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The Chinese Are Freaking Out About A Sudden Drop In Housing Prices | Bedford Corners Homes

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ASK ordinary people about their own Chinese dream, and you find owning a home is high on the list.

 

But years of rising house prices have put that dream out of reach of many. A slowing economy appeared to take some of the heat out.

Now, alas, the residential property market is soaring again (see chart). A new survey of developers and property firms on May 2nd showed average house prices up more than 5% in April on a year earlier.

Taking the long view, rising property values seem defensible. The country is undergoing the largest wave of urbanisation in human history and homes must be built for all of those new city dwellers.

The existing housing stock is poor, so people upgrade to modern homes as soon as they can afford them. Local governments earn a lot of money from land sales to developers and investors have few other places to park their money. All that suggests upward pressure on prices is not going away.

But even if you accept those long-term arguments, says Alistair Thornton of IHS, a consultancy, the market right now looks increasingly as if it is becoming detached from the fundamentals, as speculators looking for an investment swamp buyers looking for somewhere to live. Many flats sit vacant despite legions of prospective buyers desperately seeking affordable housing. Capital Economics, a research firm, estimates that investment in residential property accounted for 8.8% of China’s GDP in 2012.

 

the economist

The Economist

The alarm bells are being rung in unexpected quarters. Wang Shi, the charismatic boss of Vanke, China’s biggest property developer, would seem to have more to gain than most from further price rises, yet he too warns of a looming “disaster.” The plunge in prices that would result from a pricking of this bubble, he declared on “60 Minutes”, an American television programme, could lead to popular protests on the scale of the recent Arab uprisings.

 

China’s new leaders are keenly attuned to such concerns and are trying hard to head off the danger. The ruling State Council and the country’s central bank have issued numerous decrees in recent weeks designed to dampen the market and to crack down on speculation. Among these are larger down-payments and higher mortgage rates for people buying second homes and a reminder to local governments that a 20% capital-gains tax on second-home sales must be enforced.

But plenty of central-government edicts are ignored. The capital-gains tax on resales, for example, was only rarely levied in the past. Ren Zhiqiang, boss of Hua Yuan Real Estate Group, another property giant, recently denounced the country’s policies. The central government’s message to local officials, he claimed, could be described as: “We hope prices won’t continue rising; you go and fix them; and if you don’t fix them, we will punish you.”

Most local officials do not want to implement such curbs with any rigour. On the contrary, encouraging a property boom keeps much-needed tax revenues flowing and puffs up the local economic growth figures on which their chances of promotion hang. This misalignment of incentives, argues Mr Thornton, explains why “it’s always a cat-and-mouse game between local and central authorities”.

Read more: http://www.businessinsider.com/china-home-prices-threaten-stability-2013-5#ixzz2SNYkrhYH

New Jersey home affordability drops in 1Q | Bedford Corners Real Estate

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New Jersey home prices are on the rise for the second consecutive quarter as a result of purchase demand and tight inventory levels.

These two factors tend to make homes less affordable.

Median home prices jumped 2.07% in the first quarter to $262,661, compared to $257,331 a year earlier, according to data from Otteau Valuation Group.

Rising home prices stem from increased demand, tighter inventory levels and continued economic recovery. The for-sale inventory in New Jersey is currently at an eight-year low, while the pace of sales is the highest it’s been in six years.

The number of New Jersey homes considered affordable dropped in the first quarter due to higher home prices coupled with rising mortgage rates. In fact, the state’s affordability index declined for the first time in two years to 130%, an indicator that the median income of today’s homebuyers can afford a home that is priced 30% higher than the state’s median home value.

Despite the drop in affordability, desperate homebuyers are still rushing to take advantage of lower-than-normal prices and record-low rates.

Moving forward, the combined effect of price increases and mortgage rates will continue to erode homebuyer purchasing power in the market.

 

http://www.housingwire.com

Get This Look: Greenery in the Home | Bedford Corners Homes

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Greenery can add a lot to a home, but for many homeowners the idea of incorporating living plants into a space is daunting.

“So many of my clients will say, ‘I kill everything I have!’” said designer Jamie Herzlinger. But what she tells them is that many of the latest trends in greenery don’t require a lot of maintenance.

Despite the size of the planter, these succulents require very little care.

Despite the size of the planter, these succulents require very little care.

“Succulents and air plants just need a little bit of water,” Herzlinger explained. “I think they’re a fantastic idea because it’s a great way to bring nature in, and you don’t have to have a green thumb.”

Succulents, cacti and air plants are not new forms of greenery. Popular across the U.S. in the 1970s and continuously a form of greenery in Southwestern states, these hardy and low-maintenance plants are now a hot way to add nature indoors.

The container matters

Although succulents are primarily shown in glassy, modern planters, Herzlinger says that these plants can be added to any vessel. The shape and structure of the planter will determine the look of the space.

For example, Herzlinger suggests a traditional planter for an elegant look, perhaps sticking a plant in a blue-and-white porcelain Chinese foot bath.

Unusual planters make liven up the table in this entryway.

Unusual planters liven up the table in this entryway.

“If you were to pot that up with living moss, that sitting on a dining room table with gorgeous sterling candlesticks, it is as beautiful as fresh-cut flowers,” she said.

For a more contemporary look, a glass or wooden container can be hung on the wall as living art. Even in the kitchen, small apothecary jars or containers can be the perfect home for an air plant.

Curated, not over-accessorized

As with any accessory, less is more. There is a tendency to want to add more items to a room, but often Herzlinger finds herself taking out the items her clients add.

“Try accessorizing with one large item or groupings of two to three,” she explained.

A small terrarium is a great addition to this traditional living room.

A small terrarium is a great addition to this traditional living room.

The look should be touches of greenery, not jungle.

Other plant options

While some designers rely on faux plants and flowers, Herzlinger believes that with enough low-maintenance plants out there, there’s no need to go with the silk versions.

Her other suggestions for low-maintanence plants? Moss, cacti and fig trees, if your space has high enough ceilings and plenty of light.

Jamie Herzlinger added fresh-cut flowers and greenery to this space.

Jamie Herzlinger added fresh-cut flowers and greenery to this space.

And, in a pinch, fresh flowers can be found at any local grocery store and are the easiest green addition to a room.

 

 

http://www.zillowblog.com

Home prices surging in Massachusetts; open houses mobbed | Bedford Corners Real Estate

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Tom and Sarah Kotowski got all the turnout they could have hoped for at their open house.

Close to 100 people showed up last Sunday to take a look at their three-bedroom Cape listed for $299,900 on a quiet East Weymouth cul-de-sac. Four made offers. By Tuesday, the couple had an agreement.

“For a seller, it’s excellent right now,” Sarah Kotowski said. “Inventory is flying.”

But as the couple looks for a home closer to Tom’s workplace west of Boston, they face the same dynamic.

“I can’t tell you how many open houses we go to and then the next day they’re gone (off the market),” Sarah said.

The strong seller’s market that has emerged this spring is a double-edged sword for families like the Kotowskis, whose house was on the market for less than a week.

Home prices are rising across Massachusetts this spring in a reflection of demand that is outstripping supply. There are fewer than 20,000 single-family homes on the market, down 30 percent from

via patriotledger.com

Homeownership Makes Most Americans Poorer | Bedford Corners Real Estate

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From 2009 to 2011, the mean net worth of the top 7 percent of American households rose by 28 percent, while the mean net worth of households in the lower 93 percent dropped by 4 percent, largely because wealthy Americans have the bulk of their holdings in stocks and bonds while most Americans rely heavily on home equity for their personal wealth.

According to a Pew Research Center analysis of newly released Census Bureau data, from 2009 to 2011, the mean wealth of the 8 million households in the more affluent group rose to an estimated $3,173,895 from an estimated $2,476,244, while the mean wealth of the 111 million households in the less affluent group fell to an estimated $133,817 from an estimated $139,896.

Because of these differences, wealth inequality increased during the first two years of the recovery. The upper 7 percent of households saw their aggregate share of the nation’s overall household wealth pie rise to 63 percent in 2011, up from 56% in 2009. On an individual household basis, the mean wealth of households in this more affluent group was almost 24 times that of those in the less affluent group in 2011. At the start of the recovery in 2009, that ratio had been less than 18-to-1.

During the period of the study, the S&P 500 rose by 34 percent (and has since risen by an additional 26 percent), while the S&P/Case-Shiller home price index fell by 5 percent, continuing a steep slide that began with the crash of the housing market in 2006.  Housing prices have slowly started to rebound in the past year but remain 29 percent below their 2006 peak.

via realestateeconomywatch.com

Twitter stresses that they’re not showing more ads | Bedford Corners Homes

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Twitter has finally crossed the rubicon and will allow advertisers to target ads to you based on the words that you tweet. specifically, the feature is called ‘keyword targeting in timelines‘, and its available today in 15 languages and all markets.

Twitter previously used the content of tweets to fill out its interest graph for advertisers, but this update brings laser targeting based on the topics that you tweet about to the product. Twitter uses the example of a person who tweets about enjoying an album from a band. A local venue could use a combination of Twitter’s location-based targets along with a keyword tuned to that band to pop an ad with a link to buy tickets to that band into the user’s timeline as a Promoted Tweet.

Twitter stresses that they’re not showing more ads in anyone’s timeline, they’re just going to be showing better targeted ones. And users will still be able to voice their disinterest by dismissing un-relevant Promoted Tweets. The ad targeting is also “based on the keywords in their recent Tweets and the Tweets with which users recently engaged.” That engagement could come in the form of retweets, favorites and other actions.

Twitter says that tests run with companies like Microsoft and Walgreens, they saw a jump in interactions with ads based on keyword targeting vs. other kinds of targeting.

Here’s what the new panel will look like for advertisers:

via thenextweb.com

Housing Is Back! Best Moves for Homebuyers | Bedford Corners NY Real Estate

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By Beth Braverman

Real estate has finally started to bounce back across the country — even roar back in some places. Low mortgage rates and pent-up demand have coaxed buyers back into the market, and homeowners who list their houses are seeing more traffic. That quaint relic of the bubble, the bidding war, has even started to re-emerge in some cities. Consider the mounting evidence that the long national real estate nightmare is over: During the past year, home prices increased in 92 of the country’s 100 largest metropolitan areas, according to data provider CoreLogic, with prices rising as high as 23 percent in Phoenix and 17 percent in San Francisco. Sales volume rose in 69 of the top 100 markets, and 35 of those showed double-digit gains.

Yet while most economists agree that the bottom is behind us and the five-year outlook for housing is on solid footing, the shorter term is shakier. “2013 and 2014 are going to be transition years,” says Mark Fleming, CoreLogic’s chief economist. “The market’s improving, but it’s not totally healed.”

Related: Find Homes for Sale in Your Area

Thinking about buying a home? For the first time in more than half a decade, the economics of the market are working against you in most places. Inventory is tight, and bidding wars are back in some parts of the country. To snag your dream home, you’ll have to pay up and contend with continuing strict loan requirements. The bright side: Despite rising prices and mortgage rates that are edging upward, buying a home is still cheaper than renting in the majority of the top 100 markets.

Don’t Waste Time With a Low-Ball Offer

Yes, home prices are still way down from their highs, but the days when you could scoop up a house for 20% less than the list price are long gone. The typical home sells for pretty close to what the owners asked for, and even in shaky markets, sellers have gotten more realistic about pricing. The median sales-to-list-price ratio in Detroit, for example, is 98 percent; the national number is 97 percent. (To find the figure for your market, go to zillow.com/local-info and click on “More metrics.”)

Here’s how to figure out how much to offer initially: In places where homes are still selling below list price but deals are being made in less than two months, come in no more than 2% to 3% below the asking price, says Michael Murphree, a realtor in Birmingham, Ala. Where homes are selling above the listing price, make your first offer the asking price.

Be the Winner in a Bidding War

In January and February, 73percent of agents with broker Redfin said their clients’ offers faced rival bids, up from 56% who said so in the fall of 2011. You win bidding wars, of course, by raising your price; it also helps to have few contingencies and to move quickly, since today’s sellers don’t want multiple go-rounds. “You have to give your best offer,” says Dallas real estate agent Mary Beth Harrison. “Step up to the plate or walk away.”

Be flexible about closing too: Quick deals — the median time on the market for homes is 71 days, down from 99 a year ago — have left many sellers scrambling for alternative housing. Leave the closing date blank on your contract for the seller to fill in, or negotiate a leaseback if the seller needs to stay put for a while.

Read the rest of this story on CNNMoney.

See more on CNNMoney:
Selling Your Home? The Cards Are In Your Favor
Own a Home? Take Advantage of Rising Home Equity

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Find homes for rent in your area.

Follow us on Twitter at @AOLRealEstate or connect with AOL Real Estate on Facebook.

via realestate.aol.com

Hispanic Real Estate Professionals Attack Investor-favored Policies | Bedford Corners NY Real Estate

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Last week the National Association of Hispanic Real Estate Professionals called on lawmakers in Congress and government officials to reverse investor-favored policies that have created an imbalance in housing inventory and unfavorable conditions for Hispanics and other first-time homebuyers.

Executives of NAHREP specifically cited Fannie Mae and Freddie Mac REO to Rental programs that eliminate affordable housing stock from the market and fuel an unfair race between owner-occupant buyers and investors. The programs, they say, create large investor-controlled housing markets and undermine the economic stimulus and recovery owner-occupant buyers can bring to the U.S. economy.

In 2012, investors purchased 50 percent of all homes selling for $250,000 or less, with the majority of these transactions driven through bulk sales, auctions and drop-bid trustee sales, according to NAHREP leaders. The net effect of the trend will turn owner-occupant neighborhoods into renter communities.

“Wall Street wins again! Hundreds of thousands of residential properties are being purchased by large investors through channels that are unavailable to owner-occupant buyers,” said Juan Martinez, NAHREP President. “With new housing construction still at a low and buyer demand on the rise, these programs have eliminated housing stock from the owner-occupant market at a time when first-time homebuyers can buy affordable housing at low interest rates.”

More than 90 percent of all foreclosed homes in the Phoenix area in 2012 were sold to investors when agents in the market report having 10 fully qualified buyers for every home listed in the market by an agent, say Hispanic real estate leaders. NAHREP agents report similar trends in other markets like Las Vegas, Miami, Sacramento, Los Angeles and the Inland Empire (east of LA).

“Failure to provide home buying opportunities to some of the most important growth segments of our nation – such as the Latino community – not only jeopardizes economic growth for our nation, it compromises the long-term financial stability of a generation,” said Martinez.

As part of its call to action to policy makers, Hispanic real estate leaders also recommend balanced mortgage credit rules that do not restrict access to credit, changes that support the health and solvency of the FHA fund and sensible immigration reform that preserves the nation’s labor pool and provides a route to citizenship for undocumented individuals and their children.

via realestateeconomywatch.com

Mortgage Approval Rates Rise 18.6 Percent, No Sign of Lower Standards | Bedford Corners Homes

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Mortgage approval rates have risen nearly 20 percent over the past 12 months yet there is virtually no evidence that lenders are relaxing underwriting standards, according to the February originations report from Ellie Mae.

In February some 56.8 percent of all mortgage applications, both purchase mortgages and refinancings, were approved by lenders using Ellie Mae’s Encompass360 software, which handles about 20 percent of all U.S. mortgage originations. That’s an increase of 18.6 percent from the 47.9 percent approved a year ago. Approval rates have risen quickly in recent months. For 2012, the average closing rate for all mortgages was only 49 percent, 15.9 percent below the February closing rate.

Home buyers taking out a purchase mortgage to buy a home have been more successful than homeowners seeking to refinance. Some 61.7 percent of home buyers were approved for a mortgage in February compared to 54.7 percent of refinancing homeowners.

The data show almost only a slight decline in only one of the three key factors lenders use for mortgage approvals: FICO scores, loan to value ratios and debt to income ratios. Loan to value ratios have risen to 80 today compared to 76 a year ago, an increase of 5.2 percent but median FICO scores for all approved loans are less than one percent lower than they were a year ago, down from 750 to 745. Debt to income ratios are exactly the same as a year ago: 23 percent and 35 percent when mortgage payments are included.

Despite the improved percentage of approvals, mortgages are taking a little longer to process than a year ago. Purchase loans took 47 days to close in February, slightly longer than the 45 days it took a year ago. Refinancings are taking significantly longer today than a year ago, 50 days compared to 44 days.

via realestateeconomywatch.com