Monthly Archives: October 2019

Single-Family Starts Growth Slows | Bedford Corners Real Estate

According to NAHB analysis of the Survey of Construction (SOC), nationally, there were 881,076 new single-family units started in 2018, 4% higher than the units started in 2017. It was the double of the units started in 2011, and still 49% less than the peak of 2007 (1,731,171 units).

Among all the nine Census divisions, new single-family units started in the South Atlantic, West South Central and Mountain Divisions exceeded 100k in 2018. These three divisions represent 21 states, while the number of new single-family housing starts in these three divisions accounted for about 62% of the total new single-family housing starts in 2018.

In addition, there were 98,760 new single-family units started in the Pacific Division and 78,858 units started in the East North Central Division in 2018. The Pacific Division accounted for 11% of the total new single-family housing starts, while the East North Central Division accounted for 9%. The other four divisions, including East South Central, West North Central, Middle Atlantic and New England, accounted for the remaining 18% of the total new single-family housing starts.

The scatter plot below compares the nine Census divisions’ annual growth rates of new single-family housing starts in 2017 and 2018. The red line represents the national level in 2018. The X-axis presents the annual growth rates in 2017; the Y-axis presents the annual growth rates in 2018. Each division grew at the different pace, while, nationally, new single-family housing starts rose by 4%. Four out of the nine divisions grew faster than the national level. The New England Division and the Mountain Division led the way with a 13% increase each, followed by the West South Central Division with an 8% increase, and the South Atlantic Division with a 4% increase. Meanwhile, the growth rates of the other five divisions were below the national level.

As shown in Figure 2, compared to last year, the New England Division and the Mountain Division had an acceleration in growth in 2018. Noticeably, the New England Division grew by 13% in 2018, after a 5% growth rate in 2017. Meanwhile, six out of the nine divisions, including South Atlantic, East North Central, Pacific, Middle Atlantic, East South Central and West North Central, experienced a deceleration in growth in 2018. Among them, the West North Central Division experienced the largest deceleration with a decline of 14% in 2018. Moreover, the West South Central Division grew by 8% in 2018, unchanged from 2017.



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http://eyeonhousing.org/2019/10/single-family-starts-growth-slowed-in-six-divisions/

Millennials move more often | Chappaqua Real Estate

Millennials are moving more often and living in their homes for a shorter period than previous generations. The share of young adults who have lived in their current home for less than two years is nearly 12 percentage points higher than in 1960, according to a new Zillow® analysis. You might think it can be difficult to uproot your life like that, and move everything with, or have to get new things in certain cases. This generation seems fairly adept at it however. Visiting furniture sites like www.homeaccents2.com/Bedroom.html/ in order to get the necessary furniture in their new location once they have moved, along with being proficient at reestablishing basic services and all in all, showing increased adaptability and willingness to take on even drastic change.

While 33.8% of people between 25- and 34-years-old had lived in their home for less than two years in 1960, that share rose to 45.3% by 2017.

moving storage truck has a lot of copy space for text or images right on the side of the truck.
Adobe Stock/Michael Ballardmoving storage truck has a lot of copy space for text or images right on the side of the truck.

Millennials are marrying and having children later in life than their predecessors, which likely plays a role in their shorter housing tenure as these major life milestones are often catalysts for settling into a more stable housing situation, Zillow said.

According to flyttehjelp Oslo, the act of moving is stressful to say the least. Changing your address to your new address is probably one of the less stressful part of moving compared to having to pack-up an entire house. Even so, it is not something to do last minute. It’s important to make the switch of address before the move or else your mail will not follow you to your new address. Your bills, monthly subscriptions and what not will be sitting in your former home and I doubt you’d want to miss any payments.

A USPS address change is an important  thing to take care before you move to a new place.  When you miss important mail, it can cause many other hassles in your life.  A bill may be left unpaid, a check sent to you may be lost, even greetings or presents from family and friends can get left behind in the move. Here is how you can change mailing address.

It used to be a pain to change your address with USPS.  You would have to go to the post office, wait in line to get the right form, fill it out and turn it in to the clerk. It could take a half hour or more just to get this done.  When you are in the process of moving, that is time that could be much better spent on other things.  But now there are websites that allow you to submit your change of address online for free.  The online form is simple and only takes about 2 minutes to fill out and submit.

The process is fast, safe, and secure and can even eliminate some of the problems that can occur when filling out a form by hand.  Hand written forms can be difficult to read and it is possible for information to be entered incorrectly into the system.  Even something as simple as 2 numbers being reversed can mean that your mail will go to the wrong place.  However, by entering the information online and verifying it yourself, you help to ensure that your mail is forwarded to the right address.

The majority (53.5%) of young adults who move do so within the same metro area, perhaps to be closer to work or into a larger place as their family grows. An increasing share are moving to a different metro within the same state. Young adults today are more likely than previous generations to live in urban cores, so these could be job-related moves from college towns or rural areas into nearby cities where job growth has been concentrated in recent years. Movers Montreal are great, they are a good option to hire when you need services and the price is reasonable. These guys are packing a 20” truck, lots of soft furniture wraps, good moving experience, and definitely a great attitude. There are also long distance movers for further destinations.

“Shifting demographic headwinds and evolving workplace norms have significantly altered the housing decisions of young adults today. Untethered from family and enticed by new job opportunities, young adults are more mobile today than they have been over the past nearly 60 years,” said Sarah Mikhitarian, senior economist at Zillow. “Instead of getting married or starting a family in their early to mid-twenties as was the norm in past decades, many are waiting until they are established in their careers. And the typical career trajectory has fundamentally changed since the 1960s as well – rather than climbing a corporate ladder, many are choosing to hop from one role or function to the next, often requiring a move to a new location.”

Among the 35 largest metros in the U.S., the greatest increases in the share of young adults that had recently moved were in Boston (up 22 percentage points since 1960), Pittsburgh (up 20.9), Detroit (up 17.7) and Philadelphia (up 17.4). This is because of move in ready homes | savannah, pooler ga | bluffton sc | landmark 24 already made available. Also, this share of recently moved young adults has fallen since 1960 in four metros –Las Vegas (down 6.7 percentage points), Riverside (down 6.3), San Diego (down 3.8) and Orlando (down 1.3).

Metro Area
1960 – Share of Young Adults Who Had Lived in Home Less Than Two Years
2017 – Share of Young Adults Who Had Lived in Home Less Than Two Years
Difference (Percentage Points)
United States
33.8%
45.3%
11.6%
New York, NY
26.6%
39.9%
13.3%
Los Angeles-Long Beach-Anaheim, CA
43.2%
43.9%
0.8%
Chicago, IL
32.2%
46.6%
14.5%
Dallas-Fort Worth, TX
41.5%
52.2%
10.7%
Philadelphia, PA
25.9%
43.3%
17.4%
Houston, TX
36.9%
49.6%
12.7%
Washington, DC
39.5%
50.8%
11.3%
Miami-Fort Lauderdale, FL
44.3%
47.9%
3.7%
Atlanta, GA
35.7%
47.7%
12.0%
Boston, MA
26.8%
48.7%
22.0%
San Francisco, CA
41.7%
46.1%
4.4%
Detroit, MI
28.0%
45.7%
17.7%
Riverside, CA
47.3%
41.0%
-6.3%
Phoenix, AZ
47.8%
49.1%
1.3%
Seattle, WA
41.2%
53.3%
12.1%
Minneapolis-St Paul, MN
N/A
47.7%
N/A
San Diego, CA
54.4%
50.6%
-3.8%
St. Louis, MO
32.9%
44.7%
11.8%
Tampa, FL
41.5%
51.3%
9.8%
Baltimore, MD
28.7%
45.2%
16.5%
Denver, CO
43.9%
53.7%
9.7%
Pittsburgh, PA
24.2%
45.1%
20.9%
Portland, OR
39.3%
51.8%
12.6%
Charlotte, NC
35.9%
47.5%
11.7%
Sacramento, CA
47.2%
47.7%
0.5%
San Antonio, TX
40.2%
49.9%
9.6%
Orlando, FL
52.2%
50.9%
-1.3%
Cincinnati, OH
36.4%
45.6%
9.3%
Cleveland, OH
32.0%
44.1%
12.1%
Kansas City, MO
35.1%
46.9%
11.8%
Las Vegas, NV
57.9%
51.3%
-6.7%
Columbus, OH
40.3%
47.4%
7.2%
Indianapolis, IN
37.0%
49.3%
12.3%
San Jose, CA
44.5%
52.2%
7.7%
Austin, TX
48.0%
51.9%
3.9%

About Zillow

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Mortgage rates average 3.65% | Armonk NY Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.65 percent, a slight increase from last week.

“While mortgage rates generally held steady this week, overall mortgage demand remained very strong, rising over fifty percent from a year ago thanks to increases in both refinance and purchase mortgage applications,” said Sam Khater, Freddie Mac’s Chief Economist. “As economic growth decelerates, it is clear that low mortgage rates will continue to support the mortgage market and we expect that to persist for the remainder of the year.”

News Facts

  • 30-year fixed-rate mortgage averaged 3.65 percent with an average 0.6 point for the week ending September 26, 2019, slightly up from last week when it averaged 3.64 percent. A year ago at this time, the 30-year FRM averaged 4.71 percent. 
  • 15-year fixed-rate mortgage averaged 3.14 percent with an average 0.5 point, down from last week when it averaged 3.16 percent. A year ago at this time, the 15-year FRM averaged 4.15 percent. 
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.38 percent with an average 0.4 point, unchanged from last week. A year ago at this time, the 5-year ARM averaged 4.01 percent.

NYC sales and prices drop after new taxes | North Salem Real Estate

The Manhattan real estate market stumbled in the third quarter of 2019, new reports show, as prices plunged and fewer buyers were willing to purchase higher-priced properties in the wake of two recent tax increases.

The median sales price for properties fell 17 percent from the same quarter last year, to $999,950, according to new data from CORE. The average sales price dropped 12 percent, to $1.64 million.

Condo sales fell 8 percent, logging 946 transactions. Co-op sales, on the other hand, were up a modest 2 percent year over year.

“The third quarter of 2019 was undoubtedly the most challenging quarter in recent memory, especially for condo sales,” Garrett Derderian, managing director of market analysis at CORE, said in a statement. “Market prices have gone from what was once described as the kindest, gentlest correction to a near free fall. The last time conditions were described in such a way was in the height of the recession.”

Only 9.7 percent of sales were above $3 million, down 14.8 percent from last year. The last time sales above $3 million were that low was in 2012.

Consequently, nearly 30 percent of inventory on the market was priced above $3 million.

It’s worth noting that many buyers rushed to purchase properties before an increase in the city’s mansion tax and transfer tax took effect in July.

“Third quarter data reflects a more accurate snapshot of the current market – continued price correction,” Diane M. Ramirez, Chairman & CEO of Halstead, said in a statement.

Halstead’s own report released on Wednesday showed Manhattan apartment sales fell 16 percent in the third quarter – with sales above $5 million dropping nearly 50 percent.

Properties, meanwhile, spent an average of 192 days on the market – the highest quarterly total since the final quarter of 2012.

In July, New York City increased its mansion tax – a progressive tax that applies to home sales of more than $1 million – to a maximum of 3.9 percent, up from a flat-rate of 1 percent. The tax rates vary from 1.25 percent for $2 million sales, to 3.9 percent for sales of $25 million and higher. The city also increased a one-time charge on properties worth more than $2 million – known as the transfer tax. That fee, typically paid by a seller, varies from 0.4 percent for transactions under $3 million, to 0.65 percent for anything above $3 million.

As previously reported by FOX Business, more than 25 percent of new condos that have been built in New York City since 2013 remain unsold. In terms of units – of the 16,242 condos built since 2013, about 12,133 have sold. That means more than 4,100 have not.

Experts have said the trend could be indicative of a potential future recession.

Falling real estate prices come as concerns mount over the new tax law’s impact on high-tax states – particularly a $10,000 cap on state and local tax (SALT) deductions. Some people have begun fleeing states like New York and New Jersey, headed for lower-tax areas like Florida and Texas.

New York was one of a handful of states dealt a blow in its bid to challenge the SALT cap this week, after a judge dismissed its lawsuit.

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https://www.foxbusiness.com/real-estate/nyc-housing-prices-near-free-fall-recession-era-tax-hikes