The Case-Shiller (CS) National Home Price Index, released by S&P Dow Jones Indices, rose in August. The index rose at a seasonally adjusted annual growth rate of 7.6%, faster than the 4.9% reported in July. After the deceleration in the beginning of 2016, house prices have accelerated since May due to tight inventory and the increases in existing home sales in the early part of this year.
The Home Price Index from the Federal Housing Finance Agency (FHFA) rose at a seasonally adjusted annual rate of 8.9% in August, after the 5.7% increase in July, confirming the reacceleration in home prices.
After the tumultuous boom and bust the increases of recent months have brought home prices more in line with long term trend levels and home prices are reaching the pre-recession peak in 2006.
Along with the gradual increases in national home prices, home prices gained in most metro areas in August. Figure 2 shows home price appreciation for 20 major U.S. metropolitan areas in August.
Among the 20 metro areas, San Francisco had the highest home price appreciation (12.2%), followed by Seattle (10.1%), Miami (7.2%) and Dallas (6.6%). Fifteen out of the 20 metro areas had positive home price appreciation, more metro areas reporting home prices increased than last month. Home price appreciation in the remaining five metro areas was negative. They are Minneapolis, Atlanta, Las Vegas, Chicago and Detroit, with the highest decline of 1.8% in Detroit.
NAHB analysis of Census construction spending data shows that total private residential construction spending for December increased to a seasonally adjusted annual rate of $430 billion. On a month-over-month basis, private single-family spending was $231 billion, up by 1% over the revised November estimate. Private multifamily spending also increased to $53 billion, up by 2.66%. Over the same period, private construction spending on home improvements increased 0.12%. Annually, the pace of multifamily is up 12% from the November 2014 estimate, and spending on single-family construction was 9% higher. Over the same period private construction spending on home improvements increased 5.9%. (Please see this analysis of recent data revisions for this series).
The NAHB-constructed spending index, which is shown in the graph below (the base is January 2000) indicates that recent gains have been driven by the steady increase in multifamily construction spending. The pace of the multifamily spending is gradually slowing. NAHB anticipates accelerating growth for single-family spending in 2015.
The pace of total nonresidential construction spending was down by 0.4% on a monthly basis in December, but it posted an annual increase from the revised December 2014 estimate of 8%. The largest contribution to this year-over-year gain was made by the class of manufacturing-related construction (45% increase), followed by lodging (31% increase) and Amusement and Recreation (24% increase).
The NAR Pending Home Sales Index increased for the fourth straight month in April to a level 14% above April of 2014.
The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts produced by the National Association of Realtors (NAR), increased 3.4% in April to 112.4, up from an upwardly revised 108.7 in March. The PHSI increased year-over-year for the eighth consecutive month and reached its highest level since May 2006.
Regionally, the April PHSI increased 2.3% in the South and 0.1% in the West. The index rebounded in the Northeast by 10.1% after declines in prior months. The PHSI was up 5% in April for the Midwest.
Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates following 10-year Treasury yields higher.
30-year fixed-rate mortgage (FRM) averaged 3.80 percent with an average 0.6 point for the week ending May 7, 2015, up from last week when it averaged 3.68 percent. A year ago at this time, the 30-year FRM averaged 4.21 percent.
15-year FRM this week averaged 3.02 percent with an average 0.6 point, up from last week when it averaged 2.94 percent. A year ago at this time, the 15-year FRM averaged 3.32 percent.
1-year Treasury-indexed ARM averaged 2.46 percent this week with an average 0.4 point, down from last week when it averaged 2.49 percent. At this time last year, the 1-year ARM averaged 2.43 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.
Quotes Attributed to Len Kiefer, deputy chief economist, Freddie Mac.
“Mortgage rates rose this week to the highest level since the week of March 12 as a selloff in German bunds helped drive U.S. Treasury yields above 2.2 percent. The U.S. trade deficit reached $51.4 billion in March to the highest level since 2008. Also, the Institute for Supply Management’s manufacturing index was unchanged in April, but manufacturing employment contracted as the index fell below 50 for the first time since May 2013.”
Although Empire City Casino’s Kentucky Derby Day and fancy hat contest are local traditions, this year’s Derby-related activities have the added appeal of a hometown favorite: Upstart, a Bedford-bred horse, will try to bring home a Derby win for New York for the first time in more than a decade.
The three-year-old Upstart, owned by Ralph Evans and bred by Sunnyfield Farms Owner Joanne Nielsen, has a solid record, with a career total of seven starts: three first-place finishes, three seconds, and one third.
The first New York horse to win the Kentucky Derby was Funny Cide in 2003. Since then, no New York horse has made it to the top of this crème de la crème of horse races. Upstart, who won the Holy Bull and was a runner-up in the Florida Derby, has been given 15-1 odds—not impossible, certainly, but he’ll need a bit of luck to pull out a win. Coincidentally, his foalhood nickname was “Lucky;” he was born on April, 13, 2012—a lucky Friday the 13th. And given that only 20 thoroughbreds make it to the Kentucky Derby out of the approximately 30,000 that are born yearly, one could argue luck has always been on Upstart’s side.
It’s not every year New Yorkers get to see a hometown contestant in the Kentucky Derby, so be sure to tune in and root for Upstart. Coverage starts at 4 pm on Friday on NBC.
Developer Wilder Balter Partners is proposing a 79-home project on a site near Bedford Village’s downtown, a location that Rippowam Cisqua previously sought to use for a high school.
The project, which carries the working title “Bedford Farm,” calls for using the northern portion of a 113-acre site, which is bounded by Old Post Road (Route 22) to the north, Crusher Road to the west, Vinton Avenue to the east and the Mianus River to the south.
Seventy of the homes would be “age-targeted” and consist of single-family and two-unit structures. Nine of the units would be affordable homes and be located across the developed portion of the site.
Additionally, the project calls for a four-acre farm, which would be used for growing produce that residents and local restaurants could use. A full-time farmer would work and live at the site.
Other amenities include a gazebos and a 5,000-square-foot clubhouse containing a gym, potentially a pool, a catering kitchen, a billiards room and a personal-training space.
Earlier today, the Federal Housing Finance Agency (FHFA) reported a 10 basis point decline in mortgage interest rates for the month of January. Looking into the data a little further shows that the story was essentially the same for the subset of mortgages used to purchase newly built homes,
On conventional mortgages for new homes, FHFA tables show the average contract interest rate declining from 4.03 to 3.92 percent—the first time it’s dipped below 4 percent since May.
Meanwhile, average initial fees and charges on the loans, increased slightly from 1.16 to 1.18 percent. The result was a 9 basis point decline in the average effective interest rate (which amortizes initial fees over the estimated life of the loan) on new home loans, from 4.14 to 4.05 percent.
While the average size of the mortgages declined, from $336,500 to $331,700, the average price of the new homes purchased with the loans moved in the opposite direction—recovering from $437,300 to $440,300 after a one month dip. Although not quite up to the November peak, this is still the second highest average new home price on record.
The combination of smaller loans and higher price took the average loan-to-price ratio on new home mortgages down from 78.9 to 77.3, a ratio more typical of recent history (the average for 2014 was 77.6).
The latest menace dealt by New England’s historic snowbound winter — the creak, crack and boom of collapsing roofs — may get worse as the region heads into a weekend forecast of rain.
Rooftops, especially flat ones, have buckled under the weight of snow from Rhode Island northward to Maine, and companies like Ottawa eavestrough repair have been working hard to restore the damaged roofs. In Massachusetts, 106 roofs have caved in the last two weeks. Two partial roof collapses in Portsmouth, New Hampshire, displaced as many as 700 residents in an apartment complex.
There have been no reports of death or serious injury in the structural failures. That could change with Boston’s next round of foul weather, which will start Saturday. Unlike every system since Jan. 27, it will switch to all rain through the overnight hours, said Alan Dunham, a National Weather Service meteorologist in Taunton, Massachusetts. Most legal proceedings can only be filed within a certain window of time. This is called the statute of limitations. If you do not file your case in time, you will not have your day in court even if your case is valid. The statute of limitations on negligence cases varies from state to state. This is another reason to make sure you have a quality medical malpractice attorney. They will know exactly how much time they have to complete the necessary paperwork to ensure your case is heard. Here read more information about the Queens Personal Injury Attorneys. In order to protect doctors and insurance providers, there has been a cap put on the amount of money that can be recovered from these cases. Similar to the statute of limitations, this amount varies from state to state. If you win your case, the amount will be more than sufficient in covering the bills you incurred as a result of the negligence. A medical malpractice attorney will ensure that you recover as much monetary compensation as you possibly can for your ordeal.
A medical malpractice attorney can help a client who has had a doctor who has committed professional negligence, by either act or omission, which then makes the treatment or procedure turn out to be worse than the accepted standard within the medical community. A medical malpractice attorney can also help a family who has had a family member die or be injured by a doctor who has committed professional negligence. Each country has its own regulations and standards that define professional negligence. Sometimes doctors and other medical professionals obtain professional liability insurance to help defray the risk and also the costs of a lawsuit based on their errors.
“The snow will basically just absorb all the rain,” Dunham said. “All that snow sitting on roofs will be even heavier and it will exacerbate an already large problem.”
Roof collapses in Massachusetts include a commercial plaza, daycare center and lumber retailer, according to the state’s emergency management agency, MEMA. They will all need roof repair as soon as possible.
In Newington, New Hampshire, about 100 employees face a temporary layoff after a roof collapse on a warehouse at Georgia-Pacific.
A barn roof gave way in Berwick, Maine, as did part of a roof over a manufacturing facility in Rockland, the coastal Maine community known for its annual lobster festival.
In the Boston area, which has been smothered by more than eight feet of snow this season, companies that shovel off roofs and break up ice dams are so busy that many aren’t returning new calls for help. Fortunately, there is an Affordable Roofing Contractor knoxville TN who can help you with fixing your roof and removing the snow from your roof.
As of Thursday afternoon, Boston had received 98.7 inches (about 250 centimeters) at Logan International Airport, making the current winter the snowiest on record behind 1995-1996, when 107.6 inches fell.
Whether Saturday’s storm system brings snow, rain or a mix, it will add weight, said Chris Besse, a MEMA spokesman.
Signs of impending collapse can include sagging roofs, leaks inside the house and cracked or split wood in the structural makeup of the dwelling, MEMA said on its website. Sprinkler heads that drop down from ceiling tiles, doors that pop open and doors or windows that are difficult to open can also be red flags. Visit Website if you are looking for a reliable roofing services to ease the load of working on a strong roof.
To ease the roof’s load, the state recommends a snow rake – – if you can find one for sale. Start from the edge and work inward, shaving the piles down to two or three inches. Scraping the roof clean will risk damage to shingles and other roofing material, MEMA advises.