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Case Shiller prices up 5.8% | Chappaqua Real Estate

  • Nationally, prices rose 5.8 percent in August compared with August 2017, according to the S&P CoreLogic Case-Shiller home prices index. That is less than the 6 percent annual gain in July.
  • The index’s 10-City Composite rose 5.1 percent annually, down from 5.5 percent in the previous month. The 20-City Composite posted a 5.5 percent year-over-year gain, down from 5.9 percent in the previous month.
  • “Following reports that home sales are flat to down, price gains are beginning to moderate,” David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in a release.
GS: Real estate agent and prospective buyer in house 091001

A real estate agent shows a home for sale to a prospective buyer in Miami.Getty Images

Mortgage interest rates didn’t begin their recent surge until the start of September, but home prices were already feeling pressure, as fewer people could afford what was for sale.

Nationally, prices rose 5.8 percent in August compared with August 2017, according to the S&P CoreLogic Case-Shiller home prices index. That is less than the 6 percent annual gain in July.

The index’s 10-City Composite rose 5.1 percent annually, down from 5.5 percent in the previous month. The 20-City Composite posted a 5.5 percent year-over-year gain, down from 5.9 percent in the previous month.

“Following reports that home sales are flat to down, price gains are beginning to moderate,” David M. Blitzer, managing director and chairman of the index committee at S&P Dow Jones Indices, said in a release. “Rising prices may be pricing some potential home buyers out of the market, especially when combined with mortgage rates approaching 5 percent for 30-year fixed rate loans.”

WATCH NOWVIDEO00:46Pending home sales inch up

The jump in mortgage interest rates began at the start of September, but home sales were already slowing, as prices were just too high for some buyers, especially entry-level buyers. Home prices have been pushed higher over the past few years due to a critical shortage of homes for sale. Inventory, however, finally began to rise in August, and continues to gain this fall. Not only are there more listings, but fewer sales, so homes are sitting on the market longer.

The market is beginning to balance more between supply and demand, following one of the strongest seller’s markets in decades. There is little concern, however, that prices will actually fall, only that the gains will fall back to more normal, historical levels of 3 percent to 4 percent annually.

“There are no signs that the current weakness will become a repeat of the crisis, however. In 2006, when home prices peaked and then tumbled, mortgage default rates bottomed out and started a three year surge,” said Blitzer. “Today, the mortgage default rates reported by the S&P/Experian Consumer Credit Default Indices are stable. Without a collapse in housing finance like the one seen 12 years ago, a crash in home prices is unlikely.”

Even as the gains shrink, some local markets continue to show price strength. Las Vegas, San Francisco and Seattle saw the biggest annual gains among the 20-city index.

In August, Las Vegas home prices jumped 13.9 percent year-over-year, followed by San Francisco with a 10.6 percent increase and Seattle with a 9.6 percent gain. Four of the 20 cities reported greater price increases in the year ending August 2018 versus the year ending July 2018.

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https://www.cnbc.com/2018/10/30/home-price-gains-fall-below-6percent-for-the-first-time-in-a-year-august-sp-case-shiller-indices.html

Classic Westchester restaurants | Chappaqua Real Estate

In life before a thousand TV channels, text-messaging and, dare we say, the harsh divide of politics, a host of Westchester restaurants served up hand-formed burgers, red sauce pasta and old-school pizza, minus the wood-burning oven and gourmet toppings.

Decades later, life may have changed dramatically, but these restaurants are still true to their core. 

We asked readers about their favorite “old-time” restaurants and got the following responses. Thanks to all who wrote in with suggestions.

Chicken wings at The Candlelight Inn in Scarsdale.

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Chicken wings at The Candlelight Inn in Scarsdale. (Photo: Seth Harrison/The Journal News)

Candlelight Inn, Scarsdale: Eating here is is practically a rite of passage. If you haven’t had chicken wings at Candlelight, one wonders if you can be called a true Westchesterite. The Tracy family has run this cash-only joint since 1955 where lines often snake out the door on weekends. Yes, you can order something else — they have ribs, wraps, burgers and addictive waffle fries — but it’s the wings, oversized, tender and spicy (though you can order them milder), that make this a beloved institution. Go back in time: 519 Central Park Ave., Scarsdale, 914-472-9706, facebook.com/Candlelight-Inn

Emilio Ristorante, Harrison: Diners feel welcome the minute they step through the doors, no matter if they’re a first-timer or have been coming for years. Open since 1979, the restaurant, in a colonial home, has always been known for its gracious hospitality and Old World ways. There’s an astute attention to detail, starting with the crisp attire of the wait staff — white shirts and ties (this month everyone is wearing pink ties for breast cancer awareness month). Antipasti is brought to the table and explained, branzino and Dover sole are filetted tableside and desserts are wheeled out with flourish. The wine list is extensive, the Italian food authentic and well-prepared, and the owner, Sergio Brasesco, is all about ensuring you have a memorable meal. Go back in time: 1 Colonial Pl., Harrison, 914-835-3100, emilioristorante.com

The dining room of Francesco's in White Plains. Photographed Oct. 3, 2019.

The dining room of Francesco’s in White Plains. Photographed Oct. 3, 2019. (Photo: Jeanne Muchnick)

Francesco’s, White Plains: Many diners no doubt went to this classic mom-and-pop red sauce restaurant with their parents back in the day  (it’s 48-years-old). And guess what? It hasn’t changed. Sitting in the dining room filled with its wood paneling, red leather booths and hodepodge of Italian art, it’s easy to feel like you’re 16 again. Expect lots of pastas along with classic entrees like lasagna, veal parmesean, penne alla vodka, and clams casino. Folks also rave about the pizza. Go back in time: 600 Mamaroneck Ave., White Plains, 914-946-3359

Gus’s Restaurant, Harrison: In business since 1931 and still run by the same family (albeit with a 17-year break in between when it was sold to a group of investors) Gus’s Restaurant, originally called The Franklin Park Tavern, has a reputation for its seafood and comfortable tavern vibe. It’s also known, among long-time patrons for staying true to the mission of Gus Kneuer who prided himself on serving hearty German fare.

Now run by Ernie and Audrey Kneuer, Gus’s grandson and granddaughter (the two bought it back from the investors in 2004), it features many of Gus’s favorites like meatloaf with mashed potatoes, grilled bratwurst with sauerkraut and fresh roasted turkey. And, thanks to the fish market next door, all the fish and seafood is super fresh and filetted every morning. “Everything gets turned over daily to keep the freshness of both our fish and meat products,” said Ernie Kneuer.  There are plenty of  American favorites like burgers, salads and sandwiches. Be sure to look for Gus’s photo which still hangs by the cash register. Go back in time: 126 Halstead Ave., Harrison, 914-835-9804, gusseafood.com

The dining room at Gus's Franklin Park Restaurant on Halstead Avenue in Harrison, pictured Oct. 9, 2018.

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The dining room at Gus’s Franklin Park Restaurant on Halstead Avenue in Harrison, pictured Oct. 9, 2018.  (Photo: Mark Vergari/The Journal News)

Muscoot Tavern, Katonah: The crooked walls and low front door are reasons to love Muscoot Tavern. Another is its friendly atmosphere and the fact that no matter what’s going on with the world, inside this roadside restaurant, things remain pretty much the same as when the restaurant first opened, sometime prior to 1925. Though it’s changed ownership many times over the years, its legacy as a local hangout remains. Try the “Zpaghetti,” zucchini noodles with fresh garlic, grape tomato, white wine and basil, or the Katonah pizza, made with roasted eggplant, zucchini, peppers caramelized onions, truffle oil, basil. Owner Bobby Epstein also likes to mix it up with some high-end specials every night like prime rib or Mako shark. Go back in time: 105 Somerstown Turnpike, Katonah, 914- 232-2800, muscoottavern.com

La Manda’s, White Plains:The no-frills decor is part of the charm — think knotty pine paneling and Formica tables —  can’t help but transport you back in time. Owner Sly Musilli writes on the La Manda’s website that though they’ve done work to improve the restaurant and spruce it up over the years, they also recognize the value of  keeping it as folks remember. That includes the heaping portions of pasta and robust Italian specialties of Chicken Scarparo, Pizzaiola and Zuppa Di Pesce. Plus, of course the super-thin pizza cooked in the same brick oven since 1934. Just be warned, it’s cash only, though there’s an ATM on the premises. Go back in time: 251 Tarrytown Rd., White Plains 914-684-9228, lamandas.com

A cheese pizza at La Manda's restaurant. Old-school Greenburgh staple has been serving thin-crust pies since 1947. Photographed May 26, 2017.

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A cheese pizza at La Manda’s restaurant. Old-school Greenburgh staple has been serving thin-crust pies since 1947. Photographed May 26, 2017. (Photo: Carucha L. Meuse/The Journal News)

Paradise Restaurant, Verplanck:Hungry for a trip down Memory Lane? Paradise, run by third-generation owner Joseph Margiotta, is your place. The restaurant is 70-years-old and though known for its happily carb-laden Italian food, Margiotta said he has tweaked the menu to include more healthier eating options. There is still plenty of old-time Italian favorites like spaghetti and meatballs, eggplant parm, shrimp scampi, and pizza. Giving diners what they like, said Margiotta, is key to their success. “You can come in and not spend a lot of money or you can come in and spend a lot of money,” he explained. “We wouldn’t have been able to survive four recessions if we didn’t offer something for everyone.” Go back in time: 135 Broadway Ave, Verplanck, 914-736-3334, paradiseverplanck.com

Roma Restaurant, Tuckahoe: The third generation of the Tavolilla family runs Roma, in business since 1931. Known primarily for its thin-crust brick-oven pizza and comfortable family-friendly vibe, it’s also a pasta haven with choices of spaghetti, linguini, penne, cavatelli, and gnocchi. Coming here is like visiting the Italian grandmother you never had where meatballs or sides of pasta can be added to any dish and the lasagna, stuffed shells, baked ziti and more, seem to stream out of the kitchen. Go back in time: 29 Columbus Ave., Tuckahoe, 914-961-3175, romarestaurant1931.com

Sam’s of Gedney Way, White Plains: The history of Sam’s is written in depth on its website, detailing how Sam Eisenstein, the 23-year-old son of a Russian immigrant “with a $300 stake and a barrel of faith,” opened his newsstand and soda fountain in 1932 on what then was a dirt lane in White Plains. Back then, a hamburger with coffee was 15 cents and you could get a 25 cent lunch with pie. In 1968 the restaurant relocated to its current spot on Gedney Way evolving from a luncheonette speakeasy to a saloon to a white-tablecloth restaurant. Now run by Peter and Karen Herrero, natives of White Plains, the two have updated it complete with organic food selections, a gluten-free menu and a loyal staff, many of whom have been with them for  years. Go back and time: 50 Gedney Way, White Plains, 914-949-0978, samsofgedneyway.com

The Blazer Burger at the Blazer Pub is topped with bacon, cheese and carmelized onions.

The Blazer Burger at the Blazer Pub is topped with bacon, cheese and carmelized onions. (Photo: Carmen Troesser)

Squire’s of Briarcliff, Briarcliff Manor: This classic burger joint, in business since 1967, is known primarily for its 9-ounce juicy patties, hand-pressed with high-quality meat. Generous portions make it another reason to come, along with the retro ambiance. Like any good tavern, it also serves wraps, salads, steak, chicken and seafood, but the menu also includes gluten-free rolls to accommodate different dietary needs. Just know: it’s American Express or cash only (there’s an ATM inside). Go back in time: 94 N. State Rd, Briarcliff Manor, 914-762-3376, squiresofbriarcliff.com

The Blazer Pub, North Salem: You go for the burgers: hand-formed and meaty, but soon, the nostalgic ambiance with its vintage arcade games, jukebox loaded with Springsteen and scalloped paper placemats win you over. It’s like stepping back into the 1970s complete with a well-worn bar which looksstraight out of the TV show, “Cheers.” Mostly though you’ll love the wallet-friendly prices (a burger is $7.75). The pub is also known for its tomato soup and “award-winning” chili. Worth nothing: the restaurant is the only one in Westchester to  be featured in “Hamburger America,” a state-by-state guide to 200 of the country’s best burger joints. Go back in time: 440 NY-22, North Salem, 914-277-4424, theblazerpub.com


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https://www.lohud.com/story/life/food/restaurants/2018/10/15/17-oldest-restaurants-westchester-whats-your-favorite/1456738002/

Teatown donation | Chappaqua Real Estate

OSI Donates 40 Acres to Teatown

On April 27, the Open Space Institute donated 40 acres, known as the “Overlook Parcel” to Teatown. Under a conservation easement held by Westchester Land Trust, it is now permanently protected.

We made it official this past Thursday with a ribbon-cutting, attended by Teatown board members, Merrilee Ingui of Open Space Institute, and Lori Ensigner of Westchester Land Trust.

You may already be familiar with this parcel, which is home to one of our popular trails: the Overlook Trail. Teatown has been managing this land for twenty years, making it an instrumental piece of our preserve.

Camp

 

Teatown Natural Science Day Camp
Our camp’s mission is to provide a safe, non-competitive summer haven where kids can be kids, learn by exploring, discover new things about themselves, each other and the earth, and develop friendships and respect for all living things. Click here to learn more.
Experience Wildflower Island

 

June 3
11am-1pm, FREE (ages 10+, no dogs)

Stroll the winding paths and enjoy the beauty of Teatown from a different perspective! Guides will be stationed in the Gatehouse to answer questions.

Teatown Dog Park

 

Teatown is evaluating the possibility of creating a members-only dog park. We’re interested in your feedback!
In the Gallery
May & June

 

Photography literally means “writing with light”. In May and June, H. David Stein presents his photographs in “Flowers in a Different Light” at Teatown’s Nature Center. Through innovative use of different types of light directed from different directions, his flowers appear to glow from within.
Teatown Request for Proposals for Master Planning Project
Opened on May 19. Bids due on June 12.
 
Upcoming Programs
Online registration is here!
Please register by visiting teatown.eventbrite.com or by calling (914) 762-2912, ext.110.
Advanced registration is required for all programs. $7 per person or free for members, unless otherwise noted.
PESTICIDES ALL AROUND US: SOLUTIONS TO THIS POLLUTION
June 2, Friday, 8:30am-10:30am FREE
Join Conservation Café—a consortium of seven Westchester County-based partners—for a discussion on pesticides. Learn about the current status of pesticide use regionally and statewide, the impact of pesticides, and community-based efforts to reduce the use of pesticides. For adults. Taking place at Pace University, Kessel Student Center, Gottesman Room.
HIKE TO TEATOWN HILL
June 4, Sunday, 10am-12pm
Teatown’s new Hilltop Trail climbs the highest point at Teatown for a great view of the Hudson Highlands. We’ll be on the lookout for hawks, and warblers, snakes and butterflies. For everyone.
POLLINATION STATION
June 10, Saturday, 11am-12pm

Flowers are pollination stations! Just how does pollen get to where it has to go? What role do animals play in pollination? By dissecting a flower we’ll see what the buzz is about, and learn why protecting our native pollinators is vital. For families.

BREEDING BIRDS AT FAHNESTOCK STATE PARK
June 12, Monday, 7am FREE

Fahnestock’s higher elevation and forested paths offer many opportunities to spot a variety of warblers, vireos, hawks and other birds. For Adults. Meet at the Pelton Pond Parking area on Rte. 301.

INVASIVE FOREST PEST WORKSHOP
June 14, Wednesday, 10am-3pm
Learn how to identify new forest pests invading our region, long-term mitigation and management strategies for Hemlock Woolly Adelgid or Emerald Ash Borer (EAB), and how to become involved in efforts to monitor pests, block pathways of introduction or locate EAB-resistant ash. For adults.
Unless otherwise noted, all programs meet in the Nature Center. Some programs fill up, so please register early.
Your support matters
Your donation can make an immediate impact and help support our environmental education programs and the stewardship of our 1,000 acre
preserve.

Mortgage rates at 3.71% | Chappaqua Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing mortgage rates mixed and largely unchanged from the previous week.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.71 percent with an average 0.5 point for the week ending March 31, 2016, unchanged from last week. A year ago at this time, the 30-year FRM averaged 3.70 percent.
  • 15-year FRM this week averaged 2.98 percent with an average 0.4 point, up from last week when it averaged 2.96 percent. A year ago at this time, the 15-year FRM averaged 2.98 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 link for theDefinitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“Dovish comments by Federal Reserve Chair Janet Yellen on Tuesday triggered a rally in Treasury markets and drove the 10-year yield down 13 basis points from last week’s high. Yellen’s comments came too late to affect this week’s mortgage rate survey, and the 30-year mortgage rate remained unchanged at 3.71 percent. However, if the Fed’s cautious tone persists, mortgage rates may register the impact in subsequent weeks.”

 

 

 

 

The dirty secret of Miami’s latest luxury condo boom | Chappaqua Real Estate

Feds Will Track How Much of Miami's Real-Estate Boom Is Being Fueled by Money Laundering

Photo by LostINMia’s Flickr via MNT Flickr Pool

The dirty secret of Miami’s latest luxury condo boom? Some of those sky-high penthouses are being bought by international criminals and other shady individuals to launder money. How many? Well, the Treasury Department’s Financial Crimes Enforcement Network wants to find out.

Take, for instance, Spanish drug kingpin Álvaro López Tardón. He ran an international cocaine ring, and to help hide his money, he set up shell corporations to buy 14 condos in Miami. Tardón is now serving a 150-year prison sentence, but the feds suspect he might be just the tip of the iceberg when it comes to funneling shady money into Miami luxury real estate.

Today the Treasury Department announced it’s targeting Miami-Dade County and Manhattan with a “geographic targeting order” to find out who is buying all of those high-end condos.

“[We are] concerned that all-cash purchases — i.e., those without bank financing — may be conducted by individuals attempting to hide their assets and identity by purchasing residential properties through limited liability companies or other opaque structures,” reads a release from the feds.

The Treasury Department will now require insurance companies to identify the names of the buyers of any all-cash real-estate transactions in Miami-Dade of more than $1 million and report them to the federal government. Those names, however, will not be released to the public.

Currently, buyers can use a network of shell companies, both offshore and domestic, to shield their identities. When buyers pay in cash, it’s even harder to track the origin of the money because no mortgages are involved.

The order will be in place from March until August, but according to the New York Times, if multiple instances of money laundering are uncovered, permanent rules will be put in place and the requirement may be extended beyond Manhattan and Miami-Dade.

Concerns that Miami’s latest real-estate bubble is being fueled, at least in part, by money laundering is nothing new. In 2013, the Nation published a report about the prevalence of the practice in Miami-Dade.

“There is a huge amount of dirty money flowing into Miami that’s disguised as investment,” Jack Blum, a Washington attorney specializing in money-laundering cases, told the Nation. “The local business community sees any threat to that as a threat to the city’s lifeblood.”

The news comes as foreign investment in Miami luxury properties is already decreasing. Curbed Miami reported earlier this week that “stock market volatility in China, low oil prices, currency devaluations in South America, and a heck of a lot of new condo units coming on the market” is leading to softening demand.

The effect the order will have on Miami’s already shaky real-estate market depends upon the number of buyers using dirty money to purchase those properties.

 

read more…

 

http://www.miaminewtimes.com/news/feds-will-track-how-much-of-miamis-real-estate-boom-is-being-fueled-by-money-laundering-8174220

How do you know if your house is haunted? | #Chappaqua Real Estate

spooky haunted house

There’s a simple way to find out what’s gone down in your house. But are you sure you want to know? (Photo: Balazs Kovacs Images/Shutterstock)

Maybe there’s something creepy about the way your stairs creak when no one is walking on them. Or maybe that new house you’re considering buying gives you chills and you don’t know why.

You don’t need to consult a psychic or a Ouija board. A new website,DiedInHouse.com, will search for murders, suicides, and accidental or natural deaths at any U.S. address. But that’s not all. Your $11.99 fee will also cover a search for any fires or meth lab activity that occurred at the location. (How practical!)

According to the website, the company has a database of 4.5 million houses that were the site of confirmed deaths, and that number is growing at a pace of about 500,000 per year. This takes the guesswork out of figuring out if anyone expired where you live or where you want to live.

Although most people would want to know about any in-house deaths, few states have laws requiring disclosure of deaths or crime to prospective purchasers. For example, according to Bloomberg, the state Supreme Court of Pennsylvania ruled last year that “psychological stigmas” such as deaths don’t need to be disclosed at all. It’s the same story in Massachusetts, where state law allows sellers to keep quiet about “alleged para psychological or supernatural phenomenon.”

read more…

 

http://www.mnn.com/your-home/at-home/stories/did-someone-die-your-house

How J.P. Morgan and Barclays mistakes inflated the housing bubble | #Chappaqua Real Estate

If I had to depend on Wall Street or Washington for an explanation of what ails the U.S. financial economy, I’d probably pick neither one. My choice would be John Griffin, a cowboy boots-wearing University of Texas financial professor, who has been on something of a roll.

Six years before Standard & Poor’s agreed to pay $1.4 billion to settle state and federal government lawsuits alleging it inflated credit ratings on securitized mortgage debt, Griffin revealed—with mathematical precision—how S&P degraded its own analytical model to issue puffed-up grades.

Seven months before J.P. Morgan Chase agreed to pay $13 billion to resolve state and federal claims that it misled investors on toxic mortgage securities—the largest financial settlement with a single entity in U.S. history—Griffin showed how the bank had originated a disproportionate share of securitized mortgages flawed by undisclosed second liens (among other reporting problems).

Today, Griffin is advancing a new argument: that housing prices were more inflated—and the crash even more violent—in markets where lenders who misreported mortgages held concentrated market shares. He concludes that big banks with bad practices drove the credit bubble, and the misreporting deepened it.

“I just want to know the truth,” says Griffin, 45, who grew up playing high school football in Texas and today delivers some of his hardest hits on Wall Street.

In his latest forensic work, Griffin and co-author Gonzalo Maturana, an assistant professor of finance at Emory University in Atlanta, combed through 3.1 million mortgages originated between 2002 and the end of 2007. More than one-quarter of these loans subsequently defaulted.

While looking for inconsistencies in appraisal values and owner-occupancy status, the most interesting part of the investigation exposes how some mortgage securities were riddled with undisclosed second liens. These hidden debts reduced the borrowers’ incentive to repay their obligations. Griffin and Maturana found the gaps by comparing bank securities documents to county courthouse records.

No fewer than 10.2% of the securitized mortgages in their sample contained an undisclosed second lien. Some lenders, such as Barclays and J.P. Morgan Chase, produced nearly double the overall number of missing debts. This is startling for two reasons: first, loans with an unreported lien were 97% more likely to become seriously delinquent than were correctly reported loans; and second, the same lender originated both liens more than two-thirds of the time.

Barclays and J.P. Morgan not only had the highest levels of misreported second liens, but also the highest aggregated misreporting across all categories analyzed, according to Griffin and Maturana’s research. They also discovered owner-occupancy inconsistencies are based on county tax records mailed to a non-business address other than the purchased residence. And they tracked aberrations in appraisal value based on human appraisals that were 20% higher than a standard model-based valuation. This is a conservative measure, four times higher than a statistically significant 5% deviation.

Of the 18 largest players in the securitized market, the highest misreporting was Barclays at 41.5% and J.P. Morgan at 41%, the research finds. J.P. Morgan and Barclays both declined to comment.

Adding to the skepticism, loans with unreported second liens typically bore higher interest rates than correctly reported loans, meaning that lenders “were seemingly aware of and accounted for the second-lien risk,” according to the research, titled “Who Facilitated Misreporting in Securitized Loans?”

These undisclosed second liens spiked “significantly” around benchmark credit thresholds, meaning the omitted debts might have helped borrowers obtain the loans, on the one hand, and helped lenders to securitize them on another.

“This type of misreporting derives from the originator’s incentives to securitize,” Griffin and Maturana conclude in their paper, which is slated for publication in the peer-reviewed Journal of Finance.

Such analysis cuts closer than conventional blame-shifting that would hold faceless borrowers, and expansionary government credit policies, accountable.

And that takes us to Griffin’s latest research, which seeks to answer the question of whether lenders that misreported important mortgage information, played a calculable role in driving up home prices—and deepening the crash.

In this new study, titled “Did Dubious Mortgage Origination Practices Distort House Prices?” Griffin and Maturana looked at a universe of about 5,000 ZIP codes across the country. They drilled down to individual streets, where 15% or more of the home mortgages were originated by the same suspect lenders identified in the earlier study. They compared this to similar houses sold in other ZIP codes where the lenders originated less than 5% of the purchase transactions.

Unsurprisingly—based on the compounding effect of such bad practices—Griffin and Maturana found that home prices rose 63% in 858 ZIP codes with high concentrations of lenders they believe misreported mortgage information from 2003 to 2006. This contrasts with a 36% price increase in 4,318 ZIP codes with a lower presence of such originators. On the downside, from 2007 to 2012, prices decreased 40% in ZIP Codes with the higher concentrations of bad originating practices, almost double the 21% decline elsewhere.

 

read more…

 

http://www.marketwatch.com/story/how-jp-morgan-and-barclays-mistakes-inflated-the-housing-bubble-2015-06-04

Modest Gains for Home Construction | #Chappaqua Real Estate

After a disappointing set of housing data last month, recent reports suggest a return to trend for home building as the nation enters the spring home buying season.

Home builders reversed a one-month decline in sentiment as the April NAHB/Wells Fargo Housing Market Index (HMI) increased 4 points to 56 in April from a one-point downwardly revised 52 in March. The bounce back up to the January-February average suggests the March observation was an outlier.

All three components of the HMI rebounded to or above the early part of 2015. The current sales index rose three points to 61, matching the February level and standing just one point below the January report. The expected sales component rose five points to 64, the highest in 2015, and the traffic component rose four points to 41. The solid and significant increase in expectations suggests builders are expecting the market to continue growing.

Consistent with this rebound in market sentiment, Census-estimated housing starts increased 2% to a seasonally adjusted annual rate of 926,000 in March. Single-family starts increased 4.4% to a 618,000 rate. Multifamily starts dropped to a 308,000 pace, the lowest monthly rate since September 2013. Most of this decline in apartment construction was concentrated in the West.

Permits were down 5.7% overall, mostly due to a 15.9% loss in multifamily, evenly spread across three of the four regions. Northeast multifamily permits rose 55% to 90,000, the highest since June 2008, when a code change caused a one-time jump. The remaining three regions accounted for a 108,000 fall, offsetting the 48,000 increase in the Northeast. Single-family permits rose 2.1% to a 636,000 rate, with only the West showing a decline of 2% or down 3,000 to a 146,000 permits pace for March

 

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http://eyeonhousing.org/2015/04/eye-on-the-economy-modest-gains-for-home-construction/

United States S&P Case-Shiller Home Price Index Up 4.3% | Chappaqua Real Estate

United States S&P Case-Shiller Home Price Index 2000-2015 | Data | Chart

Case Shiller Home Price Index in the United States increased to 173.02 Index Points in December of 2014 from 172.94 Index Points in November of 2014. Case Shiller Home Price Index in the United States averaged 154.45 Index Points from 2000 until 2014, reaching an all time high of 206.52 Index Points in July of 2006 and a record low of 100 Index Points in January of 2000. Case Shiller Home Price Index in the United States is reported by the Standard & Poor’s.

      Forecast

United States S&P Case-Shiller Home Price Index

 

Actual Previous Highest Lowest Dates Unit Frequency
173.02 172.94 206.52 100.00 2000 – 2014 Index Points Monthly
2000=100; NSA
The S&P/Case-Shiller 20-City Composite Home Price Index measures changes in residential house prices in 20 metropolitan regions in the United States: Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa and Washington D.C. This page provides – United States Case Shiller Home Price Index- actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for – United States S&P Case-Shiller Home Price Index – was last refreshed on Tuesday, February 24, 2015.
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http://www.tradingeconomics.com/united-states/case-shiller-home-price-index

Existing home sales collapse 6.1% in November | Chappaqua Real Estate

Existing home sales in November tumbled 6.1%, the biggest drop since July 2010, down to a seasonally adjusted annual rate of 4.93 million.

This was well below analyst expectations of a 1.1% decline, ending five months of 5 million SAAR sales.

It wasn’t weather – analysts noted that the November weather was mild and should have given a boost to sales.

“While the headlines often point to first-time buyers’ reluctance to enter the market as a catalyst to the sluggish housing recovery, today’s report shows inventory needs to climb before it can support more interested buyers,”Quicken Loans Vice President Bill Banfield said. “As homeowners gain trust in the economy, they will be more comfortable leaving their current mortgage and entering the market, thus driving up inventory to support further demand.”

November’s weakness is broad based, with all four regions showing single-digit monthly declines.

Lawrence Yun, chief economist for the National Association of Realtors, blamed the stock market.

“The stock market swings in October may have impacted some consumers’ psyche and therefore led to fewer November closings,” Yun said. “Furthermore, rising home values are causing more investors to retreat from the market.”

 

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http://www.housingwire.com/articles/32414-existing-home-sales-collapse-61-in-november