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Armonk Realtor | Housing starts increase by 15%

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The U.S. Census Bureau and the Department of Housing and Urban Development reports privately owned housing starts increased 15% since August from an annual rate of 758,000 to 872,000 homes.

That is 34.8% above last year’s rate of 647,000. The single-family housing starts in September climbed 11% at a rate of 603,000 from August where it was at 543,000. The September rate for units in buildings with five units or more was 206,000.

Authorized building permits for privately owned housing grew 11.6% in September at annual rate of 894,000 from August’s annual rate of 801,000, and is a 45.1% increase from last year.

Single-family authorizations in September grew 6.7% in September at a rate of 545,000 from August’s rate of 511,000. Authorizations of units in building with five or more were at a rate of 323,00 in September.

The 15% increase in housing starts is a great thing, because this means that the household formation rates have grown. In 2011, they doubled for a positive housing demand, which means consumers are purchasing more property rather than renting.

Existing home and new home sales are also increasing at a 10% year-over-year rate, which mean demand is significantly higher, and mortgage rates are at an all time low. Since consumers are purchasing properties more now, the existing home inventory is down 20% year-over-year and at six months supply, which is back to normal for a good, healthy market.

Specifically, new home construction will make a fill comeback once the job market rebounds. With these current trends that we are seeing now, analysts expect a slow, but positive improvement in both markets.

via housingwire.com

High Prices Still Lock Middle Class out of Top Cities | Armonk NY Real Estate

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A median-income household can only afford a median-priced home in 14 of the 25 largest metropolitan areas in the U.S., according to research released today by Interest.com, a Bankrate company. Detroit, Atlanta and Minneapolis are the most affordable metropolitan areas and San Diego, New York and San Francisco are the least affordable.

A median-income household can only afford a median-priced home in 14 of the 25 largest metropolitan areas in the U.S., according to research released today by Interest.com. Detroit, Atlanta and Minneapolis are the most affordable metropolitan areas and San Diego, New York and San Francisco are the least affordable.

“Despite all of the talk about how homes are more affordable than they have been in decades, buying a home is still a big challenge for many American households,” said Mike Sante, managing editor of Interest.com. “Dealing with rising expenses and stagnant wages is a struggle. Even after years of declining home prices and record-low mortgage rates, median-income households are unable to afford a median-priced home in nearly half of the metropolitan areas that we looked at.”

Most Affordable Metropolitan Areas*

1. Detroit (+45.32%)

2. Atlanta (+40.00%)

3. Minneapolis (+32.20%)

4. Phoenix (+23.67%)

5. St. Louis (+23.49%)

Least Affordable Metropolitan Areas*

21. Los Angeles (-12.52%)

22. Miami (-12.59%)

23. San Diego (-25.90%)

24. New York (-29.71%)

25. San Francisco (-32.76%)

*Percentage reflects how much the median household income in a metropolitan area exceeds or falls short of the income required to purchase a median-priced home in that area

To determine each rating, Interest.com gathered the median home prices in the 25 largest U.S. metropolitan areas and calculated how much financing would be required for a buyer with a 20% down payment. They entered that amount and city-specific data on 30-year fixed-rate mortgage rates, median household income, median property taxes, average homeowners insurance costs and average household debt into the “Required Income Calculator” on Interest.com. Finally, they divided the median household income for each city by the income required to finance the median-priced home.

Median Home Price Source: National Association of Realtors, Q2 2012 study of existing single-family homes [Note: Pittsburgh was not included in that study, so September 2012 data from Real STATS was substituted]

30-Year Fixed-Rate Mortgage Rate Source: Bankrate.com, weekly national survey from September 19, 2012 [Note: City-specific data was not available for Portland (Ore.), Sacramento and San Antonio, so the national average was used for those three cities]

Median Household Income Source: U. S. Census Bureau, 2011 American Community Survey, median household incomes by Metropolitan Statistical Area

Median Property Taxes Source: U. S. Census Bureau, 2011 American Community Survey, median real estate taxes by Metropolitan Statistical Area

Average Homeowners Insurance Source: National Association of Insurance Commissioners, 2009 average premiums by state [Note: average 2009 premiums for Texas cities were obtained from the Texas Department of Insurance]

Average Household Debt Source: Experian’s 2012 State of Credit Study [Notes: did not include mortgage debt; Interest.com calculated monthly debt payments using an 8% interest rate amortized over 60 months]

via realestateeconomywatch.com

Armonk NY Weekend Real Estate Report | RobReportBlog | Armonk NY Homes

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Armonk NY Real Estate   |    RobReportBlog

63   homes available

$1,450,000   median price

$14,995,000   high price

$469,000   low price

$412  average price per foot

205  average DOM

5009  average size

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More Homeowners Under Water With Their Mortgages | Armonk NY Homes – Robert Paul’s blog

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Sometime, somehow, the foreclosure crisis will ease. But probably not anytime soon.

Home prices dropped 2.6% nationwide during the last three months of 2010, pushing more borrowers underwater, according to a quarterly real estate market survey from Zillow.com.
 
Now 27% of homeowners with mortgages owe more than their homes are worth. That’s up from 23.2% a quarter earlier.

That will surely lead to higher foreclosure rates soon. That’s because being underwater is second only to unaffordable payments in leading to foreclosure, according to Zillow’s chief economist, Stan Humphries.

Additionally, the report found that more than one-third of all homes were sold at a loss in December. That trend has been on a steady uptick for the past six months, as homeowners try to find ways around foreclosure or out from under their homes.

The so-called “robo-signing” events of the fall also forced the number of underwater mortgages higher.

When banks’ foreclosure paperwork came under scrutiny, many halted all repossessions until they could straighten things out. With foreclosures no longer being cleaned out of the system, more homes stayed underwater rather than moving on to foreclosure.

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via robertpaul.typepad.com