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Builders Gain Confidence in the 55+ Housing Market | Bedford NY Real Estate

 

Builder confidence in the 55+ housing market was up again in the third quarter, according to the latest release of NAHB’s 55+ Housing Market Index (55+HMI).  The 55+ HMI release contains separate indices for single-family homes and multifamily condominiums. Each is a weighted average of three components: present sales, expected sales, and traffic.  The numbers are not seasonally adjusted, so they should only be compared year over year.  On that basis, both were up in the third quarter.

The single-family 55+HMI jumped nine points from the third quarter of 2013, to 59—the highest third-quarter reading since the inception of the index in 2008 and the 12th consecutive quarter of year over year improvements. All three components posted year-over-year increases: present sales jumped 13 points to 65, expected sales for the next six months climbed 10 points to 63 and traffic of prospective buyers rose three points to 46.

 

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http://eyeonhousing.org/2014/11/builders-gain-confidence-in-the-55-housing-market/

 

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Prepare for a better home inspection | Bedford Real Estate

 

Every agent learns early in his or her career that home inspections can be rough. But there are ways to smooth out the process.

 

First, get your seller to have an independent inspector give the house a once over before it is listed. That way, problems can be spotted — and corrected — before a would-be buyer ever gets wind of them.

 

Beyond that, prepare your clients for the buyer’s inspector and encourage the seller to fix those items he knows are broken — the little things every owner learns to live with — before they become bargaining points.

 

Many inspectors provide agents with pre-inspection checklists so all parties can be as sure as possible that the house is inspection-ready. There are a lot of things sellers can do, but if they are not skilled at certain repairs, even the simplest ones, they should call a professional. Not only can inspectors spot amateurish, sub-par work, they will wonder about the quality of repairs that are less visible.

 

When repairs are made, either by the seller or a professional contractor, it’s a good idea to have paid receipts and warranties on hand for the inspector and buyer.

 

Finally, on the day of the inspection, sellers should give the examiner full access to the attic, crawlspace, electrical panels, furnace, air conditioner and water heater. Get the clutter out of the way, and then take the kids and the dog and go out for a few hours so the examiner can do his job efficiently and without interference.

 

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https://agentresources.bankofamerica.com/monthlyagentnewsletter?nbk=NBKJDBM#101402

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Average US 30-year mortgage rate holds steady | Bedford NY Real Estate

 

The average 30-year U.S. mortgage rate this week remained at a 52-week low of 4.10 percent for the third straight week.

Mortgage company Freddie Mac also said Thursday the average for a 15-year mortgage, a popular choice for people who are refinancing, slipped to 3.24 percent from 3.25 percent.

At its 52-week low of 4.10 percent, the rate on a 30-year mortgage is down from 4.53 percent at the start of the year. Rates have fallen even though the Federal Reserve has been trimming its monthly bond purchases, which are intended to keep long-term borrowing rates low. The purchases are set to end in October.

The low rates appear to have boosted U.S. home sales. Also, moderating increases in home prices such as occurred in July should help support sales by making homes more affordable. Real-estate data provider CoreLogic reported Tuesday that home prices rose in July but at a slower rate compared with earlier this year.

Greater affordability has helped the housing market recover over the spring and summer after sales and construction fell earlier this year. Sales of existing homes rose for a fourth straight month in July to their strongest pace in nine months. And a measure of signed contracts also increased in July, suggesting that final sales will rise further in coming months.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

 

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http://news.yahoo.com/average-us-30-mortgage-rate-141333476.html

 

 

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Cool sophistication with DIY touches as hip as they are budget friendly | Bedford NY Homes

You would be hard-pressed to find another color combo quite as effortlessly cool as black and white. Black and white decor, whether in the form of a graphic wallpaper pattern, black and white photography, or something else, can add elegance in an instant. From DIY art and wall treatments to furniture makeovers, these 14 project ideas have chic black and white style and won’t break the bank.

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Fixed Mortgage Rates Edge Lower | Bedford NY Real Estate

 

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates following bond yields lower. Averaging 4.12 percent for the week, the 30-year fixed-rate mortgage once again is at its 2014 low.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.12 percent with an average 0.6 point for the week ending August 14, 2014, down from last week when it averaged 4.14 percent. A year ago at this time, the 30-year FRM averaged 4.40 percent.
  • 15-year FRM this week averaged 3.24 percent with an average 0.6 point, down from last week when it averaged 3.27 percent. A year ago at this time, the 15-year FRM averaged 3.44 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent this week with an average 0.5 point, down from last week when it averaged 2.98 percent. A year ago, the 5-year ARM averaged 3.23 percent.
  • 1-year Treasury-indexed ARM averaged 2.36 percent this week with an average 0.5 point, up from last week when it averaged 2.35 percent. At this time last year, the 1-year ARM averaged 2.67 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 the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates were down slightly amid a week of light economic reports. Of the few releases, retail sales were virtually unchanged in July after a 0.2 percent increase in June, ending five months of increases. Excluding motor vehicles and parts, retail sales were up 0.1 percent last month.”

 

 

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Where is real estate booming across America? | Bedford NY Real Estate

 

While home prices continue to moderate in many metropolitan areas in the second quarter, there is still a divide regionally, according to the National Association of Realtors.

Overall, fewer markers witnessed price increases in the second quarter compared to the first when price increases were recorded in 74% of metro areas. And, it’s in the Midwest region of the United States where home sales are really beginning to pick up again.

Nationally, only 19 metropolitan statistical areas in the second quarter (11%) had double-digit increases, drastically falling from the 37 areas last quarter and the overall average of 43 areas since the second quarter of 2013.

Lawrence Yun, NAR chief economist, explained that price increases are balancing out to the benefit for both buyers and sellers.

“National median home prices began their most recent rise during the first quarter of 2012 but had climbed to unsustainable levels given the current pace of inflation and wage growth,” he said. “At this slower but healthier rate, homeowners can continue steadily building equity. Meanwhile, for buyers, increased supply with moderate price gains is giving them better opportunities to choose.”

Here are how the four regions are squaring up in the second quarter…

 

 

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http://www.housingwire.com/articles/31002-where-is-real-estate-booming-across-america

 

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More Loans Close Despite Tight Standards | Bedford NY Real Estate

 

Latest mortgage data is a puzzlement. A higher percentage of mortgage applications, including purchase mortgages, closed in June than in the past three years even though lending standards for purchase mortgages are virtually unchanged in a year.

The closing rate for mortgages received by lenders in the past 90 days closed in June. The jump in approvals drove the closing rate to 60.7 percent, higher than any month since Ellie Mae began tracking data in August 2011.

Purchase loans also hit a record high at 63.6 percent, up from 61.1 percent in May. Last year purchase loans averaged a closing rate of 60.1 percent. In June 2012, the closing rate for purchase loans was 57.8 percent.

“That 60.7 percent marks the first time since August 2011, when we began tracking data, that the closing rate for all loans eclipsed 60%. Parsed out, closing rates for refinances and purchases landed at 55.8 percent and 63.6 percent, respectively — both highs for 2014. With more loans closing, average days to close a loan increased, albeit slightly, to 41 days,” said Ellie Mae CEO Jonathan Corr.

Though closings increased, lending standards have barely budged. In June, 32 percent of all closed loans had an average FICO score of under 700, the same percentage as June 2013. Median FICOS for closed purchase conventional loans have fallen only 5 points in a year.

 

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http://www.realestateeconomywatch.com/2014/07/more-loans-close-despite-tight-standards/

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Purchase Mortgage Applications Plunge | Bedford NY Real Estate

It might be hot outside but its freezing in the inboxes of hundreds of the nation’s mortgage lenders. Last week applications fell to their lowest level since February.

Maybe it’s just a sign that the selling season is winding down. More likely it’s something a lot more serious—yet another signal that the housing recovery is seriously sick and keeps getting sicker.

Mortgage applications decreased last week from the previous week, led by a drop in purchase loan requests. The Mortgage Bankers Association’s index revealed that loan application volume fell 3.6% on a seasonally adjusted basis for the period ending July 11 after increasing the previous week, which included an adjustment for the July 4 holiday.

The dip in mortgage activity was mainly attributed to an 8% decline in purchase applications. These applications, where the average loan size sought was $268,500, plunged to their lowest level since February, the Washington-based trade group said on Wednesday. Meanwhile, refinance activity was only down 0.1% from the prior week.

Yet this time no one is attributing the decline to interest rates. Bankrate reports that mortgage rates dropped to record lows again last week after a sluggish employment report disappointed investors. The 30-year fixed-rate mortgage fell 8 basis points to 3.79 percent. The 15-year fixed-rate mortgage fell 8 basis points to 3.05 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 3 basis points to 4.44 percent.

 

 

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http://www.realestateeconomywatch.com/2014/07/purchase-mortgage-applications-plunge/

 

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Jonathan Smoke will interpret housing data | Bedford Real Estate

 

Realtor.com operator Move Inc. has hired Jonathan Smoke to interpret housing data and act as a public voice for the site as its first chief economist.

For the last six years, Smoke held various executive roles at real estate information and strategic marketing services company Hanley Wood, most recently as the company’s chief economist.

Economist image via Shutterstock.
Economist image via Shutterstock.

Realtor.com competitors Zillow and Trulia have long had their own chief economists. Zillow Chief Economist Stan Humphries and Trulia’s Jed Kolko have become high-profile sources in media stories and housing forums, giving their firms added exposure and credibility with consumers.

Jonathan Smoke

Smoke’s appointment concludes a monthslong search for 18-year-old realtor.com, which up until recently had been barred by the National Association of Realtors from having a chief economist. NAR changed its position sometime in the last year, giving Move its blessing to bring on a real estate spokesperson for the site.

“As the real estate industry and our relationship with realtor.com continue to evolve, both organizations agreed that two voices are stronger than one,” NAR spokeswoman Sara Wiskerchen told Inman News in February when news broke that Move was on the hunt for a chief economist.

NAR has its own chief economist, Lawrence Yun, who helps Realtors interpret housing trends for their clients.

 

 

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http://www.inman.com/2014/06/30/realtor-com-operator-move-inc-hires-hanley-wood-exec-as-sites-first-chief-economist/?utm_source=20140701&utm_medium=email&utm_campaign=dailyheadlinesam

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Fixed Mortgage Rates Down Slightly | Bedford Real Estate

 

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates reversing course and moving slightly lower for the week.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.17 percent with an average 0.6 point for the week ending June 19, 2014, down from last week when it averaged 4.20 percent. A year ago at this time, the 30-year FRM averaged 3.93 percent.
  • 15-year FRM this week averaged 3.30 percent with an average 0.5 point, down from last week when it averaged 3.31 percent. A year ago at this time, the 15-year FRM averaged 3.04 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.00 percent this week with an average 0.4 point, down from last week when it averaged 3.05 percent. A year ago, the 5-year ARM averaged 2.79 percent.
  • 1-year Treasury-indexed ARM averaged 2.41 percent this week with an average 0.4 point, up from last week when it averaged 2.40 percent. At this time last year, the 1-year ARM averaged 2.57 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 the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates were down slightly for the week ending on June 19, 2014. Meanwhile, housing starts in May were 6.5 percent below the revised April rate. Following a similar pattern, building permits fell 6.4 percent in May after a 5.9 percent increase a month earlier. Also, CPI rose 0.4 percent in May, more than expected, following a 0.3 percent rise in April.”

 

 

 

 

 

 

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