Tag Archives: Robert Paul Realtor

Home prices expected to rise | Bedford Corners Real Estate

Freddie Mac (OTCQB: FMCC) released today its monthly Outlook for September showing that housing remains a bright spot for the U.S. economy. Mortgage originations are expected to surge in the third quarter, and our forecast for the best year in home sales since 2006 looks increasingly on the mark.

Outlook Highlights

  • Expecting the 30-year fixed rate mortgage to average 3.6 percent in 2016, the lowest annual average in over 40 years. The current record low annual average occurred in 2012 at 3.66 percent.
  • Showing that falling mortgage rates from 4 percent at the end of 2015 to about 3.5 percent in the third quarter of 2016 have more than offset the rise in house prices in most markets, helping to preserve homebuyer affordability.
  • Revising up our forecast of home price appreciation to 5.6 percent and 4.7 percent in 2016 and 2017, respectively. This is up from last month’s forecast of 5.3 percent for 2016 and 4.0 percent for 2017.
  • Showing cash-out refinance activity on the rise in the second quarter, with an estimated $13.3 billion net dollars of home equity converted to cash during refinancing. This is up from $11.4 billion in the first quarter of 2016 but substantially less than the peak cash-out refinance volume of $84.0 billion during the second quarter of 2006.
  • Remaining on track for mortgage originations to reach $2 trillion in 2016, the highest total since 2012.

Quote: Attributed to Sean Becketti, Chief Economist, Freddie Mac.

“The housing market remains a bright spot for the U.S. economy, with solid job gains and low mortgage interest rates sustaining the economy’s momentum in September. In most markets, low mortgage rates have more than offset the rise in house prices, preserving homebuyer affordability for the typical household. Homeowners are also taking advantage of low rates and house price appreciation that is increasing their home equity. The share of cash-out refinances grew to 41 percent in the second quarter of 2016, compared to 38 percent in the first quarter and 15 to 20 percent during the housing crisis.”

“Mortgage originations are expected to surge in the third quarter, reflecting the impact of Brexit in recent mortgage activity. We continue to believe that originations will reach $2 trillion this year, the highest since 2012.”

Armonk, Bedford Corners Lead in Highest Average Size | #RobReportBlog

Armonk,   Bedford Corners Lead in Highest Average Size | #RobReportBlog Square Feet
Katonah 3,876
Pound   Ridge 3,854
South   Salem 3,029
Mt Kisco 2,788
Chappaqua 4,101
North   Salem 3,288
Armonk 5,800
Bedford 4,701
Bedford   Hills 4,021
Bedford   Corners 5,059

Bedford Corners Real Estate sales up 14% | Median price up 187% | #RobReportBlog

Bedford   Corners NY Real Estate Report RobReportBlog
2013 6 months ending 11/11 2012
16 Sales 14 up 14%
$1,487,500.00 median sold price $517,000.00 up 187%
$468,000.00 low sold price $381,500.00
$5,600,000.00 high sold price $1,750,000.00
5176 average size 2721
$364.00 ave. price per foot $264.00
132 ave days on market 189
$1,939,750.00 average sold price $756,571.00
94.86% ave sold to ask 93.59%

Does China build quickly and cheaply for a reason? | Waccabuc NY Real Estate

Having spent a fair amount of time in China over the past 18 years, and having witnessed its spectacular rise, I’ve always been puzzled that this remarkable nation still cares so little about the quality of the things it makes. Today, more than 30 years after the Opening in 1978, China has yet to address this shortcoming: Everything from dime store trinkets to high-rise buildings continue to show an astonishing indifference to detail.

As a Westerner steeped in the Protestant work ethic, I’ve written thousands of words and done much hand-wringing about Chinese quality over the years, wondering when China would follow in Japan’s footsteps — when it would finally pull off a miraculous reversal in its attitude toward quality, as Japan did in the decades after World War II. It hasn’t happened, and from what I can see, it probably won’t.

All of which has gotten me to wondering if it’s my own Western concept of quality that’s become obsolete. Perhaps making things last has become pointless in a world that changes so quickly.

It wouldn’t be the first time there’s been a fundamental shift in the prevailing idea of what constitutes quality: America’s own early history furnishes a parallel. For obvious reasons, the relatively crude buildings and manufactured goods of the young United States couldn’t compare to those of the Old World — one reason wealthy Americans in the early 18th century still insisted on importing their building materials, hardware and dishes from Great Britain.

Naturally enough, the British remained more than a little condescending toward their renegade former colony, whose building and manufacturing efforts fell far below English standards. This was, after all, an England whose houses were built with cut stone and massive oak timbers, whose cabinets used fine hardwoods in places you couldn’t even see, and whose steam engines were routinely polished, painted and pinstriped in gold.

Yet by the time the Yanks showed off their latest products at the Philadelphia Centennial Exhibition in 1876, it began to dawn on the Brits that America’s mass-produced products, as coarse as they appeared, were overtaking their own. This passing of the torch was symbolized by the towering Corliss steam engine that formed the fair’s iconic centerpiece, but it was apparent in all kinds of exhibits, from to stoves to clocks to furniture.

From the British viewpoint, nothing had changed. They had scrupulously upheld their accustomed standards of quality, steadfastly insisting on the very finest workmanship even when — like those gilded steam engines — it had no conceivable purpose. The eventual result of this shift in perception was an end to Britain’s industrial pre-eminence, and the beginning of our own.

It’s likewise possible that the world is once again changing, this time in a way that’s unfamiliar to our Western frame of reference. Perhaps China builds quickly, cheaply and with indifferent quality because the pace of change no longer demands permanence.

Then again, perhaps the point is moot. China comprises nearly one-fifth of the world’s population and serves, by our own admission, as “America’s workshop.” Its attitude to quality — like it or not — will inevitably affect our own.