Monthly Archives: February 2014

Canada housing agency sees stable starts, prices in 2014 | Katonah NY Real Estate

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Canada’s federal housing agency nudged up its forecast for housing starts and prices in 2014 and said sales and construction will be steady to higher in 2015 as an improving economy tempers the impact of rising mortgage rates.

The view from the Canada Mortgage and Housing Corp suggests the nation’s once-roaring housing market is settling into a soft landing, with construction moderating to more sustainable levels and sales and prices ticking slowly higher.

The CMHC said on Thursday housing starts will be in a range of 176,600 and 199,800 in 2014, with a point forecast, or most likely outcome, of 187,300 units, relatively unchanged from 187,923 units in 2013. That is up slightly from CMHC’s October estimate of 184,700 starts.

The agency said there will be 163,200 to 206,600 units started in 2015, with a point forecast of 184,900.

Both forecasts represent a sharp slowdown from the 214,827 starts of 2012, when the market was at record highs and the government intervened to tighten mortgage lending rules.

 

http://www.reuters.com/article/2014/02/06/canada-economy-housing-idUSL2N0LB0V520140206

 

Texas Real Estate Market Finishes 2013 Strong | Chappaqua NY Real Estate

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The Texas real estate market finished 2013 strong, with continued year-over-year increases in sales volume and prices for single-family homes, according to the Texas Association of Realtors’ Texas Quarterly Housing Report released today.

“The Texas real estate market showed strength in sales volume and price all year long and the fourth quarter was no exception,” said Dan Hatfield, chairman of the Texas Association of Realtors. “We’ve now seen year-over-year increases in both sales volume and price every quarter for more than two years. This makes it clear – demand for Texas homes is strong and enduring.”

According to the Texas Quarterly Housing Report, 60,998 single-family homes were sold in Texas in the fourth quarter of 2013, which is 6.78 percent more than the same quarter of 2012. During the same time frame, the median price for Texas homes was $172,600, up 8.48 percent from 2012-Q4, and the average price was up 8.88 percent to $226,216.

Jim Gaines, Ph.D., economist with the Real Estate Center at Texas A&M University, explained, “One thing that is notable about the price increases seen in the fourth quarter is that they are relatively consistent across the state. Those increases are being seen in markets of every size, not just in the largest Texas markets, so that indicates broad-based appreciation for Texas real estate.”

This high demand continued to contribute to a shrinking inventory of homes in Texas. During the fourth quarter of 2013, the statewide inventory of homes decreased by one full month to 3.6 months. That figure is well below the 6.5 months that the Real Estate Center at Texas A&M University cites as a market balanced between supply and demand.

Read more here: http://www.heraldonline.com/2014/02/03/5639176/texas-real-estate-market-finishes.html#storylink=cpy

Creating a big bang in the Los Feliz real estate market | Pound Ridge Real Estate

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Twilight”  film series vampire Robert  Pattinson found a warm body to pay $6.375 million for his Los Feliz  home. Jim  Parsons of “The  Big Bang Theory” is the new owner.

The 1922 Spanish Colonial-style house has a formal entry, a library/study, a  den, three bedrooms, 3.5 bathrooms and 4,026 square feet of space in two  stories. Antiqued tile and stone, hand-carved wood and stenciled ceilings  maintain a vintage vibe.

The 1.5-acre sloping lot, enclosed by walls, features a lagoon-style swimming  pool, waterfalls and fountains. Stunning terraced gardens follow the hillside  down to the home, which has cityscape views.

The property was purchased by Pattinson in 2011 for $6.25 million. An earlier  owner of the house was Lakers great Kareem Abdul-Jabbar.

Parsons also has listed his old Los Feliz house.

Priced at $1.85 million, the 1942 traditional home sits on a hillside with  city views. The 2,827 square feet of open-plan living space on two levels  includes a formal entry, an office, a breakfast area, three bedrooms and four  bathrooms.

There are fireplaces in the living room and dining room and on the entry  patio.

The actor bought the home in 2009 for $1.3 million.

Pattinson, 27, starred in the 2012 films “Cosmopolis”  and “Bel  Ami.” He will be in the upcoming films “Maps to the Stars” and “The  Rover.”

Parsons, 40, has won three Emmys and a Golden Globe award for his work on the  sitcom, which premiered in 2007. He will be in the upcoming TV movie “The Normal  Heart.”

David Gray of Partners Trust Beverly Hills was the listing agent for  Pattinson. Ronald Shore of Keller Williams represented Parsons.

Shore and Samuel Bernstein, also with Keller Williams, are Parsons’ listing  agents.

http://www.latimes.com/business/realestate/la-fi-hotprop-20140202,0,3518370.story#ixzz2sUAyeieI

 

http://www.latimes.com/business/realestate/la-fi-hotprop-20140202,0,3518370.story#ixzz2sUAtfWf6

The State of the Real Estate Market | Bedford Hills NY Real Estate

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According to Movoto Real Estate‘s State of the Market report, the market followed seasonal trends on a month-over-month basis, as the number of available homes on the market and the median list price per square foot index dipped when compared to November. At the same time, our data shows that year-over-year changes in the median list price per square foot and inventory level indexes are similar to previous years’ numbers.

How This Report Is Made

In building Movoto Real Estate’s monthly State of the Real Estate Market report, we look at 38 geographically diverse cities in order to determine total inventory levels and median price per square foot index. In addition, we further break down this data on a month-over-month and year-over-year basis. The data used comes from each city’s Multiple Listing Service.

Median List Price Per Square Foot Index

YEAR-OVER-YEAR

During the 12-month period between December 2012 and December 2013, there were 33 cities in which the median list price per square foot increased. Of the cities that had increases, 17 witnessed double-digit gains.

In total, across the cities we track, the median list price per square foot index increased from $159 in December 2012 to $176 in December 2013, a gain of 10.4 percent.

The cities that saw the largest gains by percentage were:

  • Boston: The value for a home in Boston increased by about 27 percent in the past year, going from $361 in December 2012 to $458 in December 2013.
  • Sacramento: The median list price per square foot for a home inSacramento increased by about 21 percent in the past 12 months. The price rose from $123 in December 2012 to $149 in December 2013.
  • Phoenix: Phoenix home prices increased by about 20 percent in the past year. The median list price per square foot increased from $101 to $121 from December 2012 to December 2013.

 

http://www.fool.com/investing/general/2014/02/03/the-state-of-the-real-estate-market.aspx

Survey: New York’s real estate market still strong, but ‘in transition’ | Bedford Corners NY Homes

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Overall, current real estate sentiment remains positive, but a survey released Monday found that the market could be shifting from buyer-friendly to more of a seller’s market in some parts of the state.

According to the Siena Research Institute, the overall current real estate sentiment score was 12.0 in the fourth quarter of 2013, down 5.7 points from the previous quarter. In upstate, the score dropped 4.1 points to 15.3.

“New Yorkers’ attitudes towards the real estate market remain positive, but after seven quarters of steadily improving views, we stopped improving,” Siena Research Institute Director Dr. Don Levy said. “The market is strong, but for how long?”

Levy said the real estate market is “in transition,” with New York City consumers already experiencing “the dawning of a seller’s market.”

New York City voters surveyed had a lower overall current real estate sentiment score — 6.5 — than other parts of the state. While upstate’s was at 15.3, the sentiment score in the suburbs was 17.6.

Among other demographics, sentiment among men was 1.4 points higher than women. The highest score — 27.2 — was registered among those who earn more than $100,000 a year, while the score for those earning less than $50,000 was minus 2.1

 

 

http://auburnpub.com/news/local/survey-new-york-s-real-estate-market-still-strong-but/article_2d3f2d73-318d-5157-8281-2a774c765a60.html

 

How Short-Sale Survivors Can Get a Mortgage | Mt Kisco NY Homes

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Need to finance a home this year? If you had a previous short sale, pay very close attention to your credit report, because it might list the home as a foreclosure. It’s important to know how this difference can prevent you from getting a new mortgage again, and how you can deal with it so you can get a mortgage.

Maybe you’re purchasing another home to live in, or for investment property. Perhaps you’re financing your primary home for a specific purpose. Whatever the reason, the credit reporting from the previous shorted lender can make or break your new mortgage.

Short-selling allows homeowners to avoid foreclosure. Foreclosure involves defaulting on the mortgage, and essentially giving the house back to the bank, and is typically seen as the worse event of the two, in terms of credit-worthiness.

Lenders are obligated to report the true and exact circumstances surrounding a delinquency. When reporting on a short sale, they will typically report “Settled for less than full balance.” This is what the new lender you’re working with on your loan will want to see because this indicates the previous property was a short sale.

 

 

http://finance.yahoo.com/news/short-sale-survivors-mortgage-123017741.html

Mortgage rates plummet following stock market plunge | Bedford NY Real Estate

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Mortgage rates fell to lows not seen since November, in response to yesterday’s stock market plunge. As the S&P 500 got shellacked, mortgage rates fell about 0.06 percent yesterday, and the most highly-qualified borrowers could be looking at 30-year fixed mortgage rates of 4.25 percent.

The average 30-year fixed mortgage rate, however, is still at about 4.375 percent, according to Mortgage News Daily. The monthly U.S. employment situation report, which is due Friday, will also have a big influence on rates , according to the website.

 

http://therealdeal.com/blog/2014/02/04/mortgage-rates-plummet-following-stock-market-plunge/

 

The best and worst housing markets in America right now | Bedford Hills Homes

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Valuation services provider Pro Teck releases a monthly home value forecast listing the top 10 real estate markets, ranked by the impact of foreclosure sales on localized housing recovery.

It’s somewhat of a different approach, to hinge a data call on distressed properties, but nonetheless exceedingly fascinating.

Right now, in America, according to Pro Teck, Long Island, New York, leads the rankings of hottest real estate markets.

“Many factors account for Long Island’s strong market, including foreclosures making up an inconsequential 2.18% of sales and available housing inventory at only 3.63 months,” said Tom O’Grady, CEO of Pro Teck. “Looking at the extended forecast, we see Long Island reaching peak highs again within five years.”

The following top ten lists highlight the best and worst metros in January with regard to a number of leading real estate market indicators, including: sales/listing activity and prices, months of remaining inventory, days on market, sold-to-list price ratio and foreclosure and REO activity, according to Pro Teck.

 

January’s top ten:

Nassau County-Suffolk County, N.Y.

Los Angeles-Long Beach-Glendale, Calif.

Ann Arbor, Mich.

Anaheim-Santa Ana-Irvine, Calif.

Oxnard-Thousand Oaks-Ventura, Calif.

San Diego-Carlsbad, Calif.

San Luis Obispo-Paso Robles-Arroyo Grande, Calif.

Santa Maria-Santa Barbara, Calif.

Ashville, N.C.

Houston-The Woodlands-Sugar Land, Texas

 

 

 

http://www.housingwire.com/blogs/1-rewired/post/28843-the-best-and-worst-housing-markets-in-america-right-now

Can home prices record 23 months of increases? | Katonah NY Real Estate

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Home prices maintained their course and increased 11% in December 2013 compared to a year ago, recording the 22nd consecutive monthly year-over-year increase in home prices nationally, according to the latest December CoreLogic Home Price Index.

Month-over-month, home prices, including distressed sales, dipped by .1% in December compared to November.

Home prices, excluding distressed sales, jumped by 9.9% in December compared to a year prior and .2% month-over-month compared to November.

“Last year, home prices rose 11%, the highest rate of annual increase since 2005, and ten states and the District of Columbia reached new all-time price peaks,” said Mark Fleming, chief economist for CoreLogic.

“We expect the rising prices to attract more sellers, unlocking this pent-up supply, which will have a moderating effect on prices in 2014,” Fleming added.

Looking ahead, the HPI forecasts that January homes prices, including distressed sales, will increase 10.2% year-over-year from January 2013. But on a month-over-month basis, home prices are projected to dip .8% from December 2013 to January 2014.

 

 

 

http://www.housingwire.com/articles/28839-can-home-prices-record-23-months-of-increases

One thing you should do before refinancing | Waccabuc NY Real Estate

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Thinking about refinancing? Before you do, put some time and effort — and some money too — into sprucing up.

For anyone selling a home, sprucing up is a no-brainer. Repairs, upgrades, painting and landscaping can raise the sales price. But homeowners who are staying put and refinancing often don’t bother with these improvements. If you’re not looking for a buyer and have years to get around to these things, why bother?

Because the home’s condition will be reflected in the lender’s appraisal, which will determine whether you get the new mortgage and how large it can be.

 

http://realestate.msn.com/blogs/listed-homerefinancing.aspx?post=8b61048d-904f-4407-add8-695be3ff8d74