Tag Archives: Bedford NY Luxury Homes

Florida Prices Zoom as Markets Recover | Bedford Real Estate

Florida markets are dominating national price rankings this winter as demand remains strong for properties still priced far below their 2007 peaks.

Florida and New York led gains among the states with 0.8 percent month-over-month appreciation I the Black Knight HPI December index and Florida accounted for every one of the top 10 best performing metro areas in December, with Sarasota leading the way at 1.4 percent month-over-month growth.

Nationally, Black Knight reported home prices were up 0.1 percent for the month, and have gained 5.5 percent from one year ago.  At $253,000, the national level HPI remains 5.3 percent off its June 2006 peak of $268K, and up 27 percent from the market’s bottom in January 2012

 

BKFS_HPI_Dec2015_FL_hi_res

 

Separately, the Florida Association of Realtors announced today that nearly half of the Realtors in U.S. and Canada – some 500,000 real estate professionals – now have access to its Tech Helpline service that provides technical support services for a wide range of software and hardware, from smartphones and tablets to desktops, laptops, email problems, virus issues and more.

 

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http://www.realestateeconomywatch.com/2016/03/florida-prices-zoom-as-markets-recover/

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.

 

 

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

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.

Mortgage Rates Up to 4.04% | #Bedford Real Estate

Freddi Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates reaching new highs for 2015 with the average 30-year fixed-rate mortgage above four percent for the first time since November 6, 2014 when it averaged 4.02 percent.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.04 percent with an average 0.6 point for the week ending June 11, 2015, up from last week when it averaged 3.87 percent. A year ago at this time, the 30-year FRM averaged 4.20 percent.
  • 15-year FRM this week averaged 3.25 percent with an average 0.6 point, up from last week when it averaged 3.08 percent. A year ago at this time, the 15-year FRM averaged 3.31 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week with an average 0.4 point, up from last week when it averaged 2.96 percent. A year ago, the 5-year ARM averaged 3.05 percent.
  • 1-year Treasury-indexed ARM averaged 2.53 percent this week with an average 0.2 point, down from last week when it averaged 2.59 percent. At this time last year, the 1-year ARM averaged 2.40 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 above 4 percent for the first time since November 2014 as Treasury yields surged. Markets are responding to strong employment data. In May, the U.S. economy added 280,000 jobs. Moreover, job openings surged to 5.4 million in April, up over 20 percent from a year ago.”

Existing Home Sales Pause | Bedford Real Estate

Existing home sales declined 3.3% in April, despite the fact that almost half of April sales remained on the market less than one month. The National Association of Realtors (NAR) reported April 2015 total existing home sales at a seasonally adjusted rate of 5.04 million units combined for single-family homes, townhomes, condominiums and co-ops, up from an upwardly revised 5.21 million units in March. April existing sales were up 6.1% from the same period a year ago, and have increased year-over-year for seven consecutive months.

Existing Home Sales April 2015

Existing sales in the Midwest increased 1.7% from the previous month, but fell in the other regions, ranging from 1.7% in the West to 6.8% in the South. Year-over-year, all four regions increased, ranging from 13.0% in the Midwest to 1.6% in the Northeast.

The first-time buyer share remained unchanged at 30% in April, compared to 29% in February and 28% in January. The first-time buyer participation remains well below the historically typical 40% share.

Total housing inventory increased 10.0% in April to 2.21 million existing homes, which was still 0.9% below the 2.23 million level during the same month a year ago. At the current sales rate, the April unsold inventory represents a 5.3-month supply, up from a 4.6-month supply last month. NAR also reported that April homes sold in an average of 39 days compared to 52 days in March, and was the shortest time on the market since July 2013.

The distressed sales share remained unchanged at 10% in April, and was down from 15% during the same month a year ago. Distressed sales are defined as foreclosures and short sales sold at deep discounts. April all cash sales remained unchanged at 24% of transactions, down from 26% of transactions in February and 27% in January, and were down from 32% in April 2014. Individual investors purchased a 14% share of homes in April, unchanged from March, and down from 18% during the same month a year ago. Some 71% of investors paid in cash in April, compared to 70% in March, and 67% in February and January. The awaited withdrawal of cash investors will create more opportunity for first-time buyers.

 

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http://eyeonhousing.org/2015/05/existing-home-sales-pause/

#FoxLane High School Ranks Among New York’s Best | #Bedford Real Estate

John Jay and Fox Lane high schools have been ranked among the best in New York State in rankings by U.S. News & World Report released Tuesday.

JJHS was ranked 35th in the state, good for 10th-best in Westchester County.

John Jay’s student population of 1,189 exceeded the state average in all of the surveys major metrics, which included: College readiness, mathematics proficiency and English proficiency. The school also boasts an Advanced Placement participation rate of 78 percent.

FLHS was ranked 46th in the state, good for 14th-best in Westchester County.

Fox Lane’s student population of 1,394 met or exceeded the state average in all of the surveys major metrics, which included: College readiness, mathematics proficiency and English proficiency. The school also boasts an Advanced Placement participation rate of 64 percent.

Several other high schools in Westchester County were ranked in the top 50 in the state, including:

  • Blind Brook (No. 9)
  • Rye (No. 11)
  • Yonkers Middle/High School (No. 18)
  • Hastings (No. 24)
  • Horace Greeley (No. 25)
  • Byram Hills (No. 27)
  • Edgemont (No. 29)
  • Briarcliff (No. 31)
  • Irvington (No. 32)
  • John Jay (No. 35)
  • Pleasantville (No. 36)
  • Ardsley (No. 43)
  • Rye Neck (No. 39)
  • North Salem (No. 49)

The top ranked high school in New York was The High School of American Studies in the Bronx.

 

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http://mtkisco.dailyvoice.com/schools/fox-lane-high-school-ranks-among-new-yorks-best

Freddie reports average mortgage rates rise | #Bedford Real Estate

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates following 10-year Treasury yields higher.

News Facts

  • 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.”

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.

 

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

Gasoline Prices Down 21% for the Year | Bedford Real Estate

The consumer price index fell for the second consecutive month due to a large decrease in the price of gasoline. On a seasonally adjusted month-over-month basis the consumer price index fell 0.4%. Over the past twelve months, prices on expenditures made by urban consumers increased just 0.8% before seasonal adjustments. The falling price of gasoline is positive for consumers in the short-term as this frees up income to spend on other goods and services.

Falling gasoline prices also pushed down the energy price index which fell for the sixth consecutive month. The gasoline index, a component of the energy price index, fell on a seasonally adjusted month-over-month basis 9.4% and over the past twelve months is down 21%. However, not all components of the energy index fell. The electricity index increased 0.8% for the month and the natural gas index increased 1.5% for the month.

The price of food increased for the month and has shown steady growth over the year. The food index increased 0.3% for the month and over the past twelve months increased 3.4% before seasonal adjustments. After declining in November, the index for dairy saw an increase of 0.6% on a seasonally adjusted month-over-month basis. The index for meats, poultry, fish, and eggs increased 0.3% for the month.

Core CPI, which excludes the more volatile food and energy prices, was unchanged for the month. Over the past twelve months core CPI increased 1.6% before seasonal adjustments.

Chart_1

The shelter index rose 0.2% month-over-month in December after increasing 0.3% month-over-month in November. Over the past twelve months, the shelter index increased 2.9% before seasonal adjustments.

Because shelter costs represent a large share of the average consumer’s expenditures, a 0.2% month-over-month increase is worth exploring further. Although the increase in the shelter index partly reflects increases in rental prices, the BLS measure does not isolate the change in rental prices from the changes in the overall price index. NAHB constructs a real rent price index to isolate the change in rental prices. The NAHB constructed measure indicates whether inflation in rents is faster or slower than general inflation and provides some insight into the supply and demand conditions for rental housing, after controlling for overall inflation.

The NAHB constructed real rent index increased 0.2% in December month-over-month. Over the past year, growth in real rental prices outpaced growth in the CPI. Real rental prices rose by 1.7% from December 2013.

Chart_2

 

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http://eyeonhousing.org/2015/01/gasoline-prices-down-21-for-the-year/