Monthly Archives: April 2014

Mortgage apps drop for 4th consecutive week | Pound Ridge NY Homes

Leave a reply

 

Mortgage applications dropped 1.6% from one week earlier, according to the Mortgage Bankers Association’s survey of mortgages for the week ending April 4, 2014.

The MBA’s measure of mortgage loan application volume fell 1.6% on a seasonally adjusted basis from one week earlier, the fourth decline in four weeks after a spike of almost 10% at the start of March.

The refinance index decreased 5% from the previous week and is at its lowest level since the end of 2013.

The seasonally adjusted purchase index increased 3% from one week earlier.\

“Despite a drop in overall applications from the week before, purchase activity is still climbing as rates remain low and spring selling season is starting to ramp up. With home values back at healthy levels, look for inventory to increase in the coming weeks, which will continue to drive this trend of rising purchase activity,” said Quicken Loans vice president Bill Banfield.

The refinance share of mortgage activity decreased to 51% of total applications from 53% the previous week and is at its lowest level since July 2009.

The adjustable-rate mortgage share of activity remained unchanged at 8% of total applications.

 

 

http://www.housingwire.com/articles/29608-mortgage-apps-drop-for-4th-consecutive-week

 

NAR joins push for FAA rule on commercial drone use | Bedford Corners Real Estate

Leave a reply

 

Saying regulators are stifling innovation, the National Association of Realtors and nearly three dozen other groups have sent a letter to the Federal Aviation Administration urging the agency to speed up its process for issuing rules that will govern the commercial use of drones.

The groups, which also include NAR affiliate Realtors Land Institute, also urged the FAA to allow limited use of small drones for commercial purposes right away, before a final rule is complete.

“The current regulatory void has left American entrepreneurs and others either sitting on the sidelines or operating in the absence of appropriate safety guidelines,” the letter said. “The technology is advancing faster than the regulations to govern it.”

Drones have gained popularity in real estate in the past year, but the legalities around their use in commercial situations are far from clear.

NAR and other groups claim that the drone industry will create an estimated 100,000-plus jobs and $82 billion in economic impact during the first decade it is integrated into the FAA’s regulatory framework, giving commercial users boundaries in which to work.

“But with each passing day that commercial integration is delayed, the United States continues to fall behind,” they said.

– See more at: http://www.inman.com/2014/04/08/nar-joins-push-for-faa-rule-on-commercial-drone-use/?utm_source=20140409&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.W0msKpJO.dpuf

Pitfalls of pocket listings for buyers and sellers outweigh potential upsides | Chappaqua Real Estate

Leave a reply

 

The idea of selling a home without ever listing it can be appealing to many. Similarly, ringing the doorbell on the “perfect home” and finding an owner willing to sell can put a broad smile on a buyer’s face.

The risks however, routinely make buying and selling “pocket listings” dangerous to a person’s financial well-being — particularly for sellers.

The term pocket listing typically refers to an agreement between a seller and real estate broker that allows the broker to market the property outside of the multiple listing service.

The property is advertised through the broker’s “network” and a buyer is targeted by what amounts to “word of mouth.”

There are a number of caution points for any seller contemplating a pocket listing:

  • The home might sell for less than market value. How is the sale price being established? Is the seller depending on the agent to stipulate price? Don’t rely solely on a prelisting appraisal; there are many buyer and seller variables that cannot be accounted for by an appraiser. If the home isn’t exposed to the maximum number of potential buyers (usually accomplished via the MLS) how can the seller be confident that the best price was received? When a shortage of quality listings exist, multiple offers and bidding wars might be seen – which doesn’t happen without adequate exposure.
  • What are the motivations for a seller to consider a pocket listing? If the idea is to save on agent commissions, the expectation is often different than the reality. A 4 percent commission might be 1 or 2 percent less than market and appear like a bargain, but a seller should look at the big picture. Agents soliciting pocket listings typically already have a buyer lined up so the conventional agent split doesn’t apply. So while the total fee might be less than market, it’s more for the agent since they keep it all. It’s also not uncommon for pocket listings to have clauses that address fees due in the event a buyer’s agent is involved. It’s not uncommon for the end result to be a commission that approaches the norm and a selling price below market.
  • There is simply no suitable substitute for the exposure obtained by the MLS. A pocket listing – like homes offered for sale by owner – simply cannot compete with a traditionally listed home. The major public real estate sites pull information from the MLS. Facebook, Twitter, and Pinterest might get someone interested in a home, but home buyers look where the homes are. It’s worth noting that an estimated 45 percent  of home buyers in 2013 found the home they bought on the Internet, not through their agent.
  • Sellers make have to make unnecessary repairs or concessions. Potential issues that plague a “normal” sale will be present with pocket listings as well. However, a competitive environment provides options to a seller. Repair issues, appraisal problems or other challenges can better be negotiated or ignored when there are multiple interested buyers.

– See more at: http://www.inman.com/2014/04/09/pitfalls-of-pocket-listings-for-buyers-and-sellers-outweigh-potential-upsides/?utm_source=20140409&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.MCWOFdHE.dpuf

Teatown Lake Reservation | Armonk Real Estate

Leave a reply

 

View our videos on YouTube Like us on FacebookFind us on PinterestFollow us on Twitter

April 9, 2014
TEATOWN PROGRAMS THIS WEEK:
Nature’s Amazing Engineers
Saturday, April 12 10:00 am – 11:30 am
Adaptable Hawks
Sunday, April 13
1:00-2:00 pm
Wildflower Island Opens this Weekend!
Saturday, April 12
Teatown Camp:
Sessions Are Filling Up.
Don’t Miss Out!
Summer Camp

Teatown’s Natural

Science Day Camp!
Four sessions this summer
TESA
Teatown’s Environmental Science Academy
for Teens
Visit Teatown
Like us on FacebookFollow us on TwitterFind us on PinterestView our videos on YouTube
1600 Spring Valley Road
Ossining, NY 10562
Nature Center hours:
9:00am-5:00pm daily
Trails are open 365 days a year from dawn to dusk.

Teatown Lake Reservation’s
mission is to conserve open
space and to  educate and
involve the regional community
in order to sustain the  diversity
of wildlife, plants and habitats
for future generations.

Your donation can make

an immediate impact to help

conserve and protect the

diversity of wildlife, plants

and habitats…

today and into the future.

MARK YOUR CALENDAR FOR SOME GREAT EVENTS COMING UP AT TEATOWN!
Environmental Leaders Learning Alliance (ELLA) Meeting
Thursday, April 17 at 7 pm

Michael Formichelli, Horticultural Inspector with the NY Dept. of Agriculture and Markets and an expert on the Asian Long Horned Beetle and Emerald Ash Borer will lead the discussion.  These invasive forest insects pose a serious threat to trees throughout the region.   Mike will cover their general biology, how to spot the damage they cause and give the latest updates on the Quarantine Zones.  To register, send an email to mrubbo@teatown.org.

 

How Healthy Are Our Forests?

An Overview of Current Issues
Disrupting Nature’s Delicate Balance
Nature Matters:  Educational Workshop Series Thursday, April 24 at 7 pm
Speaker: Dr. Charlie Canham of Cary Institute of Ecosystem Studies.

This program is free, however, please call 914-762-2912 x 110 to RSVP!
Teatown’s Annual Plant Sale, May 9 and 10
($10 First Pick on May 9, Free May 10)
Teatown’s Members-Only Movie Night,  June 6 at 7:15

 

Teatown is Seeking an EMT Health Director for Summer Camp
Teatown is seeking an EMT to act as Health Director for its science day camp, June 30th-August 22nd.   Responsibilities include responding to camper illness or injury, coordinating first aid supplies and medications, and speaking with parents about camper health issues. Candidates must be at least 21 years old, physically active and comfortable navigating through a natural setting on foot or by an off-road vehicle.  Please contact Lisa Baugh at lbaugh@teatown.org or call 762-2912 ext. 137.

 

Trail Work Volunteer Opportunities
Strap on your work shoes and grab a shovel! Teatown is offering trail volunteer workshops in April.
Volunteers will clear trails, replace markers and signs, remove invasives and more! We have projects for all ages, group sizes, interests and abilities. Trail workshop dates:
April 11 & 12: Layout & Design Pt II  – This Weekend!! April 18 & 19: Tread & Drainage April 25 & 26: Stone Step Installation
To register: http://www.nynjtc.org/trailu Contact Leigh Draper, ldraper@teatown.org for more information.
Trail Workshops made possible by Con Edison’s Teatown Trails Green Stewardship Program.   

Earth Art After School

April 9-June 4, Wednesdays, 3:30-5:30pm,  Kathryn W. Davis RiverWalk Center Kingsland Point Park

Ages 7-11, 8-week session
Strawtown Studio in Partnership with Teatown:

 

Children recharge after school while exploring the Hudson River and its shores with wonder, shared discovery and creative time.

 

Limited to 10 children, $240/session, $30/class – Join Any Time!

 

To register: strawtownstudio@gmail.com, (845) 596-8171 or online at www.strawtownstudio.com

 

Click here for more details.

 

 

In the Nature Center:  Through the End of April
Local Artist, Jeanne Demotses

Jeanne Demotses’ work is in the Nature Center and available for purchase through April 27th.  30% of proceeds will go towards supporting Teatown’s programs.

 

 

New Mortgages Fall to 14 Year Low | North Salem NY Real Estate

Leave a reply

 

In yet another sign the recovery is hitting a wall due to strict lending standards: in February monthly mortgage originations dropped to the lowest level in at least 14 years as credit standards have not shown signs of loosening, according to latest Mortgage Monitor Report from Black Knight Financial Services.

“February’s data showed the continued trend of declining origination activity we’ve been observing since mid-2013, with monthly originations falling to their lowest recorded point since at least 2000,” said Herb Blecher, senior vice president of Black Knight’s Data and Analytics division.

“In spite of this decline, residential real estate sales have remained strong due at least in part to investor activity and the fact that cash sales account for almost half of all transactions. In addition, while total transaction levels were flat on a year-over-year basis, traditional (or “non-distressed”) sales were up almost 15 percent from last year as the share of distressed transactions continues to decrease.  Credit standards have shown little sign of easing — only about 30 percent of 2013 loans went to borrowers with credit scores below 720 — which indicates that significant opportunity to expand mortgage origination activity is available, if risk appetites allow.

 

http://www.realestateeconomywatch.com/2014/04/new-mortgages-fall-to-14-year-low/

Shadow Inventory Down 23 Percent, Foreclosure Inventory Shrinks 35 Percent | Mt Kisco Homes

Leave a reply

 

The numbers of foreclosures and potential foreclosures have fallen dramatically over the past 12 months as the foreclosure picture rapidly returns to pre-2006 levels.  The decline in foreclosures in the pipeline has important ramifications for real estate investors and local markets that are returning to health as they recover from the foreclosure flood that produced 4.9 million foreclosures since 2008.

CoreLogic reported today that as of February 2014, approximately 752,000 homes in the United States were in some stage of foreclosure, known as the foreclosure inventory, compared to 1.2 million in February 2013, a year-over-year decrease of 35 percent. Month over month, the foreclosure inventory was down 3.3 percent from January 2014. The foreclosure inventory as of February represented 1.9 percent of all homes with a mortgage, compared to 2.9 percent in February 2013.

At the end of February 2014, there were 1.9 million mortgages, or 4.9 percent, in serious delinquency, defined as 90 days or more past due, including those loans in foreclosure or real estate owned (REO) that there were 43,000 completed foreclosures in the United States in February 2014, down from 51,000 in February 2013, a year-over-year decrease of 15 percent. On a month-over-month basis, completed foreclosures decreased 13.1 percent from 50,000 in January 2014.

The national residential shadow inventory was 1.7 million homes as of January 2014 compared to 2.2 million in January 2013, a year-over-year decrease of 23 percent.

“Although there is good news that completed foreclosures are trending lower, the bigger news is the impressive decline in the foreclosure and shadow inventories,” said Dr. Mark Fleming, chief economist for CoreLogic. “Every state has had double-digit, year-over-year declines in foreclosure inventory, which is reflected in the $70 billion decline in the shadow inventory.”

“The stock of seriously delinquent homes and the foreclosure rate are back to levels last seen in the final quarter of 2008,” said Anand Nallathambi, president and CEO of CoreLogic. “The shadow inventory has also declined year over year for the past 3 years as the housing market continues to heal, including double-digit declines for the past 16 consecutive months.”

 

 

http://www.realestateeconomywatch.com/2014/04/shadow-inventory-down-23-percent-foreclosure-inventory-shrinks-35-percent/

Picture this: April housing market | Waccabuc Real Estate

Leave a reply

 

March housing inventory was up for the first time since 2010, but this is taking a back seat to the continuing rise in home prices.

Looking at 38 unique markets, Movoto Real Estate’s monthly report found that the median list price per square foot index was up 7.1% over where it was in March of 2013 to $186. Compared to March 2012, it is drastically up 23.2%.

Out of all the markets studied, 34 witnessed a year-over-year increase in median list price per square foot, with only two remaining the same and two recording slight decreases.

But nothing tells the story better than an infographic (see below), which shows the state of the April 2014 housing market.

 

 

 

http://www.housingwire.com/articles/29584-picture-this-april-housing-market

Consumer credit ticks higher in February | Cross River Real Estate

Leave a reply

 

Consumer credit edged higher in February, increasing at a seasonally adjusted rate of 6-1/2%, the latest report from the Federal Reserve said.

In addition revolving credit decreased at an annual rate of 3-1/2%, while nonrevolving credit grew at an annual rate of 10%.

“Consumer credit rose a sharp $16.5 billion in February but the revolving component, where credit cards are tracked, continues to be very soft, down $2.4 billion in the month,” analysts with Econoday said.

“Strength once again is entirely in the non-revolving component, up $18.9 billion and reflecting demand for car loans as well as the government’s acquisition of student loans. The consumer, still hesitant to use credit cards, hasn’t been a leading force for the economy,” Econoday added.

 

http://www.housingwire.com/articles/29586-consumer-credit-ticks-higher-in-february

3 reasons you should be rationally exuberant on housing | South Salem Homes

Leave a reply

 

Have you noticed that there is a cacophony of opinion and conflicting information on the health of the housing market this spring?

Rising rates and regulation will stifle demand. Housing is suddenly unaffordable and there is risk of another bubble.

Aren’t these contradictory arguments?  If demand is going to be stifled, then how can we have another bubble?

After all, an asset bubble is defined by irrational exuberance as exhibited by excess demand. Isn’t the rule, you can’t have your cake and eat it too?

Either demand is stifled or there is a bubble, but not both.

Instead, here are the three things that, in my mind, really matter this spring.

1. Availability of Credit

The housing market runs on the availability of credit. Most of us can’t buy a home without it. Analysis of the credit profiles of recent purchase transactions tells us that the only real dimension in which credit availability is “tight” right now is with credit scores. Under more normal circumstances in the early aughts, a little more than 10 percent of purchase originations had credit scores below 620.

At the moment, only 0.3% of purchase mortgage originations have credit scores below 620. There are good signs this spring, however, that standards are relaxing in this dimension as lenders are announcing reductions in minimum credit score requirements. Before you lament the resurgence of the disastrous subprime loan, remember that lending to borrowers with lower credit scores can be done successfully if you don’t also layer on payment shock risk and high leverage.

2. Pent-Up Supply

Most homebuyers are also first home sellers. Even in the best of times, first-time homebuyers account for well less than half of home purchases. The existing homeowner who sells and then buys (we call this housing turnover) is the lifeblood of the housing market. Yet, many still are under-equitied, meaning they’re underwater or have less than a 20% equity stake.

The impressive gains in home price appreciation in many of the hardest hit markets have created a virtuous cycle though, relieving more homeowners’ under-equitied situations and putting them in the position to become sellers and then buyers again this spring.

 

 

 

http://www.housingwire.com/blogs/1-rewired/post/29594-corelogic-economist-3-reasons-you-should-be-rationally-exuberant-on-housing

13 riskiest cities for natural disasters | Katonah NY Real Estate

Leave a reply

 

Before you can fully enjoy the sunshine of summer, you have to get through the April showers, in addition to any other natural disaster that might come through your neck of the woods.

The weather is a common variable that plays into the success of housing, with this year being no exception.

“During the winter and early spring unusually cold temperatures and frequent, powerful snow and rain storms in various markets and even regions (particularly the Midwest) deterred potential homebuyers and delayed construction activities,” Fitch Ratings said.

Back in January, HousingWire published a list of the top 10 cities to avoid natural disasters, but if you are not fortunate enough to live in one of those weather havens, you still might be well off…unless you live in one of these cities.

 

 

http://www.housingwire.com/articles/29599-riskiest-cities-for-natural-disasters