Tag Archives: Cross river NY Luxury Homes for Sale

New home sales plummet more than 11% in April | Cross River Real Estate

New home sales plummeted from last month, however the level of housing inventory showed improvement, according to a joint release from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.

Sales of new single-family homes in April came in at a seasonally adjusted rate of 569,000 sales, a decrease of 11.4% from last month’s 642,000 sales. However, this is up 0.5% from last year’s 566,000 sales.

Brent Nyitray, iServe Residential Lending director of capital markets, pointed out in his note to clients that new home sales are still lagging behind population growth.

Surprisingly, the median sales price dropped to $309,200, down from last month’s $315,100.

The seasonally adjusted estimate of new homes for sale at the end of April remained steady at 268,000 homes. But with the lower rate of sales, this represents a 5.7-month supply of homes, up from 5.4 months in March.

While falling home prices and an increase in inventory could show a cooling housing market, time will tell if this was a one-month drop or a new trend.

read more…

http://www.housingwire.com/articles/40189-new-home-sales-plummet-more-than-11-in-april?eid=311691494&bid=1763675

Realtors: Homebuyers flooded housing market in first quarter | Cross River Real Estate

The first quarter of 2017 saw the strongest quarterly home sales pace in a decade, according to the latest quarterly report from the National Association of Realtors.

This increase in home sales put downward pressure on housing inventory levels and caused home prices growth to accelerate its rate of increase in the first quarter, the report states. In fact, metro home prices now accelerated for three consecutive quarters.

The national median home price increased to $232,100, up 6.9% from the first quarter of 2016. This represents the fastest rate of growth since the second quarter of 2015.

“Prospective buyers poured into the market to start the year, and while their increased presence led to a boost in sales, new listings failed to keep up and hovered around record lows all quarter,” NAR Chief Economist Lawrence Yun said. “Those able to successfully buy most likely had to outbid others, especially for those in the starter-home market, which in turn quickened price growth to the fastest quarterly pace in almost two years.”

Single family home prices increased in 85% of markets as 152 of 178 metropolitan statistical areas showed sales prices gains in the first quarter, the report states. However, in 14 MSAs, home prices decreased year-over-year.

“Several metro areas with the healthiest job gains in recent years continue to see a large upswing in buyer demand but lack the commensurate ramp up in new home construction,” Yun said. “This is why many of these areas, in particular several parts of the South and West, are seeing unhealthy price appreciation that far exceeds incomes.”

Total existing home sales, including single-family homes and condos, increased 1.4% in the first quarter to a seasonally adjusted rate of 5.62 million, the highest rate since the first quarter of 2007.  This is up from 5.55 million in the fourth quarter of 2016 and from 5.36 million in the first quarter of 2016.

Housing inventory, however, decreased 6.6% from 1.96 million homes for sale in the first quarter last year to 1.83 million this year. This average supply rested at 3.7 months in the first quarter, down from 4.2 months last year.

And while median income is increasing,, hitting a national average of $71,201, higher mortgage rates and home prices weakened affordability.

“Last quarter’s robust pace of sales was especially impressive considering the affordability sting buyers experienced from higher prices and mortgage rates,” Yun said. “High demand is poised to continue heading into the summer as long as job gains continue. However, many metro areas need to see a significant rise in new and existing inventory to meet this demand and cool down price growth.”

 

read more…

 

http://www.housingwire.com/articles/40118-realtors-homebuyers-flooded-housing-market-in-first-quarter?eid=311691494&bid=1755028

Time to Build a Single-Family Home | Cross River Real Estate

With the end of 2016 approaching, NAHB’s Eye on Housing is reviewing the posts that attracted the most readers over the last year. In July, Na Zhao examined typical construction durations for various types of single-family homes and regions.


The 2015 Survey of Construction (SOC) from the Census Bureau shows that the average completion time of a single-family house is around 7 months, which usually includes almost a month from authorization to start and another 6 months to finish the construction. The timeline from authorization to completion, however, is not consistent across the nation, depending on the housing category, the geographic location, and metropolitan status.

Among all the single-family houses completed in 2015, houses built for sale took the shortest time, 6 months to completion after obtaining building permits, while houses built by owners required the longest time, almost a year. Homes built for rent took 9 months from permit to completion, and those built by hired contractors normally needed around 8 months. A large proportion of single-family homes built for sale and on owners’ land built by contractors began construction within the same month after obtaining building authorizations. However, homes built for rent and built by owners had a one-month lag between permits and construction start in 2015.

Slide1

The average time from authorization to completion also varies across the nation. New England division had the longest time of 10 months, followed by the Middle Atlantic of 9.6 months, East South Central, East North Central, and Pacific of 8 months in 2014. These four divisions all had above average time from permit to completion. The shortest period, 6 months, happened in the Mountain division, which also had the shortest waiting period from permit to construction start.

permit_compper_start

 

 

The metropolitan status indicates how long it takes to build a single-family home. Houses in metropolitan areas, on average, took nearly 7.5 months to completion, which was 2 months shorter than those in non-metropolitan areas. This pattern was quite consistent across the nation, except for the Middle Atlantic division where the average month to completion in metropolitan areas was longer than in non-metropolitan areas in 2015.

Slide2

The SOC also collects sale information for houses built for sale, including the sale date when buyers sign the sale contracts or make a deposit. In 2015, the share of single-family sold while under construction was 66%, with 32% even sold before construction start and 12% sold during the same month of completion. The percent of single-family houses completed in 2015 stayed unsold at the first quarter of 2016 was only 6%.

 

read more…

http://eyeonhousing.org/2016/12/top-posts-of-2016-time-to-build-a-single-family-home-in-2015/

New Home Sales in September – Continuing Gains, Continuing Headwinds | Cross River Real Estate

The US Census Bureau and Department of Housing and Urban Development in a joint release reported that newly constructed single family homes sold at a seasonally adjusted annual pace of 593 thousand in September, up 3.1% from a downwardly revised August figure, and up 29.8% from September 2015. However, note the monthly data is volatile and September was the lowest point in 2015 and the second highest point in 2016. Year over year growth in the trend in sales was 9.4%. Downward revisions to the July and August figures in no way diminish the upward trend that continues with the September figures.

The inventory of new single family homes for sale was 235 thousand, essentially flat in recent months after modest gains earlier in the year. Prices for new homes rose 3.5% from August and 1.9% from last September. A flat inventory in an environment of rising sales has put upward pressure on prices but expanding inventory has been a challenge given shortages of developed lots and skilled labor (NAHB). Both sales and inventories remain depressed by historical standards but the level of inventory given the pace of sales is in line with historical norms as builders balance caution and available resources in their efforts to meet expanding demand.

blog-new-home-sales-2016_10

 

 

read more…

 

http://eyeonhousing.org/2016/10/new-home-sales-in-september-continuing-gains-continuing-headwinds/

Home prices increasing annually | Cross River Real Estate

Home prices continued their increasing trends continued to increase in July, but at a slower rate than before, according to the most recent report by S&P CoreLogic Case-Shiller Indices released by S&P Dow Jones Indices and CoreLogic.

“The S&P CoreLogic Case-Shiller National Index is within 0.6% of the record high set in July 2006,” said David Blitzer, S&P Dow Jones Indices managing director and chairman of the Index Committee. “Seven of the 20 cities have already set new record highs.”

“The 10-year, 20-year, and National indices have been rising at about 5% per year over the last 24 months,” Blitzer said. “Eight of the cities are seeing prices up 6% or more in the last year. Given that the overall inflation is a bit below 2%, the pace is probably not sustainable over the long term.”

Annually, the National Home Price index showed a gain of 5.1% in July. This is up slightly from June’s 5% annual gain. The 10-City Composite increased by 4.2% annually and the 20-City Composite increased by 5%. Each of these is down from June’s 4.3% and 5.1% for the respective composites.

Click to Enlarge

Case-SHiller

(Source: S&P Dow Jones Indices, CoreLogic)

“Both the housing sector and the economy continue to expand with home prices continuing to rise at about a 5% annual rate,” Blitzer said. “The statement issued last week by the Fed after its policy meeting confirms the central bank’s view that the economy will see further gains.”

While the Federal Open Market Committee did not raise rates at their last meeting, Janet Yellen, Federal Reserve System chair of the Board of Governors, explained, “Our decision does not reflect a lack of confidence in the economy.”

She explained the Fed preferred to take a more cautious approach to see if current growth would continue.

“Most analysts now expect the Fed to raise interest rates in December,” Blitzer said. “After such Fed action, mortgage rates would still be at historically low levels and would not be a major negative for house prices.”

Out of the 20 cities, Portland, Seattle and Denver reported the highest annual gains over the last six months. In July, Portland increased 12.4%, Seattle increased 11.2% and Denver increased 9.4%.

After seasonal price adjustment, the National Index increased by 0.4% monthly but the 10-City Composite decreased 0.1%. The 20-City Composite remained unchanged.

 

read more..

 

http://www.housingwire.com/articles/38133-case-shiller-results-barely-miss-july-2006s-high?eid=311691494&bid=1540391

Mortgage rates at 3.43% | Cross River Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates declining after nudging slightly higher for three consecutive weeks.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.43 percent with an average 0.5 point for the week ending August 4, 2016, down from last week when it averaged 3.48 percent. A year ago at this time, the 30-year FRM averaged 3.91 percent.
  • 15-year FRM this week averaged 2.74 percent with an average 0.5 point, down from last week when it averaged 2.78 percent. A year ago at this time, the 15-year FRM averaged 3.13 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 the Definitions. Borrowers may still pay closing costs which are not included in the survey.

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

“Treasury yields fell last week following both the FOMC’s meeting and a disappointing advance estimate for second quarter GDP. Mortgage rates, which had moved up 7 basis points over the past three weeks, responded by erasing most of those gains, falling 5 basis points to 3.43 percent this week for the 30-year fixed-rate mortgage. Mortgage rates have been below 3.5 percent every week since June 30. Borrowers are taking advantage of these low rates by refinancing. The latest Weekly Applications Survey results from the Mortgage Bankers Association show refinance activity up 55 percent since last year.”

The Consumer Financial Protection Bureau Takes Actions Against #Collection #Agencies | Cross River Real Estate

Encore Capital Group and Portfolio Recovery Associates (PRA) are two of the country’s largest debt buyers, a market that serves a crucial role in the proper functioning of consumer credit markets. Recently, the Consumer Financial Protection Bureau (CFPB) has taken legal action against Encore and PRA for their illegal debt collection activities. In their process, Encore & PRA demanded payments and filed lawsuits on debts without reviewing the proper documentation to ensure they were collecting the accurate amount from the correct consumer.
In their legal actions, the CFPB is ordering Encore to refund up to $42 million to consumers, cease collection efforts on $125 million in debts, and pay a penalty of $10 million. Meanwhile, they are ordering PRA to refund $19 million to consumers, stop its collection of $3 million in debts, and pay a penalty of $8 million. In addition to these actions, the CFPB is hoping their orders will contribute towards reforming and improving the procedures taken in the debt collection field.
Typically, debt buyers purchase delinquent accounts for only a fraction of what the overall debt total would be; however, they still have the option to collect the full amount claimed by the original lender. In the investigation, Encore and PRA were found to have purchased over $200 billion in defaulted consumer debts on credit cards, phone bills, and other accounts. The issue here is that the debts bought were inaccurate or could not legally be enforced; something both debt buyers knew or should have known.
In the investigation, it was found that both companies knowingly and intentionally entered into these agreements after being notified of debts being faulty, seeing the contractual disclaimers, or being aware of consumer disputes. Both companies went on to make these purchases without obtaining important and accurate documentation, or even checking to ensure the debts were accurate and enforceable. Encore and PRA even bought debts that intentionally imposed significant limitations on access to account-level documents that would have helped verify the debts.
Even after the initial purchase, Encore and PRA used unlawful tactics and made misrepresentations in order to pressure consumers to pay their debts. PRA’s tactics included falsely informing consumers their accounts were reviewed by an attorney, falsely stating that there would be a pending litigation, and coaxing consumers into agreeing to receive auto-dialed calls to their cell phones. Meanwhile, Encore notified some consumers that debts were legally enforceable, when they were in fact too old to legally enforce. Both companies also collected debts by entering into lawsuits against consumers across different states, knowing they would win the majority by default if consumers were unable to defend themselves.
Due to the unlawful actions taken by both companies, in addition to them being the largest debt buyers in the country, Encore and PRA will have to lead the reform in practices taken in the debt buying field. These changes would include taking proper measurements to ensure debt being bought is accurate and enforceable, proper research and investigation is taken, and that any lawsuits filed must contain specific documents and information that is both accessible and shows the debt is accurate.
These actions taken by the Consumer Financial Protection Bureau are in hopes of ensuring there are legitimate and fair practices being taken in the debt buying marketplace, so as to keep consumers from being misled by companies like Encore Capital Group and Portfolio Recovery Associates. Does this mean there will be no illegal activity on the part of collection agencies moving forward?  Very unlikely…
Feel free to reach out to us if you have any credit questions or reports that need to be reviewed.
Please call us with credit questions or specific
credit report issues.

Mortgage rates drop to 3.76% | Cross River Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates following Treasury yields lower following a more than disappointing September jobs report. This continues to keep average rates below four percent for the 11thconsecutive week, including the 15-year fixed falling below 3 percent once again for the first time since April of this year.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.76 percent with an average 0.6 point for the week ending October 8, 2015, down from last week when it averaged 3.85 percent. A year ago at this time, the 30-year FRM averaged 4.19 percent.
  • 15-year FRM this week averaged 2.99 percent with an average 0.6 point, down from last week when it averaged 3.07 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 2.88 percent this week with an average 0.4 point, down from 2.91 percent last week. A year ago, the 5-year ARM averaged 3.06 percent.
  • 1-year Treasury-indexed ARM averaged 2.55 percent this week with an average 0.2 point, up from 2.53 percent 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.

“Calling the September jobs report disappointing is an understatement. The sputtering U.S. economy added only 142,000 jobs. To make matters worse, there were downward revisions to the prior two months. Hourly wages were flat, and the labor force participation rate fell to 62.4 percent, the lowest rate since 1977. In response, Treasury yields dipped below 2 percent triggering a 9 basis point tumble in the 30-year mortgage rate to 3.76 percent.”

Home Prices are now only 6.5 Percent below Peak | Cross River Real Estate

In terms of national averages, the recovery has raised prices within a hair of their highest peaks reached during the boom nearly ten years ago, but on a market-by-market basis, median prices in fewer than half of the nation’s larger markets have fully rebounded from the housing crash.

At $251,000, US home prices are now just 6.5 percent off June 2006 peak of $268,000, and up over 25 percent from the market”s bottom, according to May data released today by Black Knight Financial Services.  Black Knight reported that its HPI index rose 1.1 percent in May over April and 5.1 percent over May 2014.

However, on a market-by-market basis, only 47 percent of the nation’s top 300 markets have met or exceeded their peaks in 2007. Homes.com, which tracks price rebounds by market, reported that in May 139 of the nation’s 300 largest markets had achieved full price recovery.

Homes.com reported that:

  • Dallas-Fort Worth-Arlington, TX (115.17% rebound percentage), Austin-Round Rock, TX (113.15%), and Denver-Aurora-Lakewood, CO (113.04%) led the nation’s top 100 markets  in rebound percentage in May.  In fact, nine of the top ten leading rebound markets were in the West.
  • Three of the nation’s beste online casino largest markets had at least a 7% increase yearly while seven markets had an annual percentage increase of at least 6%. Five markets are from California which is the most from a single state.
  • The West was home to nine of the top ten markets achieving the greatest year over year price appreciation in May.

read more…

 

http://www.realestateeconomywatch.com/2015/07/home-prices-only-6-5-percent-below-peak/

Homeownership rate drops to 48-year low | Cross River Real Estate

The homeownership rate in the United States in the second quarter declined to 63.4%, the lowest it has been since 1967, according to data from the Department of Commerce’s Census Bureau.

Further, the steady decline since 2009 continues.

Click to enlarge

(Source: Census Bureau)

On a quarterly basis, the rate was 1.3 percentage points (+/-0.4) lower than the second quarter 2014 rate (64.7%) and 0.4 percentage points (+/-0.4) lower than the rate last quarter (63.7%).

For the second quarter 2015, the homeownership rates were highest in the Midwest (68.4%) and lowest in the West (58.5%). The homeownership rates in the Northeast, Midwest, South and West were lower than the rates in the second quarter 2014.

Click to enlarge

(Source: Census Bureau)

National vacancy rates in the second quarter 2015 were 6.8% for rental housing and 1.8% for homeowner housing.

“The flipside of such strong rental demand is that the homeownership rate fell once again in the second quarter,” said Ed Stansfield, chief property economist at Capital Economics. “This suggests that homeownership has not kept pace with the cyclical rebound in household formation which is now underway, and gives weight to the idea that first-time buyers in particular are still struggling to gain a foothold in the market.

“However, foreclosure rates are declining steadily, employment and incomes are growing at a healthy pace and credit conditions are gradually loosening,” Stansfield said. “What’s more, there is no evidence of a fundamental shift in homeownership aspirations. Accordingly, we expect that the homeownership rate will soon find a floor.”

 

read more…

 

http://www.housingwire.com/articles/34596-homeownership-rate-drops-to-48-year-low