no means good news for all Americans.”

Back in 2013 US housing hit a setback associated with a 100 basis-point upward lurch in mortgage rates induced by the Fed’s so-called “taper tantrum”. In recent months it has seen renewed momentum, however. Existing home sales rose to an annual rate of 5.35m in May, according to the National Association of Realtors, the fastest pace since 2009.

Rising values are pushing up equity in the housing market, with low interest rates helping for those who can qualify for home loans. In addition, real disposable incomes have risen 4 per cent nationally over the past four quarters.

While an increase in interest rates by the Federal Reserve could impact affordability, Tim Hopper, chief economist at TIAA-CREF, a financial services company, argued that US households are better positioned to weather higher borrowing costs. “The consumer is in much better shape than just a few years ago,” he said.

Nevertheless, there were still 5.1m mortgaged houses in negative equity in the first quarter, compared with 5.4m at the end of last year, according to CoreLogic data. Poorer neighbourhoods tend to have very high concentrations of negative equity, underlining the long shadow of the property crash and deeply divided fortunes now characterising the housing market.

Among the lasting legacies of the downturn have been tightening lending standards, a shift to renting, and a decline in rates of home ownership. The home ownership rate at the end of last year was at 64.5 per cent, erasing most of the increase over the previous two decades. Between 2006 and 2013, there was a 3m increase in single family home rentals.

With construction of housing remaining depressed, households are encountering a tight supply and surging rents — with the national vacancy rate near its lowest in 20 years. This is putting acute pressure on many people’s finances. In 2013 almost half of renters had housing cost burdens, including more than a quarter with “severe” burdens — paying more than 50 per cent of income for housing, according to Harvard’s Joint Center for Housing Studies.

 

 

read more…

 

http://www.cnbc.com/id/102802954

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U.S. Housing Markets Strengthen | Bedford NY Real Estate

Freddia Mac today released its updated Multi-Indicator Market Index® (MiMi®) showing the U.S. housing market continuing to stabilize with the strongest markets realizing the greatest benefits from a spring homebuying season in full swing.

The national MiMi value stands at 78.7, indicating a weak housing market overall but showing an improvement (+0.14%) from March to April and a three-month improvement of (+2.10%). On a year-over-year basis, the national MiMi value has improved (+3.57%). Since its all-time low in October 2010, the national MiMi has rebounded 33 percent, but it’s still significantly off from its high of 121.7.

News Facts:

  • Twenty-six of the 50 states plus the District of Columbia have MiMi values in a stable range, with the District of Columbia (97.8), North Dakota (96.3), Montana (92), Hawaii (91), and Alaska (87.4) ranking in the top five.
  • Thirty-five of the 100 metro areas have MiMi values in a stable range, with Fresno (94.8), Honolulu (92.3), Austin (92.1), Los Angeles (89.1) and Salt Lake City, TX (88.9) ranking in the top five.
  • The most improving states month-over-month were Washington (+1.49%), Indiana (+1.32%), Tennessee (+1.03%), Oregon (+0.83%) and Mississippi (+0.82%). On a year-over-year basis, the most improving states were Florida (+10.89%), Nevada (+10.55%), Oregon (10.29%), Colorado (+8.72%), and Michigan (+8.31%).
  • The most improving metro areas month-over-month were Palm Bay, FL (+1.51%), Portland, OR (+1.32%), Indianapolis, IN (+1.22%), Oxnard, CA (+1.22%) and Lakeland, FL (+1.99%). On a year-over-year basis, the most improving metro areas were Orlando, FL (+12.6%), Palm Bay, FL (+12.14%), Miami, FL (+11.97%), Cape Coral, FL (+10.73%), and Las Vegas, NV (+11.54%).
  • In April, 43 of the 50 states and 92 of the 100 metros were showing an improving three month trend. The same time last year, all 50 states plus the District of Columbia, and 99 of the top 100 metro areas were showing an improving three-month trend.

Quote attributable to Freddie Mac Deputy Chief Economist Len Kiefer:

“We saw a significant improvement in housing markets nationwide, with ten more metro areas and nine more states moving within range of their benchmark, stable level of housing activity. The West and Southwest areas of the country continue to lead the way, especially Colorado, Oregon and Utah, and California is right there as well. Unlike a year ago, when the most improving markets were those hardest hit by the Great Recession, we’re now seeing stable markets among the most improving as well. So the strong housing markets are getting stronger, which reflects the better employment picture, rising home values and increased purchase activity in these markets with the spring homebuying season in full swing.”

The 2015 MiMi release calendar is available online.

MiMi monitors and measures the stability of the nation’s housing market, as well as the housing markets of all 50 states, the District of Columbia, and the top 100 metro markets. MiMi combines proprietary Freddie Mac data with current local market data to assess where each single-family housing market is relative to its own long-term stable range by looking at home purchase applications, payment-to-income ratios (changes in home purchasing power based on house prices, mortgage rates and household income), proportion of on-time mortgage payments in each market, and the local employment picture. The four indicators are combined to create a composite MiMi value for each market. Monthly, MiMi uses this data to show, at a glance, where each market stands relative to its own stable range of housing activity. MiMi also indicates how each market is trending, whether it is moving closer to, or further away from, its stable range. A market can fall outside its stable range by being too weak to generate enough demand for a well-balanced housing market or by overheating to an unsustainable level of activity.

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Bedford Town Cleanup Days | Bedford Real Estate

Town Wide CleanUp Days

Please join us for Bedford 2015 Town-Wide Clean-up Days at the Crusher Road Highway Facility off Route 22, just North of Route 172, in Bedford Village.

Town residents can bring household debris and metal waste to the Crusher Road Yard during the following periods:

Thursday, April 30th & Friday, May 1st – 7:30am to 3pm

Saturday, May 2nd – 7:30am to 4:30pm

Proof of Bedford residency is required, and fees are as follows:

  • $25 per carload
  • $60 per pickup truck load
  • $115 for small dump trucks (<6 yd)
  • $230 and up for large dump trucks (>6 yd)

Residents may also take brush and tree debris to the Beaver Dam Highway facility on Beaver Dam road off Harris Road during the same days and hours listed above. THERE IS NO CHARGE FOR THIS!

The Highway Department will not accept any of the following items:  tires, batteries, refrigerators, freezers, pressure treated lumber, air conditioners, propane tanks, paint, varnish, chemicals, medical waste, or other toxic materials. See http://bedford2020.org/recyclopedia/ for information on disposing of various types of items.

We also will not accept E-Waste (Televisions, computers, printers, scanners, fax machines, cell phones, VCRs) at our Crusher Road facility, although ewaste is accepted at our 301 Adams Street Recycling Center in Bedford Hills on Tuesdays, Thursdays, and Saturdays from 7am to 3pm.

Please contact the Bedford DPW Highway Division at 666-7669 with any questions.

Bedford Village Chowder & Marching Club will hold their Tag Sale on Friday May 1st and Saturday, May 2nd at the Crusher Road Highway Facility. Chowder & Marching Club also provides truck pick-ups of old household items in exchange for a tax-deductible donation to C&M. Pickups can be scheduled at http://www.chowderandmarching.org/events/clean-up-weekend/

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Current Trend For U.S. Median New Home Sale Prices | Bedford Real Estate

Beginning in January 2014, the trajectory of median new home sale prices in the U.S. with respect to median household income began to follow a new trend, with typical new home sale prices increasing at an average pace of nearly $11 for every $1 increase in typical household incomes.

(click to enlarge)

The good news is that rate of increase is less than half that observed during the primary inflation phases of the first and second housing bubbles in the U.S. The bad news is that rate of increase with respect to household incomes is still 2.7-3.3 greater than those recorded during periods of stable growth in the periods preceding the inflation phases of real estate bubbles.

As we noted in our previous installment, the current pace of growth is consistent with that observed in the latter portion of the inflation of the first housing bubble.

Now, it’s important to note that this situation doesn’t mean that a new crash in housing prices is imminent, or even likely. Now that real estate investors have established a shortage of affordably priced homes in the U.S. market, U.S. homebuilders are now better able to exploit the situation by building more affordably priced homes, which several have begun to do in recent months.

Note to America’s builders: less-expensive homes are starting to move.

Purchases of new homes climbed 7.8 percent from the previous month to a seasonally adjusted 539,000 annualized pace in February, a seven-year high, according to the latest U.S. government report. Perhaps the best news for the housing industry as a whole came in the breakdown of sales, by price.

Americans signed contracts to purchase 17,000 new houses in the $200,000-to-$299,999 price range last month, the most since March 2008. That amounts to 39 percent of the 44,000 properties sold in February (unadjusted and not annualized). Another 8,000 homes-the most in nine months-sold in the range of $150,000 to $199,999.

The shifting sales mix of new homes toward lower-priced homes is prompting an increase in sales volumes, which is a desirable outcome for the current market. Since November 2014, when the median new home sale price in the U.S. peaked at $302,700, the median sale prices of new homes has fallen in each month since, and in February 2015, stands at a preliminary value of $275,500. This figure will be revised several times over the next several months.

 

read more…

 

http://seekingalpha.com/article/3054396-the-current-trend-for-u-s-median-new-home-sale-prices?ifp=0

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Bank of Mom and Dad Puts Kids in Houses | Bedford Real Estate

New research by loanDepot LLC indicates the number of parents who expect to help their Millennial-age children purchase a home in the future will increase by 31 percent compared to the past five years, from 13 to 17 percent. Half (50%) of the parents who will help their children buy a home say they’ll contribute toward down payments, while 20 percent will cover closing costs and 20 percent will cosign the loan.

In the future, about two-thirds of parents (67%) say they they’ll use savings to help their children buy a home, compared to 72 percent in the past. The number of parents who plan to use cash from a refinance or take out a personal loan to help their children buy a home is expect to double. In the past, just 4 percent of parents refinanced their homes and 3 percent used personal loans. In the future, those numbers are expected to increase to 8 percent for parents who will refinance and 8 percent for parents who will take out a personal loan.

“Support from parents is playing a significant role in the housing recovery, and this new research indicates the trend will increase,” said Dave Norris, president and chief operations officer at loanDepot LLC. “First time home buyers comprise 28 percent of the today’s home buying market[1], an almost all-time low. Through the survey, 75 percent of Millennial-age home-buyers who received financial support from their parents said that assistance made it possible for them to buy a home. Without that financial support, it’s likely the pool of Millennial first-time home buyers would be even smaller than today.”

AGREE TO DISAGREE

The loanDepot research surfaced opposing views between parents and Millennial-aged buyers about whether or not the parent’s financial support was or will be a gift, loan, inheritance or something else altogether. While most parents (68%) view the financial support as a gift, only 29 percent of Millennial-aged children agreed. More Millennials (36%) view their parent’s financial support as a loan to be repaid than as a gift (29%).

 

read more…

 

http://www.realestateeconomywatch.com/2015/03/bank-of-mom-and-dad-puts-kids-in-houses/

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New-home sales jump to 539,000 rate in February, highest in 7 years | Bedford NY Real Estate

New U.S. homes sold at an annual rate of 539,000 in February to mark the best month of sales in seven years, the government reported Tuesday. The pace of sales for January was also revised up sharply to 500,000. It’s the first time annualized sales have hit 500,000 or more for two straight months since early 2008, though demand is still far lower compared to the years prior to the Great Recession. Economists polled by MarketWatch had forecast sales to total a seasonally adjusted 455,000 last month. The median sales price climbed 2.6% to $275,500 in February from a year ago. All the homes now on the market would be sold in 4.7 months at the current sales pace, down from 5.7 months in January. That leaves the supply of new homes for sale at the lowest point since June 2013. Unless more homes are built soon, the lack of supply could force prices higher in the spring months when home buying is typically at a peak and potentially constrain sales. Builders have filed permits to increase construction, though they have been focusing more on condos and townhouses than single-family homes. The rise in new home sales in February is at odds with other reports on existing home sales and new construction that showed a decline last month owing to heavy snow in large swaths of the eastern United States.

 

read more…

 

http://www.marketwatch.com/story/new-home-sales-jump-to-539000-rate-in-february-highest-in-7-years-2015-03-24?siteid=bnbh

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Bedford NY Town Offices Memo | Bedford Real Estate

A MESSAGE FROM
SUPERVISOR CHRIS BURDICK

Dear Residents,

 

We’re pleased to announce that the Town has launched an annual report, please click here for the  2014 Town of Bedford Annual Report.

Please do not hesitate to contact me with any questions.

I can be reached at Supervisor@bedfordny.gov or at 666-6530.

Warmest regards,

Chris Burdick

Supervisor

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