Category Archives: Pound Ridge

Here’s Why the Housing Market Is Cooling Off and Why It’s OK | Pound Ridge Real Estate

There is evidence that the real estate market is reaching an equilibrium.

Movoto Real Estate’s August State of the Real Estate Market report showed that the median cost per square foot for a home in the United States increased by 14.9 percent in July compared to July 2012, while inventory fell by close to 16 percent year over year. At the same time, the average list price per square foot remained flat with June’s figures, and the number of homes for sale increased on a month-over-month basis.

That the list price did not increase between June and July indicates that the inventory supply has begun to catch up with demand. “Going forward, we expect prices to continue to move laterally on a month-over-month basis,” report says. “Higher mortgage rates and increased inventory will keep prices from increasing at the same pace we saw in the first half of the year.”

The average interest rate for a 30-year fixed-rate mortgage edged higher to 4.61 percent for the week ended August 2, compared to 4.58 percent in the week before. “For the first time this year, the price did not increase, which could be a sign that the market is loosening and their buying power could increase,” the Movoto concludes.

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Obama Housing Scorecard: Foreclosure starts reach 8-year low | Pound Ridge Real Estate

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National Association of Realtors RealtyTrac U.S. Census Bureau Lender Processing Services S&P Case-Shiller Obama Scorecard

President Obama spoke Tuesday about how far housing has come from its pit in the middle of the crisis. The latest housing scorecard from the Obama Administration only strengthened the president’s statements, yet serves as a reminder that there is still a long ways to go.

“As the July housing scorecard indicates, the Obama Administration’s efforts to speed the housing recovery are continuing to build upon the progress that has been made over the last four years,” said U.S. Department of Housing and Urban Development Deputy Assistant Secretary for Economic Affairs Kurt Usowski.

Home prices continue to trudge forward, with the S&P Case-Shiller home price index up from 152.4 in April to 156.1 in the latest report in May. Year-over-year the index is up from 139.2 in May 2012.

As rising mortgage rates begin to catch up with the housing recovery, less buyers are feeling the pressure to buy a home right now. According to the National Association of Realtors, existing-home sales fell from a revised 428,300 in May to 423,300 in June.

However, homebuilders can breath a sigh of relief, as new home sales continued to increase, up from 38,300 in May to 41,400 in June, according to data from the U.S. Census Bureau and HUD.

The pool of existing-homes for sale has continued to grow, a positive sign for potential buyers, with inventory up from a 5.0-month supply in May to a 5.2-month supply in June, NAR reported. Surprisingly, the supply of new homes for sale dropped slightly to 3.9 months, down from 4.2 months in May.

Foreclosure starts take the cake for the most notable change in this month’s housing scorecard. Foreclosure starts dropped from 72,700 in May to 57,300 in June, data from RealtyTrac revealed.

According to a report from Lender Processing Services, mortgage delinquency rates for prime borrowers made a turnaround, heading upward from May. June’s delinquency rate was 3.5%, up from 3.1% in May.

“The annual home price increases over the last several months remain at levels not seen since 2006 and newly initiated foreclosures are at their lowest level since December 2005. As we regain stability in our housing markets, it is time to begin the process of reforming the housing finance system to reduce the federal government footprint and ensure that private capital takes a sustainable central role,” Usowski added.

http://www.housingwire.com/articles/26083-obama-housing-scorecard-foreclosure-starts-reach-8-year-low

Home Prices Climb in 87% of U.S. Cities as Recovery Builds | Pound Ridge Real Estate

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Prices for single-family homes climbed in 87 percent of U.S. cities in the second quarter as the national housing recovery accelerated amid competition for a limited number of properties on the market.

The median transaction price rose from a year earlier in 142 of 163 metropolitan areas measured, the National Association of Realtors said in a report today. A year earlier, 75 percent of regions had gains.

Values are increasing as homebuyers, encouraged by improving employment, compete for a tight supply of listed properties. At the end of the second quarter, 2.19 million previously owned homes were available for sale, 7.6 percent fewer than a year earlier, according to the Realtors group.

“There continue to be more buyers than sellers, and that is placing pressure on home prices, with multiple bids common in some areas of the country,” Lawrence Yun, chief economist for the National Association of Realtors, said in the report.

The median price for an existing single-family home was $203,500 nationally in the second quarter, up 12 percent from a year earlier. That was the biggest gain since the fourth quarter of 2005, according to the Realtors group.

Cities with tight supplies of homes for sale had the strongest price growth, the Realtors said. Eight markets were added to the report in the quarter.

Biggest Gains

The best-performing areas were Sacramento, California, and Atlanta, where prices jumped 39 percent from a year earlier. Prices rose 36 percent in Fort Myers, Florida; 33 percent in Reno, Nevada; and 31 percent in Las Vegas.

Home Prices Climb in 87% of U.S. Cities as Recovery Builds (2) – Businessweek.

Colombia Inflation Remained Low in July As Housing Prices Fell | Pound Ridge Homes

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Colombia’s consumer price index rose less than expected last month as housing prices fell and food inflation was low.

The consumer price index rose 0.04% in July from a month earlier, the government’s statistics agency, known as DANE, said Monday. That was lower than the 0.11% rise in price economists were expecting, and it puts 12-month trailing inflation at 2.22%, well within the central bank’s 2% to 4% target range.

Colombia has seen persistently low price increases amid a slowing economy that’s crimped consumer demand for goods and services. With little pressure on prices, the central bank could reduce its benchmark interest rate further this year in a bid to spur economic activity, although analysts say the current, key lending rate of 3.25% is already low enough to foster higher growth.

Most economists expect the bank to keep rates unchanged until 2014, when rate increases begin assuming the economy picks up.

Housing prices fell 0.38% last month, while food prices, the sector carrying the most weight in the CPI, rose 0.21%. Entertainment prices saw the highest increases, rising 1.3%.

The moderate inflation last month suggests consumer price increases could end this year similar to last year, when inflation ended at 2.44%.

Colombia’s oil- and coal-driven economy expanded at a 4% clip in 2012, down from 6.6% growth in 2011 as global prices fell for many of the commodities that Colombia produces. During the first quarter of this year, the economy slowed further, to a 2.8% on-year rise.

Colombia Inflation Remained Low in July As Housing Prices Fell – WSJ.com.

First mortgage delinquencies plummet | Pound Ridge Real Estate

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According to the latest Equifax (EFX) National Consumer Credit Trends Report, the total balance of severely delinquent first mortgages (90 days past due or in foreclosure) in June 2013 is $325 billion, a five-year low and a decrease of more than 27% from same time a year ago ($450 billion), MarketWatch reported.

The total balance of first-mortgage loans that completed the foreclosure process and transitioned to bank-owned property or other severe derogatory status decreased more than 19%, from $16.7 billion in June 2012 to $13.5 billion in June 2013. This is the lowest level for June since 2007.

First mortgage delinquencies plummet | 2013-08-02 | HousingWire.

Bedford NY area sales highlights | Chappaqua sales up 80% – Bedford up 17% | RobReportBlog

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Sales
Armonk	up 7%
Chappaqua	up 80%
Pound Ridge	down 25%
Bedford Corners	even
Bedford Village	up 17%
Bedford Hills	up 9%
South Salem	up 7%
Katonah	up 2%
North Salem	up 11%
Mt Kisco	down 12%

Ellen and Portia List $11M SoCal Ranch Featured in Elle Decor | Pound Ridge Real Estate

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Hollywood power couple and prolific flippers Ellen DeGeneres and Portia de Rossi have decided to part with yet another high-dollar property, just months after it was featured in an Elle Decor spread. The equestrian farm in Thousand Oaks, Calif. has been owned by DeGeneres and de Rossi since 2009 and undergone a complete renovation. The 26-acre compound, listed for close to$11M, includes eight cottages, an office, several barns, and a tennis court. Despite de Rossi’s passion for horses and love for the property, the couple seems to be moving on to assuage Ellen’s obsession with decorating. They are said to have purchased a $26M Montecito villa that has already received a pricey renovation from designer-to-the-stars John Saladino. Meanwhile, the couple has a much more modest Beverly Hills penthouse—perhaps housing for staff or family—on the market for a comparatively paltry $899K.

· Hidden Valley Farm [Sotheby’s International Realty]
· Ellen DeGeneres and Portia de Rossi List Thousand Oaks Ranch [Zillow Blog]

Ellen and Portia List $11M SoCal Ranch Featured in Elle Decor – Celebrity Real Estate – Curbed National.

Westchester Star Lovers Look To The Sky In Pound Ridge | Pound Ridge Real Estate

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Come join other amateur astronomers, or just lovers of the nighttime sky, at “Starway to Heaven,” a monthly observing night at the Ward Pound Ridge Reservation in Cross River.

This year’s observing dates are:

Sept. 7/Rain date of Sept. 28.

Oct. 5/Rain date of Oct. 26.

Nov. 2/Rain date of Nov. 30.

The group usually sets up and starts observing a half hour after sunset. You can find the time for sunset at Ward Pound Ridge here.

“Starway to Heaven” is free and sponsored by the Westchester County Department of Parks, Recreation and Conservation. Stargazers are encouraged to bring a telescope — especially if you need help using or setting it up. If you don’t have a telescope, you can look through a members’ equipment.

Call 1–877–456–5778 for weather cancellations. A good rule of thumb is don’t show up if you can’t count more than 10 bright stars.

For more information, read the group’s general observing guidelines.

Westchester Star Lovers Look To The Sky In Pound Ridge | The Armonk Daily Voice.

Rising rates, shortages chill sales of U.S. homes | Pound Ridge Real Estate

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National home sales fell in June thanks to rising mortgage rates and inventory shortages, after reaching a six-year high in May, but stayed even in the Northeast.

The Pending Home Sales Index, which is based on home contract signings, fell by 0.4 percent to 110.9 in June, the National Association of Realtors said. Still, the index is nearly 11 percent higher than a year before.

The report added: “The PHSI in the Northeast was unchanged at 87.2 in June but is 12.2 percent higher than a year ago.”

In June, Massachusetts recorded its the best month for home sales since June 2010, according to the Warren Group.

The national decline comes after the index hit a six-year high in May, and seems to have been brought by rising mortgage rates and fewer homes for sale, the NAR said.

“Mortgage interest rates began to rise in May, taking some of the momentum out of contract activity in June,” NAR chief economist Lawrence Yun said.

The average 30-year mortgage rate was 4.31 percent last week, and reached a two-year high of 4.51 percent in late June. The rates jumped after Federal Reserve chairman Ben Bernanke said the central bank could slow its bond-buying program later this year.

Also adding to the slowdown is a lack of homes on the market.

“The persistent lack of inventory also is contributing to lower contract signings,” Yun said.

Rising rates, shortages chill sales of U.S. homes | Boston Herald.

Buying Bedford Real Estate

Robert Paul Realtor buying Bedford real estate

Category Archives: Pound Ridge

Here’s Why the Housing Market Is Cooling Off and Why It’s OK | Pound Ridge Real Estate

Obama Housing Scorecard: Foreclosure starts reach 8-year low | Pound Ridge Real Estate

Home Prices Climb in 87% of U.S. Cities as Recovery Builds | Pound Ridge Real Estate

Biggest Gains

Colombia Inflation Remained Low in July As Housing Prices Fell | Pound Ridge Homes

First mortgage delinquencies plummet | Pound Ridge Real Estate

Bedford NY area sales highlights | Chappaqua sales up 80% – Bedford up 17% | RobReportBlog

Ellen and Portia List $11M SoCal Ranch Featured in Elle Decor | Pound Ridge Real Estate

Westchester Star Lovers Look To The Sky In Pound Ridge | Pound Ridge Real Estate

Top 10 Tips for Incredible Video Marketing Success | Pound Ridge Realtor

1. Upload your video to YouTube

2. Create compelling content

Rising rates, shortages chill sales of U.S. homes | Pound Ridge Real Estate