Daily Archives: November 25, 2015

Year-on-year, new home sales grew 4.9 percent | South Salem Real Estate

Sales of new single-family houses in October 2015 were at a seasonally adjusted annual rate of 495,000, up 10.7 percent from last month but below market expectations.

The inventory of properties for sale reached the highest since early 2010 while both median and average prices decreased.

New Home Sales in the United States averaged 654.25 Thousand from 1963 until 2015, reaching an all time high of 1389 Thousand in July of 2005 and a record low of 270 Thousand in February of 2011.

New Home Sales in the United States is reported by the U.S. Census Bureau.

United States New Home Sales

 

Mortgage rates average 3.95% | Cross River Real Estate

Freddie today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the average 30-year fixed mortgage rate declining slightly leading up to the Thanksgiving holiday. The average 30-year fixed rate mortgage hasn’t risen above 4 percent since the week of July 23rd of this year, which is helping homebuyer affordability in the face of rising house prices due to low levels of inventory in many markets.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.95 percent with an average 0.7 point for the week ending November 25, 2015, down from last week when it averaged 3.97 percent. A year ago at this time, the 30-year FRM averaged 3.97 percent.
  • 15-year FRM this week averaged 3.18 percent with an average 0.6 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 3.17 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.01 percent this week with an average 0.5 point, up from last week when it averaged 2.98 percent. A year ago, the 5-year ARM averaged 3.01 percent.
  • 1-year Treasury-indexed ARM averaged 2.59 percent this week with an average 0.3 point, down from 2.64 percent last week. At this time last year, the 1-year ARM averaged 2.44 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 theRegional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

As of January 1, 2016, the PMMS will no longer provide results for the 1-year ARM. Additionally, the regional breakouts will not be provided for the 30-year and 15-year fixed rate mortgages, and the 5/1 Hybrid ARM.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“In a quiet week leading up to the Thanksgiving holiday, the 30-year mortgage rate dipped 2 basis points to 3.95 percent. Economic releases over the last week contained no major surprises, and none are expected in the next few days. The year is winding down, and the only remaining market dates of note are December 4 — the last employment report of the year — and December 15-16, the long-awaited FOMC meeting.”

Building your root cellar | Katonah Real Estate

Make this root cellar by burying a new concrete septic tank into a hillside.
Illustration by Len Churchill

 

The cool, moist and dark conditions of a root cellar make it the perfect place to keep many fruits and vegetables crisp and delicious for weeks — even months — of storage. And while there are myriad ways to store vegetables, our innovative root cellar plans show you how to build a root cellar by modifying a new, precast concrete septic tank. By following the plans, you’ll cut an entrance, install a door, add a pair of vent pipes and cover the tank with soil to bring an old-fashioned, walk-in cellar into your modern life.

Choose a Concrete Septic Tank

You’ll want to buy an unused septic tank for this root cellar design, but look for a deal to avoid paying full price. A percentage of all precast concrete septic tanks end up with small manufacturing defects that prohibit them from being used for sewage treatment. Suppliers sometimes offer discounts on these flawed tanks. As long as the tank is solid and sound, a chipped edge or a patchable hole won’t prevent it from being a root cellar. You won’t need the plastic fittings or effluent filter found inside most septic tanks, so ask the supplier to remove these before delivery.

Tank size is another detail you’ll need to consider when planning how to build a root cellar from a septic tank. The capacity of septic tanks is measured in gallons, with different models being taller or shorter. While you might be tempted to buy a 1,000- or 1,200-gallon tank because they’re common, you’ll get more food storage space and headroom with a tank that’s 1,500 gallons or larger. Standard 1,500-gallon tanks typically measure about 5 1/2 feet wide by 5 1/2 feet tall by 10 feet long, while a 2,500-gallon tank provides more than 6 feet of interior headroom. Don’t choose a low-profile tank because it will be much too short to work in. Prices for new, undamaged 1,500-gallon tanks start at about $1,100, and 2,500-gallon models can be found for as low as $1,600. Discounts for damaged tanks may be as much as 50 percent.

Most septic tanks have an internal partition that must be opened or removed to build from these root cellar plans. Try to find a tank without a partition, or ask your supplier to remove it before delivery. You can also punch through the partition yourself as part of the doorway-cutting process.

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