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| Fresh Food from Local Sources – October 10th-16th, 2013 Down to Earth Markets | |||||
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For the love of taste! | Chappaqua Real Estate
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Daily Archives: October 10, 2013
Fixed Mortgage Rates Little Changed | Bedford Hills Real Estate
Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates changing little for the week amid the federal debt impasse in Washington, D.C. and a light week of economic data releases.
News Facts
- 30-year fixed-rate mortgage (FRM) averaged 4.23 percent with an average 0.7 point for the week ending October 10, 2013, up from last week when it averaged 4.22 percent. A year ago at this time, the 30-year FRM averaged 3.39 percent.
- 15-year FRM this week averaged 3.31 percent with an average 0.7 point, up from last week when it averaged 3.29 percent. A year ago at this time, the 15-year FRM averaged 2.70 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.05 percent this week with an average 0.4 point, up from last week when it averaged 3.03 percent. A year ago, the 5-year ARM averaged 2.73 percent.
- 1-year Treasury-indexed ARM averaged 2.64 percent this week with an average 0.4 point, up from last week when it averaged 2.63 percent. At this time last year, the 1-year ARM averaged 2.59 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 the Regional 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 were little changed amid the federal debt impasse in Washington, D.C. and a light week of economic data releases. Of the few releases, the private sector added an estimated 166,000 jobs in September, which were fewer than the market consensus and followed a downward revision of 17,000 workers in August, according to the ADP Research Institute. The Institute for Supply Management reported a greater slowing in growth in the nonmanufacturing industry in September than the market consensus forecast.”
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation’s residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. For more information please visit www.FreddieMac.com and Twitter: @FreddieMac.
Why Aren’t More Bloggers Claiming Ownership of Their Content? | Katonah NY Real Estate
Working in the world of digital marketing, I read a lot of blogs every day. When I login to my email every morning I find my inbox full of new articles. All sorts of blogs are talking about everything and anything to do with digital marketing and beyond.
One thing I know is that Google+ is still a hot topic.
Those of us who advocate this social platform talk about it as the future of social media and content marketing. We discuss the benefits of using it for business, about claiming authorship markup and publisher markup and how it has a great impact on search rankings and click through rates.
Then there are the sceptics who say it’s boring. Some say it’s a bad version of Facebook. Others say it’s not user friendly and it’s just another tool created by Google in its quest to monopolise all things internet related.
What is Google+ about?
Most people in the digital marketing industry agree that Google+ has become an essential part of social media marketing. But it still surprises me when I speak to people (in my industry) who are still not using Google+, still not sure what it’s all about. Many see it as not being a useful marketing tool for their business.
What is eye opening is when I research things in the digital industry I am presented with a Google SERP (search engine result page) in which only a handful of results have a Google+ cover photo next to it! If we’re in the digital industry, and blogging extensively, aren’t we all supposed to be using Google+ and claiming authorship?
Why Google+ authorship is important
Surely, we all know what Authorship Markup is by now? Could it be that many blog authors dismiss it as not important or not relevant? It’s not exactly a lengthy process to claim authorship, but perhaps many bloggers are not active on Google+? There could be numerous reasons why adoption rates appear low, but to me it’s a no brainer. So why aren’t more bloggers claiming ownership of their content?
If you’re doing it right then you should see the following.
- An increase in search rankings
- Improvement in CTR (click through rate)
- More people with access to your other work
So why wouldn’t you adopt this practice?
Judging from what I’ve read, Google is planning to develop this further and elaborate on author rank, where influential authors appear higher in SERPs, even if their post is published on a lower ranking website. All this seems very exciting. So the earlier we start claiming authorship and using Google+ to establish a reputation, the sooner we will reap the benefits.
Read more at http://www.jeffbullas.com/2013/10/01/why-arent-more-bloggers-claiming-ownership-of-their-content/#IgqfHGDspqHHzRwO.99
Claims Cause Hefty Hikes in Homeowners’ Premiums | South Salem NY Real Estate
Insurance claims can cause significant increases in on homeowners’ policies according to the state where they are located according to a new study commissioned by insuranceQuotes.com
Using a hypothetical two-story, single family home covered for $144,000 with a $500 deductible, the study revealed that how much annual premiums can rise following the filing of a claim for fire, hail, liability, medical, theft, vandalism, water (non-weather related), weather (except for hail and wind) and wind.
According to the study, U.S. families who file a single homeowner’s insurance claim can expect their annual premium to increase 9 percent (or about $150). However, premium increases varied greatly by state. Homeowners who file a single claim in Minnesota can expect their annual premium to increase, on average, by 21 percent. Conversely, filing a single claim in Texas won’t result in any premium increase.
According to the latest data from the National Association of Insurance Commissioners (NAIC), the average cost of home insurance increased 36 percent between 2003 and 2010, which is almost twice the rate of inflation. The study’s findings come at a time when most U.S. families are already experiencing an increase in their homeowner’s insurance premiums across the board.
The following five states showed the greatest average premium increase as a result of filing one claim:
1. Minnesota – 21 percent increase
2. Connecticut – 21 percent increase
3. Maryland – 19 percent increase
4. California – 18 percent increase
5. Oregon – 17 percent increase
Meanwhile, the following five states, on average, showed the smallest percentage premium increase as a result of filing one claim:
1. Texas – 0 percent increase
2. New York – 1 percent increase
3. Florida – 2 percent increase
4. Vermont – 2 percent increase
According to the study, premiums in 31 states and the District of Columbia increased by an average of 10 percent or more after filing a single claim. What’s more, only 18 states fell below the national average increase of 9 percent. 5. Massachusetts – 2 percent increase
“For homeowners in states where premiums are going up by more than 10 percent for a single claim, that’s a bit troubling,” says Bob Hunter, former Texas Insurance Commissioner and current director of insurance at the D.C.-based Consumer Federation of America, a consumer advocacy organization.
The reasons behind why there is such a disparity from state to state are varied and nuanced, says Chris Hackett, director of personal lines policy at the Property Casualty Insurers Association of America, an insurance trade association. According to Hackett, rate swings between states come from several factors, including the nature and severity of claims filed in a given state, as well as the different ways in which insurance is regulated from state to state.
Great news! Shadow inventory drops to 1.9M homes | Cross River Real Estate
It’s a staggering number: The “shadow inventory” in July– properties that are seriously delinquent, in foreclosure or in lenders’ REO inventories (but not yet listed for sale on a multiple listing service) — stood at 1.9 million homes valued at $293 billion, CoreLogic said today.
But you have to put things in perspective.
That’s a 22 percent drop from a year ago, and 38 percent from the 2010 peak of 3 million homes.
Plus, that’s the national picture, and all real estate is local, right? If you break it down to the state level, the five states with the highest foreclosure inventory as a percentage of mortgaged homes were: Florida (7.9 percent), New Jersey (6.2 percent), New York (4.9 percent), Maine (4 percent) and Connecticut (3.9 percent). Source: corelogic.com
– See more at:
http://www.inman.com/wire/great-news-shadow-inventory-drops-to-1-9m-homes/#sthash.pe0Y4n90.dpuf
Fastest Markets are in Low Gear | Waccabuc Real Estate
Home-selling speeds fell for the fourth month in a row. In August, 27.9 percent of homes went under contract in less than two weeks, down from 29 percent in July and 33.7 percent in April, according to the National Association of Home Builders.
The competitive landscape in the housing market has changed drastically since spring, due to elevated home prices and mortgage rates. Many buyers have slowes or paused their buying plans over the past four months according to Redfin’s latest Bidding War Report/
San Jose remains the fastest-moving market in August, with 43.6% of listings under contract within two weeks despite slowing slightly from 46.1% in July. Across 23 markets, San Jose has been the fastest every single month since December 2011.
The slowest-moving market was again Philadelphia, which saw 7.0% of homes under contract within two weeks, down from 7.3% in July.
San Diego slowed the most from July to August. In San Diego, the rate of homes going under contract within two weeks slowed from 36.1% to 31.6%.
Las Vegas sped up the most from July to August. In Las Vegas, 24.7% of homes went under contract within two weeks in August compared with 18.3% in July.
Compared to a year earlier, Atlanta sped up the most. The rate of homes going under contract in 14 days moved from 1.2% to 22.7% between August 2012 and August 2013.
Sacramento slowed the most in the year, dropping from 40% to 34.1%.
Despite the slowing trend throughout summer, market speed could see a slight increase in September as some buyers react to reduced mortgage rates. After surpassing 4.7 percent in mid-August, 30-year fixed mortgage rates eased to about 4.3 percent in September in reaction to the Federal Reserve’s decision on September 18 to keep its stimulus program unchanged for now. Although the rates have dropped only slightly, Redfin agents in Seattle, Washington, D.C. and Los Angeles in recent days have reported a boost in urgency among buyers to find a home.
http://www.realestateeconomywatch.com/2013/09/fastest-markets-are-in-low-gear/
Chappaqua’s Bill And Hillary Clinton Hope For Grandchild Soon | Chappaqua NY Real Estate
Two of Chappaqua’s most famous residents, former President Bill Clinton and former Secretary of State Hillary Clinton, aren’t hiding their wishes for a grandchild soon from their daughter Chelsea, according to The Washington Post.
The Post said that Chelsea having a child is “topic A” between them and that Chelsea is discussing the issue with her husband, Marc Mezvinsky.
Read the full Washington Post article here.
Chelsea Clinton told Glamour magazine in an interview that she and her husband are hoping to make 2014 “The Year of the Baby.”
Wolfgang Puck Drops $14M on Pritzker-Approved L.A. Villa | North Salem Real Estate
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Anthony and Jeanne Pritzker—members of über-rich American family noted not only for its Hyatt fortune, but also as the benefactor of the famous architecture prize—have finally found a buyer for their eight-bedroom villa in Bel Air: celebrity chef Wolfgang Puck. According to The Real Estalker, Puck laid down $14M for the Mediterranean spread christened Villa les Violettes. The place listed for $21.99M over a year and a half ago, when the Pritzkers’ new spread, a positively palatial compound boasting 53,000 square feet of living space and a bowling alley, wrapped up construction. That original ask was shaved down with painful sluggishness—18 times over the course of a year, to be exact—until, in March 2013, Villa les Violettes blinked off and on the market, emerging with a new $16.495M ask.
Inside the 1938 manse, which the Pritzkers bought in 2001 for $9.5M: a limestone foyer, a “ballroom-sized living room” with parquet floors and 15-foot ceilings, a double-height library, a media room, a silvered dining room, and a marbled kitchen The Real Estalker insists “will get a soup-to-nuts overhaul.” Outdoor details include a 3,500-square-foot garden and trellised flowers like whoa—plus a pool, a fancy-pants outdoor dining area, palm trees, resort-style furniture, and a tennis court.
http://curbed.com/archives/2013/10/08/wolfgang-puck-drops-14m-on-pritzkerapproved-la-villa.php
California home sales to rise with inventory in 2014 | Mt Kisco Real Estate
After declining this year, home sales in California will rise in 2014 along with inventory, according to a forecast released today from the California Association of Realtors.
The trade group anticipates existing, single-family home sales in the Golden State will rise 3.2 percent next year, to 444,000, after a 2.1 percent decrease this year. California’s median home price is set to rise 28 percent this year, to $408,600, and is expected to increase an additional 6 percent next year to $432,800.
“We’ve seen a marked improvement in housing market conditions in a year with the distressed market shrinking from 1 in 3 sales a year ago to less than 1 in 5 in recent months, thanks primarily to sharp gains in home prices,” said CAR Vice President and Chief Economist Leslie Appleton-Young in a statement.
“As the market continues to improve, more previously underwater homeowners will look toward selling, making housing inventory less scarce in 2014. As a result of these factors, we’ll see home price increases moderate from the double-digit increases we saw for much of this year to mid-single digits in most of the state.”
“The wildcards for 2014 include federal, fiscal, monetary and housing policies — such as the mortgage interest deduction and mortgage finance reform — as well as housing supply and the actions of the Federal Reserve, which will ensure a higher rate environment,” she added.
The trade group projects 30-year fixed mortgage interest rates to rise to an average 5.3 percent in 2014.
– See more at: http://www.inman.com/wire/california-home-sales-to-rise-with-inventory-in-2014/#sthash.6wBKBOmo.dpuf