Monthly Archives: August 2014

London housing market put into reverse gear by surge in supply | Mt Kisco Real Estate

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The number of new houses being put up for sale in London is increasing at a rate more than three times the national average as homeowners look to cash in on the surge in property values in the capital.

Meanwhile, demand for housing is rising much faster outside of London than in the capital, where the market has cooled significantly, according to new research.

The figures, published by the estate agents network Sequence, suggests that London has shifted from a seller’s market to one that is increasingly favouring buyers in recent months, while the opposite is true in the regions.

In the UK overall, buyer registrations rose 21pc in the year to July, three times faster than the 7pc increase in properties put on the market. In comparison, there was a 7pc increase in potential buyers and 25pc more houses put up for sale in London.

 

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http://www.telegraph.co.uk/finance/newsbysector/constructionandproperty/11053878/London-housing-market-put-into-reverse-gear-by-surge-in-supply.html

30-Year Fixed-Rate Mortgage Hits Year’s Low | South Salem Real Estate

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates following bond yields lower. Averaging 4.10 percent for the week, the 30-year fixed-rate mortgage fell below its previous 2014 low of 4.12 percent.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.10 percent with an average 0.5 point for the week ending August 21, 2014, down from last week when it averaged 4.12 percent. A year ago at this time, the 30-year FRM averaged 4.58 percent.
  • 15-year FRM this week averaged 3.23 percent with an average 0.6 point, down from last week when it averaged 3.24 percent. A year ago at this time, the 15-year FRM averaged 3.60 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.95 percent this week with an average 0.5 point, down from last week when it averaged 2.97 percent. A year ago, the 5-year ARM averaged 3.21 percent.
  • 1-year Treasury-indexed ARM averaged 2.38 percent this week with an average 0.5 point, up from last week when it averaged 2.36 percent. At this time last year, the 1-year ARM averaged 2.67 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 down slightly this week, following the decline in 10-year Treasury yields. Meanwhile, housing starts in July jumped 15.7 percent to 1.093 million units after falling 4.0 percent a month earlier. Also, July’s consumer prices increased at a 0.1 percent seasonally adjusted pace, the slowest in five months.”

Existing home sales rise at fastest pace in 10 months | Katonah Real Estate

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Americans resold their homes in July at the fastest pace in almost a year, a sign the housing market was gaining steam again after a year-long slump.

The National Association of Realtors said on Thursday existing home sales increased 2.4 percent to an annual rate of 5.15 million units.

That was above analysts’ expectations and marked the fourth straight month the pace of home resales accelerated.

Home resales dropped in the summer of 2013 after the Federal Reserve signaled it would dial back its monetary stimulus for the economy, pushing mortgage interest rates higher.

The Fed, however, ended up keeping a bond-buying program running at full throttle for longer than investors expected, and mortgage rates edged lower again. This, coupled with robust job growth this year, helped push home resales in July to their highest level since September 2013.

Distressed sales, which include foreclosures and short sales, made up only 9 percent of sales last month, the lowest share since the NAR starting tracking this information in October 2008.

 

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http://news.yahoo.com/u-existing-home-sales-rise-fastest-pace-10-140345767–business.html

 

New signs the housing market is approaching normal? | Bedford Hills Real Estate

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More fresh reads on housing this week as an industry group reported applications for home mortgages rose last week — driven by refinancing demand — and home improvement retailer Lowe’s came out with second quarter earnings, lowering its outlook on sales for the year.

Yahoo Finance Editor-in-Chief Aaron Task in the video above points to a “dichotomy in the housing market” as evidenced by the data from the Mortgage Bankers Association, which showed a seasonally adjusted index of refinancing applications up 2.7% last week but a gauge of applications for home purchases falling 0.4%. The MBA points out a recent interest rate drop pushed mortgage rates lower.

In addition, with Lowe’s (LOW) reducing its sales forecast just a day after rival Home Depot reported better-than-expected earnings and raised its guidance, Task says there’s “something for bulls and bears alike” in the data. Task contends the difference between Lowe’s and Home Depot’s (HD) performance is likely retailer-specific versus reflective of the housing sector.

The bulls are also bolstered by data out Monday showing new home construction rose sharply in July to its highest level in eight months. The Commerce Department reported housing starts rose 15.7% to 1.09 million homes, beating expectations for 963,000.

 

 

 

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http://finance.yahoo.com/news/from-lowe-s-lowering-forecasts-to-the-uptick-in-refis–why-the-housing-market-is-approaching-normal-144631941.html

Cool sophistication with DIY touches as hip as they are budget friendly | Bedford NY Homes

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You would be hard-pressed to find another color combo quite as effortlessly cool as black and white. Black and white decor, whether in the form of a graphic wallpaper pattern, black and white photography, or something else, can add elegance in an instant. From DIY art and wall treatments to furniture makeovers, these 14 project ideas have chic black and white style and won’t break the bank.

Contemporary Entry by JWS Interiors
JWS Interiors
1. Patterned nook. A small nook, like this entryway, is a great place to experiment with pattern, because it requires only a small amount of wallpaper, decals or stenciling to have a big effect. And if you stencil, graphic black and white is a foolproof choice.

2. Abstract art. A few loose swirls of black paint on white paper? You can do that! Place your creation in a slim white frame and hang it with pride.

Farmhouse Entry by Magnolia Homes
Magnolia Homes
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3. Typographic art. Pick a quote that has meaning for you and turn it into art in a snap by stamping, painting or simply printing out the words. Place your creation in a rustic wooden frame for a handmade look.
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http://www.houzz.com/ideabooks/30405664?utm_source=Houzz&utm_campaign=u614&utm_medium=email&utm_content=gallery9

How hard is it to get a mortgage? | Bedford Corners Real Estate

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Is it really that hard? Yes. And no. And mostly yes again. And maybe it should be.

And since January 10 when the CFPB’s Qualified Mortgage rule took effect, it is definitely harder. So yes.

But there’s more to the story than that, and it doesn’t mean only Patsy Pays Perfect can qualify anymore.

The Qualified Mortgage rule has definitely put the squeeze on would-be homebuyers seeking a mortgage. People with lower income, the self-employed, those with credit scores on the margin, and people whose income comes from tips, bonuses or other harder to document sources are definitely being are all facing an uphill battle.

Industry analysts say that anywhere from 10% on the low side to 20% on the high side of people who have a mortgage now would not qualify for a mortgage under today’s rules.

But the rules and standards for getting a mortgage were already tightening long before the CFPB put their screws to it. In fact, the industry had largely self-corrected – as if it had a choice – long before Washington put it in ink with heightened documentation and tighter standards.

Mortgage applications, the first step in the mortgage process, have been down this year almost consistently.

 

 

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http://www.housingwire.com/blogs/1-rewired/post/31082-how-hard-is-it-to-get-a-mortgage

 

Good news for the housing market? | Pound Ridge Real Estate

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Home Depot (HD) recorded strong second-quarter earnings on the same day the U.S. Census Bureau and the Department of Housing and Urban Development reported multifamily housing starts soaring. Per Forbes:

Home Depot reported $23.8 billion in second quarter revenue, a 5.7% increase over the year-ago quarter and a figure that cleared the $23.5 billion Wall Street consensus.

“In the second quarter, our spring seasonal business rebounded, and we saw strong performance in the core of the store and across all of our geographies,” Frank Blake, Home Depot chairman and CEO, said in a statement Tuesday morning. 

And as a result, homebuilder stocks on the HW 30, HousingWire’s exclusive list of mortgage related stocks, were up on the news Tuesday.

 

 

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Good news for the housing market?

 

 

Millennials better at paying their mortgages | Chappaqua Real Estate

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The youngest group of mortgage borrowers posted the lowest mortgage delinquency rate, falling to 2.34% at the end of the second quarter, according to a new report from TransUnion.

“Mortgage delinquency rates continue to drop and we are seeing this decline across all age groups,” said Steve Chaouki, head of financial services for TransUnion.

However, it is important to note that this age group also makes up the smallest portion of mortgage accounts, only representing 4.16%.

(source TransUnion: click for larger image)

millennial

Overall, the mortgage delinquency rate declined for the 10th consecutive quarter, decreasing to 3.46% at the end of Q2 2014. This is down nearly 20% in the last year.

“Overall, the improvements in the mortgage delinquency rate can be attributed to a number of factors. These include the clearing of severely delinquent accounts through foreclosure as well as a lower rate of new delinquencies from post-recession vintages, which generally are of significantly higher credit quality and have experienced much better performance than mortgages originated before the recession,” Chaouki said.

 

 

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Millennials better at paying their mortgages