Tag Archives: Bedford NY Realtor

Bedford NY Realtor

Rent rose at the fastest monthly pace since 2007 | Bedford Real Estate

Rent rose at the fastest monthly pace since 2007 last month, a reminder that one of the biggest expenses for most Americans isn’t easing up.

In May, rent was 3.8% higher than a year ago, the strongest 12-month rate of increase since 2008, the Labor Department said in its consumer price index report Thursday. The monthly rise was 0.4%.
It’s not only the strongest pace of growth in many years, it’s also much higher than pay increases. Inflation-adjusted hourly wages were up 1.4% in the twelve months ending in May.

Many factors are keeping the pressure on rents. The housing market is suffering from a lack of inventory. Home builders pulled back when the bubble burst, and many homeowners are reluctant to try to sell. More people of all ages and income levels are going to rent their home rather than buy, analysts believe.


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Move up Buyers Move the Housing Markets | Bedford Real Estate

Move up Buyers Move the Housing Markets

Purchases by current homeowners helped bolster home prices in August, according to results from the latest Campbell/Inside Mortgage Finance HousingPulse Tracking Survey.

“Current homeowner purchases are supporting the housing market,” said Tom Popik, research director for Campbell Surveys. “Metrics such as the sales-to-list price ratio show a strong housing market, particularly in western states. Nonetheless, forward-looking commentary from real estate agents may indicate some softening in the future.”

The market share for current homebuyers surged in the summer while the first-time homebuyer share declined. Current homeowners accounted for 49.3% of purchases in August, based on a three-month moving average after hitting a 12-month low of 44.9% in March.

The first-time homebuyer share was 38.3% in May – a level not seen since 2010. But higher home prices and seasonal patterns combined to push the first-time buyer share down to 36.4% in August. The investor share of home purchases has also fallen from 18.7% in March to 14.4% in August. NAR’s Realtor Confidence Index reported a 32 percent share for first-timers in August, up from 28 percent in July.

2015-09-25_10-10-31Source: NAR’s Realtor Confidence Report, August 2015

The sales-to-list price ratio for non-distressed properties declined modestly in August (to 98.3%) compared with the previous month (98.5%) but remained above the level seen in August 2014 (97.5%). All three states on the west coast maintained sales-to-list price ratios above 100% in August, led by California at 102.2%.

The median existing–home price for all housing types in August was $228,700, which is 4.7 percent above August 2014 ($218,400). August’s price increase marks the 42nd consecutive month of year–over–year gains.

The average time on market for non-distressed properties continued to decline in August, hitting 7.9 weeks compared with an average of 8.2 weeks the previous month and 8.6 weeks in August 2014. Non-distressed properties sold in the Pacific Northwest in August were on the market for an average of 4.5 weeks. NAR reported that properties typically stayed on the market for 47 days in August, an increase from 42 days in July but below the 53 days in August 2014. Forty percent of homes sold in August were on the market for less than a month.

Meanwhile, the proportion of distressed properties started to level off. Real estate owned properties and short sales accounted for 16.6% of sales in August compared with a 16.8% share the previous month. In August 2014, distressed properties accounted for 21.7% of home sales.

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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.

Pending Existing Homes Sales Reaches Nine-Year High | Bedford Real Estate

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.

pending sales_apr15

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.


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#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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Current Trend For U.S. Median New Home Sale Prices | Bedford Real Estate

Beginning in January 2014, the trajectory of median new home sale prices in the U.S. with respect to median household income began to follow a new trend, with typical new home sale prices increasing at an average pace of nearly $11 for every $1 increase in typical household incomes.

(click to enlarge)

The good news is that rate of increase is less than half that observed during the primary inflation phases of the first and second housing bubbles in the U.S. The bad news is that rate of increase with respect to household incomes is still 2.7-3.3 greater than those recorded during periods of stable growth in the periods preceding the inflation phases of real estate bubbles.

As we noted in our previous installment, the current pace of growth is consistent with that observed in the latter portion of the inflation of the first housing bubble.

Now, it’s important to note that this situation doesn’t mean that a new crash in housing prices is imminent, or even likely. Now that real estate investors have established a shortage of affordably priced homes in the U.S. market, U.S. homebuilders are now better able to exploit the situation by building more affordably priced homes, which several have begun to do in recent months.

Note to America’s builders: less-expensive homes are starting to move.

Purchases of new homes climbed 7.8 percent from the previous month to a seasonally adjusted 539,000 annualized pace in February, a seven-year high, according to the latest U.S. government report. Perhaps the best news for the housing industry as a whole came in the breakdown of sales, by price.

Americans signed contracts to purchase 17,000 new houses in the $200,000-to-$299,999 price range last month, the most since March 2008. That amounts to 39 percent of the 44,000 properties sold in February (unadjusted and not annualized). Another 8,000 homes-the most in nine months-sold in the range of $150,000 to $199,999.

The shifting sales mix of new homes toward lower-priced homes is prompting an increase in sales volumes, which is a desirable outcome for the current market. Since November 2014, when the median new home sale price in the U.S. peaked at $302,700, the median sale prices of new homes has fallen in each month since, and in February 2015, stands at a preliminary value of $275,500. This figure will be revised several times over the next several months.


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Bank of Mom and Dad Puts Kids in Houses | Bedford Real Estate

New research by loanDepot LLC indicates the number of parents who expect to help their Millennial-age children purchase a home in the future will increase by 31 percent compared to the past five years, from 13 to 17 percent. Half (50%) of the parents who will help their children buy a home say they’ll contribute toward down payments, while 20 percent will cover closing costs and 20 percent will cosign the loan.

In the future, about two-thirds of parents (67%) say they they’ll use savings to help their children buy a home, compared to 72 percent in the past. The number of parents who plan to use cash from a refinance or take out a personal loan to help their children buy a home is expect to double. In the past, just 4 percent of parents refinanced their homes and 3 percent used personal loans. In the future, those numbers are expected to increase to 8 percent for parents who will refinance and 8 percent for parents who will take out a personal loan.

“Support from parents is playing a significant role in the housing recovery, and this new research indicates the trend will increase,” said Dave Norris, president and chief operations officer at loanDepot LLC. “First time home buyers comprise 28 percent of the today’s home buying market[1], an almost all-time low. Through the survey, 75 percent of Millennial-age home-buyers who received financial support from their parents said that assistance made it possible for them to buy a home. Without that financial support, it’s likely the pool of Millennial first-time home buyers would be even smaller than today.”


The loanDepot research surfaced opposing views between parents and Millennial-aged buyers about whether or not the parent’s financial support was or will be a gift, loan, inheritance or something else altogether. While most parents (68%) view the financial support as a gift, only 29 percent of Millennial-aged children agreed. More Millennials (36%) view their parent’s financial support as a loan to be repaid than as a gift (29%).


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Snow and Housing Starts | #Bedford Real Estate

Construction on new homes in the United States slumped 17% in February, mostly because of heavy snowfall that sidelined builders in the Northeast and Midwest. But nationwide permits for future construction rose to the second highest level since the end of the Great Recession, suggesting construction will pick up in the spring.

So-called housing starts sank to an annual rate of 897,000 in February from a revised 1.08 million in January, the government said Tuesday. That was well below the estimate of analysts polled by MarketWatch, who predicted that starts would total a seasonally adjusted 1.03 million.

New construction in the Northeast tumbled 56% to mark the lowest rate since 2009, with the number of single-family houses being built slipping to a record low, the Commerce Department reported. Builders were frozen out in many major markets such as the Boston that was buried beneath a record nine feet of snow during the winter.

Starts also sank 37% in the frigid Midwest and 18.2% in the West, but just 2.5% in the South, where almost 50% of all new construction takes place.

At the same time, though, permits for new construction, a sign of future demand, rose 3% to an annual rate of 1.09 million. That’s the highest level since October and the second strongest increase since the end of the recession in mid-2009.

Permits rose in all major regions except for the Northeast, where they dropped 17.4%.

The biggest increase in applications for new construction once again involved multi-dwelling projects such as apartment buildings and townhouse rows. Permits for projects of five units or more jumped nearly 20%, reflecting a postrecession trend in which more people are renting instead of owning, especially younger people.

Permits for single-family homes, which make up three-quarters of the housing market, fell 6.2% compared to the prior month. They were up 2.8% from a year earlier, however.


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A Big Mortgage Change Happened This Weekend: Should You Care? | Bedford Real Estate


Saving up to buy a home might not be as much of a challenge as it used to be, now that the Federal Housing Finance Agency (FHFA) will allow some first-time homebuyers to make down payments of as little as 3%.

The change went into effect Saturday with the goal of making homeownership more accessible to Americans than it has been in a tight post-recession mortgage market. These low-down-payment loansapply to 30-year, fixed-rate mortgages guaranteed by Fannie Mae and Freddie Mac. (The FHFA regulates Fannie and Freddie, which guarantee the majority of U.S. mortgages.)

What does this mean for you? Well, if you want to buy a home but don’t have a ton of cash on hand for a down payment and closing costs, you might be able to qualify for an affordable home loan. Keep in mind lenders will require you to pay private mortgage insurance (PMI) if you pay less than 20% upfront, a cost homebuyers often overlook when determining how much they can pay — you can figure out how much house you can afford using this free calculator and watch how your monthly payments change with different down payments.

Even with a low-down-payment mortgage, you can find ways to make the monthly payments more affordable. One of the first things you’ll want to look at before applying for a home loan is your credit score. Your credit standing not only affects the mortgage rate you qualify for, it also impacts how much you must pay in PMI. You can also get rid of PMI after you’ve built a certain amount of equity in your home, among other requirements, but it’s on you to go through the process of removing PMI from your loan.

With the new directive from the FHFA, buying your first home may be more attainable, but the decision requires just as much careful thought as it would if you needed to put down 20% of the home’s value to get a mortgage. Consider the overall impact on your life of buying a home, and make sure your credit is in good shape before applying for a mortgage. You’re entitled to free annual credit reports from each of the major credit reporting agencies, and you can get two of your credit scores for free every 30 days on Credit.com.


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Mortgage rates average 3.93% | Bedford Real Estate


Mortgage Rates Inch Up Slightly

 Freedie today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates slightly up from the last week, but with the average 30-year fixed-rate mortgage remaining below four percent.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.93 percent with an average 0.5 point for the week ending December 11, 2014, up from last week when it averaged 3.89 percent. A year ago at this time, the 30-year FRM averaged 4.42 percent.
  • 15-year FRM this week averaged 3.20 percent with an average 0.5 point, up from last week when it averaged 3.10 percent. A year ago at this time, the 15-year FRM averaged 3.43 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent this week with an average 0.5 point, up from last week when it averaged 2.94 percent. A year ago, the 5-year ARM averaged 2.94 percent.
  • 1-year Treasury-indexed ARM averaged 2.40 percent this week with an average 0.4 point, down from last week when it averaged 2.41 percent. At this time last year, the 1-year ARM averaged 2.51 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.

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

“Fixed mortgage rates rebounded this week with the 30-year fixed mortgage rate increasing to 3.93 percent after declining for four weeks in a row. The rate rise comes on the heels of an uplifting jobs report showing nonfarm payrolls adding 321,000 new jobs in November — 91,000 more jobs than expected. The unemployment rate remained unchanged at 5.8 percent.”