Tag Archives: Mt Kisco Luxury Real Estate

Case-Shiller up 5.1% | Mt Kisco Real Estate

United States S&P Case-Shiller Home Price Index  

The S&P CoreLogic Case-Shiller 20-City Composite Home Price Index rose 5.1 percent year-on-year in August of 2016, following a 5 percent increase in July and above market expectations of 5 percent. Portland, Seattle and Denver reported the highest annual gains over each of the last seven months with prices up by 11.7 percent, 11.4 percent and 8.8 percent respectively in August. On a monthly basis, the S&P CoreLogic Case-Shiller 20-City Composite Home Price Index increased 0.4 percent, easing from a 0.6 percent rise in July. Case Shiller Home Price Index in the United States averaged 157.24 Index Points from 2000 until 2016, 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.

United States S&P Case-Shiller Home Price Index
Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-09-27 01:00 PM Jul 5% 5.1% 5.1% 5.1%
2016-10-25 01:00 PM Aug 5.1% 5% 5% 5%
2016-10-25 01:00 PM Aug 0.4% 0.6% 0.4% 0.5%
2016-11-24 02:00 PM Sep 0.4%
2016-11-24 02:00 PM Sep 5.1%
2016-12-29 02:00 PM Oct

 

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http://www.tradingeconomics.com/united-states/case-shiller-home-price-index

Shortage of appraisers causing home sales delays | Mt Kisco Real Estate

Housing demand is rising rapidly, but a key cog in the wheel to homeownership is in deep trouble. The people most needed to close the deal are disappearing. Appraisers, the men and women who value homes and whom mortgage lenders depend upon, are shrinking in numbers.

That is causing growing delays in closings, costing buyers and sellers money and in some cases even scuttling deals.

The share of on-time closings has dropped from 77 percent last April to 64 percent today for loans backed by Fannie Mae and Freddie Mac, according to Campbell/Inside Mortgage Finance. Appraisal-related issues in these delays jumped by 50 percent in that time.

“The appraisal shortage is massive. You’re seeing significant delays, you’re seeing cost increases, you’re seeing rate [locks] expire,” said Brian Coester, CEO of Rockville, Maryland-based CoesterVMS, a national appraisal management company.

Since 2007, when the U.S. housing market came crashing down, the number of appraisers has shrunk by 22 percent, according to the Appraisal Institute, an industry association. With so few new cadets, the current population of appraisers is aging. More than 60 percent are over the age of 50.

Ironically, the decline in new appraisers is largely due to new regulations designed to safeguard both banks and borrowers. They were put in place at the end of 2008 by Fannie Mae, Freddie Mac and the FHA, as the entire mortgage banking community was under strict scrutiny after the financial crisis. They changed the rules that would allow appraiser apprentices to do full appraisals and instead require the licensed appraiser to be on-site for the inspection.

The result is that appraisers no longer see a need to pay apprentices, but at the same time, licensing requirements to become an appraiser include 2,500 hours of appraisal experience to be completed in two years as an apprentice.

“The typical appraiser, he’s going to do approximately 10-15 appraisals a week. For him to be able to take a trainee, he needs the ability for the trainee to go ahead and inspect the property for him,” said Coester. “The rules have changed now, and you cannot do what you used to be able to do 10 years ago, which is hire three to four trainees and really have them go and inspect the properties, go and do work for you and really function as an apprentice. That market has been completely eliminated.”

At 1 p.m. on a Monday in Frederick, Maryland, appraiser Joyce Smith has already valued three homes and is walking into the fourth. A 23-year veteran of the business, she said she has never been this busy.

“I get calls five, six, seven, eight times a day. I used to go far away to do appraisals, but there are so many, I don’t have to go very far anymore,” said Smith.

In some of the nation’s hottest housing markets, where sales are up double digits compared to a year ago, the shortage means searching far and wide for an appraiser.

“We’ve been hearing from our agents in Colorado about significant delays in getting appraisals done,” said Alina Ptaszynski, a spokesperson for Redfin. “Our Denver market manager said for one deal, the appraiser came in from Cheyenne, Wyoming. She reported it taking up to seven weeks to get an appraisal done. Valuations aren’t the concern as much as the delays.”

Valuations are, however, becoming increasingly important, as home price gains accelerate, and competition in the market heats up. Prices could change in the course of two months, the delay time it is now taking in some markets to have an appraisal done. Mortgage rates are also starting to move in a wider range, and that makes rate-locks ever more important. It can cost significant cash to extend a rate lock.

read more…

 

http://www.cnbc.com/2016/09/27/massive-shortage-in-appraisers-causing-home-sales-delays.html?__source=newsletter%7Ceveningbrief

 

New Study Suggests MLS Sold Prices are Inflated in Down Markets | Mt Kisco Real Estate

Transaction prices reported by multiple listing services may differ by an average of 8.75 percent from sold prices reported on HUD-1 settlement statements, possibly because brokers are under pressure to inflate prices in a declining market, according to a new study by three real estate economists at Florida Gulf Coast University published last month by the Appraisal Journal.

In residential appraisal assignments, appraisers often place heavy reliance, at least as a starting point, on multiple listing services (MLS) for property information and transaction prices.Errors will almost inevitably find their way into large databases, and an MLS is certainly no exception. The purpose of this study is to examine the prevalence and magnitude of differences in MLS-reported transaction prices compared to their associated HUD-1 (HUD) Settlement Statements, said the article..

The study found MLS errors are related to market conditions, not property price levels, and are likely to be smaller during a market boom and larger during a market bust.  The study found that MLS-reported prices supplied by brokers on or after the settlement date overstated HUD-reported prices in 6.25% of the sample and understated HUD-reported prices in 2.50%. The data used in the analysis were drawn from the two years before, the year of, and the two years after the market peak between 2004 and 2008.  The study compared HUD-1 and MLS prices from a sample of 670 HUD-1 Settlement Statements obtained from two banks operating in a Southern state.

2016-01-19_9-41-34Source: “Reported Price Errors:A Caveat for Appraisers” in The Appraisal Journal

“This finding is consistent with, but certainly does not prove, the notion that if brokers are motivated to inflate MLS prices, pressure to do so is likely to be greater in declining markets. However, there may be other explanations for the price discrepancies. One such explanation is the possibility that during declining markets, brokers may report initial contract prices that may be subject to downward adjustment between contract and settlement dates. A related possibility is that some prices are renegotiated at the time of closing to accommodate buyers’ cash needs. Regardless of explanation, however, the result is a misstating of price,” the authors concluded.

The study urged appraisers to use other sources in addition to MLS transaction prices to verify reported sale prices, especially when a sale price contradicts sale prices of comparable properties.

 

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http://www.realestateeconomywatch.com/2016/01/new-study-suggests-mls-sold-prices-are-inflated-in-down-markets/

#Expandable #Home Is a Low-Cost Solution to Social Housing Shortage | Mt Kisco Real Estate

Image via Dezeen
Image via Dezeen

What can be done to help those underprivileged groups who cannot afford a home? Mexican female architect, Tatiana Bilbao, gives her answer with a presentation of her latest building prototype at the recent Chicago Architecture Biennial.

Image via Dezeen
Image via Dezeen

The house, about half the cost of a same-sized regular property, consists of a five-meter-high living and dining area, kitchen, bathroom, and two bedrooms. The home has a concrete block core and wooden pallet modules in the surrounding rooms, which allows flexibility to add up to five additional bedrooms. Such a design makes it quick and easy to adapt the house for different layouts to fit into a specific lot. At its smallest, the house takes up an area of 463 square feet, which meets the minimum federal requirement.

Image via Dezeen
Image via Dezeen

The flexible, expandable house was commissioned by the Mexican government to address the country’s social housing shortage for people with low incomes, which has been a worsening yet neglected problem. There has been a housing shortage of as many as nine million homes in Mexico, but few architects have taken the initiative to address the urgent crisis, Bilbao told Dezeen in an interview.

Image via Dezeen
Image via Dezeen

“When we were commissioned to design this model, the first thing in my mind was that I wanted to give more space for the same money,” Bilbao said to Dezeen. Part of the modular system is done with an industrial palette, rather than some expensive strong materials, to save the budget and cut down the price for the customers, she explained.

Image via Dezeen
Image via Dezeen

Bilbao expected to have as many as 3,000 of these homes built per year, to meet the strong need of social housing in Mexico.

 

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http://www.ecobuildingpulse.com/projects/

 

NAHB reports home builders confidence at 10 year high | Mt Kisco Real Estate

The National Association of Home Builders’ housing market index increased for the second straight month by 1 point to 62 in September of 2015. It is the highest figure since October of 2005, boosted by an increase in buyer traffic and current sales while the gauge for sales over the next 6 months decreased. Nahb Housing Market Index in the United States averaged 48.63 from 1985 until 2015, reaching an all time high of 78 in December of 1998 and a record low of 8 in January of 2009. Nahb Housing Market Index in the United States is reported by the National Association of Home Builders.

United States Nahb Housing Market Index

 

Actual Previous Highest Lowest Dates Unit Frequency
62.00 61.00 78.00 8.00 1985 – 2015 Monthly
SA
NAHB/Wells Fargo Housing Market Index (HMI) is based on a monthly survey of home builders. They are asked to rate current sales of single-family homes and sales expectations for the next six months and to rate traffic of prospective buyers. Scores for responses to each component are used to calculate a seasonally adjusted overall index, where a number over 50 indicates more builders view sales conditions as good than poor. This page provides the latest reported value for – United States Nahb Housing Market Index – plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Content for – United States Nahb Housing Market Index – was last refreshed on Wednesday, September 16, 2015.

 

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-07-16 03:00 PM Jul 60 60(R) 60 57.76
2015-08-17 03:00 PM Aug 61 60 61 59.26
2015-09-16 03:00 PM Sep 62 61 61 61.40
2015-10-16 03:00 PM Oct 62 61.69
2015-11-18 03:00 PM Nov 62.17
2015-12-15 03:00 PM Dec 62.06

 

United States Housing Last Previous Highest Lowest Unit
Housing Index 0.20 0.50 1.42 -1.72 percent [+]
Building Permits 1130.00 1337.00 2419.00 513.00 Thousand [+]
Housing Starts 1206.00 1204.00 2494.00 478.00 Thousand [+]
New Home Sales 507.00 481.00 1389.00 270.00 Thousand [+]
Pending Home Sales 7.40 8.20 30.00 -24.50 percent [+]
Existing Home Sales 5590.00 5480.00 7250.00 1370.00 Thousand [+]
Construction Spending 0.70 0.10 5.90 -4.80 percent [+]
Nahb Housing Market Index 62.00 61.00 78.00 8.00 [+]
Mortgage Rate 4.09 4.10 10.56 3.47 percent [+]
Mortgage Applications -7.00 -6.20 49.10 -38.80 percent [+]
Case Shiller Home Price Index 180.88 177.08 206.52 100.00 Index Points [+]
Home Ownership Rate 63.40 63.70 69.20 62.90 percent [+]

 

Nahb Housing Market Index Reference Previous Highest Lowest Unit
United States 62.00 Sep/15 61.00 78.00 8.00 [+]

 

 

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http://www.tradingeconomics.com/united-states/nahb-housing-market-index

 

Living in your Garden Shed | Mt Kisco Real Estate

Garden sheds are no longer just for storing tools and other things you’d rather hide away. Home dwellers around the world are finding new uses for their backyard outbuildings and making them fit their lifestyles through a wide range of personalized designs. See how these 11 international sheds and cottages have been reimagined for today’s living — be it lounging, dining, working or beekeeping. Which one would suit your backyard best?

Home Prices Level Out | Mt Kisco Real Estate

Home prices increases may be leveling out, according to one closely-followed real estate report.

In 20 major American cities, home prices this May were about 4.9% higher than May of last year, according to the S&P/Case-Shiller Home Price Index, released Tuesday. That’s the same pace of growth as April, and surprised economists when it fell short of expected growth.

Economists predicted a 5.6% year-over-year increase, according to an Econoday survey.

Price increases of single-family homes have settled at a steady pace of 4-5% this year, said David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones Indices. He said he expects price increases to slow over the next two years, as wages rise to catch up with housing costs.

“First time homebuyers are the weak spot in the market,” said Blitzer, citing research that high down-payments may be putting off first-time home purchases. “Without a boost in first timers, there is less housing market activity, fewer existing homes being put on the market, and more worry about inventory.”

Overall, 10 of the 20 cities surveyed saw housing price increases slow on a seasonally-adjusted basis.  Some real estate markets remain hot, however.

Home prices in Denver are 10% higher than this time last year, and San Francisco and Dallas are also seeing prices increase at almost twice the national pace. New York City and Phoenix have seen prices rise for six consecutive months.

Between April and May, the index slowed 0.2% on a monthly, seasonally adjusted basis. An analyst at Barclays said they were not inclined to “read too much” into the decline.

“This could be a pause for breath in the data after a strong performance for half a year,” wrote Blerina Uruçi in a research note.

 

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http://www.usatoday.com/story/money/business/2015/07/28/home-price-increases-stay-steady/30773195/

 

Housing Starts in U.S. Surge to Second-Highest Level Since 2007 | Mt Kisco Real Estate

New-home construction in the U.S. climbed in June to the second-highest level since November 2007 as builders stepped up work on apartment projects.

Housing starts rose 9.8 percent to a 1.17 million annualized rate from a revised 1.07 million in May that was stronger than previously estimated, figures from the Commerce Department showed Friday in Washington. The median estimate of economists surveyed by Bloomberg was a 1.11 million rate. Ground-breaking on multifamily dwellings jumped 29.4 percent.

Building permits for single and multifamily properties, a gauge of future construction, climbed to an almost eight-year high, the report showed. Steady job gains, low mortgage rates and a gradual easing of lending standards are propelling sales, indicating housing will become a bigger source of strength for the economy.

“They’re pretty positive numbers,” said Lewis Alexander, chief economist at Nomura Securities International Inc. in New York. “You’ve got decent employment growth that’s been particularly good for young people, you’ve got relatively low interest rates, somewhat easing of credit standard — all of those things are helping.”

Estimates for housing starts in the Bloomberg survey of 76 economists ranged from 1.03 million to 1.23 million. The May figure was revised up from 1.04 million.

The gain in starts of multifamily homes followed a 16.9 percent decrease the previous month and a 37.5 percent April surge. Data on these projects, which have led housing starts in recent years, can be volatile.

Single-Family Homes

Starts of single-family houses eased to a 685,000 rate from 691,000 a month earlier, the report showed.

Three of four regions had a decrease in single-family construction in June, paced by a 27.3 percent drop in the Northeast and a 7.1 percent decline in West, according to the report.

Building permits increased 7.4 percent in June to a 1.34 million annualized rate, the highest since July 2007. They were projected to fall to 1.15 million.

 

read more…

 

http://finance.yahoo.com/news/housing-starts-u-surge-highest-123001192.html

Cash Sales Fall to Six Year Low; Distressed Sales Plummet | Mt Kisco Real Estate

Only one out of four single family home and condo sales in May–24.6 percent–were all-cash purchases, down from 30.4 percent a year ago to the lowest level since November 2009. Distress sales also fell to a new low of 10.5 percent of all sales in May, down from 18.3 percent a year ago to the lowest level since January 2011, according to RealtyTrac.

The cash sales share in May was close to its long-term average going back to January 2000 of 24.8 percent and well below its recent peak of 42.2 percent in February 2011. The top five metro areas with a population of at least 200,000 with the highest share of cash buyers were all in Florida: Naples-Marco Island (56.0 percent), Sarasota-Bradenton, (54.0 percent), Miami (53.4 percent), Ocala (49.9 percent), and Cape Coral-Fort Myers (49.7 percent).

 

RT Cash sales

Meanwhile, the median sales price of a distressed residential property was 43 percent below the median sales price of a non-distressed residential property in May, the biggest distressed discount since January 2006 when RealtyTrac first began tracking this metric.

The median sales price of distressed residential properties — those that were in some stage of foreclosure or bank-owned — that sold in May was $116,192, up less than 1 percent from the previous month but down 2 percent from a year ago. May was the first month with a year-over-year decrease in distressed median sale prices following 13 consecutive months with year-over-year increases.

“Distressed sales in May represented a significantly smaller share of a growing home sales pie as an increasing number of non-distressed sellers continued to cash out on the equity they’ve gained over the last three years of rising home prices,” said Daren Blomquist, vice president at RealtyTrac. “But those distressed sales are still acting as a drag on home prices, selling at a median price that is 43 percent below the median price of a non-distressed sale — the biggest gap we’ve seen since we began tracking that distressed discount in January 2006.

Metro areas with a population of at least 200,000 with the highest share of distressed sales were Flint, Michigan (26.0 percent), Tallahassee, Florida (24.2 percent), Memphis, Tennessee (24.1 percent), Pensacola, Florida (23.0 percent), and Ocala, Florida (21.7 percent).

Markets with highest share of cash sales and institutional investor sales

The share of institutional investors — entities purchasing at least 10 properties in a calendar year — dropped to 2.4 percent of single family home sales in May, a record low going back to January 2000, the earliest month with data available.

The top five metro areas with a population of at least 200,000 with the highest share of cash buyers were all in Florida: Naples-Marco Island (56.0 percent), Sarasota-Bradenton, (54.0 percent), Miami (53.4 percent), Ocala (49.9 percent), and Cape Coral-Fort Myers (49.7 percent).

The top five metro areas with a population of at least 200,000 with the highest share of institutional investor purchases were Rockford, Illinois (13.4 percent), Tulsa, Oklahoma (12.6 percent), Roanoke, Virginia (12.6 percent), Memphis, Tennessee (10.2 percent), and San Antonio, Texas (8.4 percent).

Bank-owned sales

Bank-owned sales accounted for 3.9 percent of all residential property sales in May, down from 6.9 percent the previous month and down from 9.0 percent a year ago to the lowest level since January 2011.

 

read more…

 

http://www.realestateeconomywatch.com/2015/07/

 

Local Farmers Markets | Mt Kisco Real Estate

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Trotta Foods Features New Pasta Meals at Larchmont Farmers Market;
Newgate Farms Offers Great Produce Specials;
Bring Dad to the Farmers Market + MORE!

June 18-24th, 2015

What’s New, In Season, and On Sale This Weekend
$2 OFF when you buy 2 items: Frozen samosa, kofta, saag,
rajma, and/or chutneys
Bombay Emerald Chutney Co.

Caramelized Garlic Bread
Wave Hill Breads

Garlic Scapes
Dagele Brothers Produce

**NEW** Pasta Meals!
Lasagna, Stuffed Shells, Monacotti (enough for 2) Reg $12; now $10

Trotta Foods

Peas – Snow or Snap – $5/lb
Newgate Farm

Produce varieties: Arugula, Cilantro, Herbs, Scallions, and Lettuces
all $3/bunch or 2 for $5
Newgate Farm

Roman Focaccia – With or
without Rosemary

$5 each OR 3 for $10
Wave Hill Breads

Sausage Rolls Tourtiere
(Quebec Meat Pie)

Stone & Thistle Farm

Squash – Green or yellow – $2/lb
Newgate Farm

Strawberries
$7.50/qt (2 for $14) and $4/pint
Newgate Farm

Strawberry Rhubarb Pie
With Mead Orchard berries
Bread Alone

Strawberry Rhubarb Pies & Tarts
Both regular & gluten-free
Meredith’s Country Bakery

Strawberry Shortcake – made to order – this weekend only!
Newgate Farm

Steamers
Joseph Fisheries

Striped Bass
Joseph Fisheries

StrawberryBanner

New Rochelle Farmers Market
Larchmont Farmers Market
Rye Farmers Market
Fridays 8:30 am-2:30 pm
North Avenue at Huguenot Park,
in front of NRHS
 Saturdays 8:30 am-1:00 pm
Metro North parking lot off of Chatsworth Ave
Sundays 8:30 am-2:00 pm
Parking lot on Theodore Fremd Ave, behind Purchase St. stores


Headed elsewhere this weekend? Find other Down to Earth Markets: CLICK HERE for details.