Monthly Archives: March 2014

Pending Home Sales at 30-Month Low | South Salem Homes

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The National Association of Realtors (NAR) Thursday morning released its data  on pending sales of existing homes in February. The pending home sales index  fell 0.8% from a downwardly revised index reading of 94.7 in January to the  February reading of 93.9. That is 10.5% lower than in February 2013, when the  index reading was 104.9. The consensus estimate called for a month-over-month  decrease of 0.8% in pending sales. The index reflects signed contracts, not  sales closings. An index reading of 100 equals the average level of contract  signings during 2001.

Total existing home sales are expected to come to 5 million, below the 2013  total of 5.1 million. National median home prices are forecast to rise by about  5.5% to 6.0% this year, but existing home inventory levels need to increase to  help keep prices in check. The median price forecast is slightly higher than  last month’s forecast. Home prices rose 11.5% in 2013.

The NAR’s chief economist noted:

Contract signings for the past three months have been little changed,  implying the market appears to be stabilizing. Moreover, buyer traffic  information from our monthly Realtor® survey shows a modest turnaround, and some  weather delayed transactions should close in the spring.

Pending home sales in the northeastern United States declined 2.4% in  January, posting an index reading of 77.1, down 7.4% from February 2013. The  index rose 2.8% in the Midwest but remains 8.5% below last year’s reading. Sales  fell 4% in the South and rose by 2.3% in the West. Compared with February 2013,  all regions are down.

Pending home sales do not have the economic impact of new home sales, which employ  thousands of people in building and furnishing new homes. But it does give some  indication of the market for housing

Read more:  Pending Home Sales at 30-Month Low – 24/7 Wall St. http://247wallst.com/housing/2014/03/27/pending-home-sales-at-30-month-low/#ixzz2xGWrwkK4

The 9 Biggest Gardening Mistakes to Avoid | Armonk Real Estate

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Putting shovel to soil and watching flowers and vegetables grow is one of the best parts about warm weather. Not only is gardening fun, it improves your well-being, too, since it gets you out and about in the fresh air and sunshine. But it can also become a costly and time-consuming hobby if you don’t know what you’re doing, for this reason we recommend that you uses the services from tree trimming Boise to keep your garden in a good shape. Whether you’ve been gardening for years or are just starting out, there’s always room for improvement. Read on to discover common gardening mistakes, and tips from the pros on how to correct them. Photo by: Diane Morey Sitton

Mistake #1: Not Using Enough Mulch While mulch (or any other type of material-from compost to newspaper-that’s used to cover the surface of your soil) is key to a healthy garden, many people just don’t use enough of it. “Compost is meant to suppress weeds and hold in moisture so your plants are able to grow properly,” says Amy Stewart, author of Wicked Bugs. But it does a lot more than that. Mulch also reduces the impact of heavy rain and helps maintain an even soil temperature, according to the Natural Resources Conservation Service. A good rule of thumb: Use three to six inches of compost on top of the soil around the base of your plants, recommends Stewart.

Mistake #2: Overwatering This common mistake is not only harmful to your plants, but it’s wasteful as well. “We use drinking water to water our plants when we need to be more efficient and conscientious about what kind of water we use, how much and how often,” says Jamie Durie, landscape designer, horticulturist and host of HGTV’s The Outdoor Room. If your watering system is on a timer, make sure to turn it off on rainy days. It’s also best to water your plants at dawn or dusk, especially on hot summer days, when water evaporates quickly. Drip irrigation, which conserves both water and fertilizer by allowing water to drip slowly to the roots, is also an extremely effective-and inexpensive-option. While TLC.com recommends giving most plants and your lawn an inch of water per week, the key is keeping the soil moist without overdrying or oversaturation, as both can be damaging. If you’re looking for beautiful, yet easy to install and maintain landscaping addition, artificial grass is a great idea. At World Class Surfaces, we provide installation & supply of artificial grass/synthetic turf to any home or commercial properties in Perth. Using only the highest-quality Artificial Grass designed we supply to suit every kind of home, school, sport surface & recreational facility.

Mistake #3: Not Doing Enough Research Before Purchasing Your garden will never look as lush as you’d it like to if you’re planting the wrong flowers and shrubs, so always find out what types of plants grow best in your climate. First, check out your neighbors’ properties to see what’s in bloom and what’s not-if it grows in their yard, it will probably grow in yours. Then, make a sun map of your planting area, Stewart recommends. “Observe the sun and shade levels at 9 a.m., noon and 5 p.m. so you are aware of the light,” she says. And finally, if you want to be extra diligent, test your soil. “It basically involves filling up vials with soil and adding liquid agents to determine the pH levels,” says Jon Feldman, landscape designer and owner of G. biloba Gardens, Inc. in Nyack, New York. “Test kits are available from better garden centers and local Cooperative Extension Agencies.”

https://shine.yahoo.com/at-home/9-biggest-gardening-mistakes-avoid-192600695.html

The best cities for first-time home buyers | Katonah Real Estate

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In the rush to get in on the bargains of the housing crash, first-time home buyers were largely left out. Investors swarmed the most distressed markets, spreading their cash like fertilizer and pushing home prices up far faster than most expected. In less distressed markets, first-time buyers were still hampered, as the pendulum swung hard from loose lending to too-tight credit.

Now, as the spring season brings more listings to the national market and as investors seem to be pulling back a bit, first-time buyers are testing the water again. Some markets, like San Francisco, will likely be cost-prohibitive , while others, like Philadelphia, could offer easier entry to home ownership.

“First-time home buyers were put at a disadvantage against all-cash buyers, but with interest rates still staying low, with the marketplaces having risen fairly decently, you’re seeing the opportunity where it’s less of an investment for investors but a good opportunity for first-time home buyers,” said Steve Berkowitz, CEO of Move Inc. operator of Realtor.com.

Realtor.com ranked the top 10 markets for first-time buyers, using five factors to judge the best: market popularity, prices, inventory, time on market and employment. Pittsburgh, Tampa, Fla., and Philadelphia , ranked highest, mostly because their prices have not spiked much and their unemployment rates are lower than the national average.

 

 

 

http://homes.yahoo.com/news/best-cities-first-time-home-161200437.html

Pending home sales decline again, is weather to blame? | Bedford Hills Real Estate

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Harsh winter conditions have largely taken the blame for the recent stagnation in the housing market nationwide, but experts say the genesis of downturn goes all the way back to the warm months of 2013.

The National Association of Realtors released February’s pending home sales numbers this week, revealing an eighth consecutive month of decline in the market.

The South and Northeast saw the biggest decreases, offsetting gains in the West and Midwest.

The pending home sales index dipped 0.8 percent to 93.9, down from 94.7 in January and down 10.5 percent from February 2013.

While harsh weather may not have been the originator of the downturn, it may have stalled the stabilization that seems to be taking hold along with the warmer weather.

“Contract signings for the past three months have been little changed, implying the market appears to be stabilizing,” said NAR chief economist Lawrence Yun. “Moreover, buyer traffic information from our monthly Realtor survey shows a modest turnaround, and some weather delayed transactions should close this spring.”

 

 

http://www.bizjournals.com/birmingham/blog/2014/03/pending-home-sales-warming-up.html

Distressed sales down, investor activity wanes | South Salem Real Estate

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Residential properties sold at an estimated annual pace of 5,083,241 in February, a 0.2% decline from January but up 7% from February 2013, according to the latest report from RealtyTrac.

February marked the fourth consecutive month where sales activity has fell on a monthly basis. This includes single-family homes, condominiums and townhomes.

There were monthly declines in 31 states, and year-over-year declines in six – including Massachusetts, California, Arizona and Nevada. Twenty-one of the nation’s largest 50 metropolitan areas likewise suffered sales volume declines, including Phoenix, Orlando, Las Vegas and Detroit, among others.

“Supply and demand have reached a bit of a standoff in this uneven real estate recovery,” said Daren Blomquist, vice president at RealtyTrac. “The supply of distressed properties — which buyers and investors have come to rely on over the past few years — is evaporating quickly in most markets, but that dwindling supply is not being adequately replenished by non-distressed homeowners listing their homes or by new homes being built.”

Blomquist noted that some of the volume decline is from institutional investors, a primary driver over the past two years. Investor activity has declined in the last several months.

“It’s not yet clear if that diminishing demand will be filled by first-time homebuyers and move-up buyers,” he said.

 

 

http://www.housingwire.com/articles/29449-why-did-residential-sales-decline-for-fourth-month-straight

 

Mortgage rates tick up after slight decline | Waccabuc Real Estate

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Average fixed mortgage rates were up a bit from last week, applying additional pressure for those local markets that are already feeling an affordability pinch, according to Freddie Mac. This follows last week’s slight downtick.

“Mortgage rates rose following the uptick on the 10-year Treasury note after comments by the Federal Reserve Board Chair Janet Yellen indicated a possible increase in interest rates as soon as early 2015,” said Freddie Mac chief economist Frank Nothaft. “Also, the S&P/Case-Shiller 20-city composite house price index rose 13.2% over the 12-months ending in January 2014.”

Freddie Mac’s new blog noted this week: “One thing seems certain: we aren’t likely to see average 30-year fixed mortgage rates return to the historic lows experienced in 2012. The all-time record low – since Freddie Mac began tracking mortgage rates in 1971 – was 3.31% in November 2012. Conversely, the all-time record high occurred in October of 1981, hitting 18.63%. That’s more than four times higher than today’s average 30-year fixed rate of 4.32% as of March 20.”

The 30-year fixed rate mortgage averaged 4.4% with an average 0.6 point for the week ending March 27, 2014, up from last week when it averaged 4.32%. A year ago at this time, the 30-year FRM averaged 3.57%.

The 15-year FRM averaged 3.42% with an average 0.6 point, up from last week when it averaged 3.32%. A year ago at this time, the 15-year FRM averaged 2.76%.

 

 

http://www.housingwire.com/articles/29458-mortgage-rates-tick-up-after-slight-decline

Pending home sales down 10.5% from February 2013 | Cross River Real Estate

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Pending home sales fell for the eighth straight month, down 0.8% from the downwardly revised January report and down 10.5% from February 2013, according to the index from the National Association of Realtors.

NAR’s pending sales index is an indicator of closings that usually happen within three months.

“Contract signings for the past three months have been little changed, implying the market appears to be stabilizing,” said Lawrence Yun, chief economist for NAR. “Moreover, buyer traffic information from our monthly Realtor survey shows a modest turnaround, and some weather delayed transactions should close in the spring.”

Existing home sales have been down since September 2013, with buyers facing the challenges of an increasing affordability gap as investors have driven up prices and lending requirements have tightened.

“Upon first glance, it may seem high that a quarter of all ZipRealty home sales closed without financing in 2012 and 2013,” said ZipRealty CEO and president Lanny Baker. “But based on our own internal analysis and data from the National Association of Realtors, the percentage of all-cash real estate transactions may actually be moderating. Nationwide, the percentage of all-cash real estate transactions reached a five-year high in 2010 at 27%, and the percentage of all-cash property sales has slowly declined or flattened every subsequent year.”

All-cash transactions accounted for 20% of the residential real estate market in 2009, and 25.6% of the market in 2011, NAR reports.

According to ZipRealty’s analysis, in 2013 26% of all the real estate transactions closed by ZipRealty agents were purchased with cash, while 25% of the homes purchased through ZipRealty agents were acquired with cash.

 

http://www.housingwire.com/articles/29460-pending-home-sales-down-105-from-february-2013

 

Fixed Mortgage Rates Move Up | Katonah Real Estate

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Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates up a bit from last week, applying additional pressure for those local markets that are already feeling an affordability pinch.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.40 percent with an average 0.6 point for the week ending March 27, 2014, up from last week when it averaged 4.32 percent. A year ago at this time, the 30-year FRM averaged 3.57 percent.
  • 15-year FRM this week averaged 3.42 percent with an average 0.6 point, up from last week when it averaged 3.32 percent. A year ago at this time, the 15-year FRM averaged 2.76 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.10 percent this week with an average 0.5 point, up from last week when it averaged 3.02 percent. A year ago, the 5-year ARM averaged 2.68 percent.
  • 1-year Treasury-indexed ARM averaged 2.44 percent this week with an average 0.4 point, down from last week when it averaged 2.49 percent. At this time last year, the 1-year ARM averaged 2.62 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 rose following the uptick on the 10-year Treasury note after comments by the Federal Reserve Board Chair Janet Yellen indicated a possible increase in interest rates as soon as early 2015. Also, the S&P/Case-Shiller® 20-city composite house price index rose 13.2 percent over the 12-months ending in January 2014.”

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.

 

 

 

Consumer Confidence and Home Price Data Nod to Stronger Growth | Bedford Hills Real Estate

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American consumer confidence surged to a six-year high in March and house prices rose solidly in January, positioning the economy for stronger growth after a soft spot attributed to bad winter weather.

The upbeat outlook, however, was dimmed somewhat by other data on Tuesday showing new-home sales at a five-month low in February, partly because of the cold weather.

“The economy is showing signs of shaking off the weather effect. We are going to get a big lift to second-quarter growth from the weather,” said Ryan Sweet, a senior economist at Moody’s Analytics in West Chester, Pa.

The Conference Board said its index of consumer attitudes rose to 82.3, from 78.3 in February. That is the highest level since January 2008, just as recession started to take hold, and it beat economists’ expectations for a reading of 78.6.

The jump in confidence bodes well for the economy, even though consumers were less upbeat about the labor market.

An unusually cold and snowy winter has held back the economy, disrupting activity that includes hiring, spending and manufacturing. Growth in the first quarter is expected to have slowed considerably from the fourth quarter’s annualized 2.4 percent pace.

http://www.nytimes.com/2014/03/26/business/confidence-and-home-price-data-point-to-stronger-growth.html?_r=0

Bullish consumers, rising home prices brighten U.S. growth picture | Pound Ridge Real Estate

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U.S. consumer confidence surged to a six-year high in March and house prices increased solidly in January, positioning the economy for stronger growth after a weather-induced soft spot.

The upbeat outlook, however, was dimmed somewhat by other data on Tuesday showing new home sales at a five-month low in February, partly because of cold temperatures.

“The economy is showing signs of shaking off the weather effect. We are going to get a big lift to second-quarter growth from the weather,” said Ryan Sweet, a senior economist at Moody’s Analytics in West Chester Pennsylvania.

The Conference Board said its index of consumer attitudes rose to 82.3 from 78.3 in February. That is the highest level since January 2008, just as recession started to take hold, and it beat economists’ expectations for a reading of only 78.6.

The jump in confidence bodes well for the economy’s prospects, even though consumers were less upbeat about the labor market.

U.S. stocks and the dollar rose in response to the confidence report.

An unusually cold and snowy winter has held back the economy, disrupting activity ranging from hiring to spending and manufacturing. Growth in the first quarter is expected to have slowed considerably from the fourth-quarter’s annualized 2.4 percent pace.

Separately, the S&P/Case-Shiller composite index of home prices in 20 metropolitan areas rose 0.8 percent in January on a seasonally adjusted basis. It followed a similar increase in December. Prices rose 13.2 percent from a year ago.

 

 

http://www.reuters.com/article/2014/03/25/us-usa-economy-idUSBREA2O10I20140325