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Cold causes dip in November home prices | Armonk NY Real Estate
US home prices fell slightly in November as colder weather slowed buying, ending nine straight months of price gains.
The Standard & Poor’s/Case-Shiller 20-city home price index slipped 0.1 percent from October to November, partly reversing the previous monthly increase of 0.2 percent. But the index is not adjusted for seasonal variations, so the monthly decline partly reflects slower buying in the late fall as temperatures drop.
“November was a good month for home prices,” said David Blitzer, chairman of the S&P Dow Jones index committee. “Prices typically weaken as we move closer to the winter.”
Despite the overall decline, home values have continued to rise in many Sun Belt cities. Las Vegas, Los Angeles and Phoenix have registered 20 straight months of rising prices.
But home prices surged for much of 2013, driven by big gains earlier in the year. Prices have risen 13.7 percent over the past 12 months.
Dallas enjoyed its strongest annual gain since 2000. And Chicago home prices climbed at their strongest annual clip since December 1988. Among the cities in the index, only Detroit prices remain below their 2000 level.
The ‘McMansion’ is back | Armonk NY Real Estate
Though the reign of the “McMansion” appeared to crumble during the housing crisis, demand for big homes has surged recently, The New York Times reports.
The average size of a new home reached an all-time high in 2012, and sales of homes costing more than $1 million leaped nearly 50 percent year over year in July 2013, according to The Times.
“The housing market is being driven by the move-up buyer, the luxury buyer,” Brad Hunter, chief economist and director of consulting at Metrostudy, told The Times. “And those who have strong incomes, secure jobs, their stock portfolio is doing well — they are able to buy whatever they want. And what they are buying is larger houses.”
Source: The New York Times
– See more at: http://www.inman.com/wire/the-mcmansion-is-back/?utm_source=20140127&utm_medium=email&utm_campaign=dailyheadlinespm#sthash.eqeZnSWh.dpuf
If you work in real estate, you better know these | Armonk NY Real Estate
So you are entering the real estate world? Whether you are trying to buy or sell a home (or do both!), you need to familiarize yourself with the lingo.
You don’t want industry jargon to confuse you and keep you from missing something crucial. Here are 15 real estate buzzwords to keep you in the know.
1. Adjustable Rate Mortgage (ARM)
When applying for a home loan, you can get an adjustable-rate mortgage (ARM) or a fixed-rate mortgage. An ARM usually has a specific interest rate for a set time and then the interest rate fluctuates. Most of these mortgages have a cap on how high the interest rate may increase.
2. Amortization Schedule
First off, amortize basically means to reduce a debt. An amortization schedule is a detailed breakdown that illustrates how much interest and principal of the mortgage has been paid off and how much remains with each payment.
3. Closing
The final step in a real estate transaction, a closing is the transfer of the title of the property for money or other considerations.
4. Down Payment
The down payment is the amount of money that a buyer pays upfront in order to purchase a property. This amount is typically between 5% and 25% of the value of the property.
5. Escrow
When a third party holds property, cash and the property title until all conditions of the property agreement have been satisfied. The third party, likely a lawyer, will then hand over the assets to the respective parties, as outlined in the agreement.
6. Fannie Mae/Freddie Mac
The Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) are two government-sponsored enterprises that purchase mortgages from lending institutions. Their purpose is to promote stability and affordability in the housing market.
http://therealdeal.com/blog/2014/01/25/14-real-estate-terms-that-everyone-should-understand/
FHFA House Price index is within 9% of April 2005′s peak levels | Armonk NY Homes
The FHFA House Price Index differs from the other house price indices like Case-Shiller and Radar Logic in that it only looks at houses with mortgages guaranteed by Fannie Mae and Freddie Mac. This means all the home prices are below the conforming threshold, which is $417,000. It also means the borrower has a mortgage, which eliminates cash-only transactions. And finally, the FHFA House Price Index eliminates jumbos. This makes it more of a central tendency index.
Real estate values are big drivers of consumer confidence and spending, so they have an enormous effect on the economy. The phenomenon of “underwater” homeowners—homeowners who owe more than their mortgage is worth—has been a major drag on economic growth. Underwater homeowners are reluctant to spend and can’t relocate to where the jobs are. So real estate and mortgage professionals watch the real estate indices closely.
Real estate prices are also a big driver of credit availability in the economy. Mortgages and loans secured by real estate are major risk areas for banks. When real estate prices start falling, banks become conservative and reserve funds for losses. Conversely, increasing real estate prices make the collateral worth more than the loan, which encourages banks to lend more.
http://finance.yahoo.com/news/fhfa-house-price-index-within-170005291.html
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South Florida home prices rise, but housing market softens | Armonk NY Homes
South Florida’s housing market continued to cool down in December, with prices
still rising, but at a slower pace than earlier in the year.
Broward County’s median price for existing homes was $268,950, 17 percent higher than a year ago, the Greater Fort Lauderdale Realtors said Thursday. It was the first time since November 2012 that the median didn’t increase on an annual basis by more than 20 percent.