Category Archives: Bedford Corners NY

In foreclosure, student debt? Bernanke understands … | Bedford Corners Homes

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Federal Reserve Chairman Ben Bernanke may catch a lot of flack for his full-speed ahead approach to mortgage-backed securities purchases and low interest rates, but no one can accuse ‘Bernie’ of being out-of-touch with the people, according to Forbes.

A reporter asked Ben Bernanke something rather personal Wednesday. Something along the lines of when was the last time he spoke to a person who is unemployed?

If reporters were looking for Bernanke to come across as an out-of-touch elitist, they missed their chance.

When it comes to personal moments, Bernanke has shown a more humble approach. Afterall, this is a Fed chairman who boasts studying the Great Depression as his key area of economic research.

Bernanke was true to form Wednesday, telling the intrepid reporter that a relative of the chairman’s recently lost his job, and the effect of this is Bernanke’s own boyhood home landed in foreclosure, Forbes reported.

And if you have student loan debt, Bernanke understands. He admitted more than a year ago, that his own son carries about $400,000 in student loan debt from medical school.      

Note to reporters: if you want to grill Bernanke on QE3, housing, Treasury purchases go ahead. But when it comes to slamming him for being out of touch, the Fed Chairman has a penchant for conveying examples of human financial suffering.

via housingwire.com

National Association of Home Builders/Wells Fargo Housing Market Index drops in March | Bedford Corners Homes

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Bloomberg News

Home builders are optimistic about future sales of new houses; its current sales that are down.

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The housing market’s comeback has hit a speed bump — an index of home builders’ confidence slipped again in March.

The index, which is compiled by the National Association of Home Builders and Wells Fargo, is on a three-month slide after eight months of gains. It’s based on home builders’ perception of current sales for new single-family homes and their expectations for future sales.

Demand isn’t the problem; supply is. There are “frustrating bottlenecks in the supply chain for developed lots, along with rising costs for building materials and labor,” said NAHB Chairman Rick Judson, owners of Evergreen Development Group in Charlotte, N.C.

“Home building is beginning to suffer growth pains as the infrastructure that supports it tries to re-establish itself,” said NAHB Chief Economist David Crowe. “During the Great Recession, the industry lost home-building firms, building material production capacity, workers who retreated to other sectors and the pipeline of developed lots.”

Other issues facing home builders include appraisals that are coming in too low and mortgages that are too hard to get for prospective buyers.

Despite all of these issues, “builders are much more optimistic today than they were at this time last year,” Crowe said.

In fact, home builders grew more optimistic about future home sales in March; a decline in current sales conditions was responsible for the index’s 2-point drop to 44.

Plus, some regions are doing better than others. The index jumped 4 points in the West, to 58. That’s well ahead of the Midwest’s 47, the South’s 46 and the Northeast’s 39.

via bizjournals.com

Experts See Soaring Home Values Busting the Bubble | Bedford Corners NY Homes

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A nationwide panel of 118 economists, real estate experts and investment and market professionals expects home values to end 2013 up an average of 4.6 percent and rise cumulatively by 22 percent, on average, over the next five years, according to the first quarter Zillow Home Price Expectations Survey.

Survey respondents predicted home values will rise another 4.2 percent on average in 2014, before moderating somewhat to annual appreciation rates between 3.6 percent and 3.8 percent for 2015, 2016 and 2017. On average, panelists predicted home values to rise 4.1 percent annually from 2013 through 2017, exceeding the pre-housing bubble (1987-1999) average annual appreciation rate of 3.6 percent.

This is the first time the predicted average annual growth rate for the next five years has surpassed pre-bubble levels since the survey’s inception three years ago. “The panel is quite bullish on home prices near-term, considering a pre-bubble average appreciation rate of 3.6 percent per year,” said Zillow Chief Economist Dr. Stan Humphries. “That said, their expectations are a bit shy of the home value gains of 5.5 percent that we saw in 2012, implying some moderation in the pace of gains. The panel expectations are consistent with continued strong home value growth this year fueled by tighter-than-normal inventory of for-sale homes and robust demand attributable to high affordability and a stronger general economy.”

The most optimistic quartile of panelists predicted a 6.1 percent increase in home values in 2013, on average, while the most pessimistic predicted an average increase of 3 percent. Through 2017, panelists predicted cumulative home value changes of 22 percent, on average. Expectations for cumulative home value change projections ranged from 34.2 percent among the most optimistic quartile to 11.7 percent among the most pessimistic, on average.

The first quarter 2013 Zillow Home Price Expectations Survey asked the panel to indicate their view of a reasonable timeframe for “winding-down” government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.  The majority of panelists (59 percent) indicated that a reasonable and appropriate timeframe for winding-down the GSEs is within the next five years. On the opposite ends of the spectrum, 13 percent suggested a timeframe within the next two years, and 10 percent said they believe a period of more than 10 years is sensible.

via realestateeconomywatch.com

Chappaqua, Bedford Corners See Inventory Drop | RobReportBlog

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Chappaqua, Bedford Corners See Inventory Drop  |  RobReportBlog

Armonk
92 homes for sale
40 homes sold last six months           13.8 months of inventory
53 homes sold, pending, in contract     10.35 months of inventory

Chappaqua
103  homes for sale
33  homes sold last six months            18.72 months of inventory
75  homes sold, pending, in contract      8.24 months of inventory

Bedford Corners
29  homes for sale
9 homes sold last six months                19.33 months of inventory
16  homes sold, pending, in contract       10.87 months of inventory

via trulia.com

Tight Inventories Force Buyers to Start Early | Bedford Corners Real Estate

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Realtor.com listing data for February suggest buyers are getting an early start to the 2013 home buying season amid signs that sellers are finally responding to the positive market by increasing depleted inventories.

While inventories remain at record lows, the average age of the inventory was down by 9.26 percent over the month and by 11.71 percent on a year-over- year basis, suggesting that many reluctant home sellers may finally be coming off the fence to take advantage of recent improvements in housing prices.  From January to February, the median age of the inventory fell in 145 of the 146 markets tracked by Realtor.com. The national median list price also reversed its recent downward trend, rising by 1.55% over the month and 1.01% on an annual basis.  And while list prices continue to decline in many smaller industrialized markets in the Midwest and North East, the number of markets experiencing a decline is beginning to turn around, spelling more good news for the housing market and the US economy at large.

The nationwide median list price f rose to $189,900 in February.   While list prices remain about 2.6 percent below their peak during the 2012 home buying season ($195,000)–and 24 percent below their level in January 2007 ($249,900)–if list prices continue to pick up speed as they did last year in the spring, 2013 could prove to be another good year for the housing market.

The total U.S. for-sale inventory of remained at near-record lows in February, with 1,494,218 units for sale. While the inventory was slightly up on a monthly basis, reflecting the beginning of the home buying season, it was down by 15.97 percent compared to a year ago and is less than half its peak of 3.1 million units in September 2007.  Record low inventories, combined with list prices that are once again on the rise, are likely to set the stage for continued gains in housing values in the upcoming year.

The median age of inventory of for-sale listings fell to 98 days in February, 11.71% below the median age one year ago (February 2011).  While the median age of the inventory is highly seasonal, the year-over-year decline is consistent with a gradual, but persistent downward trend that has been occurring for the past two years.

The strength of housing markets varied greatly by region, with markets in California registering the highest increases in listing prices coupled with the largest inventory declines.  Phoenix, Seattle and Denver were also among the top performers.  However, although their numbers have begun to decline, many smaller industrialized markets in the Midwest and the Northeast continue to register year-over-year list price declines, as did Philadelphia, Chicago and New York City.

via realestateeconomywatch.com