Daily Archives: October 25, 2012

Mount Kisco NY Real Estate | New home sales shoot up 5.7% in September

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New single-family home sales rose 5.7% from August to September, with 389,000 homes sold last month, according to the  U.S. Census Bureau.

That is up from 368,000 sales in August and 27.1% above year ago levels when only 306,000 units were sold.

The median sales price of a home in September hit $242,400 while the average price hovered at $292,400.

“September’s rise in new home sales is another sign that homebuyers are becoming more willing and more able to splash out on a new home,” research firm Capital Economics said in response to the report.

The number of new homes for sale at the end of September reached 145,000, which reflects a 4.5-month supply of homes at today’s sales pace.

Econoday called the jump in home sales the best annual rate increase since mid-2010 when the market was still benefitting from homebuyer tax credits.

“September’s gain is convincing and is led, with a 16.8% jump, by the South which is far larger than all other regions combined,” Econoday said. “Supply, at 4.5 months for the lowest reading since 2005, is very tight and is limiting sales.”

via housingwire.com

North Salem NY Real Estate | Mortgage applications down 12%, rates edge up

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The number of mortgage applications filed by potential homebuyers and refinancing borrowers fell 12% for the week ending October 19, an industry trade group said.

The steep drop is attributed to an upward adjustment made a week earlier to account for the Columbus Day holiday, according to the Mortgage Bankers Association. When reviewing the numbers on an unadjusted basis, applications fell 2%.

The MBA noted that refinancing activity declined 13% from the previous week while home purchase applications fell 8%. The trend of slowdowns is expected to continue.

The MBA is warning it expects to see $1.3 trillion in mortgage originations during 2013. This is down more than 25% from its revised estimation of $1.7 trillion in 2012.

As applications declined, rates went up with the average 30-year, fixed-rate mortgage on a conforming loan increasing to 3.63% from 3.57%.

The 30-year jumbo FRM also grew to 3.85% from 3.81% last week.

The 30-year, FRM backed by FHA edged up to 3.41% from 3.34%, while the average 15-year, FRM hit 2.96% from 2.87% last week.

The 5/1 ARM also grew to 2.72% from 2.59%.

via housingwire.com

Great Recession creates 4.8 million renters | Waccabuc NY Real Estate

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The United States added 4.8 million renters in the past six years while losing 1.7 million owner households as the dynamics of the real estate space changed in the wake of the 2008 financial meltdown, according to the Mortgage Bankers Association.

The market experienced additional changes in the first nine months of 2012, creating unexpected outcomes in the housing finance sector, prompting the MBA to alter its forecast for 2012.

In brief, the MBA revised its estimate for 2012 mortgage originations to $1.7 trillion, up from $1.4 trillion a year earlier. Still, the trade group predicts total originations will taper off to $1.3 trillion in 2013, eventually hitting $1.1 trillion in 2014. However, mortgage rates are expected to hover below 4% through the mid-part of next year.

The MBA expects gross domestic product will inch up from 1.6% in 2012 to 2% in 2013. Meanwhile, the forecast suggests existing home sales will increase from 4.6 million in 2012 to approximately 4.78 million next year.

Still, economic growth is contingent on government tax policies and at least a temporary avoidance of the fiscal cliff in early 2013.

“The tax increase in particular would be devastating to economic growth,” said MBA chief economist Jay Brinkmann.  “We believe that the entire package of tax increases and spending cuts, if left unaltered, would cut 3.5 to 4 percentage points from our growth forecast.”

Another outlier is the final definition of the qualified mortgage rule from the Consumer Financial Protection Bureau, which will define what type of mortgage qualifies as safe from repurchase risk in cases of default. It’s unknown whether the final rule from CFPB, which is due out in  January, will contain a safe harbor provision to protect lenders from buy back risk if they follow the guidelines.

These forecasts are based on the idea that QM comes in with a safe harbor and legislatures get past the fiscal cliff without dramatic spending and tax changes, said Mike Fratantoni, the MBA vice president of research and economics.

If the nation moves past the QM rule and the fiscal cliff without the introduction of new risks, the MBA expects moderate economic growth and an uptick in home prices annually from roughly 1.2% in 2012 to 3.5% in 2013.

via housingwire.com

Content Marketing and Strategy | Katonah NY Real Estate

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Last week I gave a lecture to Estonian Business School MBA students. The lecture topic is Content and Strategy and it gives an overview how to use blogs, content and social media to drive business results for your brand.

The key points of the lecture are:

  • content marketing strategy 300x224 Content Marketing and Strategy [SLIDES]Goals (measurable user actions)
  • Marketing models (consistency, predictability, and repeatability)
  • Target group
  • Content strategy (what do you have to offer)
  • Participation rate
  • Types of content
  • Best practices
  • Max strategy of content distribution
  • Basics of on page SEO
  • Content planning
  • Keyword research
  • Promoting content
  • Engaging target audience
  • Social media bomb
  • Link building
  • Driving conversions
  • Distributing content to your blogs and social media sites
  • Planning resources (people, time, money)
  • Measuring results (and ROI in socia media)