Daily Archives: August 6, 2014

Funding Approved For Repairs To County Roads In New Castle | Chappaqua Real Estate

Several county roads in New Castle are among those that will have work paid for through funding approved by the Westchester County Board of Legislators, according to County Executive Rob Astorino’s office.

The total amount of funding is $5 million and will be used to finance work on 40 county roads that have been damaged. The New Castle roads include portions of Washington Avenue and South Greeley Avenue in downtown Chappaqua and a portion of Seven Bridges Road between the Yorktown border and Route 133.

The board approved the funding on Tuesday in a 16-0 vote, according to Astorino’s office.

“This is a big win for taxpayers and motorists,” the county executive said in a statement. “Last year’s storms and tough winter did a number on our roads, and while our road crews did a good job making repairs where necessary, this new program gives the county the capability to respond more quickly when urgent repairs are needed.”

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http://chappaqua.dailyvoice.com/news/funding-approved-repairs-county-roads-new-castle

Homeownership at near 20-year low, but some bright spots | Waccabuc Real Estate

Despite low interest rates and expanding credit availability, homeownership in the U.S. continues to fall, down to a low of 64.7%, a level not seen since 1995.

Among the key culprit is home affordability, which has been exacerbated by home price appreciation driven by investor and not owner-occupant sales and general wage stagnation.

“The fundamental causes of the decreasing homeownership trend are becoming more entrenched and are not expected to reverse anytime soon,” says Ron D’Vari, CEO, NewOak.

Further stressing the problem, first-time home purchasers are declining as a share of total home sales.

Usually, first-time home buyers constitute one of the major drivers of the homeownership rate of change, but tougher mortgage underwriting standards, lower quality of new jobs and changing demographics are keeping them renting instead of buying.

“College graduates are not qualifying for new home purchases as many of them are burdened with student loan repayments as well as the higher down-payment requirements. As a result, first-time homebuyers are failing the qualified mortgage/qualified residential mortgage and ability-to-repay rules,” D’vari says. “Unless home prices rise at a much slower pace and the U.S. economy produces more higher-paying jobs and regulators loosen up the mortgage lending rules, the downward trend in homeownership is unlikely to reverse course any time soon.”

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http://www.housingwire.com/articles/30924-homeownership-at-near-20-year-low-but-some-bright-spots

Mortgage applications tick up 1.6% for week as refis grow | South Salem Real Estate

Mortgage applications increased 1.6% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 1, 2014.

The Market Composite Index, a measure of mortgage loan application volume, increased 1.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1% compared with the previous week.

The Refinance Index increased 4% from the previous week.

The seasonally adjusted Purchase Index decreased 1% from one week earlier. The unadjusted Purchase Index decreased 2% compared with the previous week and was 14% lower than the same week one year ago.

“Last week was a volatile week for interest rates, but it also proved to be a positive one as refinance applications increased,” said Quicken Loans Vice President Bill Banfield. “More Americans are realizing that they need to take advantage of the low rates before they start climbing. Even underwater homeowners can still refinance, as millions have yet to take advantage of the HARP program.”

The refinance share of mortgage activity increased to 55% of total applications, the highest level since March 2014, from 53% the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 8% of total applications.

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http://www.housingwire.com/articles/30930-mortgage-applications-tick-up-16-for-week-as-refis-grow