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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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From Houston to LA, “luxury housing” remains relative | Bedford Real Estate

 

Luxury living is highly dependent on the local market when it comes to defining it, an article in the Los Angeles Times said. The article covered a panel of experts at the National Association of Real Astate Editors’ annual conference.

While the luxury price start point differs with geographic region, Frank Malpica of ERA Franchise Systems pegs it at about $500,000 outside of metropolitan areas.

Popular amenities vary by location as well. Media rooms are still “in” in L.A. — less so in Houston. Fireplaces are shrinking and changing in L.A., since newly constructed houses can no longer have wood-burning ones.

Source: L.A. Times

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Refinance share continues to grow | Bedford NY Real Estate

 

After weeks of steady declines and levels well below originations the same time last year, mortgage applications jumped a surprising 10.3% from one week earlier, according to data for the week ending June 6 from the Mortgage Bankers Association.

The previous week’s results included an adjustment for the Memorial Day holiday.
The Market Composite Index, a measure of mortgage loan application volume, increased 10.3% on a seasonally adjusted basis from one week earlier.

The Refinance Index increased 11% from the previous week. The seasonally adjusted Purchase Index increased 9% from one week earlier. The unadjusted Purchase Index increased 19% compared with the previous week and was 13% lower than the same week one year ago.

“The jump in applications shows folks are taking notice of rates near six-month lows,” said Quicken Loans vice president Bill Banfield. “The jump in purchase applications is especially good to see, as homeowners may finally be getting comfortable putting their home on the market with the level of inventory they see around them.”

The refinance share of mortgage activity increased to 54% of total applications from 53% the previous week. The adjustable-rate mortgage share of activity remained unchanged at 8% of total applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.34% from 4.26%, with points increasing to 0.16 from 0.13 (including the origination fee) for 80% loan-to-value ratio loans. The effective rate increased from last week.

 

 

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http://www.housingwire.com/articles/30280-mortgage-applications-unexpectedly-jump-10-for-week

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Home price gains over 20% vanish with cooling market | Bedford NY Real Estate

 

Home price gains have been slowing and now Bloomberg confirms what we’ve been seeing.

None of the 100 largest U.S. metropolitan areas had increases of more than 20% in residential asking prices last month — the first time in almost two years that’s happened, San Francisco-based Trulia Inc. (TRLA) said in a report. That compares with seven metro areas, including Las Vegas, Phoenix and California’s Silicon Valley, that had such year-over-year gains in May 2013.

“Big price increases mean there are fewer bargains to be found, and the closer prices get to where they should be, the less prices will rise,” Jed Kolko, chief economist at the property-data provider, said in a telephone interview. “I’d be surprised if we see markets getting back to 20%-plus gains. More inventory should be coming onto the market, investor activity is declining and affordability is worsening.”

 

 

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http://www.housingwire.com/articles/30263-home-price-gains-over-20-vanish-with-cooling-market

 

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