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Court rules ListHub must continue to provide listing data to Trulia | Bedford Real Estate

Realtors, real estate agents and brokers who were worried that their listings were going to disappear from Trulia by the end of the week can breathe a sigh of relief, at least for now.

That’s because the latest round in the contentious battle between Move and the Zillow Group (Z) over Move-ownedListHub’s decision to terminate its listing agreement with Trulia has gone Zillow’s way, with a California judge ruling that ListHub is required to continue to provide listing data to Trulia until at least March 12.

The Zillow Group threatened legal actionagainst Move, which is owned by News Corp (NWS) and operates Realtor.com for the National Association of Realtors, after it informed Trulia last week that it was immediately terminating its listing agreement with Trulia, effective Feb. 26.

But that’s not going to happen now, because Judge Ernest Goldsmith of the San Francisco Superior Court granted Zillow Group’s request for a temporary restraining order and set a court date of March 12, which will keep ListHub listings flowing to Trulia until at least that date.

Trulia was predictably pleased with the court’s decision.

“The court’s order is a win for brokers, agents and the home sellers they represent. Since News Corp announced its decision on Friday to prematurely cut off the listing feed to Trulia, we’ve received an influx of calls from MLSs and brokers who were concerned that they and their clients wouldn’t be able to effectively market their listings ahead of the home shopping season,” Trulia’s president, Paul Levine said in a statement.

“We’re very pleased with this preliminary decision, and hopeful the court will grant us the further time necessary to make this transition in an orderly way,” he continued.

The fight over the ListHub listings is more than a little interesting, considering what Zillow Group CEO Rascoff said last week. “When we announced we were parting ways with News Corp, we were constrained on being reliant on a competitor for listings,” Rascoff said Wednesday morning. He said ListHub sent inferior listings to emphasize that Move’s Realtor.com had “higher quality listings.”

Rascoff also called the separation from Move a “liberating moment.”

Zillow’s previously announced decision to cancel its own listing agreement with ListHub was a surprise to Move, which expected the listing agreement to continue. As it stands now, ListHub listings will disappear from Zillow on April 7.


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30-year fixed-rate mortgage edges up to 3.66% | #Bedford NY Real Estate

Mortgage rates crept higher last week, according to mortgage buyer Freddie Mac. The benchmark 30-year fixed rate mortgage averaged 3.66% in the week ending Jan. 29, up from 3.63%. A year ago, the 30-year averaged 4.32%. The 15-year fixed-rate averaged 2.98%, up from 2.93%; the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.86%, up from 2.83%; and the 1-year Treasury-indexed ARM averaged 2.38%, up from 2.37%.


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1896 Victorian Home Gets a Contemporary Lift | Bedford Real Estate


“With two children and the two of us working from home, our house is always buzzing with energy,” says interior designer Kristen Peña. “People are coming and going, and we love that. We love nothing more than having a bunch of kids laughing and playing around us while we work or relax.“ That is why it was important for Kristen and her husband, Luis, a director, to find a home in which they could raise a family and carve out a studio space dedicated to their work. After waiting patiently for five years, they found their dream house in their dream city — a 118-year-old Victorian in San Francisco’s Noe Valley neighborhood.

The house needed a heavy renovation, including adding a new foundation and removing an inefficient sunroom that wrapped around the back of the house. Construction began in 2006, when Kristen was pregnant with the couple’s second child. The couple worked with CCS Architecture to convert the two-bedroom, one-bathroom, single-story residence — with the master bed and bath off the kitchen — into a three-level home with four bedrooms and four bathrooms. They kept the home’s original character but added modern elements.

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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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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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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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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.

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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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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