Tag Archives: Cross River Luxury Real Estate

NAR Lowers Sales Forecast | Cross River Real Estate

The National Association of Realtors has reduced its outlook for existing sales in 2016 from a 3 percent increase over 2015 (5.45 million sales) to an increase of only 1 to 2 percent (5.30 to 5.40 million sales).

The new forecast, three months before the opening of the home sales season, amends an early one made at NAR’s annual meeting in November.

“This year the housing market may only squeak out 1 to 3 percent growth in sales because of slower economic expansion and rising mortgage rates,” said NAR Chief Economist Lawrence Yun in a video posted on the NAR site. “Furthermore, the continued rise in home prices will occur due to the fact that we will again encounter housing shortages in many markets because of the cumulative effect of homebuilders under producing for multiple years. Once the spring buying season begins, we’ll begin to feel that again.”

With one month of data remaining for 20151, Yun expects total existing-homes sales to finish the year up 6.5 percent from 2014 at a pace of around 5.26 million –the highest since 2006, but roughly 25 percent below the prior peak set in 2005 (7.08 million).

Yun did not alter his November price forecast. The national median existing-home price for all of 2015 will be close to $221,200, up around 6 percent from 2015.  Yum calls for prices to soften to a 5 to 6 percent increase in sold prices.

 

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http://www.realestateeconomywatch.com/2016/01/nar-lowers-sales-forecast/

Mortgage rates average 3.95% | Cross River Real Estate

Freddie today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the average 30-year fixed mortgage rate declining slightly leading up to the Thanksgiving holiday. The average 30-year fixed rate mortgage hasn’t risen above 4 percent since the week of July 23rd of this year, which is helping homebuyer affordability in the face of rising house prices due to low levels of inventory in many markets.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.95 percent with an average 0.7 point for the week ending November 25, 2015, down from last week when it averaged 3.97 percent. A year ago at this time, the 30-year FRM averaged 3.97 percent.
  • 15-year FRM this week averaged 3.18 percent with an average 0.6 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.17 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week with an average 0.5 point, up from last week when it averaged 2.98 percent. A year ago, the 5-year ARM averaged 3.01 percent.
  • 1-year Treasury-indexed ARM averaged 2.59 percent this week with an average 0.3 point, down from 2.64 percent last week. At this time last year, the 1-year ARM averaged 2.44 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.

As of January 1, 2016, the PMMS will no longer provide results for the 1-year ARM. Additionally, the regional breakouts will not be provided for the 30-year and 15-year fixed rate mortgages, and the 5/1 Hybrid ARM.

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

“In a quiet week leading up to the Thanksgiving holiday, the 30-year mortgage rate dipped 2 basis points to 3.95 percent. Economic releases over the last week contained no major surprises, and none are expected in the next few days. The year is winding down, and the only remaining market dates of note are December 4 — the last employment report of the year — and December 15-16, the long-awaited FOMC meeting.”

Mortgage rates average 3.85% | Cross River Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMM®), showing average fixed mortgage rates largely unchanged despite ongoing global growth concerns putting downward pressure on Treasury yields.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.85 percent with an average 0.6 point for the week ending October 1, 2015, down from last week when it averaged 3.86 percent. A year ago at this time, the 30-year FRM averaged 4.19 percent.
  • 15-year FRM this week averaged 3.07 percent with an average 0.7 point, down from last week when it averaged 3.08 percent. A year ago at this time, the 15-year FRM averaged 3.36 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.91 percent this week with an average 0.4 point, unchanged from last week. A year ago, the 5-year ARM averaged 3.06 percent.
  • 1-year Treasury-indexed ARM averaged 2.53 percent this week with an average 0.2 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.42 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.

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

“In contrast to the volatility in equity markets, the 10-year Treasury rate — a key driver of mortgage rates — varied just a little more than 10 basis points over the last week. As a result, the 30-year mortgage rate remained virtually unchanged, dropping 1 basis point to 3.85 percent. This marks the tenth consecutive week of a sub-4-percent mortgage rate. Despite persistently low mortgage rates, the pending home sales index dropped 1.4 percent in August, suggesting possible tempering in existing home sales in September.”

Rotterdam to consider trialling plastic roads | Cross River Real Estate

Dutch city could be first to pave its streets with recycled plastic bottles, a surface claimed to be greener, quicker to lay and more reliable than asphalt

Plans unveiled for recycled plastic roads are being considered by Rotterdam city council.
Plans unveiled for recycled plastic roads are being considered by Rotterdam city council. 

 

The Netherlands could become the first country to pave its streetswith plastic bottles after Rotterdam city council said it was considering piloting a new type of road surface touted by its creators as a greener alternative to asphalt.

The construction firm VolkerWessels unveiled plans on Friday for a surface made entirely from recycled plastic, which it said required less maintenance than asphalt and could withstand greater extremes of temperature– between -40C and 80C. Roads could be laid in a matter of weeks rather than months and last about three times as long, it claimed.

The company said the environmental argument was also strong as asphalt is responsible for 1.6m tons of CO2 emissions a year globally – 2% of all road transport emissions.

Rolf Mars, the director of VolkerWessels’ roads subdivision, KWS Infra, said: “Plastic offers all kinds of advantages compared to current road construction, both in laying the roads and maintenance.”

The plastic roads are lighter, reducing the load on the ground, and hollow, making it easier to install cables and utility pipelines below the surface.

Sections can be prefabricated in a factory and transported to where they are needed, reducing on-site construction, while the shorter construction time and low maintenance will mean less congestion caused by roadworks. Lighter materials can also be transported more efficiently.

Mars said the PlasticRoad project was still at the conceptual stage, but the company hopes to be able to put down the first fully recycled thoroughfare within three years. Rotterdam, a keen supporter of sustainable technology, has already signalled its interest in running a trial.

Jaap Peters, from the city council’s engineering bureau, said: “We’re very positive towards the developments around PlasticRoad. Rotterdam is a city that is open to experiments and innovative adaptations in practice. We have a ‘street lab’ available where innovations like this can be tested.”

 

http://www.theguardian.com/world/2015/jul/10/rotterdam-plastic-roads-trial-netherlands

Mortgage Rates at 4% | Cross River Real Estate

Freddia Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving lower from the previous week’s new highs for 2015 while housing data was generally positive.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.00 percent with an average 0.7 point for the week ending June 18, 2015, down from last week when it averaged 4.04 percent. A year ago at this time, the 30-year FRM averaged 4.17 percent.
  • 15-year FRM this week averaged 3.23 percent with an average 0.5 point, down from last week when it averaged 3.25 percent. A year ago at this time, the 15-year FRM averaged 3.30 percent.
  • 1-year Treasury-indexed ARM averaged 2.53 percent this week with an average 0.2 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.41 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 were down this week while housing data were generally positive. Although housing starts dropped 11.1 percent to a seasonally adjusted pace of 1.04 million units in May, housing permits surged 11.8 percent to its highest level since August 2007. Reinforcing this positive momentum, the NAHB housing market index rose 5 points in June, suggesting home builders are very optimistic about home sales in the near future.”

Housing Recovery – Prices and Production | Cross River Real Estate

The Federal Housing Finance Agency (FHFA) and the Standard and Poor’s/Case-Shiller recently released the Home Price Index (HPI) for March.

The price index reported by the Federal Housing Finance Agency (FHFA) decelerated in March, slowing to an annualized growth rate of 4.2% from 7.8% in February. Monthly growth rates have been volatile but have trended down since the recent peak in 2013. The level of the index remains below the housing boom peak but has recovered to a level consistent with trend growth prior to the boom and bust extremes.

Figure 1_March

House prices reported by the Standard and Poor’s/Case-Shiller show the same dynamics as the FHFA index, sharply rising prices during the boom followed by steep declines and finally recovery beginning in 2012. The Case-Shiller index also shows volatile monthly growth rates and a deceleration in price growth since 2013.

 

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http://eyeonhousing.org/2015/06/housing-recovery-prices-and-production/

Mortgage rates move higher for third week in a row | Cross River Real Estate

Average fixed mortgage rates followed 10-year Treasury yields higher and rose for the third consecutive week, according to Freddie Mac.

At 3.85%, the average 30-year fixed-rate mortgage is just below the high for 2015.

“Mortgage rates rose for the third consecutive week as 10-year Treasury yields continued to climb,” said Len Kiefer, deputy chief economist for Freddie Mac.

“The labor market continues to improve with U.S. economy adding 223,000 jobs in April, a solid rebound from merely 85,000 job gains in March. Also, the unemployment rate dipped to 5.4% in April as the participation rate ticked up to 62.8% and jobless claims were far less than expected.”

The 30-year fixed-rate mortgage averaged 3.85% with an average 0.6 point for the week ending May 14, 2015, up from last week when it averaged 3.80%. A year ago at this time, the 30-year FRM averaged 4.20%.

The 15-year FRM this week averaged 3.07% with an average 0.6 point, up from last week when it averaged 3.02%. A year ago at this time, the 15-year FRM averaged 3.29%.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.89% this week with an average 0.5 point, down from last week when it averaged 2.90%. A year ago, the 5-year ARM averaged 3.01%.

The 1-year Treasury-indexed ARM averaged 2.48% this week with an average 0.4 point, up from last week when it averaged 2.46%. At this time last year, the 1-year ARM averaged 2.43%.

 

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http://www.housingwire.com/articles/33891-mortgage-rates-move-higher-for-third-week-in-a-row

 

Home Prices in 20 U.S. Cities Increase at Faster Pace | Cross River Homes

Home prices in 20 U.S. cities climbed at a faster pace than forecast in the year ended February, a sign the housing industry may be gaining momentum amid low borrowing costs and continued job growth.

The S&P/Case-Shiller index of property values increased 5 percent from February 2014, the biggest year-to-year gain since August, after rising 4.5 percent in the year ended in January, the group said today in New York. The median projection of 28 economists surveyed by Bloomberg called for a 4.7 percent year-over-year advance. Nationally, prices rose 4.2 percent.

Higher real estate prices may persuade more homeowners to put their properties on the market, boosting the limited inventory that’s been holding some prospective buyers back. More supply, in addition to continued gains in the labor market and looser lending standards, will be needed to help the housing market accelerate after showing inconsistent progress.

 

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http://www.bloomberg.com/news/articles/2015-04-28/home-prices-in-20-u-s-cities-rose-at-faster-pace-in-february

 

Mortgage Rates Lower | Cross River Real Estate

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving lower following a weaker than expected jobs report for March.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.66 percent with an average 0.6 point for the week ending April 9, 2015, down from last week when it averaged 3.70 percent. A year ago at this time, the 30-year FRM averaged 4.34 percent.
  • 15-year FRM this week averaged 2.93 percent with an average 0.6 point, down from last week when it averaged 2.98 percent. A year ago at this time, the 15-year FRM averaged 3.38 percent.
  • 1-year Treasury-indexed ARM averaged 2.46 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.41 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 fell across the board following last week’s disappointing employment report. The US economy added 126,000 new jobs in March, well below market expectations of 247,000 jobs. We did see some uptick in wages, as average hourly earnings increased 7 cents for the month, and are up 2.1 percent over the year. Meanwhile, jobless claims fell sharply to 268,000 this week, much lower than market expectations of 285,000.”

Buy an Abandoned Key West School | Cross River Real Estate

Key West’s Jeptha Vinning Harris School was “built as one of the first schools in Florida” in 1905. It was dedicated in 1909, and served as Key West’s elementary school until the last class graduated in 1986 (it also served as a high school until 1915, when another school was built). Then it was “used as the district’s alternative school site and as an office for various social service and government offices”, although in reality it was mostly abandoned. A developer bought it from the school board in 2009 for $4.25 million, and apparently did little with it, and now the old school, which, although the listing photos don’t include any interiors, appears hardly changed over the years, is back on the market for$12.5 million. Listed on the National Register of Historic Places, both floors have original 14 foot ceilings, lots of wood, and grand staircases.

 

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http://miami.curbed.com/archives/2015/03/10/abandoned-key-west-school-listed-for-125-million.php