Jobless Claims for Bedford Hills Real Estate | Bedford Hills NY Homes
Leave a reply
Category Archives: Bedford Corners NY
Bedford NY area real estate selling for under $500k up 39% | RobReportBlog
Bedford NY area real estate selling for under $500k up 39% | RobReportBlogBedford NY Real Estate Market Report – last six months
2012
120 homes sold
2011
86 homes sold
The market for homes selling for under $500k is up 39.5% from last year. Low rates and market realistic pricing has been good news for the market.
Currently there are 133 homes for sale asking under $500k in the area and at the current pace they will sell in 6.65 months. A very healthy market in this price range.
via trulia.com
Bedford NY area luxury market down 14% | RobReportBlog
Bedford NY area luxury market down 14% | RobReportBlog
Homes selling for more than $2,000,000 – last six months
2012
23 homes sold
2011
27 homes sold
There are currently 135 homes for sale asking over $2,000,000. At the current rate it will take 35.22 months to sell these homes. There is a great inventory of un sold homes to choose from.
via trulia.com
U.S. Solar Industry on Pace for Record Growth in 2012 | Bedford NY Real Estate
With only weeks left in 2012, it appears that the U.S. solar installs will surpass 2011 levels in dramatic fashion. A new report from GTM Research and the Solar Energy Industries Association® (SEIA®) released today shows 684 megawatts added in the third quarter (Q3) of 2012, representing 44-percent growth over the same period last year. Already, 1,992 megawatts have been added to the grid – surpassing 2011′s total of 1,885 megawatts. And we’ve still got reporting on the fourth quarter of 2012 to go!
According to the report, there are more than 6.4 gigawatts of solar electric capacity installed in the U.S., enough to power more than one million average American households.
“While Q3 2012 was remarkable for the U.S. PV market, it is just the opening act for what we expect to see in Q4,” said Shayle Kann, vice president of research at GTM. “We forecast more than 1.2 gigawatts of PV to be installed next quarter on the back of developers who are pushing to meet year-end deadlines in both the utility and commercial segments. We also expect to see the residential PV market post another record number in Q4, as third-party residential installers gain more traction in mature, cost-effective markets.”
Ok – so what’s all this mean? Greener energy, more acceptance, and cheaper prices. Average residential system prices dropped $5.45 per watt to $5.21 per watt nationally. In the utility sector, the savings were even greater – dropping to $2.40 per watt – a 30% decrease from last year.
Check out the full report here.
Photo credit: Shutterstock.com
via ecorazzi.com
Home Sellers Awake | Bedford Hills Real Estate
A year of record low inventories of homes for sale and improving prices may finally be catching the attention of millions of prospective home sellers. Is a seller’s market in the offing?
According to a November consumer survey released today, 22 percent of homeowners said they are likely or somewhat likely to sell in 2013. Should the sales materialize, the number of homes on the market next year would increase five-fold over 2012. Annualized sales were 4.71 million (as of October), or about 6.2 percent of the nation’s 75 million owner-occupied homes.
The survey found that homeowners who bought their homes between 2010 and 2012 and have owned then less than two years are more likely to sell than those who have lived in their homes longer. One out of three homeowners (33 percent) who bought their homes in the past two years said there are likely to sell next year compared to 20 percent who bought before 2002.
Most of the new owners seeking to sell are probably move-up buyers who won’t be adding to the overall inventory but will be vacating entry-level homes, which are in high demand in most markets. For years, low home values have frozen move-up buyers in place, many of them underwater. Today 22 percent of owners with a mortgage still owe more than their homes are worth.
“2013 could be the year that inventory turns around, just as 2012 was the year that prices started recovering,” said Jed Kolko, Trulia’s chief economist. “Homebuyers need inventory to choose from, and with fewer foreclosures on the market, new inventory will come from new construction or homeowners wanting to sell. Rising prices will bring out more sellers, especially if price increases lift them back above water. ”
The Trulia survey also looked at attitudes towards homeownership. Millennials (18-34 year olds) said they haven’t completely written off homeownership. In fact, 72 percent of these young adults said homeownership is part of their personal American Dream, which is the same as the adult population overall. Among renters in this age group, 93 percent plan to purchase a home someday. Meanwhile 43 percent of young adults are homeowners already.
Yet despite these long-term aspirations, Millennials have much more negative expectations for the housing market in 2013 than older generations. Younger adults have a harder time imagining price increases and higher mortgage rates than older adults who have lived through more years of rising prices and high rates. Just 37 percent of Millennials expect prices to rise in the next year, and 22 percent expect prices to fall:
“Millennials have been shaken, not scarred by the housing bust,” said Kolko. “Nearly all of them want to own a home someday, if they’re not homeowners already. But many of them think today’s low prices and low mortgage rates will last. They may be in for sticker shock if the cost of homeownership has returned to normal levels by the time they’re ready to buy.”
Fitch: Regional Problems Hamper Recovery | Bedford Corners Real Estate
In addition to banks’ tight mortgage lending standards that were criticized by Federal Reserve Chairman Ben Bernanke two weeks ago, Fitch also said continued recovery in residential real estate prices will require regional improvements.
Meaningful improvement is likely to be hampered by slow foreclosure processing in judicial. The judicial process governing liquidations in states, including New Jersey and New York, may add more than six months to the timeline. While home prices in those states fell less than in many others during the downturn, both have seen prices erode in the past year.
Meaningful improvement in housing is also being hindered by regional unemployment rates said the Fitch ratings service in an article that originally appeared as a post on the Fitch Wire credit market commentary page.
On Nov. 20, the Bureau of Labor and Statistics released unemployment data showing the Pacific region continued to report the highest jobless rate at 9.5 percent, while the lowest was the West North Central at 5.6 percent. Just two of the regions reported statistically significant unemployment rate changes. The rate in the South fell by 0.2 percent and the West by 0.1 percent.
The service said that at the national level, tight residential lending practices must be loosened before a meaningful recovery can take root. While tight underwriting practices were appropriate after the collapse in the subprime mortgage market, at a speech last week, Federal Reserve Chairman Ben Bernanke said “it seems likely at this point that the pendulum has swung too far the other way, and that overly tight lending standards may now be preventing creditworthy borrowers from buying homes, thereby slowing the revival in housing and impeding the economic recovery.”
How B2B Marketers Are Successfully Using Facebook | Bedford Corners Homes
10 tips for understanding your market | Bedford NY Homes
via inman.com
Southeastern and Northeastern Metros Rank Lowest on Home Value Forecast List | Bedford NY Homes
While California and Texas markets dominate the top tier of the latest Home Value Forecast ranking, the bottom of the list includes Southeastern and New York City retional metros that could miss the housing recovery in the months to come due to high inventories and low employment.
“Home Value Forecast has been pointing out for the past year that most of the fundamental factors for a recovery in home sales activity and prices are falling in place. However, the residential real estate market has always had a strong psychological component driven by consumer confidence,” said Tom O’Grady, CEO of Pro Teck Valuation Services. “In this month’s release it is interesting to see how prices reflecting current consumer confidence and longer term market fundamentals like employment track one another, the later always anchoring consumer perception from straying too far.”
Pro Teck Valuation Services’ December Home Value Forecast (HVF) Update explores the relationship between home prices and market fundamentals such as employment predicting that many of the hardest hit markets still show more upside. As the housing inventory has been gobbled up, pushing prices up, activity has slowed and these CBSA’s have dropped off HVF’s Top 10 rank.
According to the HVF contributing editors, swings in sentiment toward the real estate market result in the tendency for home prices to oscillate above and below what they think is a central value for each market.
“During periods of great exuberance, these swings can carry prices far above sustainable values as we saw during the most recent bubble period,” added O’Grady. “Similarly during times of extreme pessimism, these swings can move prices below intrinsic values as we have seen in the past several years. Such behaviors also may help explain why home sales and prices are not reacting in late 2012 the way history would suggest based on historically low interest rates.”
Freddie Mac Economist Sees New Households Outpacing Apartment Boom | Bedford Corners Real Estate
In his 2013 forecast, Freddie Mac’s chief economist, Frank Nothaft, sees more than a million new households bolstering housing starts, driving apartment vacancy rates down to ten year lows and outpacing the boom in new apartment construction.
“The last few months have brought a spate of favorable news on the U.S. housing market with construction up, more home sales, and home-value growth turning positive. This has been a big change from a year ago, when some analysts worried that the looming ’shadow inventory’ would keep the housing sector mired in an economic depression. Instead, the housing market is healing, is contributing positively to GDP and is returning to its traditional role of supporting the economic recovery,” Nothaft says.
Here’s how Nothaft sees the coming year:
- Next year some regions will post faster house price gains, while some will be stagnant or see value loss fof the year, but overall, the housing recovery continue to strengthen property values and most U.S. house price indexes will likely rise by 2 to 3 percent, according to 2012 forecast from Freddie Mac’s chief economist,
- Look for fixed-rate mortgage rates to remain near their 65-year record lows for the first half of 2013 then begin rising a bit in the tail end of next year, but staying below 4 percent. In the single-family market, this means homebuyer affordability should remain very high in 2013 for those with good credit history, stable income, and sufficient savings.
- Household formation will be up. Unemployment, while still high, will likely drift down toward 7.5 percent; the resulting job and income gains will facilitate household formations – meaning that more members of the boomerang generation who have been living in their parents’ basements should start to move out. Look for net growth of 1.20 to 1.25 million households in 2013. These gains will help drive more housing construction and reduce vacancy rates further. Housing starts should be up around the 1.0 million pace (seasonally adjusted annual rate) by the fourth quarter of 2013.
- Vacancy rates have been trending lower for much of the past three years because household formations have outpaced new construction. To illustrate, in 2012, net household formations through the third quarter totaled 1.15 million but completions of newly built homes (both rental and for sale) were just under 700,000; the difference is made up by a reduction in vacancies. This trend will continue in 2013 and could bring total vacancy rates down to levels last seen a decade ago. While this is good news for property owners, tenants will likely see rents rise a bit faster than prices on all other goods.
- Refinance activity accounted for the bulk of residential lending in 2012 and will account for the bulk of it in 2013, too. But, simply put, we’ve seen the peak in refinancing. Homeowners who obtained a loan with a low mortgage rate in 2012 or refinanced through the Home Affordable Refinance Program are unlikely to refinance in 2013. Next year’s likely pickup in home sales won’t be enough to offset the coming drop in refinance activity. Consequently, total single-family originations will probably drop by about 15 percent in 2013. On the other hand, permanent financing on newly built apartment buildings, a pickup in property transactions, and refinancing of loans exiting “yield maintenance” terms are expected to increase multifamily lending by about 5 percent.