Basement of the Week: A Creative Space for Kids and Storage for All.
Basement of the Week: A Creative Space for Kids and Storage for All | South Salem Homes
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US mortgage applications near flat in latest week: MBA | South Salem NY Real Estate
Applications for U.S. home mortgages edged slightly lower in the latest week, an industry group said on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, slipped 0.2 percent to
The index hit its lowest level since December 2000 at the end of last year, soon after the U.S. Federal Reserve announced it would start pulling back on its $85 billion per month bond-buying program as the economy grows strong enough to stand on its own.
The interest rate on fixed 30-year mortgages averaged 4.52 percent last week, the lowest level since November and down 5 basis points from the previous week.
Home Prices Rise Nationwide; Connecticut and New Jersey Lag | South Salem NY Homes
According to recent data released from the Federal Housing Finance Agency [1], seasonally adjusted home prices have surged 8.4% from November 2012 to November 2013, bringing national home prices to 2005 levels. This represents the fastest quarterly pace of price appreciation since 2006. Furthermore, the November 2013 foreclosure report from CoreLogic shows that national foreclosure inventory has fallen 34% over the past 12 months, and the rate of seriously delinquent mortgages is at a five-year low. In aggregate, the data presents a favorable sign that the housing market is continuing to rebound from the financial downturn. Housing market trends not only reflect the overall health of the economy, they also tie directly to the revenue capacity of local governments, which often rely on property tax revenue.
Home prices appreciated year over year in all 50 states and the District of Columbia. Leading the nation in year-over-year gains were Nevada, California, Arizona, Florida, and Washington. However, these five states also lag the furthest behind third-quarter 2007 levels. The problem is especially acute in Nevada, where home prices remain over 40% below the prerecession peak. We are also concerned about the housing recovery in Connecticut, Delaware, Illinois, New Jersey, and New Mexico; prices in these states lag third-quarter 2007 levels by 13%-16% but have grown at the slowest pace in the nation at between 2%-3% over the past 12 months.
Source: Federal Housing Finance Agency
Thirty-eight states still lag third-quarter 2007 levels, though 34 of the 38 lag by only 10% or less. Home prices in resource-rich states North Dakota, South Dakota, and Texas are now at all-time highs and exceed prices from 2007 by more than 10%; North Dakota is the leader of the pack, with a 28.9% price increase since third-quarter 2007.
http://news.morningstar.com/articlenet/article.aspx?id=632034&SR=Yahoo
3 proclamations from social media ‘experts’ | South Salem Realtor
Social media “experts” abound these days. Many send conflicting messages every time technology changes, delivering “urgent” signals to hop on the next big thing or be left in the dust.
If someone refers to themselves as a social media expert, your first red flag should go up. The landscape of social media is huge. Someone may be an expert in strategies, tactics or particular channels (for example, Mari Smith is an expert in Facebook), but an expert in all of social media? Nope.
If you hopped on every bandwagon as instructed, you would be in a constant state of disarray. How could you possibly have time to run your business?
The following are directives you may receive as you search the Web, and things to consider as you hear them.
1. ”Be on every social media channel or be left behind”
Particularly for those just getting started, this will take you down before you begin. If you have a goal of running a marathon, are you going to put “run 26.2 miles” on your calendar tomorrow morning? No. You would map out a plan that takes you from point A to the point of reaching your goal in digestible pieces. This sort of overwhelming statement is what causes people to procrastinate — sometimes for years
– See more at: http://www.inman.com/next/3-proclamations-from-social-media-experts-that-will-kill-your-implementation-strategy/?utm_source=20140127&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.qAKuE3yS.dpuf
$12.75M Sagaponack House Features Pretty Much Everything – On the Market | South Salem NY Homes
Canadian regulators continue to press case that Toronto Realtors are restricting competition | South Salem Homes
Is housing bubbly? There is a lot going on | South Salem NY Homes
There is a lot going on right now in housing and mortgage markets. But one of the debates that continues to rage on is whether U.S. housing markets are in a bubble or not.
HousingWire’s own monthly HW Magazine talked about it in detail in our January issue.
So too has CNBC’s John Carney, in a post from late last year with the headline: Yep, it’s another housing bubble. And then on January 14 of this year, Peter Wallison at the American Enterprise Institute wrote a breathless op-ed proclaiming: The bubble is back.
But is it really a bubble just because home prices are rising again?
They say a picture is worth a thousand words, and this chart published today by rating agency DBRS in their annual overview of the RMBS market for 2014 suggests that anyone claiming a new housing bubble is simply ignoring the most basic housing fundamental of them all: nominal home prices.
Most markets haven’t yet reached their pricing level highs from the previous cycle, with the exception of two markets that saw the least amount of decline.
Those who want us to think there is a bubble cite the relationship between home prices and rental rates; or look at some calculated measure of affordability. And when those are out of whack, they say it’s a bubble.
But it could be that rental rates are themselves out of whack, not housing prices. And it could be that other variables are affecting affordability rather than just prices, too. Supply and demand factors can do funny things to ratios, all of which need to be read in context.
No analysis should ignore market fundamentals, should it? Can we really be building another housing bubble if home prices in almost every U.S. market right now haven’t even surpassed levels they once were at — even after the strong price rebound we’ve already seen in the previous year?
After five years of a housing economy that has been either horrible or just plain bad, it’s difficult to believe that one good year somehow suddenly puts the nation’s housing markets back into the bubble.
http://www.housingwire.com/blogs/1-rewired/post/28599-the-most-important-chart-in-housing-right-now
Runup in Canadian real estate prices reason for worry? | South Salem NY Real Estate
“If you run a bank,” says Toronto-Dominion Bank CEO Ed Clark, “you should be worried” about the rapid price appreciation seen in all types of Canadian real estate.
Toronto-Dominion Bank has had to say no to financing “a number of big, lucrative” deals Clark said at a bank conference in Toronto, The Globe and Mail’s Tim Kiladze reports. Other execs at the conference say there’s no cause for alarm — delinquencies remain in check, and supply and demand are balanced.
Source: theglobeandmail.com
Purchase apps down 20 percent from a year ago | South Salem Realtor
Manhattan apartment sales market caps off winning year as deals and prices hit new records | South Salem NY Homes
Sales volume surges nearly 27%; Average price rises 5.3% to $1,538,203
Manhattan’s apartment market ended 2013 on a high note as a flood of buyers sent sales volume and prices to record levels, according to multiple reports.
Sales in the quarter surged nearly 27% to 3,297, compared with last year, marking the largest number of fourth quarter closings on record, according to Douglas Elliman….
Read more: http://www.nydailynews.com/new-york/manhattan-apartment-sales-market-caps-winning-year-deals-prices-hit-new-records-article-1.1564829#ixzz2pMEXfPji