Tag Archives: #MtKisco

Cladding used in many U.K. high-rises ‘combustible’ | Mt Kisco Real Estate

LONDON — Tests on the exterior cladding of tower blocks across Britain that use similar material found outside the building in west London where at least 79 people died in a fire have shown that some of them are “combustible,” British Prime Minister Theresa May said Thursday.

May said the tests were being carried out so that “all possible steps to ensure buildings are safe” were taken. Investigators believe that the type of exterior cladding used on the Grenfell Tower after a refurbishment last year may have caused the fire to spread more rapidly than if a different material was used. It had a plastic core.

The fire’s cause has not been established, although investigators suspect it may have started when a refrigerator exploded on one of the block’s lower floors.

There are thought to be approximately 4,000 tower blocks in Britain similar to the 24-storey residential complex in Kensington that went up in flames last week.

May said in an address to Parliament that authorities have been checking about 100 buildings a day and that the results come back within hours. Her office estimated that there are about 600 buildings in Britain that have the same type or similar cladding to that used in Grenfell Tower. However, May said it was still too early to draw conclusions about what caused the fire or why it appeared to spread so quickly.

“I urge any landlord who owns a building of this kind to send samples for testing as soon as possible. Any results will be communicated immediately to local authorities and local fire services. Landlords have a legal obligation to provide safe buildings and where they cannot do that we expect alternative accommodation to be provided. We cannot and will not ask people to live in unsafe homes,” she said.

May’s address came as the chief administrator of the neighborhood where the fire took place resigned Thursday, effectively marking the disaster’s first formal departure of a high-level official in the wake of Britain’s worst blaze in decades.

Nicholas Holgate, chief executive of the Kensington and Chelsea council, said he was asked to leave by May’s government. The initial days after the June 14 inferno were marked by chaos as authorities struggled to deal with the scope of the aftermath.

Residents who survived the tower blaze lost everything, only to get little help or information on how to secure shelter or vital supplies. Of the 600 people who lived in the tower block, many were low-income workers, recent immigrants and refugees.

Researchers at the Universite Catholique de Louvain in Belgium believe the Grenfell Tower disaster is now the deadliest fire in mainland Britain since they started keeping close records at the start of the 20th century. A fire at Bradford City Stadium in northern England on May 11, 1985, killed 56 people.

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https://www.usatoday.com/story/news/world/2017/06/22/london-fire-grenfell-tower/103097418/

Used home sales rise 1.1% | Mt Kisco Real Estate

Sales of previously owned houses in the United States went up 1.1 percent month-over-month to a seasonally adjusted annual rate of 5.62 million in May of 2017, following a downwardly revised 5.56 million in the previous month and beating market expectations of a 0.5 percent drop. Sales of single family houses went up 1 percent to 4.98 million after falling by 2.8 percent in the previous month and those of condos increased 1.6 percent to 0.64 million, following a flat reading in April. The median house price increased to an all-time high of $252,800 and the months’ worth of supply went up to 4.2 percent from 4.1 percent. In addition, the number of houses available in the market increased to 1.96 million from 1.92 million in April. Existing Home Sales in the United States averaged 3902.01 Thousand from 1968 until 2017, reaching an all time high of 7250 Thousand in September of 2005 and a record low of 1370 Thousand in March of 1970.

United States Existing Home Sales
Calendar GMT Actual Previous Consensus Forecast (i)
2017-05-24 02:00 PM Apr 5.57M 5.70M 5.65M 5.7M
2017-06-21 02:00 PM May 1.1% -2.5% -0.5% 0.6%
2017-06-21 02:00 PM May 5.62M 5.56M 5.55M 5.6M
2017-07-24 02:00 PM Jun 5.62M 5641.63%
2017-07-24 02:00 PM Jun 1.1% 5641.63%
2017-08-24 02:00 PM Jul 5620.38%

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www.tradingeconomics.com

Homes are officially being sold at the highest prices, ever | Mt Kisco Realtor

Thanks to rising demand and shrinking supply, the median existing-home price for all housing types reached an all-time high in June.

According to the latest data from the National Association of Realtors, the median existing-homes sales price rose to $236,400, which exceeds the previous peak median sales price set in July 2006 of $230,400.

June’s total also rose 6.5% above June 2014.

In May, the median existing-home price for all housing types was $228,700, which was 7.9% above May 2014.

That marked the 39th consecutive month of year-over-year price gains, making June the 40th straight month of year-over-year price gains.

Despite record prices, existing-home sales also reached their highest pace in more than eight years.

Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 3.2% to a seasonally adjusted annual rate of 5.49 million in June from a downwardly revised 5.32 million in May.

Sales are now at their highest pace since February 2007 (5.79 million), have increased year-over-year for nine consecutive months and are 9.6% above a year ago (5.01 million).

Lawrence Yun, NAR chief economist, said that buoyed by June’s solid gain in closings, this year’s spring buying season has been the strongest since the crisis began.

“Buyers have come back in force, leading to the strongest past two months in sales since early 2007,” Yun said. “This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that’s giving more households the financial wherewithal and incentive to buy.”

According to NAR’s report, total housing inventory at the end of June rose slightly by 0.9% to 2.30 million existing homes available for sale, which is is 0.4% higher than the same time period a year ago (2.29 million).

Unsold inventory is at a 5.0-month supply at the current sales pace, down from 5.1 months in May.

“Limited inventory amidst strong demand continues to push home prices higher, leading to declining affordability for prospective buyers,” said Yun. “Local officials in recent years have rightly authorized permits for new apartment construction, but more needs to be done for condominiums and single-family homes.”

According to NAR’s report, the percent share of first-time buyers fell to 30% in June from 32% in May, but remained at or above 30% for the fourth consecutive month.

One year ago, first-time buyers represented 28% of all buyers.

NAR President Chris Polychron said that Realtors are reporting “drastic imbalances” of supply in relation to demand in many metro areas — especially in the West.

“The demand for buying has really heated up this summer, leading to multiple bidders and homes selling at or above asking price,” Polychron said. “Furthermore, tight inventory conditions are being exacerbated by the fact that some homeowners are hesitant to sell because they’re not optimistic they’ll have adequate time to find an affordable property to move into.”

 

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http://www.housingwire.com/articles/34546-homes-are-officially-being-sold-at-the-highest-prices-ever

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.

 

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

Detroit-area homeowners apply to avoid foreclosure | Mt Kisco Real Estate

More than 13,000 Detroit-area property owners have entered into payment plans hoping to avoid losing their homes to tax foreclosure, but another 16,000 living in their homes have yet to take advantage of the offer ahead of Tuesday’s deadline.

Hundreds of applicants sat in a hotel ballroom waiting for the chance to plead their cases before Wayne County Treasury workers. Many had lined up before 7 a.m. to be heard before the 4:30 p.m. deadline.

“I’m downhill and I can’t get out,” said Kevin Franklyn, who was waiting his turn to see if the more than $15,000 he owes on his home and a dozen or so rental properties can be turned into something more manageable.

“I’m going to try to pay what I can,” said Franklyn, 46, who blamed his tenants’ nonpayment of rent for his struggles.

More than 60,000 of the county’s 76,000 foreclosed properties are in Detroit, threatening neighborhoods hard hit by the national mortgage crisis. About $326 million in taxes, interest and fees are owed on the foreclosed homes, lots and other buildings in Detroit.

City officials fear that more foreclosures will only add to the glut of vacant houses in Detroit and blight that keeps potential homebuyers away.

Taxes have been paid in full for about 20,700 of the foreclosed properties, partly through the payment plan, according to Chief Deputy Treasurer David Szymanski.

Of the 38,100 properties still facing foreclosure, only 15,900 are occupied.

“Those are the ones we want to get to,” Szymanski said. The county has to collect property taxes by law.

City and county officials urged state lawmakers to pass foreclosure prevention bills and Gov. Rick Snyder signed the legislation in January to provide homeowners facing financial hardship with the option to sign up for a payment plan to avoid foreclosure. The bills also cut interest rates, reduced down payments and capped past due taxes.

Szymanski said more than 13,000 homeowners have entered into payment assistance plans already.

Bryan Ely, 28, of Detroit, said he owes about $20,000 in back taxes on his home on Detroit’s northwest side.

 

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http://finance.yahoo.com/news/1000s-detroit-area-homeowners-apply-151653604.html

Down Payment Assistance Available to Most Buyers | Mount Kisco Real Estate

A study to make home buyers realize that they could qualify for a free down payment without winning the lottery found that 87 percent U.S. of US homes qualify for down payment help.

“Many homebuyers, especially Millennials, haven’t fully investigated their home financing options because they are pessimistic about qualifying for a mortgage. Our Homeownership Program Index highlights the wide range and availability of down payment programs available to today’s homebuyers. In fact, 91 percent of the 2,290 programs in our registry have funds available to lend to eligible buyers. Plus, income limits vary depending on the market and programs extend beyond just first-time homebuyers,” said Rob Chrane, president and CEO of Down Payment Resource. “It’s important for buyers to research down payment programs as part of their loan shopping process.”

“Historically low homeownership rates across nearly every age demographic have led to a public policy push to lower the barrier to homeownership through down payments as low as 3 percent, but the fact is that the barrier to homeownership is often much lower than even that 3 percent for borrowers who take advantage of one of the myriad down payment help programs available across the country,” said Daren Blomquist, vice president at RealtyTrac. “Prospective buyers — or their agents — willing to put in a few minutes of time to find out what programs are available to them will put themselves in a much better position to successfully purchase a home.”

RealtyTrac looked at 2,290 down payment programs from Down Payment Resource’s Homeownership Program Index and found that out of more than 78 million U.S. single family homes and condos in 1,792 counties with sufficient home value data, more than 68 million (87 percent) would qualify for a down payment program available in the county where they are located based on the maximum price requirements for those programs and the estimated value of the properties.

 

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http://www.realestateeconomywatch.com/2015/02/down-payment-assistance-available-to-most-buyers/

 

The Home from ‘Paranormal Activity’ Sold in a Hot Second | Mt Kisco Real Estate

The San Diego home from Paranormal Activity was listed withColdwell Banker on January 21, but it didn’t stay that way for long. The sale history on Zillow shows that the listing was taken down just eight days later. Given what looks like a quick turnaround, it probably went for the full asking price of $749K, if it did indeed sell. In which case, congrats to the new owners on your demon house!

Aside from being the one of the best found-footage horror films ever (let’s all forget the sequels ever happened), Paranormal Activity stood out because the dread was so directly centered on a very average American home. Covering a really extroverted demon’s attempts to reach out to a young couple, it was genuinely scarier to watch at home, and having your significant other with you might have made it even scarier.

Scan the listing photos below, and note that the bed is oriented differently than in it was in the film, affording a greater distance between it and the hallway door.

 

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http://curbed.com/archives/2015/02/02/paranormal-activity-house-for-sale-sold.php

New Year Mortgage Rates | Mt Kisco Homes

Fannie Mae today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates starting 2015 by diving amid sliding bond yields to their lowest level since May 23, 2013, when the 30-year fixed averaged 3.59 percent.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.73 percent with an average 0.6 point for the week ending January 8, 2014, down from last week when it averaged 3.87 percent. A year ago at this time, the 30-year FRM averaged 4.51 percent.
  • 15-year FRM this week averaged 3.05 percent with an average 0.5 point, down from last week when it averaged 3.15 percent. A year ago at this time, the 15-year FRM averaged 3.56 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.98 percent this week with an average 0.5 point, down from last week when it averaged 3.01 percent. A year ago, the 5-year ARM averaged 3.15 percent.
  • 1-year Treasury-indexed ARM averaged 2.39 percent this week with an average 0.4 point, down from last week when it averaged 2.40 percent. At this time last year, the 1-year ARM averaged 2.56 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 Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates fell to begin the year as 10-year Treasury yields slid beneath 2 percent for the first time in three months. Meanwhile, the Fed minutes indicated ongoing discussion regarding the timing of the first rate hike. Of the few economic releases this week, ADP Research Institute reports the private sector added an estimated 241,000 jobs in December, which exceeded market expectations and followed an upward revision of 19,000 jobs in November.”

Mortgage Rates Drop Again | #MtKisco Real Estate

 

Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates falling to new lows for this year as 10-year Treasury yields closed at their lowest level since May 2013.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.80 percent with an average 0.6 point for the week ending December 18, 2014, down from last week when it averaged 3.93 percent. A year ago at this time, the 30-year FRM averaged 4.47 percent.
  • 15-year FRM this week averaged 3.09 percent with an average 0.6 point, down from last week when it averaged 3.20 percent. A year ago at this time, the 15-year FRM averaged 3.52 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.95 percent this week with an average 0.5 point, down from last week when it averaged 2.98 percent. A year ago, the 5-year ARM averaged 3.00 percent.
  • 1-year Treasury-indexed ARM averaged 2.38 percent this week with an average 0.4 point, down from last week when it averaged 2.40 percent. At this time last year, the 1-year ARM averaged 2.56 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 Frank Nothaft, vice president and chief economist, Freddie Mac.

“The 30-year fixed mortgage rate dropped to its lowest point of 2014 this week. Mortgage rates fell along with 10-year Treasury yields, which closed at their lowest level since May 2013. November housing starts came in at a seasonally adjusted annual rate of 1.028 million starts, down 1.6 percent from an upwardly-revised October value. Housing starts for the calendar year will likely come in around 1.0 million, above the 2013 pace but lower than forecasters had expected at the start of 2014. Consumer prices declined more than expected in November, with CPI contracting 0.3 percent.”

Sources of Financing for New Home Sales Relatively Unchanged for Third Quarter | Mt Kisco Homes

 

The onset of the housing crisis in 2007 led to a decline in the share of new home sales due to conventional mortgage financing and increases in the shares due to mortgages backed by the FHA and the Department of Veteran’s Affairs (VA), as well as cash purchases.

Third quarter data from the Census Bureau’s Quarterly Sales by Price and Financing indicate that count of cash-based new single-family home sales stood at 8,000 for the quarter or about 7% of total sales. During the 2002-2003 period, cash sales made up only 4% of purchases. In contrast, cash purchases constitute a considerably larger share of the existing home market – 24% in September per National Association of Realtors estimates.

It is worth noting that another measure of cash sales for total new construction from CoreLogic shows a higher level of cash sales than the Census: 16% in July 2014.

New home sales due to FHA-backed loans were 12% of the market during the third quarter according to the Census estimates. This is down from 28% in the first quarter of 2010 and is closer to the 10% 2002-2003 average. As the conventional mortgage financing share has risen, the share of new single-family home sales due to FHA-backed mortgages has declined.

VA-backed loans were responsible for about 8% of new home sales during the third quarter of 2014.

These sources of financing serve distinct market segments, which is revealed in part by the median new home price allocable to each. For the third quarter, the median new home price due to FHA financing was $201,500. The median price for VA-backed loans rose to $258,900.

Conventional mortgage financing had a median price of $298,400.

Finally, the median price for cash purchases for the third quarter was $284,300.

Analysis of mortgage markets is important because it suggests the underlying strength of housing demand, particularly for younger buyers with less equity or savings who must use a mortgage to buy a home.

 

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http://eyeonhousing.org/2014/10/sources-of-financing-for-new-home-sales-relatively-unchanged-for-third-quarter/